Should Bitcoin traders stay bullish if BTC price corrects to $7,700?..
One week in review:
June 15–21 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Should Bitcoin traders stay bullish if BTC price corrects to $7,700? | | | Bitcoin is at a pivotal point — and the next few weeks are likely to be critical in establishing a medium-term price trend. The resistance zones are still clear: $10,100–$10,500. | | | According to analyst Michaël van de Poppe, another test of this resistance zone should end in a breakout to the upside. The more often a resistance gets tested, the weaker it becomes, as sellers get exhausted. He believes that the moment $9,600 breaks, a rally toward $10,000 should be expected — and if the bullish scenario plays out, further upward momentum is possible. | | #2. Robinhood vows to improve platform following customer tragedy | | | The stock and crypto trading platform Robinhood has vowed to make changes after a user took his own life. Alexander Kearns had reportedly seen an erroneous negative balance of more than $730,000 in his account. He left a note saying: "How was a 20-year-old with no income able to get assigned almost a million dollars' worth of leverage?" | | | The tragedy has prompted the platform to promise that improvements will be made to its offering — with stricter eligibility requirements, educational content on options trading, and changes to its user interface set to be rolled out. | | #3. Major crypto debit card issuer reportedly missing $2.1 billion in cash | | | Wirecard, which issues Crypto.com's debit cards, has a black hole of $2.1 billion in its finances. The major fintech company's stock price plummeted by almost 50% after the issue came to light. Aside from Crypto.com, Wirecard also issues debit cards for Wirex, TenX and Cryptopay. | | | While it is unlikely that user funds are directly threatened, the hole in the reserves could result in service disruptions. There are few providers willing to work with cryptocurrency companies, and the crypto debit card industry largely remains vulnerable to struggling principal issuers. | | #4. Prediction of the Week Paul Tudor Jones to be biggest Bitcoin holder in two years — Max Keiser | | | It's time to welcome back Max Keiser, a long-time friend to Prediction of the Week. He's told Cointelegraph that he believes legendary investor Paul Tudor Jones will be the biggest HODLer of Bitcoin within two years. | | | Elsewhere in the interview, he said: "My target for BTC since 2011 has been $100,000 and I recently upped that to $400,000. The timing depends on when exactly the $USD collapses." Keiser also claimed that this could "happen any day" — and warned that those who aren't already positioned for this happening are going to end up "eating dirt." | | #5. FUD of the Week Donald Trump told Treasury Secretary to "go after Bitcoin" | | | A damning new book has claimed that Donald Trump wanted to take his apparent dislike of Bitcoin off Twitter and on to the regulatory level. John Bolton's book, The Room Where It Happened, alleges that the U.S. president told Treasury Secretary Steven Mnuchin to "go after Bitcoin" in May 2018. It's not the first time Trump has expressed a dislike of the cryptocurrency. He went on a Twitter tirade in July 2019 — describing BTC as "not money" and "based on thin air." A judge has rejected the Trump administration's bid to halt the publication of Bolton's book. | | #6. FUD of the Week XRP army's cost basis per coin is $1.38 — seven times the current price | | | New data suggests that most XRP investors are "deeply in the red." According to Messari crypto analyst Ryan Watkins, the cost basis for XRP is $1.38. As its current value is $0.19, this means token holders paid seven times more on average. XRP has had a turbulent start to 2020. It lost its position as the world's third-largest cryptocurrency in May when it was overtaken by the Tether stablecoin. And to make matters worse, Messari data also shows that XRP was the worst-performing crypto asset among the 25 biggest coins between January and March. | | Feel free to explore the most important news with Hodler's Digest by Thomas Simms:
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