Forget $10,000, Bitcoin's $12,000 breakout will catch everyone off guard...
One week in review:
June 1–7 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Forget $10,000, Bitcoin's $12,000 breakout will catch everyone off guard | | | Once again this week, BTC suddenly soared into five figures — hitting $10,380 soon after Donald Trump mobilized police and the National Guard to disperse protests outside the White House. | | | The surge helped break a long-term descending trendline of $10,250 that had been in place since Bitcoin hit all-time highs in December 2017. Unfortunately, it wasn't to last — and once again, the multiyear resistance of $10,500 was too much for BTC to handle, with the world's biggest cryptocurrency plummeting by 14% in less than 15 minutes. | | #2. Bloomberg: "Bitcoin will approach record high of $20,000 this year" | | | June's crypto outlook from Bloomberg was great news for Bitcoin — but less so for Ether. According to its analysts, "something needs to go really wrong for BTC to not appreciate." At present, the world's biggest cryptocurrency is mirroring the 2016 run to its all-time high — and if history were to repeat itself, Bloomberg says a return to $20,000 could happen this year. | | | Bloomberg also warned that Ether's time as the second biggest crypto by market cap might soon be coming to an end. According to its analysis, it's only a "matter of time" before the Tether stablecoin takes the No. 2 spot. | | #3. Coinbase repeats pattern of shutting down when Bitcoin gets volatile | | | "Temporarily unavailable" is a phrase that's become all too familiar for users of Coinbase. The exchange has gone offline four times in the last three months during major BTC price moves — and those who rely on the service are furious. Some are even claiming that the outages may be deliberate, with one Twitter user speculating that Coinbase has a built-in algorithm to automatically shut it down anytime there is a BTC price movement over $500. | | | There's not been much in the way of an official statement from Coinbase's CEO, Brian Armstrong. Does the exchange realize that its reputation is taking a beating, and will it do anything to salvage it? | | #4. Prediction of the Week Could Bitcoin trading volume really increase 100x in four years? | | | Coin Metrics has predicted that Bitcoin's daily trading volumes could eclipse the U.S. equity market in a few short years. At present, BTC has a daily spot market volume of $4.1 billion in USD markets — a stark contrast to the $446 billion value of the U.S. equity market. It seems like an exceedingly tall order, but Coin Metrics believes this is achievable by the middle of the decade. | | #5. FUD of the Week Crypto ransom amounts skyrocketed 200% in 2019 | | | The amount of money demanded by ransomware attackers rose 200% in 2019, according to a new report by Crypsis Group. According to the digital forensic firms, victims are now being told to pay a median of $115,123 in order to unlock access to their information. | | | Just this week, it was revealed that three U.S.-based universities have been struck by the NetWalker ransomware group. Meanwhile, new data suggested that Singapore suffered a 300% rise in cryptojacking attacks in the first quarter of 2020. | | #6. FUD of the Week Home seller sues buyer over payment in "fool's gold" token | | | A California-based psychologist is suing a buyer who attempted to pay for 30% of her property's value in the form of a "worthless" crypto asset called Troptions.gold. Mary Shea says the dispute has left her unable to sell the home because Mike Cherwenka's company still claims an interest in it. Cherwenka and his firm, Best Buy Homes, are accused of violating securities and state racketeering laws by misleading her about the nature of the Troption digital currency. According to her complaint, "confusing and false statements" were entered into the real estate contract. | | Feel free to explore the most important news with Hodler's Digest by Thomas Simms:
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