Bitcoin price drop to key $9,000 support could place the uptrend in peril...
One week in review:
June 8–14 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Bitcoin price drop to key $9,000 support could place the uptrend in peril | | | Will the drama surrounding BTC's price ever end? Probably not any time soon. This week, Bitcoin fell $800 in a matter of hours to reach lows not seen since May 28. That came after yet another unsuccessful attempt to gain firm support above $10,000. | | | The plunge shows BTC's multi-year resistance level remains a challenge for bulls to overcome. Some analysts believe a major stock correction is imminent, and there are fears this could be calamitous for Bitcoin, with the appetite for high-risk assets declining. | | #2. Regulators: Deceased Quadriga founder committed fraud | | | Damaging new revelations have been made about the doomed crypto exchange QuadrigaCX. The Ontario Securities Commission has compared the company to a Ponzi scheme, describing its founder, Gerald Cotten, as a "fraud." | | | In 2018, Cotten suddenly died on his honeymoon in India due to complications of Crohn's disease. He was the only person who held the private keys to the exchange's account. Ultimately, user funds worth $124 million were lost. | | #3. Users punish Coinbase for outage by withdrawing record amount of BTC | | | After suffering a series of outages that coincided with major price moves in Bitcoin, it looks like some Coinbase users have had enough. On June 7, disgruntled traders withdrew 22,000 more BTC than they deposited — the biggest outflow in almost three years. To put that into context, that's an astonishing $214 million. Speculation has been growing that Coinbase is being punished for its unreliability, which left some users unable to log in when prices were plummeting. | | #4. Prediction of the Week eToro CEO predicts market crash "within three weeks" — safe haven Bitcoin? | | | I mentioned earlier how some people think that a stock market crash could be calamitous for crypto. And according to eToro's CEO Yoni Assia, catastrophe could strike Wall Street in the next three weeks. "Someone, not sure whom, is going to sell/short their position and crash the markets," he warned. | | | The grim alert follows weeks of unusually buoyant growth in stocks, which have clocked gains despite mass protests and the economic impact of COVID-19. Not everyone subscribes to the theory that Bitcoin will tank with the markets, though, and some believe it could prove a viable safe haven for those wishing to escape the risk. | | #5. FUD of the Week Indian government again proposes blanket ban on cryptocurrencies | | | The Indian crypto community had been starting to roar back to life after the threat of an outright ban on cryptocurrencies appeared to fade. But now, it looks like they're back to square one. The country's Ministry of Finance has renewed the proposals — despite the Supreme Court overturning the Reserve Bank of India's ban on banks providing services to individuals and firms that deal in cryptocurrencies just three months ago. | | #6. FUD of the Week Fake SpaceX YouTube channels scam victims out of $150,000 in Bitcoin | | | Crypto scammers have stolen at least $150,000 by impersonating SpaceX YouTube accounts and hosting fake Bitcoin giveaways. The fraudsters hacked legitimate pages and changed the branding and content to emulate Elon Musk's official SpaceX channel. Archived footage of Musk was then broadcast as if it was a live event, and viewers were asked to send Bitcoin. It's believed at least 80,000 people watched the stream, and estimates suggest the scammers have netted 15.31 BTC as a result. | | Feel free to explore the most important news with Hodler's Digest by Thomas Simms:
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