Goldman Sachs butts heads with Bloomberg over Bitcoin...
One week in review:
May 25–31 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Goldman Sachs butts heads with Bloomberg over Bitcoin | | | One of the world's biggest investment banks caused a stink this week when it declared cryptocurrencies are not an asset class. In a leaked PowerPoint presentation, Goldman Sachs warned Bitcoin doesn't provide diversification benefits, dampen volatility in a portfolio or show evidence of hedging inflation. | | | One damning line read: "We believe that a security whose appreciation is primarily dependent on whether someone else is willing to pay a higher price for it is not a suitable investment for our clients." Goldman's view is directly at odds with Michael Bloomberg, whose financial reform plan unequivocally called BTC an asset class. As you'd expect, the crypto community reacted furiously. | | #2. $10,000 bull trap? Why Bitcoin price is now likely to pull back | | | Bitcoin grew in value by nearly 25% in the month of May — and now, it's on track for a bullish monthly candle close. But wait! It might be a little too early for long-term hodlers to get excited. | | | Cointelegraph's Keith Wareing believes a pullback in BTC's price is "somewhat inevitable" after such a big increase over the last eight weeks. A new downward channel has emerged on the charts that puts $9,700 as resistance, $8,700 as the midpoint level and $7,400 as support. However, he expects any dip would be short-lived "due to the increased momentum" across other indicators. | | #3. Think there is only 21 million Bitcoin? Think again, says Weiss Ratings | | | Weiss is known for its controversial cryptocurrency posts — and now, the ratings agency has shared its latest unpopular opinion: The supply of Bitcoin is higher than 21 million. "Exchanges leverage the existing supply of any #crypto asset in much the same way banks leverage the supply of fiat money," Weiss explained in a tweet. It recommended investors to hold their own crypto, thereby ensuring that they don't have to put their trust in these trading platforms. | | #4. Prediction of the Week Bitcoin 896-day "accumulation" will now spark $100,000 bull run — analyst | | | After spending almost 900 days correcting from its all-time high of $20,000, one trader believes Bitcoin is about to begin its trip to $100,000. Positive Crypto said a "massive accumulation phase" has taken place between December 2017 and now — with investors repositioning themselves and buying in. | | | Despite wobbling around the halving and after, Bitcoin's price has entirely erased losses from its March crash, which Positive Crypto notes formed a "higher low" compared with the peak of the bear market in December 2018. That cycle of "higher lows" itself positions the market for upside. | | #5. FUD of the Week Ethereum significantly less private than Bitcoin, new research shows | | | Transactions on the Ethereum blockchain are easier to track than those on Bitcoin's network, according to new research. A unique feature of Ethereum is its name service, which ties addresses to human-readable ".eth" domains. The researchers were able to scrape 890 domains located on public Twitter profiles, and this was already enough to discover potentially compromising activity. About 10% of those wallets had interacted with gambling platforms, while 5% used adult services. | | | Another problem lies in how those who use mixer services to "clean" their funds by sending them to a new address aren't using the features properly, making identification easy. | | #6. FUD of the Week NYC hacker charged over $94 million Bitcoin-for-cards scheme | | | A man is facing up to 20 years in jail and $500,000 in fines for allegedly participating in a $94-million Bitcoin-for-cards scheme. Vitalii Antonenko was arrested at New York's John F. Kennedy International Airport after arriving from Ukraine, and it is claimed he was carrying devices "that held hundreds of thousands of stolen payment card numbers." Prosecutors say the suspect and his co-conspirators used SQL injection attacks to extract payment card data from vulnerable networks and then sold it on "online criminal marketplaces." | | Feel free to explore the most important news with Hodler's Digest by Thomas Simms:
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