Cryptocurrency News Roundup for June 29, 2020
Bitcoin ended the week of June 22-29 on a bearish note as the price hovered mostly in the low $9,000s, even struggling to hold that level.
Markets haven’t undergone any noticeable change on Monday as the alpha-crypto continues to change hands within the $9,050 to $9,150 range.
Even if the BTC/USD pair manages to break through $9,200 later in the day, the momentum might still not be enough to push it beyond the 20-week MA just short of $9,400.
The only solace from the simple trading patterns of the day would be the 100-week MA which has past the 200-MA on the daily chart. That being said, the price will still need to move beyond the 20-week MA for the bulls and risk-averse traders to regain some degree of confidence.
More on that and other significant updates that took place over the last 24 hours in today’s edition of BeInCrypto’s daily Crypto News Roundup:
Bitcoin Closes Third Successive Bearish Weekly Candlestick [Analysis]
Beginning June 22 with a high of $9,778, the Bitcoin price slipped over five days before hitting a low of $8,835 on June 27. This is in line with the pattern of lower highs that have been created since June 1.
The most likely move from here would be a re-test of the minor $9,300 resistance area, which is also the 0.5 Fib level of the entire drop. Following that, BTC should continue its downward movement.
- The Bitcoin price has created three successive bearish weekly candlesticks.
- It is facing stiff resistance at $10,500 and minor resistance at $9,300.
- The price is following both a short and long-term descending resistance line.
Here’s What BitMex’s Services Suite for Corporate Customers Looks Like
BitMEX has launched a new set of features to woo its corporate customers. Dubbed “BitMEX Corporate,” the latest offering will enable institutional customers to operate their accounts as legal properties of their corporate entities.
The move comes at a time when the exchange can be seen struggling on various fronts, particularly with its retail users, many of whom seem to be losing confidence on the platform. Moreover, the exchange has recently also witnessed a steady outflow of Bitcoin, along with a series of struggles over legal and regulatory issues.
DeFi Exploit Results in Loss of $500k ETH From Balancer Pools
The past week could arguably be dubbed as the best week so far for Decentralized Finance (DeFi). Across the industry, the net worth of assets locked soared to an all-time high of $1.65 billion.
However, as you might expect, this substantial rise in capital is also likely to draw in shady operators looking to exploit vulnerabilities in the still-nascent industry and its systems.
In fact, just yesterday reports emerged on Crypto Twitter that the Balancer Pool was the latest victim of an unauthorized digital incursion. The breach may have cost the community ETH worth an estimated $500,000.
Crypto Analysis: Bitcoin Cash (BCH), Bitcoin SV (BSV), and Bitcoin Gold (BTG)
- BCH had yet another tough week as its price briefly dropped to an all-time low below the ฿0.0235 area. However, it also created a long wick and is currently regaining some of the lost ground. All in all, an upward move towards ฿0.026 could be on the cards.
- BSV has been on a decline since April 9, 2020, and is possibly following a five-wave Elliott formation. Odds are that the price could bounce from here, but so far it has managed to hold above the support area at ฿0.0185.
- On Monday, the BTG price made another attempt at moving upwards but was rejected by the ฿0.0014 area once more. It subsequently created another long upper wick. This is a sign of selling pressure and suggests the price will likely move down.
Binance Adds COMP Futures With 50x Leverage Despite Criticism
So, naturally, it would count as a welcome move on Binance’s part when the exchange announced the listing of the COMP token on its futures platform. However, the move is now being criticized by analysts and traders alike over the fact that Binance has opted to offer leverage as high as 50x on this still-untested token.