Cryptocurrency News Roundup for June 3, 2020

Cryptocurrency News Roundup for June 3, 2020
фото показано с : beincrypto.com

2020-6-4 11:45

Following a sharp decline on Tuesday that saw the BTC-USD pair shedding more than $600 in less than five minutes, Bitcoin seems to have got its act together. The benchmark cryptocurrency spent much of Wednesday trading between $9,500 and $9,550 on spot exchanges.

By the end of the day, the BTC price began inching towards five-figures yet again, albeit at a humble pace. At the time of publishing, the BTC-USD pair is changing hands around $9,650. While the price has been gradually increasing inside an ascending channel, the volume is still not quite high enough to support any sustained major rally.

More on that and other big stories from Wednesday in BeInCrypto’s Cryptocurrency News Roundup for June 3, 2020.

Bitcoin is Gearing up for a Bounce Back [Analaysis]

Yesterday, the Bitcoin price was strongly rejected by the $10,500 resistance area and created a bearish engulfing candlestick. This caused it to drop near the ascending support line that has been in place since the March 13 bottom.

However, the price closed above the opening of the previous day’s bullish candlestick and created a lower-wick, a sign of buying pressure.

The Bitcoin price is following an ascending support line. BTC has found minor support above $9,400, while the closest resistance area is found between $9,700-$9,800. The primary resistance area is found at $10,500.

Read the Full Analysis

Bitcoin Dollar Cost Averaging can be a Suitable Long-Term Investment Strategy

As an investment strategy, dollar-cost averaging (DCA) involves investing an average amount in an asset over a regular interval to offset the impact of volatility on its spot price. It makes a highly practical and relatively risk-free strategy in the context of Bitcoin, which is undoubtedly one of the most volatile assets in the market today.

As cryptocurrency analyst PlanB (@100trillionUSD) pointed out yesterday, the returns from a three-year DCA investment strategy for Bitcoin can typically generate a 2x yield more than half of the time.

Read the Full Article

The Potential Flaws That Could Undermine Ethereum 2.0

While the Ethereum community worldwide eagerly waits for the ETH 2.0 launch, it is becoming increasingly clearer that the paradigm-shifting transition will come with its fair share of risks.

It is, in fact, a very hotly debated issue within the community. For example, Ethereum co-founder Vitalik Buterin was recently engaged in an online spat with the CTO of SKALE Labs, Konstantin Kladko, who alleged that the second version will not get off the ground.

Even if it takes off in the foreseeable future, Kladko argues, a large number of ETH holders could end up irrecoverably losing all their investments in the asset.

Read the Full Report

Japanese Crypto Exchange Coincheck Reports Data Breach

Japanese cryptocurrency exchange Coincheck confirmed Wednesday that it suffered from a data breach that took place between May 31 and June 1.

While the exchange maintains that the attack did not affect customer funds, it is extremely likely that the hackers got away with sensitive personal information of at least 200 Coincheck users.

Read the Full Article

Cryptocurrency Analysis: Reserve Rights and TRON

Both Reserve Rights (RSR) and TRON (TRX) have broken out from long-term descending resistance lines, possibly indicating that they have begun bullish trends. Here’s our technical analyst Valdrin’s quick take on which way both these assets could be heading in the coming days.

RSR has broken out from a descending resistance line. The next resistance level is found at 46 satoshis. TRON is following a descending resistance line and facing resistance at 171 satoshis.

Read the Full Analysis

How Long Can Cardano (ADA) Continue to Climb?

ADA has increased by 58% over the past 14 days, creating three successive bullish candlesticks in the weekly time-frame. However, the price is trading inside a very important weekly resistance level, found at 860 satoshis.

ADA is facing very strong resistance from the 860 satoshi resistance. The price is trading inside a short-term descending triangle. A breakdown toward 700 satoshis is expected.

Read the Full Analysis

The post Cryptocurrency News Roundup for June 3, 2020 appeared first on BeInCrypto.

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Bitcoin’s recent mining rewards halving event didn’t have any sudden impacts on the cryptocurrency’s hash rate, but the impacts of it on miner dynamics are now growing increasingly clear. The benchmark cryptocurrency’s hash rate has been sliding lower throughout the past couple of weeks, signaling that miners are beginning to capitulate. History suggests that hash...

2020-5-24 01:00


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Investors Need to “Be Careful” About Bitcoin’s Uptrend Because of These Factors

Bitcoin attempted to push above $10,000 yesterday evening but was once again met with a significant amount of selling pressure that subsequently led it lower The benchmark cryptocurrency is now once again caught within a bout of sideways trading within the mid-$9,000 region Analysts are warning investors against getting too excited about this latest uptrend, as there are a few factors that suggest it could soon see further downside in the days and weeks ahead […]

2020-5-19 23:00


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It’s a Critical Moment for Bitcoin as Analysts Eye a Move to $14,000

Bitcoin saw some notable overnight volatility that caused it to post an upswing followed by a swift rejection, before once again climbing higher The benchmark cryptocurrency is now moving to test its next key resistance that sits at roughly $9,500 Analysts are now noting that a clean break throughout a heavy overhead supply region just above BTC’s current price could be just what it needs to make a move up to $14,000 Bitcoin’s intense uptrend […]

2020-5-7 21:00


Bitcoin on the Cusp of Going Parabolic as an Elusive Indicator Flashes

Bitcoin has seen some notable upwards momentum today that has allowed the benchmark cryptocurrency to surmount the heavy resistance that it was previously facing at $9,200. Today’s upwards breakout marks a bullish resolution to the extended bout of sideways trading that the crypto was previously facing while it hovered around $8,800 for the past several...

2020-5-7 20:30


Here’s Why Amazon’s 7% Plunge Today Could be a Warning Sign for Bitcoin

The stock market’s striking correlation to Bitcoin throughout the past few months still appears to be holding strong, even despite Bitcoin’s intense rally seen over the past couple of days. It now appears that this correlation could once again prove to be highly negative for the benchmark cryptocurrency, as some major components of the market...

2020-5-2 02:00


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Here’s Why Bitcoin Could Rally to $10,000 Before Seeing a Brutal Decline

Bitcoin’s intense volatility seen yesterday didn’t let up overnight, as the benchmark cryptocurrency pushed as high as $9,500 before facing a swift rejection The crypto has been able to stabilize within the upper-$8,000 region in the time since Analysts are now noting that this strong upwards momentum could lead BTC as high as $10,000, although it may face a brutal rejection at this level that leads it significantly lower Bitcoin and the aggregated cryptocurrency market […]

2020-5-1 21:00


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Cryptocurrency News Roundup for April 28, 2020

Bitcoin resumed its upward momentum Wednesday as the price inched closer towards $8,000. The benchmark cryptocurrency closed the day above the key resistance area around $7,800. While $8,000 remains untouched during the current rally, optimistic traders believe that a new bull run could be in the cards, especially considering that the BTC price currently trading […] The post Cryptocurrency News Roundup for April 28, 2020 appeared first on BeInCrypto.

2020-4-29 11:14


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“Simple Geometry” Shows Bitcoin is Bound to Drop Despite Healthy Consolidation

Bitcoin has stabilized above $7,500 following yesterday’s upswing Analysts are now noting that a confluence of factors suggest BTC will decline slightly before finding enough support to catalyze continuance of this uptrend This comes after a period that some traders have described as “healthy consolidation” Bitcoin has been able to maintain all of its recent gains overnight, as the benchmark cryptocurrency has begun stabilizing above the $7,500 region even in spite of the strength of […]

2020-4-26 21:00


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Bitcoin Enters Multi-Year Trading Range as Mixed Signals Flash

Bitcoin has stabilized above $6,800 after its recent dip below $7,000 It has now entered what appears to be a historic trading range that has been developed over many years Analysts are noting that the crypto is now sending mixed signals with regards to where it might trend next In the time following Bitcoin’s intense decline below $7,000 yesterday, the benchmark cryptocurrency has since been able to stabilize above its near-term support at $6,800. It […]

2020-4-22 21:00


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Bitcoin on Brink of Serious Downside as Risk of Losing Support Grows

Bitcoin is at risk of seeing further downside as it tests a key descending trendline Some top traders are warning of BTC posting major losses in the coming days and weeks In the time following the tempered signs of weakness Bitcoin showed yesterday when it dipped below its key support at $7,200, the benchmark cryptocurrency has further extended this downtrend as bulls now defending against a dip below $7,000. This weakness has led BTC down […]

2020-4-21 21:00


Analysts believe Bitcoin may see months of consolidation despite investors’ “extreme fear”

Bitcoin saw a relatively sharp decline late-yesterday that marked a bearish resolution to its multi-day bout of sideways trading within the upper-$6,000 region. This downwards movement has come about during a time of immense fear amongst cryptocurrency investors and has further compounded this uncertainty – leading the benchmark crypto’s fear and greed index to hit […] The post Analysts believe Bitcoin may see months of consolidation despite investors’ “extreme fear” appeared first on CryptoSlate.

2020-3-31 17:04


Bitcoin is Flipping a “Key Level” as Multiple Bullish Factors Begin Emerging

Bitcoin saw a notable rally today following a prolonged bout of sideways trading, which has so far led the cryptocurrency to rally up towards the $6,000 region. This movement has come about as the traditional markets trade sideways, leading analysts to note that BTC is quickly becoming decorrelated. It now appears that the benchmark crypto...

2020-3-20 19:30


This Simple Indicator Shows Bitcoin Could be Poised for a Major Bounce

It has been a rough past few days for Bitcoin (BTC) and the aggregated cryptocurrency market, with the benchmark crypto’s ongoing downtrend leading most major altcoins to see capitulatory selloffs. This bout of significant downside is occurring against a backdrop of bearishness within the global markets, and BTC’s confirmed status as a “risk-on” asset seems...

2020-3-10 00:00


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