Bitcoin price is fragile, but on-chain data points to fresh accumulation

The May 19 crypto market sell-off saw $1.2 trillion in value erased from the total market capitalization as the froth and excess leverage of over-hyped markets was quickly eliminated. But similar to a forest fire, whose destructive power is essential to the rejuvenation of a forest’s ecosystem, dramatic market shake-outs are a vital part of the full life cycle of a developing market, as excesses that have accumulated are burned away and cleared in order to set the stage for a new round of growth. According to data from Glassnode, the…

US officials recover $2.3M in crypto from Colonial Pipeline ransom

Officials with a United States government task force have seized more than $2 million in crypto used to pay for ransom following an attack on the Colonial Pipeline system.  In a Monday press conference, Deputy Attorney General Lisa Monaco said that the task force “found and recaptured” millions of dollars worth of Bitcoin (BTC) connected to Russia-based DarkSide hackers, the majority of the $4.4 million funds originally paid. The Justice Department later clarified that authorities had recovered $2.3 million in crypto. Monaco said this action was the first major operation…

Crypto Twitter says Bitcoin shorts are increasing, but data shows otherwise

Margin trading allows investors to borrow stablecoins or cryptocurrency to leverage their position and improve the expected return. For example, borrowing Tether (USDT) will allow one to buy Bitcoin (BTC), thus increasing their Bitcoin long position.  Investors can also borrow BTC to margin trade a short position, thus betting on price downside. This is why some analysts monitor the total lending amounts of Bitcoin and Tether to gain insight into whether investors are leaning bullish or bearish. Are analysts flipping bearish based only on Bitfinex’s margin data? This week, some prominent…

Biden to discuss crypto’s role in ransomware attacks at G7, says national security adviser

According to Joe Biden’s National Security Adviser Jake Sullivan, the United StatePresident will speak directly about cryptocurrency regarding its role in the attack on the Colonial Pipeline and other ransomware breaches.  In a Monday White House press briefing, Sullivan said U.S. officials seemingly including Biden would like to see an action plan regarding ransomware attacks during the president’s visit to the G7 summit this weekend. The National Security Adviser said this plan should address the resilience of such attacks, how to share information with other democracies, and “how to deal…

Bitcoin Bulls And Bears Alike Beware Of Potential Pump And Dump Fractal

Bitcoin price has been stuck trading within a small symmetrical triangle. These continuation patterns tend to suggest another equal sized move down is coming. However, a sweep of lows would “perfect” a buy setup that could initiate a pump and dump fractal from years ago. The pump and dump would be designed to further confuse sentiment and take advantage of the sudden shift to low liquidity and thin order books. Here’s what the fractal looks like and what it says about the coming price action. Market Timing: Why You Should…

Investment product issuer 21Shares will list Bitcoin ETP on Aquis Exchange

Switzerland-based 21Shares, formerly known as Amun, has said it will make its Bitcoin (BTC) exchange-traded product available to traders in the United Kingdom through the Aquis Exchange. According to an announcement from 21Shares, its Bitcoin exchange-traded product, or ETP, will be available to professional investors on the Aquis Exchange this summer. U.K.-based firm GHCO will be acting as the crypto ETP’s liquidity provider, with 21Shares saying the product would be “engineered like an [exchange-traded fund].” “ETPs trade on exchanges in a similar manner to a listed stock and institutional investors…

MicroStrategy stock slides after announcing new $400M debt raise to buy Bitcoin

A lackluster balance sheet, excessive debt load and over-leveraged exposure to Bitcoin have crashed MicroStrategy stock by more than 63% since February already. Nevertheless, the business intelligence company has ignored the risks of its frothy valuations, and it now wants to raise more debt and buy Bitcoin with proceeds (BTC). MicroStrategy announced on June 7 that it “intends to raise $400 million aggregate principal amount of senior secured notes in private offering […] to acquire additional Bitcoins.” The company already holds more than 92,000 BTC, worth about $3.31 billion at current exchange…

Global banking regulator plans to hold consultation on crypto exposure

The Basel Committee on Banking Supervision has said it will be publishing a consultation paper aimed at banks reducing their risk of exposure to crypto.  According to the Switzerland-based Bank of International Settlements, or BIS, the Basel Committee will publish the paper on crypto exposure this week following its decision to hold a public consultation on the matter. The announcement came during a Friday meeting, in which the committee also discussed the impact of the current pandemic on the banking system as well as any proposed policy initiatives: “While banks’…

DeFi hit by a tsunami of liquidations in May

The savage sell-off that took place in mid-May fueled volatility in markets and triggered liquidations among numerous decentralized finance protocols. Like an earthquake, the market fall exacerbated the biggest wave of liquidations in DeFi history. The market experienced a higher amount of liquidation on May 19 than in the past two years in the DeFi space.  As part of the Market Insights bi-weekly newsletter, Cointelegraph Consulting teamed up with Covalent to investigate the liquidations on Aave, Compound and Maker. While the three DeFi protocols account for nearly 50% of all…