Bullish reversal? Traders debate whether $37K BTC price is a trend reversal

The cryptocurrency market flashed bullish on June 9 as Bitcoin (BTC) price reversed course and rallied 20% to $37,500.  For the past few weeks, analysts had been debating whether or not BTC was entering a long-term bear trend and the argument has been further complicated by a mixture of positive and negative headlines including the adoption of Bitcoin (BTC) as legal tender in El Salvador and authorities in China ordering Chinese search engines to block results for searches related to the top crypto exchanges in the country.  Data from Cointelegraph Markets Pro and…

Elizabeth Warren compares ‘bogus’ crypto to ‘legitimate’ CBDCs in senate hearing

Democratic Senator Elizabeth Warren did not mince words when it came to criticizing crypto, but seemed to consider a federally-backed digital currency as a possible solution to address problems around financial inclusion in the United States. At a Wednesday session of the Senate Banking Committee discussing a U.S. government-backed central bank digital currency, or CBDC, Warren said the recent explosion in cryptocurrencies had helped many people understand the foundational technology on which digital currencies were based. However, she called crypto a “fourth rate alternative to real currency.” “Digital currency from…

El Salvador’s president wants to build volcano-powered crypto miners

Nayib Bukele’s plans for crypto in El Salvador are still in motion, with the president now calling for a geothermal power company to make certain facilities available to Bitcoin miners.  In a Wednesday tweet from Bukele, the president said he would be instructing Mynor Gil, the president of the state-owned electrical company LaGeo, to facilitate Bitcoin (BTC) mining “with very cheap, 100% clean, 100% renewable, 0 emissions energy” from the country’s volcanoes. The firm operates the only two geothermal power plants in El Salvador based in the regions of Ahuachapán and…

Canadian prime minister’s sibling goes bananas for Dogecoin at Bitcoin 2021

The big crypto news out of Miami over the weekend may have been El Salvador President Nayib Bukele’s decision to proceed with making Bitcoin legal tender, but another figure connected to a world leader made his own mark in supporting Dogecoin. In an exclusive interview with Cointelegraph at the Bitcoin 2021 conference, Kyle Kemper, the 37-year-old half brother of Canadian prime minister Justin Trudeau resplendent in a banana costume, said he was launching a Dogecoin (DOGE) project. The initiative, called the “Million Doge Disco” is, according to Kemper, a combination…

Curve Finance’s new release positions project for AMM takeover

A new release from a foundational DeFi protocol seeks to combine two popular asset swap models into a hybrid that may reshape the nature of the automated market maker (AMM) space — a DeFi primitive currently accounting for well over $40 billion in total value locked, per DeFiLlama.  Earlier today Curve Finance announced the launch of a new “algorithm for exchanging volatile assets.” Curve’s base functionality is designed to enable low-slippage swaps between similar assets, such as one type of stablecoin to another — USDC to DAI, etc — by…

Bitcoin Daily Dragonfly Doji Gives Bulls Hope Of Sharp Reversal

Bitcoin price is now up $6,000 from yesterday’s low in a flash. A long wick below support is now left behind, forming a Japanese candlestick formation called a dragonfly doji. With a large follow through by crypto bulls already, a daily close above $36,000 could leave a reversal pattern behind on the charts. But to how high might the once trending cryptocurrency climb if it can find a bottom? And is this a dead cat bounce, or the full recovery back into a bull market the masses are waiting for?…

Here’s what would happen to Bitcoin if the government tried to take it over

On June 7, the United States government task force seized more than $2 million in Bitcoin (BTC) to pay a ransom following an attack on the Colonial Pipeline system. A warrant filed with the U.S. District Court for the Northern District of California shows that authorities recovered 63.7 BTC. As news of the recovery spread through mainstream media, some outlets suggested that the U.S. government somehow hacked the Bitcoin address in order to extract the funds. For example, University of Michigan professor and New York Times contributor Justin Wolfers tweeted:…

$157B Victory Capital plans to enter crypto market

Investment firm Victory Capital Management announced it would be taking steps for its U.S.-based investors to get exposure to the crypto market. In a Wednesday announcement, Victory Capital said it would be the exclusive sponsor of “private placement funds and other vehicles” based on the Nasdaq Crypto Index, or NCI, an index developed by Nasdaq and Brazilian crypto asset manager Hashdex. The firm said it plans to launch a private fund for accredited investors tracking the NCI, as well as private funds that will track the Nasdaq Bitcoin Reference Price…

Can a rising CPI boost Bitcoin? 3 reasons BTC price is rebounding above $36K

Bitcoin (BTC) price reclaimed $36,000 heading into the New York session Wednesday as investors awaited fresh data on inflation in May and El Salvador approved a bill that made cryptocurrencies a legal tender in the country. Bull-market bottom? The benchmark cryptocurrency surged 9.86% to an intraday high of $36,696, wiping off a portion of the losses it incurred in the previous session. In retrospect, the BTC/USD exchange rate had fallen to almost $31,000 on Tuesday over fears that the pair has entered a 2018-like bearish phase after topping out near…