Bitcoin Sees Immense Volatility in $8,000s as Halving Nears: What Analysts Are Thinking

Since our last market update, Bitcoin has continued to plunge lower. The leading cryptocurrency just minutes ago tapped $8,180 for the third time in the past two days. BTC has since bounced off that level, indicating that this level is of some importance, rallying back to $8,450 as of the time of this article’s writing. Bitcoin price chart from TradingView.com The initial sell-off from Monday’s highs of $9,200 to $8,500 resulted in $20 million worth of liquidations. This latest leg lower from $8,500 to $8,100 catalyzed another $15 million worth…

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Crypto.com Launches Plug-In for 1 Million E-Commerce Merchants on Ecwid

Crypto.com launched a payment plug-in for Ecwid, an e-commerce platform similar to Shopify or WooCommerce. The plug-in allows merchants to accept crypto for their products. Crypto.com announced the partnership on Monday. The plug-in, called Crypto.com Pay Checkout, lets buyers pay with crypto for their products on e-commerce websites running on Ecwid, which the company claims are more than 1 million. The merchants can choose which currency they want to accept as settlement. While they can receive the cryptocurrencies directly, they can also avoid exposing themselves to volatility by letting Crypto.com…

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Top Crypto Traders Predict Bitcoin Price Direction After BTC Halving

Bitcoin’s (BTC) price has been showing extreme levels of volatility as it consolidates under a key level of $10,000. Previously, the price dropped to as low as $8,100 on May 10, merely a day before the highly anticipated mining rewards halving. Following the 20% drop, traders remain divided on where the Bitcoin price would go next with some traders believing that BTC could immediately see an upsurge to the $14,000 to $15,000 resistance area.  Historically, when Bitcoin’s price saw an extended rally, it went past key resistance levels with ease.…

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Ammous and Voorhees Come to Consensus on Failures of Centralized Powers

Saifedean Ammous and Eric Voorhees spoke at the Consensus: Distributed conference, May 11, focusing on concerns over the actions of central banks and government in response to the current coronavirus pandemic. Both speakers expressed a belief that Bitcoin, as a non-political form of money, would be far better placed to see the world through the current crisis. Mass-printing fiat — bad On the fiscal stimulus measures taken by governments around the world, both men were particularly critical, with Ammous pointing out: “The hit of the addict always feels good when…

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‘You Can’t Just Switch Miners On and Off’

Cointelegraph is holding a live event to honor the Bitcoin (BTC) halving, set to occur in just a few hours. As profits for miners will be cut in half in about 10 BTC blocks, the event represents a bittersweet moment for the industry. Cointelegraph organized a panel to learn more about how the halving will impact miners featuring Marco Streng, the CEO of Genesis Mining, Alina Yao, the head of OKEx Pool, and Josh Goodbody, the head of growth at Binance. No mining death spiral An unlikely — but theoretically possible…

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Binance.​US Launches OTC Trading Platform

Binance’s United States arm has launched an over-the-counter portal for trades worth $10,000 or more, according to an official announcement on Monday.  OTC desk and Binance.US’s requirements OTC trades are negotiated directly between the buyer and the seller and do not show up in exchange’s public order books, the cryptocurrency platform clarified in an FAQ. That allegedly allows for the movement of large sums with better privacy and without the potential to affect the market. The OTC platform currently supports 12 cryptocurrencies as well as U.S. dollars, although USD withdrawal…

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Bitcoin Crashes to $8,400 After Rallying 10%, Liquidating $20M: Halving Volatility

Bitcoin’s block reward halving may be just hours away, two hours away by most estimates, but that hasn’t stopped the price from dumping. The cryptocurrency just slid as low as $8,380 just minutes ago, visiting the levels it was trading at just 24 hours ago. This came after Bitcoin rallied as high as $9,200 on Monday morning, seemingly responding to the hype around the imminent halving and a Paul Tudor Jones CNBC segment on Bitcoin. This meant that BTC sustained a drop of 9%. Bitcoin price chart of May 9…

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The Shift to a Cashless World

By spring 2020, it became inescapable that we now live in a world with an unraveling future. The once-imminent shift, now fueled by the coronavirus outbreak, has accelerated the pace of technological adoption, and the financial field was among the first industries to accept it. The shift from a cash-based culture to card payments in many conservative European countries became even more notable, alongside a growing interest in cryptocurrencies and stablecoins in particular. What once might have required a few more years of crypto maturity became urgent as physical cash…

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Can Central Bank Digital Currencies Protect Individual Privacy?

Crypto industry leaders and law experts debated the privacy implications of central bank digital currencies (CBDC) during the ‘Money Re-Imagined’ panel as part of Consensus:Distributed on May 11. Lawrence Summers, the former U.S. Treasury Secretary and former chief economist of the World Bank, argued that the current fiat monetary system exhibits issues of too much privacy, advancing that a CBDC should seek to facilitate greater oversight capabilities. Current monetary system has ‘too much privacy’ Summers argued that supporting the anonymous movement of multi-million dollar sums of money should not be…

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Unprofitable Miners Already Leaving Bitcoin Network Ahead of BTC Halving

With the halving scheduled to happen in just under four hours, unprofitable miners have already begun shutting down their equipment, vice president at major mining pool Poolin Alejandro De La Torre said in a May 11 interview with Cointelegraph. Per his estimations, these miners account for “15-30%” of the entire Bitcoin (BTC) hash rate. “Mining farm personnel are shutting [their units] off as we speak since they will not want to do it after the halving — because then they’re losing money,” De La Torre told Cointelegraph.  The miners who…

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