Nearly $20 Million of BitMEX Longs Liquidated As Bitcoin Tumbles Below $8,800

Since NewsBTC’s last market update, the Bitcoin market has continued to flash signs of weakness. After managing to temporarily reclaim $9,000, the cryptocurrency started to plunge just minutes ago, falling as low as $8,675 — 4% lower than where BTC started the day and about 15% below the May highs. Bitcoin price chart from TradingView.com This latest leg lower has resulted in a liquidation event on margin-enabled exchanges, with this rapid drop catching most traders off guard. According to Skew.com — a website tracking crypto derivatives — just shy of…

Blockchain to Play Crucial Role in VR-Powered Social Media

Virtual reality media platform, Sensorium, has announced its membership in the Global Blockchain Business Council, or GBBC — a Swiss-based non-profit industry association for blockchain. Sensorium will participate in GBBC’s upcoming virtual forum on May 28, which will see the firm’s director of technology Alex Blagirev discuss his predictions for how virtual social media will change the way that people interact online. Cointelegraph spoke to GBBC to discuss the intersection between social media and virtual reality, or VR, and the role that blockchain plays in the sector’s future. DLT protects…

Africa Is Experiencing a Crypto Renaissance

Crypto adoption is making significant advances in Africa, with crypto ownership, trade volume, and regulation all moving toward greater adoption. A recent report by Arcane Research and Luno found that Uganda, Nigeria, South Africa, Ghana, and Kenya are frequently among the top 10 countries by Google searches for the word “Bitcoin.” The report describes the continent as “one of, if not the most promising region for the adoption of cryptocurrencies,” emphasizing Africa’s combination of low existing crypto adoption alongside an “enormous” domain possibility. The firms emphasize that Africa exhibits a…

BTC Dreads Weekly Close, Satoshi Mystery, A Big Blunder: Hodler’s Digest, May 18–24

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Why today’s weekly close is crucial to avoid $8,000s Not so long ago, the crypto community was abuzz with the expectation that Bitcoin was about to surge into five figures — dreaming dreams of a parabolic bull run. How things change. Right now, BTC is…

China’s Congress Proposes Blockchain Development Fund

National People’s Congress, China’s parliament and Chinese People’s Political Consultative Conference, the most powerful political advisory body in the country, have recently begun their annual sessions. These are widely referred to as the “Two Sessions” or “lianghui” meetings. These meetings have been ongoing since May 22.  The National People’s Congress, or NPC, is China’s top legislative body. Nearly 3,000 delegates from around the country meet once a year to submit proposals during the meetings. According to a Beijing News’ report on May 23, Jieqing Tan, deputy to the NPC, suggested…

Bitcoin Price Drops to $8,840 — Key Metrics Signal BTC May Correct Further

Within the last hour Bitcoin (BTC) price dropped to $8,840. The drop came with less than 8 hours left before the weekly close. A confluence of miners selling more BTC than they mine, Bitcoin recording 6 consecutive lower highs, and the retest of the $8,800 support leaves BTC vulnerable to a severe pullback. Six consecutive lower highs since June 2019 As shown on the daily chart, since June 19 Bitcoin has recorded six consecutive lower highs. The price rejected at $14,000, $13,300, $12,300, $10,600, $10,500, and $10,000, making every local…

Grayscale Accumulates 34% of New BTC as Weekly Investments Tag $30 Million

Grayscale Investments, a crypto investment fund manager and subsidiary of Barry Silbert’s Digital Currency Group, is estimated to have purchased up to one-third of all newly minted Bitcoin during the past three months amid the run-up to the block reward halving. The announcement comes as average weekly investments into Grayscale’s Bitcoin Investment Trust, or BIT, reached $29.9 million over the first quarter of 2020. In response to a tweet publicizing the figures, Grayscale founder Barry Silbert stated: “just wait until you see Q2.” The average weekly investment into the trust…

Examine the Bitcoin First Difficulty Adjustment Post 2020 Halving

The third Bitcoin (BTC) halving has settled, and the Bitcoin network has just experienced its first difficulty adjustment post third halving. The difficulty has decreased from 16.1 trillion to 15.14 trillion, which is about a 6% downward adjustment, providing miners who have survived so far with some relief.  Bitcoin network hash rate experienced a significant decline post-halving It is important to recognize that the network hash rate cannot be directly observed; rather, it needs to be calculated from the average block production time and the difficulty level. Based on the…

Goldman Sachs to Host Conference Call on Crisis, Crypto, and Inflation

Goldman Sachs will host a conference call on May 27 titled US Economic Outlook & Implications of Current Policies for Inflation, Gold, and Bitcoin. On May 23, Mike Dundas, the founder of crypto media outlet The Block, posted a screenshot of the invitation for the call, revealing that the event will be hosted by Sharmin Mossavar-Rahmani, the CIO of Goldman’s Investment Strategy Group, alongside Harvard economics professor Jason Furman, and Goldman Sachs’ chief economist Jan Hatzius. Goldman Sachs appears to be warming to Bitcoin The news has been heralded as…