Terra ecosystem collapses, Sam Bankman-Fried buys Robinhood stock, and crypto trader receives jail sentence for a ponzi scheme: Hodler’s Digest, May 8-14

Coming every Saturday, 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 Breaking: Terra blockchain officially halted following LUNA price collapse This week, news about the Terra ecosystem dominated the headlines after algorithmic stablecoin TerraUSD (UST) lost its peg to the U.S. dollar — and continued to crash.  At its lowest point during the week, UST fell…

Read More

Bitcoin could target $32K, says trader as LUNA crashes below one penny

Bitcoin (BTC) bulls demanded a rematch of $30,000 later on May 12 as the market recovered from its lowest levels since late 2020. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView DXY looms large as BTC recovers Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading above $29,500, holding higher after the Wall Street open. The pair was volatile but showing few signs of fresh capitulation, with a sea of long positions on major exchange Bitfinex exhibiting what analysts believed was conviction over lower levels not returning. Bitfinex longs even managed…

Read More

Terrible crypto trader gets 42 months for fraud, claiming he was a total gun

A crypto trader who defrauded over 170 people was sentenced to 42 months in prison on May 11 for operating a series of cryptocurrency funds claiming to make big returns but in reality were losing money and instead operated as a Ponzi scheme. The DOJ said that 25 year old  Jeremy Spence had solicited millions through false representations, “including that Spence’s crypto trading had been extremely profitable when, in fact, Spence’s trading had been consistently unprofitable.” Spence, who operated the social media channels for a crypto investment scheme called “Coin…

Read More

Bitcoin price target now $29K, trader warns after Terra weathers $285M ‘FUD’ attack

Bitcoin (BTC) prepared for a rare bear feature to return on May 8 after an overnight sell-off took the market ever closer to January lows. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC circles $34,400 lows Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $34,200 on Bitstamp, recovering to trade around $500 higher at the time of writing. The pair had seen brief support around the $36,000 mark, but this gave way as thin weekend liquidity added to the volatility Bitcoin liquidations themselves were limited, however, as market…

Read More

Bitcoin trader keeps $40.8K BTC price target amid warning over risk asset ‘pain trade’

Bitcoin (BTC) consolidated below $40,000 on May 5 after United States economic policy excitement saw a  spike to one-week highs. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Fed sparks little crypto reaction Data from Cointelegraph Markets Pro and TradingView confirmed an overnight peak of $40,050 on Bitstamp following comments from the Federal Reserve and Chair Jerome Powell. The U.S. central bank had conformed to market expectations with a 0.5% key rate hike, also suggesting that similar repeat hikes would follow. With that, a modest market rally left Bitcoin eerily lacking volatility…

Read More

Bitcoin ‘bear market’ may take BTC price to $25K, says trader with stocks due capitulation

Bitcoin (BTC) may continue its “bear market,” one trader says amid hope that a U.S. dollar reversal could soon improve BTC price action. In his latest YouTube update on May 2, Cointelegraph contributor Michaël van de Poppe argued that USD’s current surge would not last long. Dollar strength reversal “close” Bitcoin is still under pressure as stocks and crypto alike face the reality of a major policy flip from the U.S. Federal Reserve. Due to be announced this week, the Fed is tipped to end the “free money” era since…

Read More

Trader flags BTC price levels to watch as Bitcoin still risks $30K ‘ultimate bottom’

Bitcoin (BTC) remains a slave of the U.S. dollar on April 27 as the greenback spells fresh misery for risk assets across the board. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC faces off with the support zone to hold Data from Cointelegraph Markets Pro and TradingView showed a precarious picture of BTC markets on April 27 as bulls battled for control of short-term support levels. After dipping to $37,700 on April 26, Bitcoin saw a relief bounce that culminated in a rebound to $39,200 — a zone th is now…

Read More

Nasdaq has dotcom crash ‘deja vu’ says trader as Bitcoin correlation rises

Bitcoin (BTC) and its stock market correlation are under fresh scrutiny amid a warning that the Dotcom Bubble is repeating itself in 2022. In a tweet on April 22, popular trader Peter Brandt highlighted similarities between the Nasdaq 100 (NDX) now and twenty years ago. “Deja vu all over again” Bitcoin has shown itself to be highly correlated to U.S. equities this year. In particular, BTC/USD recently became attached to the NDX, which has not passed by some of the industry’s best-known names. As stocks themselves come under pressure from…

Read More

BTC price hits 10-day high as trader says $42K is where Bitcoin ‘gets interesting’

Bitcoin (BTC) bulls kept up the pressure on April 20 as the Wall Street open saw a return to $42,000. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView $42,000 proves troublesome Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $42,220 on Bitstamp, its highest since April 11. After adding as much as 9.3% versus local lows from April 18, the pair was now in line for “interesting” behavior, according to Cointelegraph contributor Michaël van de Poppe. “Things get interesting at $42K,” he told Twitter followers. Like others on the day,…

Read More

BTC could drop to $30K in 2 weeks, trader warns as gold goes for $2K high

Bitcoin (BTC) is in line for a relief bounce but still risks dropping all the way to $30,000 before May, a new analysis warned on April 18. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView $30,000 dive is April “risk” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering near $39,000 on April 18 as bearish prognoses for the pair mounted. After losing $40,000 support overnight into April 18, Bitcoin faced thin liquidity in the absence of United States and European equities trading, thanks to the Easter weekend. For popular trader…

Read More