At the first part of June, the main cryptocurrency was nearing the $10,000 price level. On June 11, Bitcoin dropped from nearly $10,000 to nearly $9,000. Since then the BTC has recovered and fluctuates around $9,500-9,400 levels.
Crypto media resources attribute the dramatic drop of the price to the whales’ activity. The whale has reportedly moved bitcoins for about $1.3 billion in just 3 transactions.
The experts describe bearish and bullish scenarios as equally possible in the short-term. Bitcoin could either overcome the psychological barrier of $10,000 or drop below $9,000.
Bitcoin as a silent protest and as an asset to stay
Amidst the #Blacklivesmatter protests in 145+ cities around the world, Forbes article suggests that “Bitcoin is a silent protest against corrupt governments everywhere”. The media outlet author explains the higher rate of adoption in such countries as Germany, China and Venezuela, with the country’s history of government oppression.
With Lebanon’s currency reaching its lows and the country’s economy facing the worst crisis in decades, the Lebanese citizens started mass protests against their central bank’s policies on June 11.
In the meantime, one of the main opponents to Bitcoin among the banking giants has surprisingly shown some support to the alternative asset. The JPMorgan’s strategists shared that Bitcoin has “longevity as an asset class” as Bitcoin has survived the most severe March global economy crash.
Such attention from major mass media resources and banking giants, together with the most severe drop of trust towards central banks and current financial institutions, might lead to the growth of the interest towards the cryptocurrency assets and lead to the general adoption rate growth, but it does not necessarily mean that the market will follow the bull run at the moment, alert Nominex experts.
Wash trading scandal: the leaked information opens the dark sides of the canadian exchange
Canadian cryptocurrency exchange Coinsquare has been accused of violating the Ontario Securities Act that prohibits the actions that lead to misleading the market about the trading volumes.
The wash trading is no news, but the media outlets suggest that regulators have evidence in the form of leaked emails and messages within the application Slack. Moreover, the Coinsquare CEO Cole Diamond appears to be the initiator of such practices despite the concerns raised by the employee.
The report from the Bitwise Asset Management suggested that most of the bitcoin trading was created artificially. Nominex experts shared that such practices hurt the overall market.
One step closer to the Ethereum 2.0 launch
Еthereum fans will be pleased to hear that the network has made one step closer to the highly-anticipated Ethereum 2.0 launch.
On June 9, the blockchain firm Prysmatic Labs announced the launch of the Onyx Ethereum 2.0 testnet, the next step after the Topaz testnet and the last step before the launch of the first Ethereum 2.0 mainnet.
The release of the proof-of-stake algorithm was previously delayed, but many in the blockchain community believe that it is worth waiting, since it might solve the greatest limitation of the network, its scalability issues.
The ETH price has surged 17% from $187 on May 25 to $219 on May 31 and stayed at this level almost all month, except the all cryptocurrencies drop in prices on June 11.
Probably the most massive voting via blockchain
This June Moscow government has announced that the upcoming e-voting on the constitutional amendments will be executed with the blockchain system. This could be one of the most massive uses of blockchain technology for public voting.
Also at the end of the May, Russia has bitten Venezuela or the US by the share of BTC trading volume on LocalBitcoin.com, despite the citizens’ concerns over the proposed legislation that could potentially harm the cryptocurrency industry in the country.