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Bitcoin is currently down to $9,200 as bulls are struggling to find any support levels. The digital asset took a massive turn today after breaking below $9,800. BTC seems to be in freefall now but remains bullish on the daily chart. Bears are hoping to break below the daily 12-EMA and possibly test the 26-EMA today.
A close below $9,000 would be significant but will not confirm a daily downtrend until the bears can close below $8,117.
Not all hope is lost as legendary novelist writer, J.K. Rowling, author of Harry Potter, has recently shown interest in Bitcoin.
I don’t understand bitcoin. Please explain it to me. – J.K Rowling
Rowling asked this question over Twitter just a few hours ago. The tweet already has 5k likes and has received a lot of interest from the crypto community.
Rowling did get an interesting response from Vitalik Buterin, creator of Ethereum. In a small series of tweets, Buterin explained Bitcoin in simple terms for Rowling and stated that people find it interesting because there is ‘no central authority that controls the network’.
It’s unclear whether Rowling is planning to actually buy Bitcoin or she is simply interested in understanding how it works. Either way, we know this isn’t necessarily a bullish sign as it could mean there is a lot of FOMO building up.
This generally happens when Bitcoin is moving up quickly ($3,700 to $10,000) and regular people see it as a good investment because it’s thriving so fast. Unfortunately, this means that buyers are not very experienced and they are only investing because they are hoping to get a lot of profit quickly. Eventually, Bitcoin starts falling and most people will start to panic sell as they have no experience in trading.
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Bitcoin Supporters Warn Donald Trump That Negative Rates Are Not a “Gift”
Bitcoin (BTC) enthusiasts were scolding United States President Donald Trump this week as he called on the Federal Reserve to tax people’s savings by introducing negative rates.
In a tweet on May 11, Trump pressured the Fed again, stating that the central bank should “keep pace” with Europe in lowering rates.
Trump: The U.S. needs negative interest rate “gift”
The European Union first brought about negative interest rates in 2014.
Trump wrote:
“As long as other countries are receiving the benefits of Negative Rates, the USA should also accept the ‘GIFT’. Big numbers!”
Negative rates mean charging banks — and therefore savers — to store money. Fed chair Jerome Powell has said he is against their introduction, but last month, an ex-official joined calls to send U.S. rates negative for the first time in history.
“The U.S. Federal Reserve should fight a rapidly deepening recession by taking interest rates below zero for the first time ever,” former Minneapolis Fed president Narayana Kocherlakot said.
Taxing savers, Bitcoin supporters argue, has only worsened since the coronavirus, as enforced economic shutdowns made governments bail out big businesses while taking equity and wealth form smaller participants.
Fiat squeezes the savers
Trump’s words were particularly piercing, coming on the day that Bitcoin “hardened” its money supply and cut inflation to 1.8% via its third block reward halving.
Unsurprisingly, those in favor of the cryptocurrency had little time for the president’s demands.
“As the Fed adopts a controlled Weimar strategy, Bitcoin just completed its third halving,” Gemini exchange co-founder Tyler Winklevoss commented.
Even gold bug Peter Schiff, well-known for his dismissals of Bitcoin, was unimpressed.
“Negative rates are not a gift. They are a transfer of wealth from savers to debtors,” he told Trump on Twitter.
“But the inflation created to make negative rates possible will hurt wage earners too, plus the overall economy will be less productive and living standards will be lower as a result.”
Earlier this week, critics decried the Fed pressing with plans to enter the exchange-traded fund market, while Virgin Galactic chairman Chamath Palihapitiya told CNBC that the dollar is about to enter a “massive deflationary spiral.”
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An Australian woman has been arrested and charged for allegedly being part of a money laundering syndicate that exchanged crypto for cash.
In brief
An Australian woman has been arrested for allegedly exchanging cash for cryptocurrency.
She had exchanged 3.8 Bitcoin for $38,625, according to police.
She was allegedly part of a money-laundering syndicate.
The 52-year old woman was arrested in a shopping centre in Sydney for exchanging 3.8 Bitcoin for $38,625.
She was allegedly part of a money-laundering syndicate that effectively ran as its own unlicensed exchange. Since 2017, the syndicate has traded over 326 Bitcoin since 2017 ($3.1 million in today’s money), claimed Detective Superintendent Matthew Craft, the squad commander of the State Crime Command's Cybercrime Squad.
This is a significant quantity of Bitcoin for somebody who is not a registered digital currency exchange," he reportedly said. Following a search warrant at a local home, an additional $11,600 worth of cryptocurrency was seized, along with phones and computers.
Detective Superintendent Craft said the situation was the first of its kind in Australia—that the police know about. “This will be the first of many arrests I believe we will make over the coming years and you're being put on notice,” he reportedly said.
The charges against the Australian woman appear incongruent with the principles championed by cryptocurrencies; that people can trade cryptocurrencies for cash without having to first register with the government.
Though the benefits might be to “bank the unbanked,” the drawback is that unregulated exchanges “bank the unbankables”—people who illegally trade money online to evade authorities.
It is for this reason that cryptocurrency exchanges must comply with money laundering directives and “know your customer” checks, whereby exchanges must keep information about their customers.
In upcoming regulation, due to be enforced within the next year or so, crypto exchanges must send information about customers whenever they are transferring money between exchanges. Called the “travel rule,” the regulation has crypto exchanges stumped: do they stick to regulation to stay in business or do they stick to crypto principles?
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Stocks fall as retail sales shrink and the Fed warns the economic recovery from COVID-19 will be slower than expected. Meanwhile, Bitcoin number go up.
In brief
The stock market just closed its worst trading week in two months.
Bitcoin, on the other hand, is up more than 10% on the week.
All signs point to a slower economic recovery from the coronavirus than initially expected.
It was the week of the great decoupling, as Bitcoin finally broke its correlation with the stock market—one that some analysts and traders say never really existed in the first place. While crypto has seen considerable gains this week, the stock market continues to fall on warnings that the US economy may recover from the coronavirus pandemic slower than anticipated.
Bitcoin found itself flirting with $10K per coin once again in the lead up to the third Bitcoin halving, a once-in-four-years event that cuts mining rewards in half, limiting supply and reducing inflation.
But, on the day of the halving, the price of Bitcoin dumped all the way down to the mid-$8,000 range, a sign of nervousness in the market over the event. (Ethereum likewise dropped down to $185 per token.)
Since then, however, Bitcoin and the rest of the crypto market has come roaring back. While BTC may be down today by around 5%, Bitcoin has gained more than 10% on the week and is now trading for around $9,300. All in all, market capitalization for all cryptocurrencies has gained close to 8% and now sits at $253 billion
Meanwhile, stocks have seen consistent days of negative trading since the beginning of the week. The Dow Jones Industrial Average (DJIA) fell by more than 500 points on Wednesday, while the S&P fell close to 2%. While the Dow closed today up by 60 points, it ended the week down more than 2%. It was the worst trading week for the Dow in nearly two months.
Likewise, the S&P isn’t faring much better, closing today at 2,863 points and down close to 2% on the week as well.
Markets appear to have reacted to the news of poor retail sales in April, which were far worse than predicted. A government report suggests that April retail sales were down more than 16%—far worse than the 12.3% percent initially predicted by Dow economists.
The coronavirus pandemic has caused overall spending to shrink, with the clothing industry taking the biggest hit. Sales of clothing fell by more than 78%, while electronics were next in line with a 60% drop in sales. Restaurant revenue has dropped by close to 30%.
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Buterin reveals the mistake he doesn't want to repeat with the Ethereum 2.0 upgrade.
In brief
Vitalik Buterin said he regrets that Ethereum launched too early.
He said many defects could have been avoided with a 10 month delay.
Critics have complained of delays to the 2.0 upgrade, expected later this year.
Vitalik Buterin has a deep regret about Ethereum. The 26-year-old blockchain co-founder tweeted today that he believes the platform’s launch was premature.
The second biggest blockchain by market cap, Ethereum launched to great fanfare in 2014. Buterin has since been honoured for his groundbreaking contribution to decentralization and the digital revolution.
But he revealed today that, had Ethereum launched just 10 months later, the defects that the development team have spent the subsequent years fixing could have been avoided.
Early design decisions, such as using Hex Trees as an internal data structure instead of the more common binary trees, were the main source of regret for Buterin. Another regret was using RLP—Recursive Length Prefix—which is a way to send information over a node. Ethereum developers dislike the format because it’s can't be optimized, and is therefore inefficient.
Buterin’s tweet was in response to developer Justin Drake, who had said that Ethereum 2.0—the platform’s long awaiting upgrade—could have been ready over a year ago, had developers followed the easy route to launch.
“We made Eth2 hard for ourselves,” said Drake, and listed reasons including: the many design iterations the new blockchain had seen, and the number of clients that needed to be accommodated.
“We could have launched a year or two earlier the easy way. It was painful but it was right. Our investments will pay off for decades :),” he said.
Buterin wholeheartedly agreed with Drake, as did many others.
But questions about setbacks with Eth2 have plagued the Ethereum community of late. In response to a question about the launch last week Buterin seemed to confirm an interviewer’s suggestion of a July date, only to backtrack later and say he didn’t hear the July part of the question.
“Everyone is asking why is Ethereum 2 delayed,” said Ben Edgington, of Teku, an Eth 2.0 client operator. “Delay suggests we missed that date and we’re trying to catch up. A much better question is ‘Why is it taking so long?’ And the reason is it’s complicated and we’re trying to do a really good job of it.”
And when the new platform finally launches—expected to be in the third quarter of the year, you can be sure there won’t be a Hex tree in sight.
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A new deal between crypto startup Cryptobuyer and traditional payments firm Megasoft is taking crypto payments in Venezuela to another level.
In brief
Cryptobuyer and Megasoft are brining Bitcoin payment options to more than 20,000 retailers across Venezuela.
Venezuela's largest retail chain, Traki, had already implemented BTC payments across its 40 locations.
While a big step, there is still much to be done before BTC payments reach mainstream adoption.
Some say that Bitcoin use in Venezuela is exaggerated, while others point to a burgeoning crypto community, as savvy citizens look for better stores of value in the face of hyperinflating bolivars.
That may all soon be put to the test.
Late last week, crypto payments processor Cryptobuyer announced a new deal with traditional payments firm Megasoft that is bringing crypto point-of-sale capabilities to more than 20,000 merchants across Venezuela.
The merchants, among some of the biggest stories in the country, will all use Megasoft’s Merchant Server platform, giving them the option accept to Bitcoin, Ethereum, Dash, Litecoin, Binance Coin, Tether, DAI, and Cryptobuyer's native token, XPT, as payment. The new payments system is set to go live in June.
Among the retailers that will benefit from the deal is the supermarket chain Central Madeirense, pharmacy network Farmatodo, and a range of other hardware, auto parts, and department stores—and even the movie theater chain Cines Unidos. These are some of the biggest chains in Venezuela, who will now each be able to accept crypto from their customers—just as soon as the coronavirus lockdowns are lifted, that is.
But soon, the range of options for Venezuelan crypto enthusiasts will become considerably wider. Cryptobuyer previously partnered with Traki, the largest retail chain in the country. But with this move, Venezuelans will have a new range of products that can be bought with Bitcoin and other cryptos, including food and other staples. (Grocery stores and pharmacies are still open in Venezuela during the nationwide quarantine.
What this doesn’t mean, however, is that most Venezuelans will suddenly adopt crypto.
Volatility in the crypto markets is one factor which alienates potential Venezuelan users with generally low incomes. What’s more, previous implementations of crypto point-of-sale systems in Venezuela have not yet yielded a large number of transactions.
For example, Traki’s more than 40 stores distributed throughout the country already accept Bitcoin and other cryptocurrencies. But during the first two years of its initiative, the store only registered a little more than 1,000 crypto payments, of which almost 90% happened after its association with Cryptobuyer, according to Traki’s own figures.
Still, Traki’s rollout of crypto payment options could be viewed as an important first step in this direction. Since then, Cryptobuyer signed a deal with fast-food chain Burger King this past March, and another with leading hotel chain Tamaco.
So while Bitcoin may not be quite ready for mass use in Venezuela, another 20,000 stores giving residents the option is no small measure.
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If you need Wizarding World terminology to grasp crypto, this Twitter thread is for you.
A whole lot more people are improving their crypto literacy during this time of economic upheaval, and the latest is famed Harry Potter author J.K. Rowling.
That’s assuming she reads the mass of replies to her tweet today. In response to a Twitter conversation between CoinDesk reporter Leigh Cuen and lawyer Marvin Ammori, Rowling tweeted, “I don’t understand Bitcoin. Please explain it to me.”
As you might expect, the internet pounced on the opportunity to inform one of the all-time most popular novelists about cryptocurrency. And yes, many of them tried to describe it in Harry Potter terminology.
“Imagine if Voldemort couldn't infiltrate the Ministry of Magic, and Harry couldn't break into Gringotts bank, and house elves were able to interact with the Wizarding World's economy with just an internet connection,” added Bitcoin Magazine.
It goes on and on and on. Time will tell whether Bitcoin just piqued her curiosity or whether she’s considering it as her next big investment—but with a net worth of approximately $1 billion, she could quickly become one of the highest-profile hodlers around.
