CBX Weekly Newsletter // 3 June 2020
- Bitcoin has passed $10K Again! But will it last?
- BSV Doubles in 2020
- $1.4 Billion stolen crypto in 2020
Bitcoin over $10K Again! But will it last?
Overall bullish sentiments from the demand is pushing price up.
Prices did not manage to break support of $8K last week, and has managed to rise back above the trend line. This false breakout emphasises the need to set breakout tolerances, and not act too fast when price breaks certain lines. Otherwise, impressive push past 10k on the 1st of June.
Market volatility is seemingly low at this level and will wait for prices to push up a bit more to regain long confidence. Price is at the very top of the Bollinger band and looking at the data from the past few weeks, we expect some sideway trading for a while.
As we are at the very top of the Bollinger band, high risk players can short at this level expecting prices to come down in the short term. TP split into half, TP1 at support line, TP2 can be left running to profit from trend reversal. SL @ $10450 as this is a level where passed, could see a bull run.
If the market pushes past $10500, we may see another bull run pushing prices up quickly to 12000 level. Key area to watch around $10500 where entry can be made if expecting a bull run. SL @ $10000, as market may easily switch to downtrend if prices are not sustained above $10000
Opinions expressed here are my own and not to be relied on as advice. Please exercise due diligence when making your own trades.
BSV Doubles in 2020
Bitcoin Satoshi’s Vision, the controversial blockchain promoted by Craig Wright, is winning in digital-asset markets this year, with a token that has brought investors triple the returns of its better-known ancestor, bitcoin. According to a news article created by Coindesk.com
Bitcoin SV, or BSV as the token is known, has risen 96% so far in 2020, versus a 36% gain for bitcoin (as of Monday). It’s also beating the 18% year-to-date return for bitcoin cash (BCH), another offshoot from bitcoin.
According to some investors and crypto developers Bitcoin SV has technical advantages over bitcoin and other cryptocurrencies that make it a worthy blockchain to build applications on.
$1.4 Billion stolen crypto in 2020
It’s been a billion-dollar springtime for cryptocurrency criminals, according to CipherTrace.
On Tuesday, the blockchain analytics firm said fraudsters, malicious hackers and thieves have amassed $1.36 billion in ill-gotten crypto through the first five months of 2020. CipherTrace published the findings in its June 2020 crypto anti-money laundering and crime report.
That hefty haul puts 2020 on track to become the second-costliest year in the history of crypto, behind 2019’s record $4.5 billion, but likely ahead of 2018’s $1.7 billion, the firm estimates.
This year’s running total largely comes from a single fraud: Wotoken. The massive Chinese multi-level-marketing scheme stole $1.09 billion in 2018 and 2019, but only came to light last month. CipherTrace said Wotoken’s funds — 46,000 bitcoin (BTC), 2.04 million ethereum (ETH), 292,000 litecoin (LTC), 56,000 bitcoin cash (BCH) and 684,000 EOS (EOS) — are still on the move.
“It was a classic pyramid scheme,” John Jeffries, chief financial analyst at CipherTrace, said. Claiming to have a “magic algorithm,” Wotoken grew and grew, passing 715,000 users, until Jeffries said it “collapsed under its own weight.” The scheme’s alleged perpetrators are now on trial in China.
Wotoken underscores the continued rise of fraud as perhaps cryptocurrency’s biggest criminal threat, far bigger in stolen value than hacks and thefts, which account for just 2% of CipherTrace’s 2020 estimate. Last year also saw more lost in fraud than hacks.
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