Analyst Who Called $6,400 Bottom Says Bitcoin Is Poised to Retrace

Bitcoin is back on the headlines after the outrageous price action it has experienced before and after the halving took place. The flagship cryptocurrency rose to a high of $10,100 on May 7 to then take a 22% nosedive over the weekend. Now, BTC is back up, recovering most of the losses recently incurred. Regardless of the high levels of volatility, one of the most prominent analysts in the cryptocurrency industry estimates that Bitcoin is poised for a steep correction before continuing its historic bull run. Bitcoin Faces Strong Resistance…

The VC Who Argued ‘’Death Spiral’ Scenario May Be Right After All

The signs of the apocalypse are upon us: Bitcoin (BTC) transaction fees peaking, block time increasing, and the mempool is becoming congested — all as predicted by Zach Resnick, a managing partner at Unbounded Capital. Flash crush is more likely When Resnick spoke to Cointelegraph on May 8, he argued that the “death spiral” scenario is not priced in and that the community underestimates its probability. He claimed that there is still maybe only two to three percent chance of the halving killing off the chain completely, but in his…

Negative Interest Rates Give BTC an Opportunity to Shine, Report Claims

A report claims that negative interest rates present Bitcoin (BTC) with a unique opportunity. The May 14 report, published by Stack Funds, stipulates that if the interest rates in the U.S. turn negative in the near future, it will force market participants to look for alternatives to traditional assets. This could present Bitcoin with a real opportunity to garner institutional adoption. Negative interest rates It is important to keep in mind that there is no single interest rate in the economy, but rather many. The one that the report alludes…

Veteran Investor Says Bitcoin Price Surge to $467,000 is ‘Achievable’

Raoul Pal, the CEO and founder at Real Vision, believes the price of Bitcoin (BTC) can reach $476,000 in the long-term. Pal is not alone in this belief as hedge fund managers like Morgan Creek Digital’s Mark Yusko have also made similar predictions in the past. Currently, the price of Bitcoin hovers at around $9,700 and high-profile investors like Max Keiser and Mark Yusko believe Bitcoin can rise to $500,000 in the long-term under two simple scenarios. One requires Bitcoin to overtake the gold market and the other stipulates that…

Kim Jong Un May Be Using Stolen Crypto to Offset Economic Fallout

North Korean leader, Kim Jong-un, is reportedly backing a group of hackers. Their goal? Stealing cryptocurrencies like Bitcoin (BTC) using phishing scams. Sources indicate that the country has ramped up these efforts in an attempt to prevent a financial meltdown amid the COVID-19 crisis. A report published on May 13 by the U.K. Mirror claims that the Lazarus group, a hacking syndicate with alleged ties to the North Korean state, could be launching a cybercrime campaign of advanced persistent threat, or APT, attacks. Experts from Seoul-based firm, ESTsecurity, state that…

Atari Partnership Paves Way For Token Adoption

Atari has partnered with blockchain-as-a-service, or BaaS, company Arkane Network, allowing digital asset integration into gaming.  A key aspect of the announcement sees developers able to build Atari’s Token into aspects of the gaming sphere, said a May 14 statement provided to Cointelegraph.  Atari making waves in crypto Atari has headlined multiple articles so far in 2020. The age-old gaming giant announced a token offering in March. In addition to Atari Token, the company’s plans also include a multi-faceted decentralized entertainment platform spanning movies, games, and music.  The May 14 development…

China Officially Recognizes Blockchain Jobs as New Occupation

The ongoing coronavirus pandemic is transforming blockchain companies, and its impact is not always negative for the blockchain industry. Amid the latest coronavirus crisis-fueled changes, China is taking another step toward blockchain adoption to officially recognize industry jobs. China’s Ministry of Human Resources and Social Security, or MOHRSS, is the ministry responsible for national labor policies and regulations. Recently, they have added blockchain-related jobs to a list of officially recognized jobs. New occupation types are officially introduced to promote employment amid COVID-19 According to a May 11 statement by the…

Hedera Wants to Provide Consensus as a Service for Enterprises, Says CEO

Hedera Hashgraph is positioning itself as a “Consensus-as-a-Service” blockchain, serving other enterprise chains with a hybrid network model. The concept was explained by Hedera CEO, Mance Harmon, at a May 14 speech on Consensus Distributed. Cointelegraph followed up with Harmon right after the panel to learn more about the concept of providing consensus as a service. Hybrid enterprise consensus Hedera is a thoroughly enterprise-centric product, though it also has a public token named HBAR. Its consensus model can be described as a hybrid between a locked-in federated consensus and a…

Bitcoin May Thrive Despite Coronavirus

The CEO and co-founder of Bitcoin (BTC) investment app Amber, Aleks Svetski, said he thinks the COVID-19 pandemic has bolstered Bitcoin awareness.  “COVID was one of the best marketing campaigns for Bitcoin in history,” Svetski told Morgan Creek Digital co-founder Anthony Pompliano in a May 13 podcast episode.  Coronavirus has caused global uncertainty Since taking center stage as an official pandemic in 2020, governmental coronavirus prevention actions have caused business slowdowns, rising unemployment numbers, and falling markets. The U.S. government has taken several measures to right the sinking economy, including various…

Blockchain-Powered 5G Phone Manufactured by Samsung Launches

Samsung and SK Telecom, a South Korean mobile carrier, unveiled the world’s first 5G smartphone equipped with blockchain-powered ID authentication. The phone, called “Galaxy A Quantum”, has a quantum random number generation chipset developed in partnership with Samsung Electronics. The phone’s initial price is 649,000 Korean won, or $527.54 USD, according to the announcement on May 14. Blockchain-powered features incorporated The company stated that the blockchain-powered system is utilized when users pay for goods and services at offline merchants with the SK Pay. Blockchain is also used to help prevent…