..

Bitcoin Shoots Over $10K

Written by:
Aaron Goldstein
Published on:
Jun/01/2020

The price of Bitcoin has hit an important milestone June 1, 2020, crossing above the $10,000 mark.

The number was considered a crucial resistance price as Bitcoin has mostly hovered between the $9000 and $10000 mark over the past few weeks.  The price peaked at $10370 Monday evening Eastern Standard Time.

Leading up to this surge, $123 million worth of short positions were liquidated on BitMEX alone, according to data shared by crypto derivatives platform Skew.com.

An hour before BTC moved past the $10,000 price point, Galaxy Digital’s Michael Novogratz wrote that once “$10k goes it will move fast,” adding that investors should “get on the train.”

The rise comes at a time of civil unrest in the US following the death of an unarmed black man while in the custody of Minnesota Police.  One officer has since been charged with murder.

Colin Harper of Forbes writes:

While Bitcoin’s price action is notable amid such an unstable domestic situation in the US—and may corroborate the bullish sentiment of Bitcoin proponents whose digital gold narrative is catching on with mainstream investors—there’s no guarantee Bitcoin will stay above $10,000 in the short-term, of course.

Bitcoin trader Scott Melker, for example, indicated on Twitter that $10,500 is really the price point that bulls want to signal a clear reversal.

- Aaron Goldstein, Gambling911.com

Business/Financial News

Lithuania Dabbles in Crypto-Coin as Central Banks Look for Ways to Fend off Facebook

Lithuania Dabbles in Crypto-Coin as Central Banks Look for Ways to Fend off Facebook

Lithuania is about to issue the first central bank-produced digital coin in the euro zone, part of a project to trial state-backed digital currencies and blockchain technology in everyday use.

'Sophisticated' Hacker Plunders $450,000 From Defi Protocol Balancer

'Sophisticated' Hacker Plunders $450,000 From Defi Protocol Balancer

In two separate transactions, an attacker targeted two pools containing Ethereum-based tokens with transfer fees – or so-called deflationary tokens.

Lobbyist Abramoff Charged in Cryptocurrency Fraud Case

Lobbyist Abramoff Charged in Cryptocurrency Fraud Case

Jack Abramoff, a once-powerful lobbyist who spent time in federal prison for fraud and corruption, has been charged in a San Francisco court in an investor fraud case involving cryptocurrency and lobbying disclosure, federal authorities announced Thursday.

New Zealand Seizes $90M From Russian Bitcoin Fraud Suspect

New Zealand Seizes $90M From Russian Bitcoin Fraud Suspect

New Zealand police said Monday they have seized $90 million from Alexander Vinnik, a Russian bitcoin fraud suspect who is in French custody but is also wanted in the United States.

Canadian Crypto Firm Collapsed Due to Ponzi Scheme by Late Founder, Regulator Says

Last year’s collapse of Canadian cryptocurrency trading platform Quadriga CX was due to a Ponzi scheme operated by founder Gerald Cotten, who died suddenly in December 2018, the country’s biggest securities regulator said on Thursday.

Syndicate