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News In Brief

Mt. Gox Sparks Bitcoin Freefall

Former cryptocurrency exchange Mt. Gox has announced it will begin returning the stolen Bitcoins to its customers in the first week of July. This news has caused a decline in Bitcoin and other cryptocurrency asset prices. In 2014, Mt. Gox was the world’s largest cryptocurrency exchange, handling over 70% of all Bitcoin transactions. However, hackers stole approximately 740,000 Bitcoins, worth about $15 billion today, leading to the exchange's collapse. Customers have awaited reimbursement since then. Mt. Gox plans to repay over 140,000 Bitcoins and Bitcoin Cash. The influx of these assets into the market is expected to depress Bitcoin prices further. Trustee Nobuaki Kobayashi assured that safety and due diligence measures will be in place to ensure smooth transactions. The current higher price of Bitcoin may prompt many customers to sell, adding more downward pressure to the market.

Anti-Crypto Democrat Defeated in Primary Showdown

A prominent anti-cryptocurrency advocate, Democratic incumbent Jamaal Bowman, has lost the primary for New York’s 16th Congressional District to George Latimer on June 25th. Bowman was targeted by political action committees, including Fairshake and the United Democracy Project, which cryptocurrency firms like Coinbase and Ripple financially backed. These PACs accused Bowman of promoting dangerous conspiracy theories. Bowman had voted against several crypto bills, while Latimer has not made any statements regarding cryptocurrency and blockchain. It is reported that cryptocurrency firms spent over $2 million on campaigns against Bowman, demonstrating the influence of media campaign funding on election results.

Crypto Analysis

Market Analysis Report: Bitcoin

Overview

Bitcoin is testing a weekly support level of around $61,000 - $56,500. Recent market activity and technical indicators provide insights into the potential direction of Bitcoin's price movement.

Key Observations

Support and Resistance Levels

• Support Level: Bitcoin is hovering around the $61,000 - $56,500 support area.

• Resistance Level: The recent high of $71,997 on June 7th marks a significant resistance level.

Volume Analysis

• Volume Decline on Up-Move: Since Monday, the volume has decreased during the slight up-move.

• Increased Volume on Down Day: Monday's down day saw increased volume compared to recent up days, suggesting a possible retracement of the previous down move.

Price Trends

• Short-Term Trends: Since the June 7th high, Bitcoin has only experienced four up days, indicating a prevailing bearish sentiment.

• Medium-Term Trends: The price remains below the 10-day exponential moving average (EMA), reinforcing the bearish outlook. Both the 50-day and 100-day EMAs are sloping downwards.

Technical Indicators

• Exponential Moving Averages (EMA): The 50-day EMA is above the 100-day EMA, a bullish long-term indicator, but the downward slope suggests bearish pressure in the medium term.

• Relative Strength Index (RSI): The RSI is hitting its first oversold reading since last August, indicating potential for a larger downtrend correction.