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Bitcoin Whales’ Sudden Accumulation May Prevent Deep Correction to $8k

Bitcoin started off the week on the wrong foot. Its price recently dropped below $9,000 for the first time since late May. The sudden bearish impulse sent investors into “fear,” according to the Crypto Fear and Greed Index. Despite the state of commotion in the market, the flagship cryptocurrency sits above a critical support barrier. […]

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Bitcoin started off the week on the wrong foot. Its price recently dropped below $9,000 for the first time since late May. The sudden bearish impulse sent investors into “fear,” according to the Crypto Fear and Greed Index.

Despite the state of commotion in the market, the flagship cryptocurrency sits above a critical support barrier. The 78.6% Fibonacci retracement level appears to be holding strong and preventing the price of BTC from a steeper decline.

But failing to continue to do so could spark a bear run towards $8,000 or even $6,000.

Bitcoin Sits Between Key Support and Resistance Levels. (Source: TradingView)

While some market participants prepare for the worst, data shows that large investors are accumulating Bitcoin on every dip. If history repeats itself, this could be a sign that the pioneer cryptocurrency is poised for a substantial upward movement.

Bitcoin Whales Fill Up Their Bags

Santiment’s holder distribution chart reveals that something seems to be brewing with Bitcoin. The number of addresses with millions of dollars in BTC, colloquially known as “whales,” is steadily rising despite the recent downward pressure.

Indeed, the number of addresses with 100 to 10,000 BTC has done nothing but shoot up since the beginning of the month. Since then, roughly 75 new whales have joined the network.

The increase in the number of large investors may seem insignificant at first glance, but when considering that they hold between $900,000 and $90 million worth of Bitcoin, the sudden surge can translate into millions of dollars.

The Number of Addresses With 100 to 1,000 BTC Rises. (Source: Santiment)

Moreover, the enormous holdings of these large investors allow them to have a disproportionate impact on prices. They have the ability to coordinate buying and selling activity and manipulate the market at their will.

If the buying spree continues, the bellwether cryptocurrency may be bound to resume its historic uptrend.

Strong Resistance Ahead

IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model reveals that there is a considerable supply barrier ahead of Bitcoin that may absorb any upside pressure.

Based on this on-chain metric, the area between $9,460 and $9,730 represents a major resistance level. Here, the IOMAP cohorts show that over 1.8 million addresses bought over 1.2 million BTC.

In/Out of the Money Around Price. (Source: IntoTheBlock)

An increase in demand that allows Bitcoin to move past this resistance wall may allow it to retest mid-February’s high of $10,500 or even reach a new yearly high of $12,000. Everything will depend on the strength of the $9,000 support level and its ability to hold in the event of an increase in sell orders behind BTC.

Due to the unpredictability of the cryptocurrency market, investors must wait for a clear break of the $9,000 support level or the $10,500 resistance to enter any long-term trade. Moving past any of these supply barriers will determine where Bitcoin is headed next.

Featured Image from Shutterstock

Charts from TradingView.com

Source: https://www.newsbtc.com/2020/06/15/bitcoin-whales-sudden-accumulation/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-whales-sudden-accumulation

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Crypto exchange Poloniex faces outage due to DDoS attack

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Global crypto exchange Poloniex experienced an outage earlier today, and the exchange noted that their services were unavailable due to an ‘unexpected issue’.

The issue was later identified to have been caused due to a Distributed Denial-of-Service (DDoS) attack that began around 06:30 UTC.

Poloniex announced that customer funds were safe, followed by Justin Sun, one of the top investors in crypto exchange’s acquisition last year.

According to statements from the exchange’s customer support, the cause of the issue was under investigation for several hours before the issue was identified and disclosed.

During this period of maintenance, the exchange was in a post-only mode which meant that matching orders would be rejected.

The exchange has since resumed operations and restored full trading for all markets after the resolution of the incident.

“We understand how frustrating downtime is for our customers and apologize for any inconvenience caused. We have already taken steps that will help to mitigate future attacks and are working with our DDoS prevention vendor to monitor and further enhance our DDoS prevention capabilities moving forward.”, noted Poloniex in a statement.

Earlier this year, OKEx and Bitfinex were subject to DDoS attacks that lead to the platforms being offline briefly.

A distributed denial-of-service (DDoS) attack is a malicious attempt to disrupt the normal traffic of a targeted server, service, or network by overwhelming the target or its surrounding infrastructure with a flood of Internet traffic.

It remains unclear as to why crypto exchanges are the subject of these types of attacks, apart from an intent to disrupt trading activity.

Source: https://eng.ambcrypto.com/crypto-exchange-poloniex-faces-outage-due-to-ddos-attack

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India Reportedly Plans to Tax Crypto Investors As Bitcoin Price and Trading Activities Soar

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Barely ten months after the Indian Supreme Court lifted the RBI’s ban on cryptocurrency transactions, fresh reports from yesterday revealed that the country’s tax authority is now keeping a close watch on crypto traders as Bitcoin’s price continues its bullish trend.

Taxing Crypto Gains

According to local media, the Indian Tax Department is already in possession of data belonging to investors who invested in Bitcoin or cryptocurrencies through banking channels before the RBI’s ban in 2018. 

This development is coming after data shows a tremendous increase in crypto trading activities in India. Since the crypto ban was lifted earlier this year, retail investors between the ages of 25 and 40 have been spending millions of dollars on crypto trading every day. 

Over $25 Million Daily

Two of India’s largest crypto trading platforms, Binance-acquired WazirX and CoinDCX, saw a significant increase in activities over the last six months. According to an earlier report, WazirX recorded a massive 125% increase in user signups in the last two quarters. The exchange also has a daily trading volume of $19-26 million, with more than 85% of the transaction coming from Indian traders. 

Some experts believe it will be difficult for the country to tax crypto because there’s no regulation in place for crypto dealings. They feel a regulatory framework will provide the needed clarity to make taxation easier. While India is yet to release its crypto regulation, an earlier report suggests that the country may regulate crypto as commodities.

Declaring Bitcoin Profits As Capital Gains

Although it is unclear how India plans to implement the tax law, sources familiar with the matter claimed that the country’s taxman is already preparing to collect tax on the gains made from Bitcoin. And notice may be sent out to investors if “something goes out of this.”

Experts believe that the tax authorities may classify crypto gains as business income, and investors may have to pay up to 30% tax on profits made from selling cryptocurrencies. 

However, some tax experts are advising their clients to declare their Bitcoin earnings as capital gains, which is similar to profits generated from shares.

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Source: https://cryptopotato.com/india-reportedly-plans-to-tax-crypto-investors-as-bitcoin-price-and-trading-activities-soar/

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Bitcoin Breaks 2017 ATH But Gets Rejected: The Crypto Weekly Market Update

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To say that this week was interesting would be an understatement. It had a little bit of everything.

Starting off, towards the beginning of the week, Bitcoin officially surged past its 2017 high and recorded a new all-time high, clocking at almost $20,000 but couldn’t really manage to surge past that point.

Naturally, as it always happens with the primary cryptocurrency, things took a turn for the exact opposite of what many were expecting. The price took a beating ad dropped to the low $18,000s in a matter of hours. This resulted in around $800 million worth of liquidations in less than 24 hours.

The bulls weren’t finished, however. They intercepted the move, and the price started recovering. At the time of this writing, Bitcoin is trading around $19,000, and it’s interesting to see where it would take from here.

Elsewhere, there was quite a bit of positive news throughout the entire week. Just yesterday, the audio streaming giant Spotify posted a job opening that revealed that it’s contemplating cryptocurrencies for payments. The acting Comptroller of the Currency in the US, Brian Brooks, said that banning crypto is not part of the country’s plans, reassuring that positive news will follow by the end of Trump’s term.

Unfortunately, the week also presented us with some bad news. As CryptoPotato reported, a large Australian exchange accidentally exposed over 270,000 customer emails in a serious privacy breach. This is not the first time an incident of this kind happens as in late 2019, BitMEX went through something similar.

In any case, the overall sentiment within the community remains overly positive. In fact, a cryptocurrency sentiment survey conducted by Kraken revealed that investors hold that Bitcoin will hit $36,000 in 2021. Will it happen? Only time will tell.

Market Data

Market Cap: $562B | 24H Vol: 139B | BTC Dominance: 62.7%

BTC: $18,915 (+13.03%) | ETH: $587.46 (+16.13%) | XRP: $0.56 (+5.61%)

Audio Streaming Mogul Spotify Considering Cryptocurrency Payments. The popular audio streaming mogul Spotify has posted a job opening that reveals its intention to potentially incorporate bitcoin and other cryptocurrencies as a means of payment. With this, Spotify follows a group of major corporations that are putting effort towards implementing digital assets in their ecosystems.

Bullish Indicator to Buy Bitcoin Has Flashed Yet Again After 5 Months. The majorly bullish indicator has flashed green once again after five months. The Hash Ribbons, as it’s referred to, preceded BTC’s rallies to $10,500 in April and the run-up to $12,500 in August. It’s interesting to see if it will be correct again and if BTC will produce yet another leg up, taking it above $20,000.

Bitcoin Arrives At Wall Street: Crypto Indexes To Be Launched in 2021 By S&P Dow Jones Indices. In another news of serious cryptocurrency adoption, the leading index provider S&P Dow Jones Indices has revealed a partnership with the crypto-based Lukka to launch cryptocurrency indexes that follow 550 of the leading coins.

Bitcoin Price to Hit $36,000 in 2021: Kraken Crypto Sentiment Survey. According to a recent sentiment survey conducted by the popular cryptocurrency exchange Kraken, a majority of the respondents believe that Bitcoin will hit $36,000 in 2021. The same also think that Ether will clock in at a price of around $1450.

Visa Partners With Circle to Integrate USDC for Payments. The payment processing giant Visa has partnered up with Circle with the intention to integrate the USDC stablecoin within its network of merchants. The report also shared that 25 other companies involved in Visa’s Fast Track program would be included in the collaboration.

Australian Crypto Exchange Accidentally Exposes Over 270,000 Customer Emails. In what seems like another serious privacy breach, an Australian cryptocurrency exchange has accidentally exposed over 270,000 customer emails. This follows another mistake of the kind that happened with BitMEX in late 2019.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Source: https://cryptopotato.com/bitcoin-breaks-2017-ath-but-gets-rejected-the-crypto-weekly-market-update/

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