Bitcoin News

Bitcoin Nears $10k, Goldman Sachs Talks Cryptocurrency, Chinese Yuan Slumps

Another week, another round of Crypto and Tidbits.

It’s been a positive past week for the Bitcoin market.

After falling as low as $8,600, the flagship crypto mounted a robust comeback over the past few days that say bitcoin hit $9,650. this is often the very best price the asset has traded in only over eight days.

Interestingly, altcoins began to deviate from Bitcoin’s price action over the past week.

As are often seen within the image below, Ethereum largely outperformed BTC and other asset classes, as did Cardano and Maker. On the opposite hand, Chainlink, XRP, Bitcoin Satoshi’s Vision, and other top crypto assets slumped.

The crypto market remains below the late-April highs and therefore the year-to-date highs, but analysts are still bullish.
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Blockchain analytics upstart Santiment, as an example , shared late last week that BTC’s Network Value to Transactions Ratio (NVT) remains “healthy.”

“In spite of BTC’s mild -4.4% downswing today, its NVT looks healthy, and our model is showing a semi-bullish signal. the quantity of unique tokens being transacted on Bitcoin network is slightly above average for in May, consistent with where price levels currently sit,” blockchain analytics firm Santiment wrote.

BTC & Crypto Tidbits :

Goldman Sachs Talks Crypto Assets: On May 27, multinational investment bank and Wall Street giant Goldman Sachs held a call associated with BTC. Entitled “Implications of Current Policies for Inflation, Gold, and BTC,” two executives at Goldman Sachs and a Harvard professor deliberated over BTC.

They said that Bitcoin doesn’t generate income , doesn’t hedge against inflationary risks, and doesn’t “provide consistent diversification benefits given their unstable correlations.” The analysts added that the crypto are often used for crime, citing the PlusToken Ponzi scheme of yesteryear.

Many are divided over the contents of the decision , but there seems to be a silver lining: together analyst explained, the very fact that Goldman Sachs mentioned Bitcoin may be a sign they’re hearing of it from their clients.


Chinese Yuan Slips, Boosting Bitcoin and Crypto Bull Case: U.S.-China relations were on the mend at the top of 2019, but this is often changing with news of a replacement Hong Kong law. The law, many within the international community say, erodes the region’s autonomy that the mainland Chinese government promised to uphold until 2047. The U.S. has responded by threatening sanctions. The Chinese yuan, as a result, has sunk. this might benefit Bitcoin. Chris Burniske, a partner at Placeholder Capital, explained:

“If China’s CNY continues to weaken against USD, then we could have a 2015 and 2016 repeat, where BTC strength coincided with yuan weakness.”

Early Bitcoin Miners Bashes Craig Wright: An early Bitcoin miner from 2019/2010 with access to tens of millions (and potentially over 100 million) worth of BTC recently revealed that he’s still around. The owner of the coins signed the subsequent message together with his private key, indicating his latest views on developments within the Bitcoin space without revealing who he is:

“Craig Steven Wright may be a liar and a fraud. He doesn’t have the keys wont to sign this message. The Lightning Network may be a significant achievement. However, we’d like to continue work on improving on-chain capacity. Unfortunately, the answer isn’t to only change a continuing within the code or to permit powerful participants to force out others. We are all Satoshi.”

Bitcoin Cash Looks Fundamentally Unhealthy, Top Crypto Analyst Says: consistent with prominent crypto analyst Yassine Elmandjra of ARK Invest, Bitcoin Cash is so fundamentally weak that he’s surprised “we haven’t seen an outsized scale attack yet.” He cited three fundamental factors to back this assertion: Bitcoin Cash’s network hash rate is down 30% since its April halving, economic throughput has dropped to all-time lows, and it doesn’t cost that much from a macro perspective to attack the network

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