This week, US President Donald Trump had tea with the Queen, but for Bitcoin and crypto it was all business as usual.
BTC Still In Consolidatory Phase
In terms of headline price, it might seem like a bad week for Bitcoin [coin_price]. We’ve gone from a position where it looked like we could trouble $9k (and even potentially $10k) again, to hovering around $8k. But as we know, headline price doesn’t always paint a full picture of the situation.
Despite some optimism at the start of the week, analysts just couldn’t shake fears of another pullback. Some suggested a sideways move into alts to escape the worst of the risk. Then a bearish evening-star doji set-in, and the feared pullback materialized. Although some analysts put this down to a whale move to accumulate more BTC.
The pullback hit support at $7.5k then bounced back up into a falling wedge pattern with lower resistance at $7.7k. The mood was still pessimistic though, and many considered the potential for another (potentially large) dump.
But the drop never happened. Support held, and Litecoin [coin_price coin=litecoin] halving hype even gave BTC a little bump too. Which seems pretty normal behaviour to anyone who remembers Bitcoin before the late-2017 bubble.
Facebook Stablecoin Could Launch In June
Facebook’s GlobalCoin stablecoin may be closer than we think, with a reported launch date later this month. Representatives have been talking to the CFTC to find out GlobalCoin will fall under its regulatory remit.
Reports surfaced that Facebook is going to charge node operators $10 million a pop, placing it even further from Bitcoin. However, one analyst thinks the launch of GlobalCoin could be the catalyst which sees BTC retake $10k.
Meanwhile, as Zuckerberg muscles in on the consumer sector of Ripple’s [coin_price coin=ripple] user base, big banks announced an XRP-killer for international settlements.
SEC Sues Crypto Operator Kik
Perhaps Facebook is cozying up to the CFTC in the hope that GlobalCoin will fall under the CFTC’s auspices, rather than the (notably less crypto-friendly) SEC. This week the SEC finally acted on January’s Wells notice against Kik, and sued it for an alleged illegal securities sales.
This was followed by a lot of discussion on what this could mean, for both Kik, and the wider cryptocurrency industry.
Other Crypto News In Brief
Tron’s Justin Sun bid $4.57 million to have lunch with Bitcoin-sceptic investor, Warren Buffett. The concept holds the morbid fascination of a motorway pile-up; horrific, but massively intriguing.
Apple joined Microsoft in the future of money by adding Bitcoin symbols to its character set.
According to an Allianz Senior Executive, Bitcoin is a ‘figment of everyone’s imagination. It must be a side effect of the chem trails.
Oh, and if you feel that Bitcoin is all a bit… last year, then maybe Bitcoin 2 is the fresh take that you’re looking for? This obvious pump-and-dump scam nevertheless saw a 5500 percent gain over 24 hours. If it looks too good to be true…
What was your Bitcoin news highlight this week? Let us know in the comments below!
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