Bitcoin continued its sideways consolidation last week, with little volatility, and the entire cryptocurrency market has also followed the pace of the big brother to consolidate. However, in the leveraged futures option market with relatively high risks, small fluctuations may bring unbearable consequences for small investors.
The Ethereum blockchain continues to expand its territory, and the Reddit community points plan is in full swing. If successful, it will be a good application example. So, let’s take a look at what happened in the cryptocurrency space last week.
If the Bitcoin price is revised to $7,700, should Bitcoin traders remain optimistic?
Bitcoin price is currently at a critical moment, and the next few weeks may be the key to establishing a medium-term price trend. The upward resistance zone is still clear: between $10,100 and $10,500.
Analyst Michalvan de Poppe believes that another test of the resistance zone should end with an upward break. The higher the frequency of testing resistance, the weaker it becomes as the seller becomes tired. He believes that once it breaks through $9,600, it is expected to rebound to $10,000. If the bullish situation continues, there may be further upward momentum.
Michelle van de Pope wrote. “If this really happens, it will soon be seen that the price of each bitcoin soars to $11,600 to $12,000, which is not surprising.” He added that even Bitcoin Back at $7,500, it is still bullish for a higher period of time: “The market adjustment is healthy and should be a potential bargain-hunting buying opportunity.”
Robinhood vows to improve platform after customer tragedy
Last week, after a 20-year-old young man in the United States owed huge sums of money to commit suicide due to leverage trading using Robinhood software, Robinhood on Friday decided to raise the investment threshold for the options section.
Last Friday, a 20-year-old client of Robinhood, Alex Kearns, committed suicide. He said in his suicide note to his family that he lost $730,000 on the trading platform. He left a note that read: “How can a 20-year-old with no income be able to allocate a leverage worth nearly $1 million?
Alex is a sophomore at the University of Nebraska at Lincoln. According to his family, he was studying management at the time and was increasingly interested in financial markets.
The tragedy prompted the platform to promise to improve its products, introduce stricter eligibility requirements, educational content on options trading, and adjust the user interface.
Major cryptocurrency debit card issuers present $2.1 billion in cash “black holes”
Wirecard, the German payment giant that issued Crypto debit cards, has a financial “black hole” of $2.1 billion. After the incident was exposed, the share price of this major fintech company plummeted by nearly 50%.
According to the Financial Times, Wirecard employees in Dubai and Dublin seem to have been plotting false sales and profits for nearly a decade. In addition to Crypto, Wirecard also issues debit cards for Wirex, TenX and Cryptopay. Although user funds are unlikely to be directly threatened, the gap in foreign exchange reserves may lead to service disruption.
Few providers are willing to work with cryptocurrency companies, and the crypto debit card industry is still largely vulnerable to the struggling major issuers.
Reddit asks the Ethereum community to help expand the scale of tokens for 430 million users
Reddit continues to advance its Ethereum-based “community points” reward system and announced that it is looking for developers to help it expand its token size for its 430 million monthly users.
The social network wants to hear the opinions of the project that is building the ETH scaling solution, and its standard warning is “All demonstrations need to simulate the use of 100,000 users’ community points.” Another important requirement is to ensure that tokens can be used relatively inexpensively. Cost transfer. Interested projects can be contacted before July 31, and successful applicants will be informed that no cash rewards will be provided.
Reddit’s crypto rewards feature was launched last month in Reddit’s two subreddit communities. Although 17413 r/Fortnite reddit users registered, only 3646 r/CryptoCurrency created a wallet.
Land Rover mentions the creation of the Bitcoin network in reviewing 50 years of important history
Land Rover, a popular luxury car manufacturer, recently released a series of important historical events. To the surprise of many people, in this video, the Bitcoin blockchain network created in 2009 is one of the important historical events.
This ad tells the history of Land Rover’s 50 years of operation and records major historical events, from the successful start of the first heart transplant operation in 1967 to the invention of the Internet by Tim Berner Lee in 1990. In 2009, the invention of Bitcoin.
One of the most popular car manufacturers acknowledged this in its official advertisement, which shows the impact of Bitcoin as an innovative concept that is still being explored and utilized in the past decade. This mainstream recognition will promote the widespread adoption of Bitcoin.
The fact that Bitcoin has changed the public’s perception of it, from the Internet bubble considered a few years ago, to a widely accepted asset class, the fact that Bitcoin has huge potential.
Fed excludes private sector from digital dollar
Federal Reserve Chairman Jerome Powell said that private entities should not be part of the digital dollar creation process. The Federal Reserve Chairman appeared on the House of Representatives’ Financial Services Committee on June 17th, emphasizing that the monetary policy function should be left to the central bank regardless of the ecosystem in which it operates.
When talking about the progress of the digital dollar, Powell pointed out that the Fed should thank the public for keeping up with the development in this field. The idea of digital dollars is very complex, and the Fed takes it very seriously, but before creating and implementing this idea, further research is needed to assess its public interest.
It is worth noting that Powell also talked about some flaws in the digital dollar claim. One of the main issues is how to balance the fair regulation of digital dollars.
Powell said that there are many problems with transaction privacy, which means that it is difficult to limit the Fed’s control. Asked what substantive action the Fed has taken recently to understand and test digital dollar technology, Powell said: “If this is good for the U.S. economy and the world’s reserve currency (ie the US dollar), then we must stand there, first and foremost. Understand it well, so we are working hard.”
This weekend, Bitcoin closed at $9357.87, Ethereum was $230.54, and XRP was $0.19. The total market value of the cryptocurrency market is $266,092,696,674
Among the 100 largest cryptocurrencies, altcoin (altcoin) has the biggest gains this week: Aave, Nexo, and SwissBorg. The top three altcoin losers this week are DigiByte, Zilliqa and Numeraire.