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VeChain, Ethereum, Bitcoin Cash Price Analysis: 01 June

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VeChain could shift trajectory to a bullish trend in case of a breakout above $0.143. Ethereum was tipped to successfully breach $3,000 over the coming weeks. Finally, volatility remained low in the Bitcoin Cash market for an immediate price swing.

VeChain [VET]

Source: VET/USD, TradingView

VeChain defended $0.098-support from a breakdown and noted upward movement over the past couple of days. Moving forward, all eyes would be on $0.143 support. EMA Ribbons moved between $0.143 and $0.118 and the expanded nature of these bands suggested that a bearish trend was still in play. A successful breakout above these moving averages could highlight a potential shift to a favorable trend.

A bullish twin peak setup on Awesome Oscillator suggested that momentum was building up on the buyers’ side. If sellers deny a breakout attempt, VET would likely trade within its current channel.

Ethereum [ETH]

Source: ETH/USD, TradingView

As Ethereum prepared for its next major upswing, the focus would mostly be around $3,000-resistance- an area that has not been reclaimed since the recent crypto sell-off. With buying pressure on the rise according to Squeeze Momentum Indicator, the expectation was for a successful breakout over the coming weeks. However, volatility was low for a sudden price hike.

Once ETH rises above its upper ceiling, some additional form of resistance can be expected between $3,200 and $3,600. If a breakout is denied after a retest of $2,900, ETH would likely move sideways. Meanwhile, MACD line floated above the Signal line as the bulls were making progress with regard to ETH’s recovery.

Bitcoin Cash [BCH]

Source: BCH/USD, TradingView

The 4-hour timeframe was used to better capture Bitcoin Cash’s sideways movement over the past few days. During this period, BCH’s movement was largely confined between $620 and $800. Market volatility was low according to the constricted nature of Bollinger Bands and consolidation was likely over the coming sessions. In case of a breakout, focus would be on targets mentioned in an earlier analysis.

An ADX reading of 16 also highlighted a weak trend in the market and large price swings were unlikely in such a situation.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/vechain-ethereum-bitcoin-cash-price-analysis-01-june

Blockchain

Active Bitcoin Addresses Reach the Lowest Level in 12 Months

BTC traders remain uncertain about the price action due to the latest market volatility.

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Bitcoin network activity has decreased significantly due to the recent price volatility. The world’s largest cryptocurrency dropped below $29,000 earlier this week but posted a strong recovery yesterday after BTC jumped above $34,000. However, bearish market sentiment returned in the last 24 hours as Bitcoin dropped below $32,500.

According to the latest data published by Santiment, the crypto analytics platform, the total number of active Bitcoin addresses dropped below 900,000 in June 2021, the lowest level since July 2020.

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“Bitcoin is back at $32.4k after a rebound above a $34.6k high Wednesday. What remains to be seen is an uptick in address activity. On the 30-day rolling scale of daily active address scale, July 13, 2020, was the last time the BTC network was this low,” Santiment mentioned.

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Earlier this week, Finance Magnates reported about the surge in liquidations across the crypto market due to the recent dip in Bitcoin and other digital currencies. During the last few weeks, Bitcoin-related investment products saw significant outflows. According to the latest report published by CoinShares, nearly $89 million worth of investment left BTC investment products last week.

Bitcoin Uncertainty

Despite the latest rebound in BTC and other cryptocurrency assets, traders remained uncertain about the future price action of the world’s most valuable digital asset. “Bitcoin’s fear, uncertainty, and doubt (FUD) remain high, as traders are polarized on whether prices can push back below $30k again. For now, though, prices have jumped back on crowd fear. Markets move in the opposite direction of crowd expectation,” Santiment highlighted on Twitter. The total market cap of BTC is currently hovering at around $600 billion. During the last 24 hours, Bitcoin’s crypto market dominance dropped nearly 1% after the latest surge in digital currencies like Dogecoin (DOGE) and XRP.

Earlier this week, Jim Cramer, an American television personality and the host of CNBC’s Mad Money, expressed his concerns regarding China’s Bitcoin mining crackdown announcement and mentioned that he has dumped his Bitcoin holdings.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.financemagnates.com/cryptocurrency/news/active-bitcoin-addresses-reach-the-lowest-level-in-12-months/

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Blockchain

Bank for International Settlements backs Central Bank Digital Currencies

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The BIS, which is often called the central bank to the world’s central banks, set out recommendations on June 23 as to how a CBDC should be.

It estimated that around 56 central banks and monetary authorities around the world are now looking at digitizing their currencies as commerce shifts online, as reported by Reuters.

The momentum comes as usage of physical cash has fallen in the wake of online e-commerce portals and pandemic-induced lockdowns.

The big bankers also see decentralized currencies such as Bitcoin and “Big Tech” as a threat, especially the likes of Facebook and its plans for its own cryptocurrency Diem, formerly known as Libra.

Head of the Innovation Hub at BIS, Benoît Cœuré, warned that without CBDCs, digital money would become increasingly dominated by big tech firms. Describing the scenario as a loss of control of sovereign money, he added:


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“That is a place where you don’t want to be, where governments don’t want to be,”

China Leading CBDC Race

According to the report, The Bahamas became the first country to officially launch a general purpose CBDC, known as the Sand Dollar, in October.

China is well on the way to becoming the second.

Earlier this month, Chinese authorities hand out $6.2 million in digital currency to citizens of Beijing for a trial of its digital currency/electronic payments (DCEP) platform.

The Beijing Local Financial Supervision and Administration Bureau allowed citizens to apply for the handout by using two banking applications. The giveaway was part of a lottery system using “red packets” valued at 200 Yuan a piece (around $30).

The southwestern city of Chengdu handed out around 40 million Yuan in digital currency in February this year. Shenzhen also completed a digital currency trial in October 2020.

China also has plans to expand the trials with foreign visitors at the 2022 Beijing Winter Olympics.

More Study, More Regulation

While China forges on, governments in the West are dragging their feet over regulatory woes.

Earlier this month, Republican Maxine Waters announced a task force on Financial Technology that will study cryptocurrencies and CDBCs and their impact on the U.S. economy.

In April, CryptoPotato cited a PwC report that revealed 70% of the world’s central banks are “nowhere near” launching their own CBDCs.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bank-for-international-settlements-backs-central-bank-digital-currencies/

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John McAfee’s Strange Suicide Leads To Even Stranger Conspiracy Theories

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Today is a sad day for the crypto-verse. For good or bad, John McAfee, one of the most eccentric, bizarre, and influential personalities of the ecosystem, said his goodbyes to the physical world in a no less eccentric, bizarre, and controversial way: He committed suicide by hanging himself from a rope in his prison hours after learning that the Spanish justice system had approved his extradition to the United States.

The news was first announced by his lawyer and later confirmed by the government of Catalonia, the region of Spain where McAfee was imprisoned.

“Everything indicates that it could be a death by suicide.”

Immediately after the news broke, the Crypto Twitter community quickly shared their shock. Some paid respect, others criticized… and others questioned everything that happened.

Don’t Trust…

The conspiracy was easy to imagine, given McAfee’s background. Several cryptocurrency influencers began trying to tie up loose ends to understad what happened. They relied on several tweets from McAfee claiming that he would never commit suicide, that he was being threatened, and that he knew some secrets that the elites needed to silence.

But something that blew everyone’s minds was a picture uploaded post-mortem to his official Instagram account. A black letter Q, presumably pointing to the QAnon movement, though without explanation.

The last post by John McAfee: A Letter Q.
Source: Instagram

QAnon, or simply Q, is a conspiracy movement that claims that a group of satanic pedophiles dominate government and media elites. Its followers claimed that former President Donald Trump was waging a battle to destroy this group.

The movement gained momentum with the arrest of Harvey Epstein on sex charges. The suspicious causes of his controversial suicide prior to his testimony further heightened suspicions that he had in fact been murdered in order to be silenced.

The slogan “Epstein didn’t kill himself” went viral and is still observed when references are made to corrupt government practices in the United States.

And, of course, McAfee had a thing or two to say about this. He pointed out to similarities between his case and Harvey Epstein’s in many times, and assured he had many secrets that the government wanted to hide. If his allegations are true, and the QAnon post means anything, we could soon find out what he knew.

“McAfee Didn’t Kill Himself”

A Twitter user attempted to contact the administrator of the controversial right-wing news site Zero Hedge and introduce him to a Spanish journalist who claims to have video recordings and reports that Joe Biden allegedly teamed up with the Prime Minister of Spain, Pedro Sanchez, to fake McAfee’s suicide.

MMCrypto, a cryptocurrency trader, also questioned McAfee’s suicide. He shared a tweet from McAfee in which he assured that if he were to appear dead, it would not be by his own decision, and everything could be a set-up “a la Epstein.”

Tweet from MMCrypto
Source: Twitter

Podcaster Peter McCormack shared the ticker $WHACKD in reference to another McAfee tweet showing a tattoo as a reminder that he would never commit suicide despite threats from US Officials.

Also, Kim Dotcom, the man behind Mega.nz and active Bitcoin Cash advocate, claimed to be working with McAfee on an initiative to fight government surveillance shortly before the tragic news.

And finance lecturer Vladislav Ginko also shared several tweets warning about the danger of McAfee and his family suffering from deaths caused by USAMRIID, the Department of Defense’s (DoD) lead laboratory for medical, biological defense research.

So far, no official autopsy has indicated his cause of death. In the meantime, theories will continue to emerge. But if there is one thing that everyone – conspiracy theorists or not – can agree on, it is that John McAfee lived his own way until the end.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/john-mcafees-strange-suicide-leads-to-even-stranger-conspiracy-theories/

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