Crypto markets make the most of respite after BTC price action bounces from its lowest since November 2020.
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Bitcoin price taps 5-day highs as Shiba Inu leads altcoin gains
Bitcoin (BTC) saw continued strength on June 21 as Wall Street trading opened with a trip to near $21,500.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewAnalyst eyes diminishing BTC stocks correlation
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it reached $21,633 on Bitstamp, its best performance since June 16.
The largest cryptocurrency managed to avoid fresh losses into the new week; so far, these are reserved for the weekend. As such, futures markets reopened without being subjected to the dip to $17,600.
CME Bitcoin futures 1-hour candle chart. Source: TradingViewWhile some planned to short BTC at current levels, the mood among market participants was broadly one of "wait and see" as U.S. equities opened up. The S&P 500 and Nasdaq 100 both added around 2.5% on the open.
Popular trader Bierre was eyeing the 200-period moving average (MA) on the four-hour chart. For him, breaking it on the day would be a sign of strength not seen for multiple weeks.
Risky business: Celsius crisis and the hated accredited investor laws
Accredited investor laws are the bane of many in the crypto industry, who see them as preventing small investors from accessing big opportunities. When Celsius was recently forced to cut off access to U.S. citizens who were not accredited investors, many cried foul.
Did it help some users avoid the current crisis? Or do accredited investor laws go too far in saving users from themselves — and from profits, too?
Two weeks ago, as speculation about Celsius’ solvency began to mount, users started experiencing trouble withdrawing money from their accounts. Though Celsius CEO and founder Alex Mashinsky appeared to initially write the issues off as baseless rumors, the company soon announced a “temporary halt” on withdrawals. Users were — and, as of the time of writing, remain — unable to access their funds, which are, at least in theory, still earning interest.
Magazine had interviewed Mashinsky about investor accreditation on May 25 before Celsius ran into serious problems in the public area. The resulting drama makes the topic all the more timely. So, what does Mashinsky have to say about accredited investor laws?
Risky business: Celsius crisis and the hated accredited investor laws
Accredited investor laws are the bane of many in the crypto industry, who see them as preventing small investors from accessing big opportunities. When Celsius was recently forced to cut off access to U.S. citizens who were not accredited investors, many cried foul.
Did it help some users avoid the current crisis? Or do accredited investor laws go too far in saving users from themselves — and from profits, too?
Two weeks ago, as speculation about Celsius’ solvency began to mount, users started experiencing trouble withdrawing money from their accounts. Though Celsius CEO and founder Alex Mashinsky appeared to initially write the issues off as baseless rumors, the company soon announced a “temporary halt” on withdrawals. Users were — and, as of the time of writing, remain — unable to access their funds, which are, at least in theory, still earning interest.
Magazine had interviewed Mashinsky about investor accreditation on May 25 before Celsius ran into serious problems in the public area. The resulting drama makes the topic all the more timely. So, what does Mashinsky have to say about accredited investor laws?
Deloitte and NYDIG set up alliance to help businesses adopt Bitcoin
Deloitte wants to enable blockchain and digital asset-based services across many areas involving Bitcoin products like banking, rewards programs and others.
Crypto exchange BlockFi secures $250M credit from FTX amid bear market
At a time when a significant number of crypto platforms are struggling to remain afloat, BlockFi hopes the new credit line would help them secure user’s funds
Celsius token CEL rises 300% in one week amid a GameStop-like 'short squeeze' event
The price of CEL, the native token of Celsius Network, has almost quadrupled since June 19 in what appears to be a frenzy stirred up by day traders.
CEL price short squeeze
CEL's price rose from $0.67 on June 19 to $1.59 on June 21, a 180% spike compared to the crypto market's 12.37% rise in the same period.
Notably, the rally started after PlanC, an independent market analyst, announced a $20 million bounty for anyone who could prove that the Celsius Network suffered a coordinated attack at the hands of a third party, which prompted the crypto lending firm to suspend withdrawals last week.
CEL/USD daily price chart. Source: TradingViewThe announcement led to a frenzy on Twitter, with many accounts placing the hashtag #CelShortSqueeze in their bio and thus reflecting their intentions to target investors who bet that CEL's price would fall.
The hashtag was trending higher in the United States on Twitter. Meanwhile, internet queries for the keyword, "CEL short squeeze" also reached a perfect score of 100 between June 12 and J 18, according to data tracked by Google Trends.
Bitcoin in Zimbabwe: Importing cars and sending money to family
A young Zimbabwean Bitcoiner built out a business with Bitcoin — importing cars and sending remittance payments — when he returned to his homeland during the COVID-19 pandemic.
Bitcoin S2F model gives false sense of certainty, says Vitalik Buterin
Bitcoin S2F model gained a lot of popularity during the peak of the bull run, and even though there was criticism, most of it was ignored as the price seemed to follow the chart.
What is Vulcan Forged (PYR) and how to make money playing it?
Vulcan Forged is a play-to-earn game that allows players to earn cryptocurrency by winning, selling, and upgrading their in-game assets.
What is Vulcan Forged (PYR) and how to make money playing it?
Vulcan Forged is a play-to-earn game that allows players to earn cryptocurrency by winning, selling, and upgrading their in-game assets.
That’s not hodling! Over 50% of Bitcoin addresses still in profit
Hodlers have not needed to hodl hard enough, data covering historical bear markets shows.
Huobi crypto exchange wins licenses in Dubai and New Zealand as Thai affiliate closes
Huobi cryptocurrency exchange is expanding its global footprint by winning its first-ever licenses in Dubai and New Zealand.
Celsius warns community about fake accounts, pauses Twitter spaces and AMAs
A week after it started its withdrawal freeze, crypto lending platform Celsius Network warned the community of a rise in fake social media accounts claiming to be affiliated with the company.
In a blog post, the lending firm urged the community to be more vigilant, as there’s an increase in accounts that are “falsely purporting to be associated with Celsius.” In the same post, the firm announced that it will pause some of its communication channels, namely its Twitter Spaces and ask-me-anything (AMA) sessions, to focus on its ongoing liquidity and operations issues.
Additionally, the firm has highlighted that it’s working and communicating with regulators about the withdrawals, swap and transfer pauses, and is trying to find a solution. However, the firm did not mention any updates on when its users can resume withdrawals of their funds.
Meanwhile, the Gamestop-style short squeeze movement for Celsius (CEL) on Twitter with the hashtag #CELShortSqueeze has trended in the Business and Finance category. Twitter users have been posting their CEL buys to show their support for the project.
Twitter user TheTwitOnline expressed their hopes that Celsius CEO Alex Mashinsky could notice how the community is supporting the project in hopes that its team will work to give CEL further value and utility.
Celsius warns community about fake accounts, pauses Twitter spaces and AMAs
Celsius Network announced that there is an increase in fake accounts on social media and warned users to be more vigilant.
Cloudflare outage affects multiple crypto exchanges
Cloudflare, a significant infrastructure provider for the internet, recently experienced widespread problems, leaving many crypto exchanges down.
The content delivery network (CDN) confirmed via an update posted on Tuesday that it is experiencing issues with its services and network, and a fix is currently being implemented. However, the firm has yet to provide information regarding what went wrong, causing services across the world to come to a halt.
Cryptocurrency exchange FTX tweeted that its platform and other sites will be difficult to access for many people, claiming that the exchange is now in “post-only” mode. Crypto exchanges Bitfinex and OKEx also tweeted about the issue, with the latter asking if there is a Web3 alternative in the future.
Cloudflare, which became public about three years ago, offers web network infrastructure to businesses, allowing them to publish their material online. The infrastructure also provides security services, including distributed denial of service protection (DDoS).
This isn’t the first time that a Cloudfare outage has had ripple effects in the cryptocurrency world. In August 2020, a similar outage brought Bitfinex and other major websites to a halt.