Bitcoin DUMPED back down – Bitcoin Today [June 3rd 2020]

Bitcoin DUMPED back down – Bitcoin Today [June 3rd 2020]

In this Article we’re going to talk about why Bitcoin dropped 8% in the last 24 hours. We’re also going to go over the top cryptocurrency prices as well as cover some of the top crypto news articles written in the last 24 hours.

TOP CRYPTOCURRENCY PRICES as of June 3rd 2020

BITCOIN is at $9,502.08 down 5.63%
ETHEREUM is at $236.29 down 4.31%
EOS is at $2.65 down 5.83%
LITECOIN is at $45.82 down 5.42%

Basically everything across the board tanked at the exact same time.

BITCOIN TECHNICAL ANALYSIS as of June 3rd 2020

Let’s jump into tradingview and check out Bitcoin and see exactly what it did in the last day, and look at the trend lines to see where it’s going in the future.

So as you can see here from yesterday, it was sitting above $10,000 for quite some time. At its previous peak yesterday at about $10,480 then at about 2:45 UTC. We saw this massive drop taking it from $10,132 all the way down to $9,298.

Now, we’re looking at a 5 minute chart here. So you can see that this one huge Candlestick happened within a five minute time frame. It did immediately bounce back up recovering about 25% of its loss and has been Trading Sideways at about that $9,500 Mark ever since.

Now I know this type of fluctuation is concerning for a lot of people because they see the market shoot up and then sell off like crazy causing people to lose a lot of money. Thus is the volatility of cryptocurrencies.

Now, let’s take it out to the one-day chart and see exactly what these trend lines are doing, focusing on yesterday’s video showing you these key resistance and support levels.

Okay. So if you remember from yesterday’s video I talked about About this huge downwards Trend that we’ve been having and recently we broke out of that at around May 6th, which indicated a new bullish Trend as you can see here.

We hit the bottom and are on our way up. Now, if you look closely this green candle stick was yesterday’s surge up to $10,400 then subsequently dropping back down to $9,200 but keep in mind this is exactly what I said yesterday as long as we don’t break out of this ascending Channel, we won’t be using this line as a key resistance level.

So like I said, our downside is $9,200, but our ceiling is towards 11,700. Let’s just hope it doesn’t break through this lower part of the channel because if it does we will see this $8,500 Mark get hit.

Now, let’s jump into coinmarket cap really quick to see the volume traded in the last 24 hours.

You can see here 34.7 billion dollars worth of bitcoin was traded in the last 24 hours.

So Bitcoin is still within a reasonable range of its upwards Trend but it is playing with that bottom lower level. Fingers crossed, and we keep going up and we break and hold that $10,000 threshold for quite some time because that is a big psychological level in the market and I think within the next few weeks, months and years these prices right now will be laughable.

TOP CRYPTO NEWS ARTICLE

Now, let’s jump into two quick news articles to see what’s going around in the industry.

Traders ‘Whack the Beehive’ as Bitcoin Surges Then Plunges

Tuesday’s bitcoin price whipsaw can be partially explained by large traders looking to deleverage in the derivatives market.

Bitcoin (BTC) was changing hands around $9,512 as of 20:00 UTC (4 p.m. ET), slipping less than 1% over the previous 24 hours.

A sudden rally to $10,000 late Monday boosted bullish sentiment as short sellers were squeezed on derivatives exchange BitMEX, the largest such event in eight months. Bitcoin traded as high as $10,430 on Coinbase. However, the market lost steam and bitcoin was then confined to a tight $10,000-$10,100 range for around 12 hours. Then, at 14:00 UTC (10:00 a.m. EDT) Tuesday, it suffered a drop of 8%, or $800, in less than five minutes.

Bitcoin’s sudden rise, then fall, was at least in part driven by liquidations on Seychelles-based derivatives exchange BitMEX. Over the past 24 hours, buy liquidations on BitMEX jumped during bitcoin’s price rise, then sell liquidations surged as the world’s oldest cryptocurrency dipped. Total buy liquidations over the past 24 hours were $131 million while sell liquidations were at $111 million.

So we have confirmation from yesterday’s video. It was not the riots. It was not Donald Trump announcing that he’s going to mobilize the military to take care of the riots. It was big buyers getting into the market and then the drop off I think was because of the derivatives Market where we saw a liquidation of over a $130 Million worth of positions going short.

US Offers $5M Bounty for Arrest of Venezuela’s Crypto Chief

The head of Venezuela’s cryptocurrency initiative, the petro, is wanted by the U.S government on charges of corruption and links to the narcotics trade.

Immigration and Customs Enforcement (ICE) added Joselit Ramirez Camacho to its Most Wanted List on Monday, accusing him of a number of violations related to international commerce and his alleged involvement in the international drug trafficking scene.

Ramirez Camacho is a public official and serves as the superintendent for Venezuela’s petro initiative, a cryptocurrency supposedly backed by the country’s oil and mineral reserves.

The superintendent is wanted by ICE’s Homeland Security Investigations (HSI) arm for violating the International Emergency Economic Powers Act and the Kingpin Act, and for breaking a series of sanctions imposed by the Treasury Department.

ICE is offering up to $5 million for any information that leads to his arrest and conviction.

Ramirez Camacho is accused of having deep political, social and economic ties to multiple alleged narcotics kingpins, including Tareck EI Aissami, a former vice president of Venezuela who is also wanted by ICE on charges of money laundering and an alleged role in international narcotics trafficking.

This is exactly why we need cryptocurrencies. We put so much faith and trust into our government and we expect them to take care of everything. But when corruption is embedded so deep in the government, lying to their population, and making the economy collapse entirely, causing hyperinflation to the point where the country can’t function. This is just appalling to me.

Now I’m not saying that a global cryptocurrency, a currency used by every single country across the entire world, would be a good idea. But for countries that see this developing, they see the trend of government corruption and hyperinflation happening. What they can do is trade their actual currency before it gets hyper-inflated to a cryptocurrency to maintain its value and hold it while they go through the turmoil.

Because cryptocurrencies are decentralized. It can be used by anyone, anyone with an internet connection can trade, buy, sell and transfer cryptocurrencies across all borders.

Reference articles:
Traders ‘Whack the Beehive’ as Bitcoin Surges Then Plunges
US Offers $5M Bounty for Arrest of Venezuela’s Crypto Chief