JP Morgan Analyst Admits Institutions are Behind the Bitcoin Bull Run

An analyst associated with the US multinational bank JP Morgan Chase has admitted that institutional investors are behind the ongoing bitcoin price boom. Bloomberg quoted Nikolaos Panigirtzoglou saying that the market hugely understated the importance of the listed bitcoin futures contracts, mostly because of the overstating of trading volumes by cryptocurrency exchanges. But after asset management firm Bitwise clarified that almost 95 percent of the total reported volumes in the bitcoin market might be fake, the actual amounts posted by the bitcoin futures contracts started showing a bullish picture. Panigirtzoglou found that…

Russian Hackers May Have Carried Out Largest Ever Crypto Exchange Theft

Russian hackers, not North Korean, may be the bad actors behind probably the biggest ever theft from a cryptocurrency exchange. Japanese newspaper Asahi Shimbun reports Monday that virus variants known to be linked to Russian hackers have been found on employee computers at the Tokyo-based Coincheck exchange. Coincheck suffered a breach in January 2018 that resulted in the loss of 500 million NEM tokens worth around $530 million at the time – an amount even bigger than that lost by Mt. Gox. According to the report, the malware found at the exchange…

Bitcoin Worth Over $9,200 as Top Cryptos See Growth

Friday, June 14 — Most of the top 20 cryptocurrencies are reporting moderate growth on the day by press time, as bitcoin (BTC) crossed the $9,200 mark. Market visualization courtesy of Coin360 Bitcoin is currently up over 6% on the day, trading around $9,250 at press time, according to Coin360. Looking at its weekly chart, the coin is up over 13%. Bitcoin 7-day price chart. Source: Coin360 Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at just over $29 billion. The…

iFinex Buyback Could Spur Another Wave of Leo Demand, Price Up 8.2%

Leo adds 8.2 percent The public open to tracking iFinex repurchase of Leo coins Behind a surging coin, iFinex plans to open up to the public its buyback program. In an initiative called the UNUS SED LEO Transparency Initiative, the public will track how the parent company would purchase Leo from their gross revenue. Meanwhile, Leo is up 8.2 percent from last week’s close. Leo Price Analysis Fundamentals There is noticeable progress. It all has to do with BitFinex and their effort of improving transparency. Through an initiative that will…

Bitcoin (BTC) Price Defies Gravity: Next Bullish Break Could Hit $10K

Bitcoin price corrected lower sharply after trading to a new yearly high at $9,390 against the US Dollar. The price remained well bid and it is back above the key $9,000 pivot level. There is a crucial bullish trend line forming with support near $8,780 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to break the $9,260 and $9,300 levels to start the next bullish wave in the near term. Bitcoin price surged higher above $9,000 and $9,300 against the US Dollar.…

Crypto Market Targets $300 Billion Cap: Bitcoin Cash, EOS, TRX, ADA Analysis

The total crypto market cap gained momentum and broke the $260.0B resistance area. Bitcoin price broke the main $9,000 resistance area and traded close to $9,400. EOS price traded nicely above the $6.50 and $6.75 resistance levels. Bitcoin cash price is trading above the $420 level and it could continue to rise towards $440. Tron (TRX) price broke the $0.0330 resistance and it might continue to rise. Cardano (ADA) price is slowly moving higher towards the key $0.1000 resistance. The crypto market cap is surging above $265.0B, with sharp gains…

Ripple (XRP) Price Surging: Bulls Sighting Break Past $0.4500

Ripple price started a solid upward move and broke the $0.4200 resistance against the US dollar. The price rallied above the $0.4400 level and recently started a downside correction. There is a key bullish trend line forming with support near $0.4250 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is placed nicely in an uptrend and it could continue to rise above $0.4400 and $0.4500. Ripple price is showing positive signs above $0.4200 against the US Dollar, similar to bitcoin. XRP is likely to…

Ethereum (ETH) Price Remains In Uptrend: Break Above $280 Imminent

ETH price remained in a positive zone and recently traded above the $275 resistance against the US Dollar. The price is currently correcting lower, but it remains well supported near $265 and $262. There is a major bullish trend line forming with support near $266 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to grind higher and it might soon surpass the $278 and $280 resistances. Ethereum price gained bullish momentum above $265 versus the US Dollar, but declined vs bitcoin. ETH price remains…

Lithuania to Regulate Cryptocurrency Exchange Sector With Obligatory ID Checks

Lithuania is preparing new rules to govern cryptocurrency transactions, requiring businesses to prove the identity of clients, local daily news outlet Delfi reported on June 12. As part of its obligations to impose European Union anti-money laundering (AML) regulations, Lithuania’s finance ministry will seek to completely formalize crypto-based exchange operations. Parliament approved the move during a sitting on Wednesday, Delfi says, while a time frame remains uncertain for implementation. Once the rules come into effect, any transactions worth over €1,000 ($1,127) involving cryptocurrency — be it into or out of…

Russia Is Getting Serious About Blockchain, but Remains on the Fence About Cryptocurrencies

Last week, an annual forum featuring Russia’s top people from the economic sector was held in St. Petersburg, and cryptocurrencies were a hot topic there. Notably, government agents and state-controlled businesses were vocal about their interest in blockchain, but seemed to distance themselves from digital tokens. Meanwhile, the regulatory framework for cryptocurrencies is still missing in the country, despite the fact that local authorities have been tasked to prepare the needed amendment a while ago. So, where is Russia heading in terms of crypto and blockchain? Brief introduction to Russia’s…