Cryptocurrency News Roundup for May 13, 2020

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In Brief
  • Bitcoin blasted off early on Thursday, and is approaching the $9,750 resistance.

  • BitMEX is facing a lawsuit in a California Superior Court.

  • Telegram has abandoned its plans for the Telegram Open Network (TON) after facing regulatory hurdles.

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Following a low-key third halving (in terms of price), Bitcoin was maintaining a sort of quasi-stability in the high-$8,000s for nearly two days.



On Wednesday, however, things started pacing up once again as the benchmark cryptocurrency crossed the psychological barrier at $9,000 and then went straight past the resistance at $9,200. Many observers were anticipating the bears to take over after the BTC price approached this key resistance line — but that didn’t happen.

At the time of publishing, the BTC/USD pair is trading just above $9,600, as bulls eye the resistance at $9,750.

In between all the speculations surrounding the BTC price, data from Blockchain.com has confirmed that miners lost almost 47% in revenue on Tuesday after block rewards were slashed in half on the previous day. More specifically, compared to $17.16 million in block rewards and transaction fees on Monday, miners pulled off only $8.95 million on Tuesday. That figure further slid further down to $7.82 million on May 12.

Meanwhile, in other important news:



This 2014 Bitcoin Fractal Could Predict the Upcoming Correction

Bitcoin’s current upward momentum seems to be following a January 2014 fractal, according to the well-known crypto trader @CryptoCapo_. If the fractal continues to be followed, BTC will break down from this ascending support line and validate it as resistance afterward.

 
  • The Bitcoin price is possibly following a fractal from January 2014.
  • The current upward move has been stronger than that in 2014.
  • If the fractal is followed, Bitcoin has just begun a correction that could continue for several months.

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BitMEX Accused of Fraud in April 2020 Lawsuit

A new report reveals that BitMEX was on the receiving end of a lawsuit in California’s Superior Court earlier this April.

In the ongoing case, the plaintiff alleges that the exchange was in violation of several financial laws and regulations. More specifically, BitMEX now finds itself defending itself against six separate allegations involving fraud, breach of contract, breach of covenant good faith and fair dealing, unjust enrichment, negligent misrepresentation, and promissory estoppel.

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Ethereum Locked on Bitfinex Worth More Than the Entire the DeFi Market

The amount of Ethereum currently locked into DeFi markets is now far below that which is held on Bitfinex. According to Defipulse.com, staked DeFi ETH has been on a downward slide since its peak in early February and is currently at 2.7 million ETH.

Meanwhile, Tether, and other ERC-20 stablecoins and crypto tokens, are consuming more of the Ethereum network than ever before.

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These 3 Coins Have Broken Out Above Crucial Moving Averages

BeInCrypto’s technical analyst Valdrin shines the light on three altcoins that recently moved above their 200-day moving averages (MA).

  • The Cardano (ADA) price has increased above and then validated the 540 satoshi level as support.
  • Stellar (XLM) is showing signs that the price has completed its correction and will begin to move upward.
  • Unlike the other two coins, Zilliqa (ZIL) has yet to flip its main resistance level (95 satoshis) as support.

Read the Full Analysis

Paid Cryptocurrency Group Dumps Tierion (TNT) Bags on Subscribers

Tierion (TNT) experienced a pump-and-dump from a paid cryptocurrency group called Palm Beach Confidential. The group has informed its subscribers that it was selling all its TNT due to “information that has come to our attention.”

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Telegram Officially Ditches TON

Following a long-standing legal scuffle with the SEC, instant messaging platform Telegram has finally decided that its maiden venture into the realm of crypto/blockchain is not worth pursuing anymore. The company officially confirmed earlier this week that it will no longer be working on the Telegram Open Network (TON).

Telegram raised $1.7 billion in a 2018 ICO for its TON blockchain. However, it has already delayed the launch of the project due to regulatory concerns and has now completely jumped ship.

Read the Full Article

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Shilpa is a network engineer and management graduate who is deeply passionate about artificial intelligence and blockchain technology. She has been associated with several leading science & tech publications throughout her career as a journalist and columnist. Full-time foodie, semi-skilled musician, wannabe novelist.

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