Cryptocurrency News Roundup for May 24, 2020

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In Brief
  • Bitcoin has fallen further away from the $10,000 level, now trading at $8,850

  • Grayscale investments hit a new all-time high in assets under management.

  • Bitcoin Cash on-chain metrics paint a grim picture for the forked blockchain ecosystem.

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Bitcoin started the week on a much weaker note after the bulls failed to keep the BTC-USD pair afloat over the key support line at $9,100. As of writing, the benchmark cryptocurrency is down more than 5% since the intraday high of $9,300+ on Saturday and is trading at just over $8,850.



As BeInCrypto previously reported, odds are relatively high that the bears could breach the current support level at $8,800 and push the price further down to the next support level around $8,550. That would complete a possible A-B-C correction since the $10,000 high of May 9.

Meanwhile, in other big developments to have transpired over the weekend:



Grayscale Records Massive Gain in Bitcoin Fund Assets

Leading cryptocurrency investment and digital asset management firm, Grayscale Investments, confirmed late last week that its flagship Bitcoin Trust fund has scored a massive gain in its assets under management (AUM).

Compared to an AUM of just $3.2 million in Q1 2019, the corresponding figure for the same quarter in 2020 has increased to approximately $30 million. That’s a year-on-year growth of nearly 1,000%.

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Bitcoin Cash On-Chain Metrics Raises Serious Questions About its Future

It’s been over a month now since the first Bitcoin Cash halving, and the troubled cryptocurrency ecosystem continues to be on a downward spiral. Not only has the BCH price so far failed to woo investors following the milestone event, but its network fundamentals are also on a steady decline.

Even economic activities on the BCH chain appear to be at a standstill, thus raising some serious questions about the fate of the BCH ecosystem.

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Tether Treasury Issued Over 2.2 Billion USDT on TRON

As BeInCrypto has covered on multiple occasions, the Tether Treasury has been minting USDT at an unprecedented rate over the past few months.

Now, as it turns out, the vast majority of these newly minted USDT has gone to the TRON (TRX) network.

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Justin Sun Allegedly Fixed His Own Poll to Score a Win Against ETH 2.0

Justin Sun is accused of using bots to rig an ‘ETH 2.0 Vs. TRON 4.0’ poll he created on Twitter.

The poll had Ethereum 2.0 widely in the lead with 72.2% of the 20,300 votes cast. However, the results were soon flipped on their head. Hours later, TRON was leading with another 30,000 votes cast seemingly out of nowhere.

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Ledger and Trezor Respond to Shopify Exploit Hacker Rumor

Ledger and Trezor users were left worried over the weekend after a self-proclaimed hacker claimed to have acquired the databases for Ledger, Trezor, and others through a Shopify exploit.

However, as it turns out, this looks to just be a publicity stunt as Ledger has since found that the ‘hacked’ database doesn’t actually resemble the actual one on the platform.

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Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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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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