Cryptocurrency News Roundup for May 27, 2020

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In Brief
  • Grayscale has bought up more BTC than have been mined since the last halving.

  • Facebook rebrands its Calibra wallet to 'Novi.'

  • Roger Ver has alluded to a growing rift in the BCH community and mentioned yet another hard fork.

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Speculations were rife in the cryptocurrency space for about a week about the much-hyped client conference call by Goldman Sachs. As BeInCrypto previously, reported, the financial giant was supposedly planning to focus on ongoing financial trends and their impact on inflation, gold, and Bitcoin.

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However, even before the conference call took place on May 27, a leaked document surfaced on Twitter suggesting that Goldman Sachs doesn’t even consider Bitcoin, and by extension, other cryptocurrencies, an asset class. If anything, one of the leaked slides made it abundantly clear that the bank has nothing but harsh criticism for Bitcoin and its brethren.  BeInCrypto has more on that.

Regardless of what Goldman Sachs says, however, it looks like Wall Street is still cozying up to Bitcoin. This is evident from a recent estimate by independent researcher Kevin Rooke that Grayscale Investment added another 18,910 BTC to its stash since the halving event on May 11 — that’s even more than the total number of bitcoins mined during this period.

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Meanwhile, in other big stories from the day:

Bitcoin Analysis for May 27

For BTC, the main resistance area at this juncture seems to be within the $9,200-$9,350 range, created by a combination of resistance factors: First, we have the 0.5-0.618 Fibonacci levels, a very common reversal area for a retracement. Next, we have the 200-hour MA and the previous support area turned resistance.

  • The Bitcoin price is trading inside a descending wedge.
  • The price is trading inside a short-term ascending channel and has generated bearish divergence.
  • There is a very strong resistance between $9,200-$9,350.

Read the Full Analysis

New Ethereum Bull Market Signs are Mounting

In a lengthy thread, DTC Capital head Spencer Noon (@spencernoon) posted several charts and metrics that paint a bullish picture for the Ethereum network.

The first sign is a surge in active ETH addresses, which have reached 380,000. Glassnode also reported that there are now 40 million ETH addresses holding a piece of the digital asset, an increase of 350% since the Ethereum price peaked in early 2018.

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India’s Central Bank Clears the Air on ‘Crypto Prohibition’

India’s central bank has gone on record acknowledging that it is no longer prohibiting banks from offering services to cryptocurrency-related businesses.

Despite an earlier order by the Supreme Court of India, a number of Indian banks were still harassing crypto exchanges by refusing them services. The RBI’s latest clarification on the issue could be a key to removing any lingering confusion that these banks might have had.

This is a welcome development given that being the fifth-largest economy and home to over 1.2 billion people, a crypto-friendly India could be a big boost to Bitcoin and its brethren.

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Facebook Rebrands Libra Digital Wallet as ‘Novi’

Facebook may have had quite a few setbacks with Libra, but the company is surely not giving up on its maiden venture into the world of digital currencies.

In a new development on that front, the social media giant has announced that it is going to rebrand Libra’s native digital wallet, Calibra, as Novi. Facebook also confirmed that users will be able to use the Novi wallet as a standalone app or in conjunction with its Messenger and WhatsApp apps.

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Bitcoin 401(K) Plans Launched by Bitwage and Gemini

Crypto payroll services provider Bitwage has joined forces with Gemini to roll out the world’s first-ever Bitcoin 401 (k) plan. The company stated in a blog post that it had been testing the new product for 10 months before release and was happy with the results.

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Roger Ver Discusses Growing Rift Within Bitcoin Cash, Hints at Another Fork

Former CEO of Bitcoin.com and well-known Bitcoin Cash (BCH) proponent Roger Ver has hinted that the BCH community is more polarized now than ever regarding the block size limits in the network. If a consensus is soon not reached, odds are there that we will get to witness yet another hard fork.

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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 freelance tech writer and journalist who is deeply passionate about artificial intelligence and pro-freedom technologies such as distributed ledgers and cryptocurrencies. Her expertise lies in turning complicated technical concepts into easy-to-read, informative articles without distorting or diluting facts. She is a jack-of-many-trades with hands-on experience in network engineering, front-end web development, copywriting, and digital marketing. She is also a full-time foodie, semi-skilled musician, and wannabe horror writer. Full-time foodie, semi-skilled musician, wannabe novelist.

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