Cryptocurrency News Roundup for May 7, 2020

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In Brief
  • Bitcoin briefly topped $10,000 for the first time since February.

  • Charles Sturt University says it is investigating allegations of plagiarism against Craig Wright.

  • Bitcoin has shown further signs of decoupling from traditional market movements.

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Bitcoin made it into five-figures for the first time since Feb 2020 in the wee hours on Friday. At its intraday peak of $10,071, Bitcoin recorded a nearly 7% spike on the 24-hour scale, most of it coming in the latter half of Thursday (UTC).

As BeInCrypto previously reported, the BTC/USD pair seems to be following a fractal from May 2019. If that’s indeed the case, the odds are relatively high that the price could surge a further 50% into the $13,000 range by the end of June 2020. The more optimistic proponents of the stock-to-flow (S2F) model, meanwhile, seem confident that the post-halving rally will take Bitcoin all the way to a six-figure valuation in 2021.

Meanwhile, in other important news from the past 24 hours:

More Trouble for Craig Wright Plagiarism Allegations

As BeInCrypto previously reported, accusations of plagiarism are the latest in a long string of controversy surrounding Craig Wright, the founder of Bitcoin SV (BSV) and self-proclaimed creator of Bitcoin. As per the allegation, Wright’s doctoral thesis has at least thirty pages (along with the sixth chapter in its entirety) that were plagiarized.

Adding more trouble for Wright, Charles Sturt University has now acknowledged that it is ‘aware of the allegations’ and is investigating them.

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Craig Wright Bitcoin

Legendary Wall Street Trader Inspires FOMO with Bitcoin Bet

Paul Tudor Jones, billionaire and a Wall Street legend, has once again reiterated his optimism for Bitcoin’s rich potential.

In a client note seen by Bloomberg entitled ‘The Great Monetary Inflation,’ the billionaire wrote that Bitcoin reminded him of gold. He made the case that it will be this generation’s protection against the rampant money printing of central banks in response to the coronavirus pandemic.

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Bitcoin Exhibits Clear Signs of Decoupling From the Stock Market

The Bitcoin price has been surging since late April while the Dow Jones continues to lag. The same decoupling can be seen when comparing the Bitcoin price performance to that of the S&P 500.

Meanwhile, with the alpha-cryptocurrency pulling away from stocks, ‘hyperbitcoinization’ appears to be gathering steam from both retail and institutional quarters.

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BTC Bitcoin Rally Bull

Bank of England Expecting Deepest Recession Since 1706

In an alarming new development, the Bank of England has candidly spoken about the looming possibility of the deepest recession in over 300 years.

In its May 2020 Monetary Policy Report, the British central bank has warned that the UK economy could tank by as much as 14 percent over the course of 2020. That’s diametrically opposite to a somewhat bullish forecast by the top economists at Goldman Sachs and Morgan Stanely, who claim that the U.S. economy had already bottomed out in late April and is currently showing signs of improvement.

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Crypto Price Analysis May 7: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, LINK

  • The ETH price has fallen below the 0.0228 support area, which is now likely to act as resistance.
  • Unless the XRP price does not flip the 2,450 area as support, its outlook will remain bearish.
  • The BCH price has crashed below the ₿0.023 area and is rapidly approaching its 2019 lows, found at ₿0.0255.
  • At the time of writing, the BSV price was trading right above the 200-day MA with signs that it could soon take a minor hit.
  • The future outlook for LTC looks bleak unless the price is able to reclaim the ₿0.057 area as support.

Read the Full Analysis


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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's a full-time foodie, semi-skilled musician, and wannabe horror writer.

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