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Bithumb resumes services, Ryan Selkis’s FOIL request for XRP II affiliate sales and more

Jibin M George

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Crypto News – 15 May

Erik Voorhees on Bitcoin: The Shapeshift CEO is in the news after he claimed that the world’s largest cryptocurrency couldn’t have moved from $0 to its present price, without bubbles

Read more at https://bit.ly/2LKDf4b

Binance research on Bitcoin: The crypto-exchange’s research wing is in the news after a report by Binance claimed that Bitcoin offered far higher returns than traditional assets

Read more at https://bit.ly/2HrSaLq

SEC on Bitcoin ETF proposal: The United States’ Securities and Exchanges Commission continued to prevaricate, postponing a final decision on the Bitcoin ETF proposal to October 2019

Read more at https://bit.ly/2Hmxkyh

New Milestone for Tron: In more good news for the community, Tron [TRX] surpassed $1 billion in 24-hour trading volume after more than a year

Read more at https://bit.ly/2W1JJzL

Cryptopia writes final chapter: The New Zealand-based exchange that was a major target in a January hack, is in the news again after it entered the liquidation phase and appointed Grant Thornton

Read more at https://bit.ly/2HkERxl

Good news for Bitcoin Cash [BCH]: Bitcoin’s [BTC] average transaction fees soared to a 10-month high while Bitcoin Cash [BCH] showed little change

Read more at https://bit.ly/2LLiTrD



Tuur Demeester on crypto-exchanges: The Founder of Adamant Capital is in the news after he claimed that Bitcoin exchanges and custodians were too big to bail and can fail like pre-1914 gold banks

Read more at https://bit.ly/2Hrj0Dr

 





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Bitcoin

Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?

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Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?
Source: Unsplash

Bitcoin’s price rally in a parabolic curve led most of the community to believe that this was the bull rally, however, the correction of this surge was due, which began on May 16.

The correction wave, as expected by many prominent traders was approximately 30-40%, which would put the price of Bitcoin $5,000 to $5,800. However, the correction seems to have finished as the price of Bitcoin surged by more than 7% in less than an hour.

Source: TradingView

The market cap of Bitcoin, at press time, was $136 billion and most the volume for Bitcoin was coming from BitMEX exchange via trading BTC/USD derivatives. BitMEX contributed a total of $3.38 billion in terms of trading volume, which is 12% of the total trading volume.



A Twitter user @DoveyWan suggested a head and shoulder pattern for Bitcoin:

CNBC suggested something similar, however, the pattern doesn’t seem to be holding. A Twitter user @thecryptomonk, tweeted:





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