Recap | Major drawdowns normal in Bitcoin bull markets, analyst says | Binance announces 28 new use cases for BNB, more coming
|CryptoSlate||May 31, 2019|| 3|
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Yesterday’s wild price action—where bitcoin saw its value jump above $9,000 to then quickly drop to $8,000—has the market wondering whether the bullish trend will continue or if it is time for a correction.
Bitcoin surged past $9,000 before plummeting to $8,000 and then recovering around $8,400. While the 8 percent drop was met with concern, one cryptocurrency analyst said that large drawdowns are actually normal in Bitcoin bull markets, adding that even more extreme drops are bound to happen.
Morgan Rockcoons, a Nevadan man accused of wire fraud and operating an unlicensed Bitcoin exchange for using LocalBitcoins, was sentenced to nearly two years in prison. According to a government press release, Rockcoons will also have to forfeit $80,600 in illicit profits.
There are now at least 83 different use cases for storing, using, and spending Binance Coin. The exchange said that its #UseBNB initiative will further increase this number, as more and more platforms are being launched on Binance Chain.
Peter McCormack, the host of the “What Bitcoin Did” podcast, revealed details about the lawsuit Craig Wright had filed against him in April. In a lengthy Twitter thread, McCormack explained the horrific legal ordeal he will have to suffer through to defend himself from Wright’s accusations.
Despite the wild price action that the cryptocurrency market went through today—where bitcoin saw its value jump above $9,000 to then quickly drop to $8,000—the charts could help determine where some of the highest market cap altcoins are heading. Dash Dash went through a month-long consolidation period from April to May.
[RESEARCH] Analyzing Bitcoin’s historical dominance over the crypto market, will BTC continue to dominate?
During the last few weeks, many respected analysts have claimed that the bottom is in for bitcoin and the conditions are setting up the market for another “parabolic move,” as Peter Brandt explained.
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The President and COO of Coinbase is departing the company after scaling to over $1 billion in revenue.
The #DefendCrypto movement by Kik has already raised its $5 million goal for its legal defense.
Bitcoin metrics at all-time highs. Will price be following soon?
Jameson Lopp is offering to provide expert testimony to Peter McCormack in his legal battle against Craig Wright.
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