Bearish Bitcoin bites, fears of further falls and other news

Bearish signals grow as Bitcoin price drops to $35,000 and traders ignore the dip

View this email in your browser One week in review:  May 23–29 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: #1. Bearish signals grow as Bitcoin price drops to $35,000 and traders ignore the dip Bitcoin is struggling right now. The cryptocurrency has struggled to keep its head above $40,000 this week as traders react negatively to twin threats of environmental concerns and the growing drumbeat of regulation. We've seen a lot of downside moves across the market over the past two weeks. Although most institutional investors have held firm and vowed to continue holding onto their crypto, there's been a lack of "we bought the dip" announcements. All of this has left retail traders worrying that BTC could suffer further declines. The Crypto Fear and Greed Index is currently flashing a score of 18, indicating that Extreme Fear is currently paralyzing the market. Read more #2. Bitcoin can still drop to $20,000 but holding remains winning strategy, data shows Yes, there are some rather dire warnings out there, but Bitcoin's 11-year history does help offer an insight into how the world's biggest cryptocurrency fares when things turn bearish. The BTC/USD exchange rate typically rises parabolically. It later trims more than half of those gains down as profitable traders sell the top. But, at the same time, traders who buy Bitcoin around its local top suffer longer periods of losses. Overall, the historic price trajectory of Bitcoin remains skewed to the upside. The cryptocurrency bottoms out after every bullish-to-bearish cycle and rebounds all over again to seek new all-time highs. PlanB, the creator of the stock-to-flow model that predicts BTC will hit $288,000 by 2024, recently delivered this powerful fact: Not a single investor who has held Bitcoin for more than four years has ever suffered losses. Read more #3. Michael Saylor says Bitcoin Mining Council required to combat "hostile" narrative According to MicroStrategy CEO Michael Saylor, part of this quest to understand the problem involves the creation of the Bitcoin Mining Council. This organization, announced on May 25, was formed following a successful meeting between Elon Musk and a number of top North American mining firms. During the Consensus 2021 conference, Saylor said: "It turns out that Bitcoin miners don't actually have a good forum for communicating how they generate their energy. We don't have a standard model for Bitcoin energy usage right now, and we don't have a future forecast model that we commonly use." Castle Island Ventures' Nic Carter certainly is a fan of making things more transparent, but he believes Elon Musk isn't the right person to lead this debate. He explained: "Bitcoiners are still intensely skeptical of Musk, and they view him as conflicted, given that his business partially involves the sale of offsets." Read more eToro gives you everything you need to trade the world's top crypto with ease. Trusted globally by over 20M, our user-friendly platform provides investors of all experience levels with a powerful suite of features and analytics — including a free virtual portfolio, so you can practice trading before spending a single dollar. Level up your crypto game today. Download the app and get started. This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & eToro USA LLCeToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk. #4. Prediction of the week: Bitcoin price volatility hits 2021 high as one analyst paints $15,000 target BTC's 30-day volatility is at a yearly high, suggesting that the flagship cryptocurrency remains at risk of wild price fluctuations in the sessions ahead. Things are even crazier when it comes to Ether. Data from Skew suggests ETH/USD's realized volatility on a 30-day timeframe is now near 2017 highs. One dire prediction this week came from an analyst at BiotechValley Insights, who said: "I believe Bitcoin has a long way to fall from here. I think it will slowly grind down the slope of hope with a periodic dead cat bounce." Their current price target? $15,000 to $16,000. Read more #5. FUD of the week: SEC charges five for illegally prompting $2 billion Bitconnect Ponzi Three years and some unforgettable memes later, the United States Securities and Exchange Commission has announced that five individuals will face charges relating to promoting the Bitconnect Ponzi scheme. The promoters are accused of offering and selling securities without registering with the offering with the SEC and validating themselves as broker-dealers — in violation of the law. They also allegedly "advertised the merits of investing in BitConnect's lending program to prospective investors, including by creating 'testimonial' style videos and publishing them on YouTube, sometimes multiple times a day." The SEC's Lara Shalov Mehraban said: "We will seek to hold accountable those who illegally profit by capitalizing on the public's interest in digital assets." Read more #6. FUD of the week: U.K. regulator bans crypto exchange's 'time to buy' Bitcoin advert Britain's advertising regulator has banned an ad campaign that told people "it's time to buy" Bitcoin. Luno's posters had caused quite a splash earlier this year, and were plastered across the London Underground transit network and on buses. One ad said: "If you're seeing Bitcoin on the Underground, it's time to buy." However, the Advertising Standards Authority concluded that the campaign failed to illustrate the risk of investing in BTC. It said: "We considered that consumers would interpret the statement 'it's time to buy' as a call to action and that the simplicity of the statement gave the impression that Bitcoin investment was straightforward and accessible." Future adverts will need to carry a proper risk warning. Read more Feel free to explore the most important news with Hodler's Digest: Read more 1.5 million people follow us on social media Download our official app:

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