Why bitcoin drop in last week of June ?

Cryptocurrencies and Blockchain Related News
June 24, 2018.

Cryptocurrencies Related News -

♦️ NEO Price is Very Attractive. Today NEO has reached the $32 support level, which may be the turning point for the price. The support is confirmed by two Fibonacci retracement levels.

♦️ Today Bitcoin has reached the support at $5900, that has been rejected cleanly so far. The support is based on 127.2% Fibonacci retracement level applied to the last corrective wave up.

♦️ The United States Secret Service had recently, in a prepared testimony, asked the Congress to intervene and help in preventing the use of cryptocurrencies for fraudulent purposes.

♦️ Todd Gordon, founder of TradingAnalysis.com predicted Bitcoin (BTC) to drop to $4,000 prior to a rebound above $10,000 by 2019 on CNBC’s Stock Draft.

♦️ In the past 10 hours, Bitcoin has dropped over $600! Bitcoin [BTC] has been falling rapidly in the past few hours, it is currently experiencing the pressure of the bearish market more than it ever did this year.

♦️ Indian Exchange Zebpay warned customers that they might not be able to serve fiat withdrawal requests if the Supreme Court rules against the crypto industry in an upcoming hearing.

♦️ John McAfee bolsters a new hardware wallet – Bitfi. Bitfi is a global payments technology company which works on boosting the digital asset economy.

♦️ US Rep. Warren Davidson (R-OH) said a “light touch” regulatory framework is needed for the initial coin offering (ICO) market during a CNBC “Squawk Box.” interview.

♦️ 3G Venture II, a California-based mining operation, recently purchased a sizable portion of an abandoned Intel plant for mining.

♦️ BTC Manager:“There’s a very high correlation between the price of XRP and the price of bitcoin, but ultimately these are independent open-sourced technologies. It’s early, over time you’ll see a more rational market and behaviors that reflect that,” Garlinghouse said.

♦️ On average, Ripple costs 81 percent less than the correspondent banking network used for decades to send global payments.

♦️ Chief Strategy Officer (CSO) Phil Potter of Bitfinex crypto exchange is resigning from the company, Reuters reports June 22. Potter will be replaced in the interim by Bitfinex CEO, Jean-Louis van der Velde.

♦️ The Japanese Financial Services Agency (FSA) the team behind the new exchange regulation movement, are allegedly imposing further restrictions on a number of exchanges within Japan, who are failing to meet up with their new, strict regulations.

Blockchain Related News -

♦️ EOS Freezes 27 Accounts After Funds Have Moved, “Alleged Hack” Says Arbitrator. EOS’s interim arbitrator ordered the freezing of 27 new accounts on June the 22nd without initially providing any reason.

♦️ Binance says it will work with VeChain to support its upcoming mainnet launch and token swap. VeChain is set to begin launching its own blockchain and start the process of leaving the Ethereum network on June 30th.

♦️ The Bank of England remains bearish on bitcoin, but the central bank has announced plans to overhaul its settlement system to allow private payment systems, including those based on blockchains and other types of distributed ledgers, to interface with the platform.

♦️ Here’s why some banks are not really happy about moving to blockchain. While blockchain can indeed improve the effectiveness of cross-border payments and cut the costs by eliminating the middleman, it hasn’t yet proven itself as a tool ready for industrial-scale use.

♦️ U.S. retail giant Walmart has been awarded a patent for a system that would store medical records on a blockchain from a wearable device, according to a patent filing published by the U.S. Patent and Trademark Office.

♦️ Catalogs for the VMWorld event by VMware are now live, and they reveal that the company could be focusing extensively on cloud and blockchain-based solutions.