Crypto News | Bitcoin Price Recovery Dominates

Earlier today, the Bitcoin price recovery resulted in topping the $8.550 limit, reaching its highest point since May 15. Although last week was far from disastrous, it was marked by a noticeable downwards trend. On May 18, Bitcoin price reached $7,954, marking Bitcoin’s worst performance in a month, since April 17. As of press time, one BTC is hovering around $8,470. Some expected that last week’s sell-off would continue over the weekend, but it ran out of steam, allowing Bitcoin to recover and gain $500. However, Omkar Godbole, the analyst for CoinDesk, believes that the current BTC rally lacks substance. His point of view is substantiated by the low volumes we have witnessed, indicating that the current outcome is likely neutral rather than bullish. All analysts agree that the Bitcoin price recovery could go up to $10,000 if it manages to get past the crucial $8,800 resistance. More precisely, $8,857 marks the 100-day moving average, and what Bitcoin needs more than anything is a high volume move within the next 48 hours, which would allow BTC to test the $9,600 support level.

Last week, on May 18, BTC price recovery was nowhere to be seen, Tether generated a batch of new USDT tokens worth $250 million. The move generated a lot of controversy for two reasons. First, one hour after Tether released the coins, Bitcoin price rose by $120, while Ethereum appreciated by $10. Some crypto enthusiasts, such as blogger Bitfinex’ed, suspect foul play and price manipulation on the part of Bitfinex and Tether, two sister companies. Even more importantly, with the release of these new coins, the total supply of Tether should be worth $2.5 billion. So far, the fact that all USDT tokens are backed by US dollars hasn’t been independently proven. Since Goldman Sachs-backed Circle, TrueUSD, and Basis are all working on developing their own stablecoins, Tether will have to step up its game when it comes to transparency and accountability.

Still, even without Bitfinex, the world of cryptocurrency exchanges is not without its drama. Earlier today, it was announced that Chris Lee, the former chief executive of OKEx, will be joining Huobi, one of OKEx’s biggest rivals. Lee will take the position of vice president of global business development, handling global mergers, acquisitions strategy, and international development. Chris Lee left OKEx only a week prior to the announcement. He was the CEO of the crypto exchange for only three months, having succeeded Star Xu, the founder of OKCoin, in February. In a public statement, Lee pointed to OKCoin’s high turnover rate of senior executives, although some suspect that it may also have something to do with recent accusations claiming that OKEx may have manipulated Bitcoin futures trading.

In an interview for CNBC, Amber Baldet, a former J.P Morgan executive, said that Wall Street could soon start trading cryptocurrencies. The aforementioned Bitcoin futures have already found their way onto several prominent portfolios, prompting experts to speculate on what may come next. In Amber Baldet’s words, a Wall Street crypto trading platform may be closer than we think, although she did say that there were still some regulatory hurdles impeding broader crypto adoption.

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Author: Max Rothstein

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