SafeTrading keeps an active week in the cryptocurrency markets. Let’s take a look at the key events of this week (June 28 – July 4). In this news, you can find important events of the week, price expectations and important information to pay attention to. If you’re ready, here are the results of the week in the cryptocurrency markets and in the crypto pump and dump groups.
Highlights of the week in cryptocurrency markets
Most of the miners in the China region are selling their devices and setting up new miners in different regions. Working with new devices will, of course, improve global hashrate data. However, a period of 3-6 months must pass for this. This extremely important event for miners became the most important event of the week.
The Stock-to-Flow Ratio (S2FX) model took a hit this week when Bitcoin (BTC) lit its third red candle. Bitcoin, which fell 40% in April, May and June this year, hasn’t been lighting as many red candles lately. We saw the last red candles for three months in a row in 2019.
PlanB has made an important announcement about the inventory-to-flow (S2FX) model. A well-known analyst who believes the model will prove how reliable it is in the next six months wants S2FX to be successful. For those who don’t know, we can define S2FX modeling as a price card (The definition mostly used by the analysts of SafeTrading team.
Coinbase said it will grow more and faster in the assets it supports. In a statement from a spokesman for the exchange, it was announced that the “listing approval” periods would be extended.
Robinhood Exchange was fined $ 70 million for stalking users. The next day, an official IPO application was filed with the SEC.
Elon Musk was unable to pump Dogecoin this week and was disgraced in the conditions of crypto pump and dump groups. Dogecoin with his posts and Musk, who caused the price spike, said, “Free Doge,” and the price dropped by about 2 cents. Another post he made later was aimed at the growth of Dogecoin, but that also failed. So Elon can neither lower nor lower the price yet. A price movement of 2-3 cents is considered a flop for Elon, who triggers 30%.
Is Binance Exchange Closing? Not!
Of course not, but we read all the news this week. Mainstream media consistently portray Binance events in a negative way. Binance, which has had problems with regulators and some other things which created some obstacles, has been hit hard this week but believes it can overcome them.
On Monday, the UK excluded Binance from its “fast transfer of pounds sterling” system. The short-lived restriction came after UK regulators announced that “Binance must stop its unauthorized activities.” But later, Binance UK customers were able to transfer money quickly.
Japan has threatened to close the Binance exchange due to the fact that it did not receive the necessary regulatory approvals and asked it to stop operations. If you recall, recently a similar threat came from the Canadian government for the Ontario region, and Binance said it would do what it asked for.
Regulators in Thailand and the Cayman Islands have launched an investigation into the Binance exchange, since it is confirmed by very clever traders from approved and honest telegram channels from SafeTrading. However, Binance, the world’s largest exchange by trading volume, announced that we have no cryptocurrency activity in these countries.
Bitcoin.org decision in Great Britain
The Bitcoin Core software is no longer available for download in the UK. Even the white paper written by Satoshi Nakamoto will not be available for download. Bitcoin.org made this decision after a British court recognized Craig Wright as the inventor of Bitcoin.
Hosting provider Cøbra defended Bitcoin.org, citing privacy rights, and agreed to pay a $ 48,600 fine.
Strike Payment Platform Struggles With Cryptocurrency Fees
The platform announced that it will allow clients like Coinbase, Square, and PayPal to trade bitcoin. What’s more, Strike does not charge any transaction fees for this. This news has been interpreted as the “Commission for the War Against Strike”.
“We’re the cheapest place on the planet to buy bitcoin,” said Jack Mullers, founder and CEO of Strike.
Bitcoin forecast of the week
CNBC’s Bitcoin poll yielded important results. 44% of experienced Bitcoin traders expect the price to break the 30.00 support. However, those same investors want to evaluate these levels for more purchases.
The remaining majority of portfolio managers and strategists surveyed believe that the price will soon find its place at $ 45-55,000. However, the percentage of experts expecting a second bullish trend is only 6%, and these investors believe that levels above $ 60,000 can be seen again.