Crypto News Today: Bitcoin bulls on the verge of taking out 10K

Bitcoin looks set to hit the psychological 10K mark.

Rajan Dhall, MSTA FX Daily

Ahead of the big halving event next week the bitcoin bulls are out in full force. The price is trading 7% higher on the session and a stone's throw away from the 10K level.

Looking closer at the chart we can see that the black trendline has been taken out in a very classic technical move. It could be retested in the medium term if the 10K level acts as a resistance zone but only time will tell.

Justin Sun’s TRON foundation has allegedly been awarded USD 2 million in subsidies, courtesy of the US CARES package.

The controversy comes after reports emerged that the firm received money from the US stimulus package US Cares. This is according to a Chinese WeChat platform post published on Wednesday.

We need to talk about this. In China Justin Sun appears to be claiming that Tron successfully applied for COVID-19 small business relief money from the United States government. pic.twitter.com/B3EKQHJLpD
— Matthew Graham (@mattysino) May 6, 2020

ECB warns that Libra could amass USD 3 trillion in assets.

The scaremongering continues as the potential size of Libra's assets and links with the wider financial system pose a risk to stability, according to a new ECB report. In the newly constructed scenario, if Libra gets as big as Facebook it would hold assets larger than the balance sheets at most banks.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

Uniswap Price Forecast: UNI tests 200-day EMA supply amid renewed retail demand

Uniswap (UNI) edges higher near an immediate resistance at $3.88 on Tuesday. The native decentralized exchange (DEX) token is defying a broader correction in the cryptocurrency market, even as Bitcoin (BTC) falls toward $63,000 from its July highs around $67,000.

XRP slides amid risk-averse pressure and ahead of Fed rate decision

Ripple (XRP) continues to trade under increasing pressure on Tuesday. This marks the second consecutive day of declines, reflecting broader risk-off sentiment as investors appear to shift gears in anticipation of the Federal Reserve (Fed) interest rate decision. On Wednesday, the Federal Open Market Committee (FOMC) is widely expected to leave interest rates unchanged in the 3.50%-3.75% range.

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Bitcoin (BTC) is falling toward the immediate $63,000 support at the time of writing on Tuesday, weighed down by continued risk-off sentiment. Altcoins, including Ethereum (ETH) and Ripple (XRP), remain under pressure, trading below $1,900 and $1.10, respectively. Crypto market sentiment remains largely unresponsive and in the Fear territory, as reflected in the Fear & Greed Index.

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Bitcoin is falling towards 63k, at a 10-day low, as a sell-off in AI-linked stocks has hit risk sentiment, spilling over into cryptocurrencies and as investors look cautiously ahead to tomorrow's FOMC rate decision. Bitcoin is down 2.7% over the past 24 hours and more than 4% over the past seven days as it extends its pullback from 67k the July high reached last week.

Bitcoin: BTC holds firm, but the $100 Oil threat could change the game

Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.