Swiss Vote Down ‘Sovereign Money’ Referendum That Commentators Compared to Bitcoin

Switzerland voted against the so-called “sovereign money” referendum Sunday, June 10 – a proposal for a financial system that multiple commentators have compared to cryptocurrency. Sovereign money is an initiative that would give the country’s central bank sole control over creating money, instead of continuing to allow commercial banks to “create” money for credit and loan purposes. Switzerland’s sovereign money referendum –  which garnered around 25% or 500,000 affirmative votes – was opposed by Switzerland’s central bank, which stated that a passing vote would have made its work “considerably more…

Cryptocurrency Market Sheds $25 Billion as Bitcoin Drops 6%: Factors

Get exclusive fiat and cryptocurrency analysis on Hacked.com for just $39 per month. Click here now! The cryptocurrency market has recorded a decline of over $25 billion overnight, after an abrupt bitcoin sell-off was recorded on June 10. Analysts have attributed the recent correction to a variety of factors but the market seems to have dropped due to a simple reason: a drop in volume and demand. Low Volume Since last week, despite the stability in the cryptocurrency market and the optimistic short-term trend of bitcoin shown by its 1-day…

Bitcoin Price Watch: BTC/USD Bearish Below $7,000

Key Points Bitcoin price fell sharply and declined below a major support area at $7,000 against the US Dollar. There is a major bearish trend line formed with resistance at $6,950 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair may perhaps correct a few points higher, but it could face sellers near $6,900 and $7,000. Bitcoin price declined heavily below $7,000 against the US Dollar. If BTC/USD corrects higher, it may perhaps find a lot of hurdles on the upside. Bitcoin Price Analysis The…

Mainstream Media Convinced Coinrail Hack Caused Crypto Price Plunge

Cryptocurrency users are venting frustration June 11 after mainstream media outlets reported the crypto market had fallen namely due to the hacking of a small South Korean exchange Coinrail. As both Bitcoin and altcoins fell June 10, sources including Bloomberg, the Wall Street Journal (WSJ), Reuters, the Guardian and others claimed that Coinrail’s hack – which local media reported as causing $37 mln in losses –  had crashed markets. The exchange confirmed the “cyber intrusion” in a tweet Sunday, and in a post on its site, but has yet to…

$6K Next? Bitcoin Bear Market Resumes After 10% Drop

The bitcoin market has come alive in the last 36 hours, with the bears gaining the upper hand and now aiming for fresh 2018 lows below $6,000. The cryptocurrency dropped nearly 10 percent on Sunday, hitting a two-month low of $6,619 on Bitfinex, having spent the last two weeks trading in the narrow range of $7,000–$7,800. Across the media, the price drop has been put down to a cyber attack on South Korean exchange Coinrail, revealed Sunday, and renewed concerns regarding security at cryptocurrency exchanges. However, a big move was…

Current Monetary Tools ‘Inadequate’, Fed Should Consider Digital Currency

The former Chair of the U.S. Federal Deposit Insurance Corporation (FDIC) said that she thinks the Federal Reserve (Fed) needs to seriously consider issuing a central bank-issued digital currency (CBDC) in a June 8 op-ed published on Yahoo! Finance. In her op-ed, the former FDIC Chair Sheila Bair noted that “the past 10 years are proof positive that current monetary tools are woefully inadequate to stimulate broad-based economic growth,” adding: “The super rich have gotten a lot richer, while the middle class has struggled.” Bair first crosses out cryptocurrencies like…

Blockchain Cannot Yet Support Financial Market Infrastructure

Get exclusive fiat and cryptocurrency analysis on Hacked.com for just $39 per month. Click here now! De Nederlandsche Bank (DNB), the central bank of the Netherlands, recently concluded after a three-year test that blockchain technology cannot currently meet the needs of a financial market infrastructure, the bank announced on its website. The report cites bitcoin technology’s inadequacies in the areas of capacity, its high energy consumption and insufficient certainty of transaction verification. The DNB does consider the technology useful in improving resilience to external attacks, but at the expense of…

Cardano (ADA/USD) Price Watch: Potential Pullback Scenario

Cardano Price Key Highlights Cardano continues to trend lower below a descending trend line on the 1-hour chart. Long-term support appears to be drawing bullish pressure and a bounce could be due. In that case, Cardano could still encounter nearby resistance at the Fib levels and trend line. Cardano looks prime for a pullback from its drop and the trend line and Fib levels might keep gains in check. Technical Indicators Signals The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is…

Bitcoin (BTC) Price Watch: Can Bulls Defend the Triangle Bottom?

Bitcoin Price Key Highlights Bitcoin is still inside its descending triangle visible on the daily chart. Price is testing support and is approaching the peak of the formation to signal an imminent breakout. Technical indicators appear to be favoring a downside move and a selloff. Bitcoin is testing the bottom of its descending triangle on the daily chart and could be due for a breakout soon. Technical Indicators Signals The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside.…

Ripple Price Analysis: XRP/USD Could Revisit $0.50

Key Highlights Ripple price declined sharply and broke the $0.65 and $0.62 support levels against the US dollar. There was a break below a major bullish trend line with support at $0.66 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair may decline further if it fails to hold the $0.55 support area in the near term. Ripple price crashed and broke many supports against the US Dollar and Bitcoin. XRP/USD could accelerate declines if buyers fail to defend $0.55. Ripple Price Decline During the…