🗞 Daily Crypto News, June, 7th💰

almost 4 years ago

Forget $10K, Bitcoin $12K Breakout Will Catch Everyone Off Guard;
Coinbase Offers US Feds New Crypto Surveillance Tools;
How Bitcoin Can Help the African American Community;
Someone Just Anonymously Dropped an ETH 2.0 Scaling Solution on Medium;
Patoshi Researcher Says “Altruistic” Satoshi Will Never Spend His 1.1M Bitcoin;
🗞 Daily Crypto Calendar, June, 7th 💰

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

🗞 Forget $10K, Bitcoin $12K Breakout Will Catch Everyone Off Guard

Bitcoin (BTC) price yet again surged past $10K for just a few hours before experiencing a short sharp 10% sell-off last week.

Each time this happens, crypto Twitter brings out the fanfare rejoicing at the fact that we’ve reached this psychological milestone. It's almost becoming too predictable, and that is exactly why the eventual breakout will catch everyone off guard.

So are there any signals that can help us determine when this might be? Let's take a look at the charts for the largest cryptocurrency by market capitalization, BTC.

Monthly Fibonacci targets

The Bitcoin orderbook

🗞 Coinbase Offers US Feds New Crypto Surveillance Tools

Coinbase is getting in on the government blockchain analytics game.

The behemoth cryptocurrency exchange has initiated procurement deals with the Drug Enforcement Administration (DEA) and the Internal Revenue Service (IRS) for a cryptocurrency investigations tool called “Coinbase Analytics,” according to publicly available documents. The Block first reported on the prospective deals Friday.

Coinbase Analytics has close ties with Coinbase’s entire product ecosystem, as its Senior Product Manager “collaborates” with “Coinbase Consumer, Coinbase Pro, and Coinbase Custody as well as” Coinbase’s payments and crypto division, according to an undated but now closed job posting.

In an emailed statement, Coinbase said its Analytics product does not and has never used any internal customer data.

“Coinbase Analytics data is fully sourced from online, publicly-available data, and does not include any personally-identifiable information for anyone, regardless of whether or not they use Coinbase,” a spokesperson told CoinDesk.

🗞 How Bitcoin Can Help the African American Community

If Bitcoin is the “peaceful protest” crypto advocates like Binance CEO Changpeng Zhao and author Isaiah Jackson say it is, then how can the average person use it to help the African American community right now?

According to the Bitcoin & Black America author, who spoke to Cointelegraph on June 4, it starts with buying power, whether that comes from fiat or cryptocurrencies like Bitcoin (BTC).

The disparity of wealth between African Americans and white people in the United States, created by a long history of racist practices including redlining and discrimination at banks, also needs to be addressed if tragedies like the murder of George Floyd are to stop. Jackson highlights the impact not having this kind of power can have in a community:

“[...] without economic strength, you have cops coming from outside of the community into there and they don't value it. They don't value your people. They don't see you as a person and that is an issue.”

🗞 Someone Just Anonymously Dropped an ETH 2.0 Scaling Solution on Medium

The concept is a "design for an ETH2 staking solution on top of Argent, that is fast and simple to use so that users with less time, knowledge or skills can join from the beginning," the author wrote on June 2. Argent is a crypto wallet solution with elements of decentralized finance, or DeFi compatibility.

ETH 2.0 is on its way

A big topic of discussion in 2020 so far, Ethereum 2.0 is essentially an upgrade to the Ethereum network, aimed at scalability. The upgrade brings in Proof-of-Stake, or PoS, consensus — c

🗞 Patoshi Researcher Says “Altruistic” Satoshi Will Never Spend His 1.1M Bitcoin

The Patoshi Pattern exploits privacy flaws of an early protocol, v.01, to identify blocks possibly minded by Satoshi Nakamoto. Lerner said the Bitcoin creator is unlikely to use his coins, which have not moved since 2009, as a fair basis for the inception of the cryptocurrency.

During a recent Ask-Me-Anything (AMA) session on Reddit, Lerner tied his assumption to the fact that the 1.1 million BTC attributed to Satoshi has not moved in over a decade. Lerner said:

Assuming Satoshi is Patoshi, I believe, based on the past history of Satoshi coins, that Satoshi won’t use his coins ever. Therefore, I think that there couldn’t be a fairer and a more altruistic way for Bitcoin to be born.