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Bitcoin Price Breaks $10,000 First Time Since February: Updated Analysis and Next Targets

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The new month of June brings new vibes to the primary cryptocurrency. After five failed attempts to break the $10,000 resistance level and its descending trend-line during the month of May, it finally happened on the first day of June.

Bitcoin price just broke the huge resistance and spiked to reach a high of $10,500 on most exchanges. As of writing these lines, Bitcoin retraced a bit and now trading safely above the $10K benchmark level.

The $10,000 was reached on May 7, 2020, just a few days before the halving event. However, the cryptocurrency didn’t hold it for long and quickly dropped to $8K over the following days.

3 Months of Pandemic

Following the breakout, Bitcoin records its highest level since February 13, 2020, the day when the primary cryptocurrency reached the price of $10,500, the same levels it recorded just an hour ago.

Bitcoin saw volatile times over the past months, whereas the lowest price reached was $3650 on BitMEX exchange on March 12, 2020. Bitcoin’s volatility was correlated with the global markets, while Wall Street tumbled around 30% at its peak during mid-March.

Now, following NASDAQ’s V-shaped recovery since the February all-time highs, Bitcoin finally catches up and regains the 5-digits numbers.

Next Major Targets For BTC

Following the breakout, Bitcoin is now facing a colossal resistance level at $10,500, which is also the 2020 high from mid-February.

In case Bitcoin can break above, the next targets would be $10,600, $10,800 and $11,000. Further above lies $11,400.

After today’s massive move of over $1000, a healthy correction is also an option: Support levels lie at $10,200, while Bitcoin might also retest $10,000 to confirm it as support, and even retest $9800 once again.

Technical indicators: as we mentioned here, a breakout of the mentioned descending trend-line, as can be seen on both charts below, together with RSI’s breakout above its corresponding descending line, and Bitcoin might reach new year’s highs.

Over the past two days alone, Bitcoin’s market cap had increased by more than $10 billion, while the value of the altcoins shrunk against Bitcoin following the increase of the dominance.

Total Market Cap: $283.5 billion

Bitcoin Market Cap: $186.5 billion

BTC Dominance Index: 65.8%

*Data by CoinGecko

BTC/USD BitStamp 4-Hour Chart

btc_jun2_4h-min

BTC/USD BitStamp 1-Day Chart

btc_jun2_d-min

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-price-breaks-the-10000-first-time-since-february-updated-analysis-and-next-targets/

Blockchain

Tether has blacklisted 39 Ethereum addresses that hold millions of dollars worth of USDT

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Tether has blacklisted 39 Ethereum addresses that hold millions of dollars worth of USDT – The Block





















Source: https://www.theblockcrypto.com/linked/70981/tether-blacklist-addresses-ethereum-usdt?utm_source=rss&utm_medium=rss

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How does Coinbase work?

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Founded in 2012 by Brian Armstrong, Coinbase started as a Bitcoin exchange. Now, it has over 30 million customers and handled more than $150 billion in cryptocurrency trades, making it one of the most used cryptocurrency exchanges. With a valuation of $8 billion, the exchange has grown to be among the unicorns in the United States. Well, how does Coinbase work?

To get the best, know how it work s

Despite its unicorn status, how does Coinbase work? Right from signing up to depositing and a brief description of Coinbase Wallet.

Creating a Coinbase account

First, being a regulated cryptocurrency exchange, Coinbase does not supports transactions in all countries. To get to use the site, a user needs to be on the list of over 100 supported countries spread across North America, Africa, South America, Europe, Asia, and Australia.

The process to get onto the platform starts by visiting Coinbase.com and providing a valid email address. Clicking on “Get started” generates a new window requesting for personal information such as first and last names followed by a strong password. Note that Coinbase is not open for use to persons under the age of 18.

Before you get to how to buy a Bitcoin, create an account

On clicking “Create account” Coinbase will send a link to the email provided for verification. The first step in verifying your account is by providing a mobile phone number to activate two-step verification. Being a first-timer, Coinbase prompts for the method the user will be using to buy cryptocurrency from the exchange. Here, it requires a user to enter debit or credit card details. However, you don’t need to start to buy or sell crypto the first time you land onto the platform. Upon phone number verification, Coinbase provides a window to access trade, receive, or send options.

Depositing funds

To buy Bitcoin from a bank account, trade, or send crypto assets from the platform, fiat and or crypto wallets need to be funded. There are two ways to do this.

Credit/debit card

To work on the fiat wallet , click on your profile picture, select “Settings” and go to the “Payment methods” tab. Click “Add payment method” and provide viable credit/debit card details. Cryptocurrencies that can be bought using fiat on Coinbase are Litecoin (LTC), Bitcoin (BTC), Ether Classic (ETC), Bitcoin Cash (BCH), USDC, Zcash, 0x, and Basic Attention Token (BAT).

To get trading options, verify your accoount

To use the buy and sell section on the platform, a new user must complete the identity verification process. On the buy and sell section, specify the fiat amount and the crypto to buy or sell. Cryptocurrencies bought with fiat can be used to trade on Coinbase or sent to another exchange or wallet.

Cryptocurrency

Apart from buying cryptocurrencies with fiat, Coinbase also provides an option to deposit cryptocurrencies from other exchanges or wallets. To fund a Coinbase crypto wallet from an external wallet, choose the “Receive” option on the home page, and select the cryptocurrency to be deposited. A deposit address will be generated. On the external wallet, choose send, select the cryptocurrency, and enter the deposit address.

Navigating the Coinbase dashboard

Being a first-timer, the dashboard won’t have much details. However, as the account buys and sells cryptocurrencies, the dashboard gets populated with, among other things, total balance and recent activity.  On the “Tools” section, Coinbase stores and lists all previously used addresses as the exchange generates a new address each time payment is made. Unfortunately, the Coinbase dashboard lacks the information-dense charts like the one provided by Binance and other leading virtual currency exchanges.

Advantages and disadvantages of Coinbase

Advantages

  • The exchange has an easy to use design, making it ideal for new entrants in the digital currency world.
  • Supports crypto buy sell options using fiat, making it a suitable on/off ramp exchange.
  • Coinbase Wallet makes it easy for its customers to send cryptocurrencies using just a username.
  • Has high liquidity for Bitcoin and other cryptos.

Disadvantages

  • There have been claims the exchange tracks user activities such as how they spend Bitcoin.
  • High fees compared to Binance and other similar platforms.

Frequently asked Questions – Coinbase FAQs

How does Coinbase Wallet work?

Coinbase Wallet supports multiple currencies, selling, sending, and protects an investment.

Coinbase Wallet is a mobile crypto wallet that stores Bitcoin and a wide range of other cryptocurrencies. Also, it has support for digital collectibles. The wallet provides security using biometric and Secure Enclave technology. In addition, Coinbase Wallet allows trustless trading by connecting traders on decentralized exchanges. Another significant advantage of Coinbase Wallet is that it will enable customers to send cryptocurrencies by using a Coinbase Wallet username, thus eliminating the need to remember or copy long crypto addresses.

Can Coinbase be trusted?

Fiat accounts are insured by FDIC

Yes. By being regulated in the United States and attracting investments from leading investors, Coinbase can be trusted to buy and sell cryptocurrencies. Also, funds deposited on the exchange are insured by FDIC

How much does Coinbase charge to buy Bitcoin?

Coinbase fees are based on the method used to buy Bitcoin. For example, a bank account transfer for customers in the U.S attracts a 1.49 percent fee while buying Bitcoin using a debit/credit card in Australia attracts a 3.99 percent fee. But, if the transaction amount doesn’t exceed $10, the charge is $0.99.

Conclusion

For new crypto users, buying a Bitcoin on the exchange is easy due to its simple interface and the option to purchase crypto using credit / debit card or a bank account. Coinbase Wallet is available on both iOS and Android app stores. The wallet removes the fear of using complicated crypto addresses. Coinbase Wallet can be used to store Bitcoin, Ether, and a host of other crypto assets. The exchange is secure, and deposits from a bank account are insured.

Source: https://www.cryptopolitan.com/how-does-coinbase-work/

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Coinbase is preparing for a stock market listing, says report

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Crypto exchange Coinbase, which was the first crypto company to become a unicorn (a start-up valued at over $1 billion), is preparing for a stock market listing that could arrive by the end of 2020, according to Reuters.

Citing three sources familiar with the matter, the report claims that Coinbase is in talks with investment banks and law firms about the idea. It has not yet registered an intention to go public with the SEC.

Decrypt has reached out to Coinbase and will update this article if we hear back.

According to one of the sources, the company is considering a direct listing as opposed to a traditional IPO. This means that it wouldn’t sell new shares in the company during the listing.

Fortune, which previously reported on rumours of Coinbase preparing for an IPO this year, reported that it was considering a non-traditional offering.

“That would be really boring wouldn’t it?” Coinbase co-founder Fred Ehrsam said, in an interview at Consensus. “Coinbase should constantly challenge itself to be as crypto native as possible,” he added. “If we think the future is all assets exist on the blockchain, why should this be any different?”

But regulated security token offerings have largely failed to take off, and it would be a surprise move.

Source: https://decrypt.co/35089/coinbase-is-preparing-for-a-stock-market-listing-says-report

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