Bitcoin made a small move up yesterday, hitting a high of around 9,600. This is right around the highs of its current trading range, and a break above this should see a retest of 10,000. If BTC remains at current levels of around 9,450, and eventually fails to break resistance, this creates a potential lower high on the chart and could trigger a move down below 9,000 once again. Key support remains at 8,000 - 8,100 while 10,000 still acts as key resistance.
Global market cap is at $265B, while BTC's market cap is at $175B.
Samuel Haig
CoinMarketCap (CMC) has introduced new metrics for rankings and market pairings to reduce the impact of fake volume on the platform's data. CMC has added the "Confidence" metric on May 29, which uses machine-learning algorithm to examine all data fed to CoinMarketCap's platform "to determine if the volumes reported by exchanges are inflated, and to what extent." There will also be a new default ranking system for market pairings across the platform, this will use a single algorithm that considers Liquidity Score, Web Traffic Factor, and volume of each pairing.
Grayscale's Bitcoin Trust bought 18,910 Bitcoins since the halving.
— Kevin Rooke (@kerooke) May 27, 2020
Only 12,337 Bitcoins have been mined since the halving.
Wall Street wants Bitcoin, and they don't care what Goldman Sachs has to say. pic.twitter.com/Br6a4ijuze
Independent researcher Kevin Rooke estimates that Grayscale Investments, a crypto fund manager, is accumulating Bitcoin at a rate equivalent to 150% of the new BTC created since the halving. According to Rooke's data, Grayscale has added 18,910 BTC to its Bitcoin Investment Trust since the halving, while only 12,337 BTC has been mined since then. Grayscale apparently accumulated over 60,000 BTC over 100 days in Q1, with no signs of stopping. Founder Barry Silbert, after seeing the numbers published on Twitter, said "just wait until you see Q2."
The latest data indicates that Grayscale is purchasing double the number of coins per day on average compared to Q1 - estimated to be around 1,112 BTC per day in Q2, up from around 607 BTC during Q1.
Nathan DiCamillo
Minecraft players can now spawn blockchain assets directly into their servers via an open-source blockchain plugin built by gaming startup Enjin. The plugin is called "EnjinCraft" and it works by dropping the EnjinCraft file into a player's server "plug-ins" folder, where they can integrate and distribute blockchain assets in the form of tokens. Furthermore, server hosts will be able to create their own localized Minecraft economies by providing players with tangible ownership over in-game items and currencies.
This Daily Dose was brought to you by SCI News Channel.
