BTC has failed to break past the 9,900 resistance as it tries to test the key resistance area last week, and resulted in forming a lower high.  In the daily, price is now below the 9,300 - 9,400 immediate support and is hovering near 50 MA. We can also see key levels with 9,900 - 10,300 as key resistance area, and key support around 8,600 - 8,500. With the current structure, failure to hold above 9,000 could push price to test 8,600 - 8,500 key support.

Global market cap is at $258B, while BTC's market cap is at $168B.

Bitcoin Transaction Fees Drop Under $1, Returning to April Levels
After increasing more than 1600% between April 5 and May 20, Bitcoin transaction fees have now dropped to $0.56

After increasing by more than 1600% between April 5 and May 20, Bitcoin transaction fees are now back to under $1, averaging around $0.56 - back to levels seen pre-halving. According to crypto analytics website BitInfoCharts, this equates to a 91% drop in fees from a high of around $6.65 back in mid-May.

Japan Court Backs Karpeles Conviction for Data Manipulation
A Japanese high court on Thursday upheld a lower court’s decision that the French head of Mt. Gox, a Tokyo-based bitcoin exchange that went bankrupt after a massive hacking attack, was guilty of manipulating electronic data but not embezzlement.

On Thursday, Japan's High Court rejected the conviction appeal of  former Mt. Gox CEO Mark Karpeles. The legal team representing Karpeles argued that prosecutors didn't know how crypto exchanges operated and were merely using him as a fall guy. After the ruling has been made, Karpeles said "Today's verdict was unfortunate, and I am reviewing its contents alongside my lawyers and will decide how to proceed from there in the coming days."

Mark Karpeles was found guilty last year for manipulating electronic data, and is now facing a sentence of two and a half years in prison, suspended for four years.

Wilshire Phoenix Files With SEC for Publicly Traded Bitcoin-Backed Fund
Investment firm Wilshire Phoenix just filed with the SEC for a publicly tradable Bitcoin fund similar to the Grayscale Bitcoin Trust.

Investment firm Wilshire Phoenix just filed with the SEC for a publicly traded Bitcoin fund, similar to the Grayscale Bitcoin Trust. The S-1 registration reads "The Shares will provide investors with exposure to bitcoin in a manner that is accessible and cost-efficient without the uncertain and often complex requirements relating to acquiring or holding bitcoin."

The Bitcoin Commodity Trust (BCT) aims to have its shares available for public trading on OTC Markets Group, Inc.'s OTCQX Best Marketplace. Each share will be backed by Bitcoin and priced according to BTC's going market rate, with the value of the BTC held by BCT following a bitcoin price index listed by the CME. Annual fees will be 0.9%, compared to Grayscale's 2% fee.

This Daily Dose was brought to you by SCI News Channel.

Share this post