Weekly Crypto News Digest: Bitcoin Predicted to Grow Well Over $10,000, Binance Announced Support…

<div><figure><img alt=”” src=”https://cdnimages1.medium.com/max/900/0*BwGVD62t9L2mBxSN.png“>figure><p>Bloomberg&rsquo;s head analyst Mike McGlone predicted that BTC prices will rise to and above&nbsp;$10,000.

According to a tweet from May 21st, several key factors — including the growth of used addresses, record-breaking open interest values, and current AUM amounts — all signal to the fact that the coin can rise to and sustain a price of $10,000 per BTC.

Coindesk author and investor Tuur Demeester went even further claiming that Bitcoin was gearing up for an upcoming rally that would raise prices up to anywhere from $50,000 to $100,000.

Binance announced that it will support the controversial STEEM version 0.23

Despite previously claiming to take a stand against STEEM’s controversial hard fork — STEEM version 0.23 — Binance announced that it has reversed its previous decision to not support the network.

The hardfork was launched on May 20th. After take-off, it seized the accounts of several users of Steemit and drained over 23.6 million STEEM coins (valued at around $5 million) from their private accounts. The corrupted accounts allegedly belong to users famous for opposing the authority of TRON executive Justin Sun.

Binance will sync it’s network up to the hardfork in the upcoming days.

Bitcoin miner Layer1 to receive $17 million a year for discontinuing mining operations

The San-Francisco based company erected several steel mining boxes in Texas in February of this year. All boxes are equipped with high-end processors submerged inside baths of mineral coolant.

With Texan summers being notoriously hot, electrical grids see peak activities during the months of June, July, and August due to heightened demand for electrical air conditioning. This, in turn, causes electricity prices to sore tenfold in the summer months: 2019 saw an increase from $120 to $9000 per MWh over the course of a single week.

With that in mind, the Electric Reliability Council of Texas has partnered with Layer1 signing a series of “demand response” contracts. This will allow Layer1 to discontinue operations and instead allow their 100 MW load to flow onto the state’s electrical grid.

JPMorgan predicts that crypto can cause a major geopolitical power shift

JPMorgan predicts that the rising traction of central bank digital currencies can negatively influence the geopolitical power of the United States.

With the U.S. economy largely relying on the U.S. dollar for stability, most analysts ignore the rising influence of alternative currencies and disregard the ever-shrinking role that SWIFT plays in global transactions.

Overall, JPMorgan suggests that there’s a need for central banks to introduce digital currencies, even though they are unlikely to have the revolutionary impact some have hoped.

Bitcoins stolen during the 2016 Bitfinex hack are on the move

Whale Alert reports that $255,000 worth of Bitcoin from the 2016 Bitfinex hack has been transferred to an anonymous user.

In 2016, hackers acquired over 119,756 BTC ($71,8 million) from Bitfinex user’s accounts. These funds were never recovered and the company has since paid off all outstanding debts.

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Originally published at https://swapspace.co.

The Capital


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