Litecoin is one of the first open-source altcoins based on the original Bitcoin code. It was initially a strong competitor to the first cryptocurrency. However, as the cryptocurrency market expanded, Litecoin’s popularity gradually declined.
The growth of bitcoin did not last long – the key events of the week
The price of bitcoin rose above $10,000 for the first time in three months, and then fell sharply to $9100
On the night of June 2, bitcoin reached $10,400, there has not been such a local maximum since mid-February. Galaxy Digital CEO Mike Novogratz linked the growth of cryptocurrencies with the tragic upheavals in the United States. But the rally was short-lived: in just a few minutes, the price of the main cryptocurrency collapsed from $10,000 to $9500, after which it quickly dropped to $9100. The trend of bitcoin was repeated by most altcoins.
According to the graph of the analytical company Glassnode, large mining pools have sharply reduced the number of bitcoin sales since May 14, when the rate of the main cryptocurrency reached $ 9,700.
In addition, experts noted the influx of investors to the stock exchanges during the rate increase to $ 10,000, but after the rollback to $ 9,500, the indicators returned to their previous values.
The head of Crypto Quant, Kai Yang Ju, believes that the sharp collapse from $10,000 to $9,100 in a few minutes was provoked by the sale of 2,293 bitcoins by a mining pool, which is not very well known to the public yet.
This once again confirms the fact that the market is very sensitive, incl. to the actions of the miners.
Commissions in the bitcoin network fell after halving
The average commission has decreased by 66% and now stands at $2.25. This trend is due to the unloading of the mempool of the network. In 11 days, the network managed to eliminate the queue of unconfirmed transactions by 99%.
Along with the commissions after halving, the popularity of bitcoin on Twitter also decreased. In less than a month, the number of tweets decreased from 82 thousand to 28 thousand.
Bittrex and Poloniex were involved in the proceedings in the case of artificially inflating the price of bitcoin
To the case against Bitfinex and Tether, Bittrex and Poloniex were accused of manipulating the exchange rate during the bitcoin rally in 2017. It is claimed that the exchanges contributed to the rise in the price of BTC to a historic high of $ 20,000, when Tether issued USDT tokens without real collateral, thereby deceiving investors.
Trading platforms organized the purchase of cryptocurrencies according to the plan in order to create the appearance of liquidity and high demand.
Canada legalized the activities of bitcoin companies
Since June 1, the Canadian authorities have obliged all local and foreign cryptocurrency companies to register with the Financial Transactions and Reporting Analysis Center (FINTRAC) and adhere to its requirements. These companies now belong to the category of money transfer services.
The head of the Canadian Bullbitcoin cryptocurrency exchange, Francis Pulio, noted that the 7-year lobbying of the cryptocurrency among the country's authorities was crowned with success. The only thing that stops from the final victory so far is mandatory reporting and user identification for transactions in excess of 10,000 Canadian dollars.
