One week in review:
June 29–July 5 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Bored with Bitcoin? This price level is key for a big breakout | | | It has been a sleepy week in the crypto markets — and there's barely been any movement in Bitcoin. At the time of writing, BTC is down 0.75% compared with where it was seven days ago. Traders were braced for a big drop this week after Bitcoin dipped below $9,000 for the seventh time in two months. | | | Cointelegraph analyst Michaël van de Poppe says BTC is consolidating below $9,300, but this isn't necessarily bearish, as a major breakout may be in the works. He's warned support must hold at $8,900–$9,000 to prevent a further drop into bearish territory — and a key resistance level at $9,300 must be broken. | | #2. Authorities take down biggest criminal chat network yet | | | Police forces across Europe have "successfully penetrated" an encrypted chat network that suspected top-tier criminals used to ferry drugs and import guns. Almost 800 people, including two law enforcement officers, were arrested as part of a dramatic three-month operation. The network is called EncroChat, and the company behind it sold modified Android phones that offered a guarantee of anonymity. | | #3. Report: $300 billion worth of food will be traced using blockchain and IoT by 2027 | | | A new report by Cointelegraph Consulting and VeChain forecasts that food items worth $300 billion will be tracked using blockchain technology every year by 2027. As well as solving some of the industry's most pressing challenges, the research suggests that businesses could also save $100 billion annually. | | | It's estimated that as much as 20% of global wine sales are counterfeit — and up to 70% of wild salmon and Atlantic cod are "disguised by species that are less desirable, cheaper or more readily available." Global industry leaders such as Walmart, Carrefour and Dole are among those who are already using blockchain to track items along the supply chain. | | #4. Prediction of the Week Bitcoin set for $288,000 bull run in 2020, popular BTC price model says | | | PlanB has updated his stock-to-flow forecast — and according to his popular model, the next big shift in Bitcoin's price is set to come before the end of 2020. Despite BTC struggling to hit $10,000 right now, the analyst believes the world's biggest cryptocurrency is on track to begin surging toward $288,000 in a matter of months. PlanB's model has faced criticism of late, but he maintains that critics have yet to produce a viable alternative to his forecast, which has traditionally tracked price behavior extremely accurately. | | #5. FUD of the Week Russian court: Theft of 100 BTC isn't a crime because Bitcoin isn't property | | | A Russian court has effectively declared that Bitcoin theft is not a crime. Back in 2018, two men impersonating FSB agents kidnapped someone and forced him into giving them 5 million rubles ($90,000) in cash and 99.7 BTC — worth about $900,000 at the time. | | | The kidnappers were sentenced to eight and ten-year prison sentences, respectively — and as part of the criminal proceedings, the victim asked the court for the thieves to repay the funds they stole from him. | | | Although the court said the criminals must repay the rubles, it declared it is unable to satisfy the claim for the BTC because cryptocurrencies aren't recognized by Russia's laws as legal tender. | | #6. FUD of the Week Uber angel investor: "99% of crypto projects are garbage" | | | Prominent angel investor and internet entrepreneur Jason Calacanis says 99% of altcoin projects are "garbage" run by unqualified individuals but holds out hope for the 1% with the power to change the world. Calacanis, who backed the ride-hailing app Uber and the crypto trading app Robinhood, claimed almost all projects are under the control of "unqualified idiots" or "grifters" with below-average skills. "I'm waiting for that 1% to deliver their product so I can talk to their customers," he added. | | Feel free to explore the most important news with Hodler's Digest by Thomas Simms:
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