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Bitcoin News Summary – June 24, 2019

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Here’s what happened this week in Bitcoin in 99 seconds.

The bull trend continued this week, driven by Bitcoin’s breakout above the $10,000 level. After breaking through $9,000 resistance, Bitcoin gained momentum to reach as high as $11,150 on Saturday. These are the highest levels seen since June of 2018. In fact, according to our very own HodlCalc, there have only been 70 days in all of Bitcoin’s existence, where buying and holding Bitcoin was considered unprofitable.

Facebook, the social media giant unveiled its highly anticipated and until-now secretive cryptocurrency, Libra. The Libra token will run on a blockchain network secured at launch by 100 distributed computer servers, which will eventually be fully governed by the independent Libra Association. The group of 28 founding members of the Libra Association includes Visa, Mastercard, PayPal, Uber, Lyft, Coinbase, and others.

Crypto mining hardware giant Bitmain is said to be relaunching its IPO plans, but this time in the U.S. instead of Hong Kong. Bitmain is consulting with advisers over a U.S. public listing, potentially in the second half of 2019.

And finally, Kaspersky Lab, the famous Russian anti-malware firm, released a cryptocurrency survey stating that 19% of people have bought some form of crypto. The report also stated that only 10% of people feel they understand how cryptocurrencies work. 31% of respondents said that crypto prices need to be more stable before they’d get involved.

That’s what happened this week in Bitcoin. See you next week.  

Having delved into futures trading in the past, my intrigue in financial, economic, and political affairs eventually led me to a striking realization: the current debt-based fiat system is fundamentally flawed. This revelation prompted me to explore alternative avenues, including investments in gold and, since early 2013, Bitcoin. While not extensively tech-savvy, I've immersed myself in Bitcoin through dedicated study, persistent questioning, hands-on experience with ecommerce and marketing ventures, and my stint as a journalist. Writing has always been a passion of mine, and presently, I'm focused on crafting informative guides to shed light on the myriad advantages of Bitcoin, aiming to empower others to navigate the dynamic realm of digital currencies.

View all Posts by Alexander Reed

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