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Bitcoin broke 9,000 USD, Bitcoin SV is up over 200%, Coinbase adds EOS
May 31  |  3 min read

Breaking the Wall

BeQuant Analytics, a daily cryptocurrency market analysis contributor

Heading into today’s CME Bitcoin futures expiry, Bitcoin briefly broke above the $9k level before immediately correcting to the $8.6k area. Further correction ensued shortly after, and around $200m was liquidated as a result. The choppy price action comes as no surprise, especially as the market attempts to break through to the key 10k level. In addition to that, the crypto mining difficulty has reached an all-time high as of 7.46 T (prev high of 7.45 T), the difficulty increased by 11.26% with block 578,592. Short-term, expect further correction coupled with an aggressive tightening of the contango spread. However, it is unlikely that the cryptocurrency market will enter into an extended correction period just yet, especially since 10k has yet to be tested.

It is worth pointing out that month-to-date, Bitcoin and Ethereum are up over 50%, while Bitcoin SV (BSV) is up over 200%. As a result, Bitcoin Cash and Bitcoin SV retraced some of the decoupling that took place earlier in the year amid the media controversy surrounding the team behind BSV. In spite of the aggressive squeeze higher by BSV, the outlook remains bullish (unless the overall market undergoes a broad correction). Specifically, the newest iteration of the BSV client has been rolled out by the Bitcoin SV Node team. On May 20th, the Scaling Test Network (STN) saw the first impacts of this upgrade, which increased its maximum acceptable block size to 10GB (with default produced blocks set to 128MB). Going forward, on July 24, with the Quasar Protocol Upgrade, the mainnet and testnet will have their block size settings increased. The current maximum acceptable block size of 128MB will increase to 2GB, and the default produced block sizes will increase to 128MB. Further supporting the project is the most recent announcement that Squire Mining has agreed to purchase companies with cloud computing assets totaling 2,985 petahash to become one of the world’s largest public crypto mining companies. Some of the transaction highlights:

  • Create a leading blockchain business, with one of the largest public portfolios of mining rigs (pro forma the Transaction, Squire will own and operate approximately 217,000 mining rigs, representing approximately 3,300 petahash);
  • The Transaction will diversify Squire’s mining rigs with regards to geographical location as the Transaction assets are located in the United States, Canada and China. Squire’s current fleet is currently operating out of Kazakhstan.

In other news, Coinbase has announced it will be adding EOS to its custodial wallet, effective immediately. Aside from this, EOS Cafe Block announced the launch of EOS Domain Name System, EOS DNS, its Decentralized Website Domain. EOS DNS (Domain Name System) allows users to connect a unique EOS account name to an EOS domain, giving every user with an EOS account access to an EOS domain.

Elsewhere, as reported by Cointelegraph, the Japanese Financial Services Agency (FSA) showed a cautious approach towards cryptocurrency-based exchange-traded funds (ETFs) in comments at the finance committee of the upper house of the National Diet.

Finally, the Securities and Exchange Commission (SEC) will convene for its first FinTech Forum on May 31 at the agency’s headquarters in Washington, D.C., discussing a range of issues related to digital assets and distributed ledger technology (DLT).

Thank you for reading,
The BeQuant’s Analytics team