Weekly Crypto Recap with NewsCrypto
Welcome back, NewsCrypto enthusiasts! It's time for another edition of the NewsCrypto newsletter.
Just like a good workout helps you stay in shape, our newsletter will help you stay on top of the ever-changing world of cryptocurrency. So let's get pumped up and dive into the latest crypto news.
What’s on the menu today?
1. Breaking Crypto News
2. BTC TA Analysis
3. Panic over Bitcoin congestion
4. Funniest Meme of the week
Before we continue, something is brewing and a Launch is not far away.🔥
Want to know more? Click on the button👇
News Recap
· Federal Reserve Raise Interest Rates Another 25bps· White House Proposes 30% Tax on Electricity Used for Bitcoin and Crypto Mining· El Salvador President Signs Law Eliminating Taxes on Technology Innovations
· Binance Halts Bitcoin (BTC) Withdrawal, Cites Network Congestion· Binance to Enable Bitcoin Lightning Network Withdrawals · Liechtenstein Prime Minister Wants Citizens to Pay for Government Services With Bitcoin
Do you want to read more about each piece of new? Check out the news section on our educational platform here
Bitcoin Ta analysis
· Crypto Fear and Greed Index update
· Bitcoin Daily Time Frame
Bitcoin is at a strange spot right now. The S/R zone at $28.500 is getting invalidated most of the time. The price goes above and below the zone as if there was no supply/demand zone.
TA wise:
- A triangle pattern formed - it’s not a perfect Bullish Symmetrical Triangle but it can be associated with it. If the bottom line of the triangle holds, we could see a bounce to the upper line. If the upper line is broken, we could again expect a small run from Bitcoin.
We think the big catalyst could also be the CPI data, which will be posted on Wednesday. The y/y CPI data posted last month was 5 %. Currently, 5 % is forecasted for this month. If the realized data is below 5 %, we could see a bounce in the whole crypto market.
If not, we could expect Bitcoin to test the lower Support zone at $25.000, which would come with the EMA200 confluence.
Bitcoin’s recent surge in activity due to high demand, not an attack
Bitcoin transaction fees have caused concern on Crypto Twitter about a potential DoS offensive on the network. However, some Bitcoin analysts have been quick to reassure their followers that Bitcoin is not under attack.
At present, Bitcoin average transaction fees are $19.20, with the backlog of transactions standing at 459,341. This has caused total fees per block to exceed the block subsidy reward of 6.25 BTC on May 7, leading to higher transaction fees.
However, this surge in activity is not the result of a DoS attack, but rather a rise in Ordinals inscriptions, causing demand on the network to increase.
Some Bitcoin analysts speculated that it was due to demand, not a premeditated attack. A CT persona jokingly told his followers "Bitcoin mempool finally gets some usage and the maxis are framing it as a DoS attack on the network. They really have not considered even the most basic scenarios, like 'Bitcoin becomes popular and people are willing to pay to use it'".
On May 8, Binance suspended Bitcoin transactions due to the large volume of pending transactions, causing some to wonder if it was a DoS attack. However, it appears that demand is the primary reason for the increased activity on the network. Later on, Binance announced they will enable Bitcoin lightning network withdrawals.
