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Bitcoin Set to Record 10-Week Losing Streak
Bitcoin (BTC) is on track to record 10 consecutive weeks of losses for the first time in its history. Quantfury CEO Ali Pourdad dicusses the potential factors driving prices lower and where we’re headed next. Plus, reactions to the latest U.S. jobs report, Elon Musk seeking 10% job cuts at Tesla.
Elon Musk Has ‘Super Bad Feeling’ About Economy: Report
According to Reuters, Tesla CEO Elon Musk is looking to cut 10% of the electric automaker’s workforce and is sounding the alarm about the state of the U.S. economy. “The Hash” panel discusses his comments as more crypto firms are slashing jobs.
Tough Time for Miners: NY Passes Moratorium; Riot Blockchain Sells More Bitcoin
Miners are facing new headwinds amid the market downturn. Riot Blockchain (RIOT) is unloading more than half of the bitcoin it mined in May. Separately, the New York State Senate passed a bitcoin mining moratorium, barring new proof-of work (PoW) mining operations powered by carbon-based energy sources for two years.
Bitcoin Nearing Downside Exhaustion Signal
Bitcoin (BTC) pared earlier gains after buyers took some profits below the $33,000 resistance level. The cryptocurrency could find support, initially at $27,500 and then at $25,000. For now, BTC is roughly one week away from registering a downside exhaustion signal. “All About Bitcoin” host Damanick Dantes breaks down the Chart of the Day.
CFTC Sues Gemini Over Bitcoin Futures Case From 2017
The Commodity Futures Trading Commission (CFTC) sued Gemini Trust Company LLC on allegations the crypto exchange’s staff misled the federal regulator during Gemini’s 2017 effort to launch trading of what would have been the United States' first bitcoin futures contracts. CoinDesk Managing Editor for Global Policy & Regulation Nikhilesh De discusses the details of the lawsuit and its implications for bitcoin spot ETFs.
Is Bitcoin the Next Nasdaq?
Andrew Edstrom, Wescap Group Financial Advisor and Investor, shares insights into how bitcoin (BTC) could drive returns in investors’ portfolios in the 2020s, just as the top Nasdaq-listed companies did in the prior decade. Plus, his strategies for navigating the “bitcoin winter” and the Terra collapse.
Kimbal Musk on Disrupting Philanthropy With Big Green DAO
Big Green Co-founder & Executive Chairman Kimbal Musk joins “First Mover” to discuss his aims of rethinking the field of philanthropy with the Big Green DAO. Plus, the younger brother of Elon Musk gives his take on dogecoin (DOGE) and the bitcoin energy debate.
Polygon Calling on Terra Projects to Move to its Blockchain
Terra and “LUNA 2” (LUNA) have launched following the collapse of the Terra ecosystem. Their thriving developer community will have to decide whether to continue building on the new Terra or abandon ship to competitor blockchains eager to snatch up talent. Polygon Co-founder Sandeep Nailwal and Polygon Studios CEO Ryan Wyatt discuss on “First Mover.”
Gemini Cuts 10% of Staff, Blames Crypto Winter
Crypto exchange Gemini said that it will lay off about 10% of its employees due to “turbulent market conditions that are likely to persist for some time.” Paul Eisma, XBTO Group head of trading, discusses his outlook on the crypto markets as bitcoin (BTC) struggles to hold above $30,000.
DOJ Charges Former OpenSea Exec With NFT Insider Trading
Former OpenSea staffer Nate Chastain was charged on June 1 with wire fraud and money laundering after trading on confidential information about which NFTs were about to be featured on OpenSea. It’s the first DOJ has pursued an “insider trading” charge involving digital assets.