Bloomberg Issues Bitcoin (BTC) Warning, Plus Ethereum, Ripple and XRP, Litecoin, Stellar, Tron

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A technical indicator designed to detect market reversals is flashing its first sell in more than a month.

According to the GTI VERA Convergence Divergence indicator, the price of Bitcoin will likely continue to move lower in the short term, reports Bloomberg. The gauge utilizes typical Moving Average Convergence Divergence (MACD) and attempts to identify increased volatility and delete excess noise.

Meanwhile, veteran trader Peter Brandt sent out a viral tweet identifying a Doji top in Bitcoin’s weekly chart, which could signal the start of a significant market correction. The Doji is a candlestick pattern that’s used to identify potential market reversals based on prior price action.

Doji top on weekly chart begins correction. $BTC pic.twitter.com/9L9YCZbrP8

— Peter Brandt (@PeterLBrandt) June 4, 2019

However, Brandt later clarified that further analysis shows a Doji pattern has not been confirmed across all crypto exchanges.

Most major exchanges did not have a doji top -- only Bitstamp that I can find which is not a credible exchange IMO. Remains to be seen out market will resolve short term, but some broader volatility most likely.
— Peter Brandt (@PeterLBrandt) June 4, 2019

Ethereum

A new demo of an Ethereum-based platform from accounting and consulting giant Ernst & Young is now online. Project “Nightfall” is a transaction protocol designed to move tokens on the blockchain with complete privacy.

Ripple and XRP

Ripple continues to move large amounts of XRP.

The company just sent 50 million XRP, roughly $20 million, to one of its over-the-counter (OTC) distribution wallets that are used to sell the digital asset to crypto exchanges and institutional participants.

🚨 🚨 50,000,000 #XRP (20,558,748 USD) transferred from Ripple to Ripple OTC Distribution wallet

Tx: https://t.co/Mpx3Ussvkp

— Whale Alert (@whale_alert) June 4, 2019

Litecoin

Litecoin’s hash rate hit a new all-time high on Sunday, amid rumors that new mining hardware from Bitmain will soon be released. The hash rate is a sign that the network is thriving as new miners join the network.

Stellar

The Stellar Development Foundation’s Jed McCaleb and Denelle Dixon are hosting a new ask-me-anything on Reddit.

The event is set for Wednesday morning at 10:00 a.m. PST.

Tron

Binance CEO Changpeng “CZ” Zhao says he won’t be able to go to the charity lunch with Warren Buffett. CZ says he was invited by Tron CEO Justin Sun who pledged millions to a charity, winning a lunch date with billionaire investor Buffett and a chance to invite seven colleagues. CZ is passing the torch to outspoken crypto supporter Anthony Pompliano of Morgan Creek Digital.