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Analyst: As Long as Bitcoin Holds Above $6,400 The Case for BTC Bulls is Strong

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Despite briefly dropping below $7,000 earlier this week after incurring a sudden influx of selling pressure, Bitcoin has been able to hold steady above $7,000 and has since tepidly advanced higher.Although many analysts and traders alike believe that the upwards momentum Bitcoin has incurred over the past several weeks was put into jeopardy by the recent drawback, one prominent analyst believes that Bitcoin is still bullish, so long as it holds above $6,400.Bitcoin (BTC) Climbs Back Towards $7,400At the time of writing, Bitcoin is trading up 3% at its current price of $7,380, up slightly from its daily lows of roughly $7,000.Over a one week period, Bitcoin is down from highs of nearly $8,400 which were set this past Wednesday. Although this price was a fresh year-to-date high for the cryptocurrency, its bulls were not able to extend the cryptocurrency’s upwards momentum, which has since slowed significantly.Despite this, the recent pullback may actually be bullish for BTC, as it may allow the crypto to garner greater levels of buying pressure that could ultimately allow it to continue surging higher as it continues recovering from its 2018 lows of $3,200.Fawad Razaqzada, an analyst at Forex.com, recently spoke to MarketWatch about Bitcoin’s recent price action, noting that the latest pullback actually constitutes “healthy” price action.“In fact, bitcoin is looking extremely ‘overbought’ in the short-term. So, for the sake of healthy price action, bitcoin will either need to correct itself or, ideally for the bulls, consolidate for a while before it makes further gains,” he said just prior to the recent drop.Analyst: BTC Still Bullish as Long as It Holds Above $6,400 The recent drop has led many analysts to have conflicting opinions as to whether or not the latest rally is emblematic of the early stages of a long-term bull run, or if it is simply a fleeting bull trap.Don Alt, a popular cryptocurrency analyst on Twitter, shared his thoughts on BTC in a recent tweet, noting that he will be bullish on the crypto as long as it holds above $6,400.“$BTC weekly update: Resistance rejects, support supports. And people say TA doesn’t work. As long as 6400 holds I’ll be a better perm-bull than Parabolic Trav ever was. This still looks gorgeous to me and I won’t touch the red button for quite a while,” he noted.$BTC weekly update:Resistance rejects, support supports.
And people say TA doesn’t work.
As long as 6400 holds I’ll be a better perm-bull than Parabolic Trav ever was.
This still looks gorgeous to me and I won’t touch the red button for quite a while. pic.twitter.com/hVRmD40vjJ— DonAlt (@CryptoDonAlt) May 18, 2019 As the weekend continues on and Bitcoin’s price action continues to unfold, analysts will likely garner greater insight into how significant this recent price surge will be in the long-term.Featured image from Shutterstock.

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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