Gate.io’s Daily Market Trends _June 8th_: Bitcoin Falls Under $34,000. President Trump: “Bitcoin Is a Scam, Goes Against Dollar”

As of 12:00 Beijing time, Bitcoin’s price was US$32,819.54 and Ether’s price was US$2,485.80. Bitcoin’s price fell below the 5 day moving average of $33085.08 after failing to reach $37,000. Some analysts blamed the drop on 2 reasons: President Trump criticized Bitcoin as “a scam against the Dollar'', and the US Department of Justice had to sell nearly 63.7 bitcoins currently valued at $2.3 million. The ransom money was paid by Colonial Pipeline to DarkSide. During the Bitcoin Conference in Miami over the past few days, many famous speakers, including Twitter's CEO Jack Dorsey, expressed their support for Bitcoin. The price has not yet reflected their positive sentiment..


According to Gate.io data, a total of 77,258 traders have suffered liquidation in the past 24 hours, with a total amount over $556 million.


A threatening video from Anonymous targeting Elon Musk was posted on June 5th. They called Musk “another narcissistic rich dude who is desperate for attention."


According to the Department of Justice, 63.7 of the 75 bitcoins paid to the hackers by Colonial Pipeline were recovered. In May, Colonial Pipeline, one of the largest pipeline systems in the US was hacked and shut down. This led to a stage of emergency that was declared by the U.S. government. The company paid nearly $500 million in Bitcoin as ransom to the hackers.


Former U.S. President Donald Trump called Bitcoin “a scam” during an interview with Fox Business. Trump claimed “I don’t like it because it’s another currency competing against the dollar, I want the dollar to be the currency of the world.”


For the first time, employees of ForUsAll are now allowed to provide alternative investment options, it announced on Monday. ForUsAll is one of the leading retirement investment platforms offering 401(k) to small businesses. Employees will be able to trade over 50 different cryptocurrencies under their partnership with Coinbase.


Author: Gate.io Researchers: Gazer. C
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