Take a closer look at what’s happening in the world of crypto with U.Today’s news digest!
Here are the top four news stories presented to you by U.Today.
Tron DAO attacked: USDD depeg causes 16% TRX collapse
Monday has been a hard day for the entire crypto industry, and especially so for Tron DAO. Tron’s algorithmic stablecoin, USDD, temporarily lost its peg to the dollar, which affected TRX, the network’s native token, making it drop more than 16%. Justin Sun, head of the Tron Foundation, stated that Tron DAO took action to keep the USDD pegged to the dollar by injecting 700 million USDC. Following the statement, USDD has recovered to $0.99. However, despite the rebound in the peg, TRX is still declining. Thus, Sun announced that TronDAO will direct $2 billion to combat negative funding on Binance. Since then, TRX has managed to show a small bounce but still remains trading in red.
Binance temporarily halts Bitcoin withdrawals amid market mayhem
Major cryptocurrency exchanges experience performance issues when severe market volatility occurs, and Binance is not an exception. In a tweet yesterday, Binance CEO Changpeng Zhao announced that due to extreme market turbulence, the crypto exchange has temporarily halted Bitcoin withdrawals. The reason for the suspension of withdrawals lies in a backlog caused by a stuck on-chain transaction. Despite the issue, Zhao has assured users that their funds are safe. The withdrawals were supposed to resume in about 30 minutes, the CEO’s post stated, but it took the Binance team three hours to make the withdrawal operations available.
Peter Schiff names “the only price” that can happen to BTC soon
Davinci Jeremie, early adopter of Bitcoin and Ethereum, has recently asked gold bug Peter Schiff whether the flagship crypto is going to drop to $2,000 or surge to the highs of $200,000. Known for his love for criticizing Bitcoin, Schiff replied that the $200,000 price mark will “never happen” to BTC, adding that the only goal Bitcoin will ever be able to reach is $2,000. Over the weekend, Euro Pacific Capital CEO has also opined on the price movement of Bitcoin, as well as of Ethereum. He believes that both cryptocurrencies will continue plunging, with BTC plummeting to $20,000 and ETH declining to $1,000.
Bitcoin bulls may wait years for new peak, says Peter Brandt
According to Peter Brandt’s prediction, it will take at least two years for Bitcoin to hit a new all-time peak. The prominent chartist expects the king crypto to enter “a giant uptrend” by this time. Meanwhile, Brandt remains bearish in the short term. He believes that Bitcoin may fall to lows of $12,700 if it fails to close above the May 31 high on the weekly chart. Yet, the trader thinks that the $20,000 support is “very solid,” implying that the most bearish scenario remains unlikely for the time being. Besides, Brandt is convinced that the U.S. dollar index (DXY) is going to surge even higher later this year. In fact, Brandt believes that it may soar as high as 119, which would likely be extremely bearish for risk assets such as Bitcoin.