🗞 Daily Crypto News, June, 1st💰

$10,000 Bull Trap? Why Bitcoin Price Is Now Likely to Pull Back;
Amid Youtube Censorship, Individuals Flock to Decentralized Video Sharing Apps Like Lbry.tv;
The Battle for the Future of Money, Feat. Lawrence Summers, CZ, Michelle Phan, the Winklevoss Brothers, The Chainsmokers and More;
UK Government Seizes $185 Million From Dormant Bank Accounts for Crisis Relief;
What Are Leveraged Tokens And Should You Trade Them?;
🗞 Daily Crypto Calendar, June, 1st 💰

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

🗞 $10,000 Bull Trap? Why Bitcoin Price Is Now Likely to Pull Back

Bitcoin (BTC) price was once again sideways last week with price action between bulls and bears proving to be equal. But scenarios look likely for Bitcoin as we approach the month of May comes to a close?

Let's take a look at what's happening with the largest cryptocurrency by market capitalization, BTC.

A bullish monthly candle close

Starting out on the monthly, we can see that Bitcoin grew in value by nearly 25% in the month of May. This is always a nice thing to see. However, since the March 12 dump, it's nothing for long term hodlers to get excited about just yet.

🗞 Amid Youtube Censorship, Individuals Flock to Decentralized Video Sharing Apps Like Lbry.tv

In mid-May, news.Bitcoin.com reported on one of our mining pool videos being censored and banned from the video-sharing platform Youtube. The report had shown how Youtube has been censoring videos for a long time now, and the CEO specifically told the public certain coronavirus films would be removed. Youtube’s censorship has caused a number of individuals to search for decentralized video sharing platforms, and one particular project called Lbry.tv has been gathering a lot of traction.

Censored Youtubers Are Migrating to Lbry.tv

.Censorship is abundant these days, as many of the massive social media platforms and video sharing sites are censored and policed on a regular basis. Just recently, Bitcoin.com’s official Youtube account was warned for sharing a video about bitcoin mining and people witnessed mass censorship on Youtube caused by the coronavirus.

Lbry is a new protocol that allows anyone to build apps that interact with digital content on the Lbry network. Apps built using the protocol allow creators to upload their work to the Lbry network of hosts (like Bittorrent), to set a price per stream or download (like iTunes) or give it away for free (like Youtube without ads). The work you publish could be videos, audio files, documents, or any other type of file.

🗞 The Battle for the Future of Money, Feat. Lawrence Summers, CZ, Michelle Phan, the Winklevoss Brothers, The Chainsmokers and More

As the economic dimension of the COVID-19 crisis comes into clearer view, what have we learned about the battle for the future of money? Does the dollar reign supreme? Are within-the-system competitors like the euro or China’s digital yuan gaining ground? Does an outside the system alternative like bitcoin stand a chance?

Listen to the Podcast on Spotify here

🗞 UK Government Seizes $185 Million From Dormant Bank Accounts for Crisis Relief

The UK government is seizing funds in dormant bank accounts worth approximately $185 million to fund its coronavirus relief efforts. So far, 30 banks have been voluntarily transferring money from dormant accounts to the government, including HSBC, Barclays, Clydesdale, Credit Agricole, Danske, Santander, Lloyds, and Bank of Scotland. The government has also proposed adding other types of assets that can be seized, such as insurance policies and share proceeds.

The U.K. government announced last week that “£150 million [$185.74 million] from dormant bank and building society accounts is to be unlocked to help charities, social enterprises and vulnerable individuals during the coronavirus outbreak.”

UK banks and building society accounts collectively hold over £1.3tn of customers’ money in savings or current accounts that would be eligible under the Dormant Bank and Building Society Accounts Act 2008.

🗞 What Are Leveraged Tokens And Should You Trade Them?

The digital asset markets are continuously evolving and innovating to accommodate different types of traders. One of the latest innovations in the crypto trading space is leveraged tokens.

In this article, you will be introduced to leverage tokens, how they work, and we discuss their benefits and drawbacks.

A leveraged token is a financial derivative that enables you to gain exposure to a leveraged trading position in a digital asset without the complex aspects of managing a margin trade.

In the screenshot below, for example, you can see 3X Long Bitcoin Token - traded on FTX - that represents a three times leveraged long position on bitcoin (BTC) on a daily basis.