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Cryptocurrency News Update: BTC recovery stalled, ETH move ahead at full steam

2 min


Here’s what you need to know on Wednesday

Markets:

BTC/USD has stayed mostly unchanged both on a day-to-day basis and since the beginning of. The coin settled above $9,600, but the further upside seems to be limited. The intraday high is registered at $9,663. However, by the time of writing, the price has retreated to $9,645. The short-term trend is bullish, while the volatility is low. 

At the time of writing, ETH/USD is changing hands at $248.50. The price touched $249.26 during early Asian hours, but failed to hold the ground. ETH/USD has gained nearly 3% in the recent 24 hours, and 2% since the start of the day. The coin is moving within a short-term bullish trend amid high volatility.

XRP/USD is hovering at $0.1900, mostly unchanged both on a day-to-day basis and since the start of Wednesday. From the short-term perspective, XRP/USD is trading within a bullish trend amid expanding volatility.

Among the 100 most important cryptocurrencies, DxChain Token (DX) $0.0021 (+21.9%), Bancor (BNT) $1.17 (+18%), Ren (REN) $0.1635 (+13.55%). The day’s losers are Compound(COMP) $236.49 (-19.8%), DigiByte (DGB) $0.0208 (-5.83%), Augur(REP) $17.77 (-4.12%).

Chart of the day:

ETH/USD, 1-hour chart

Markets

Billionaire and founder of Galaxy Digital, Michael Novogratz, confirmed that Bitcoin would resume the recovery and hit $20,000 in the near future. Speaking in the interview with CNBC, he pointed out that once BTC/USD climbed above $10,000, the upside momentum would start gaining traction with the coin first jumping above $14,000 and then to $20,000. He also added that governmental policies would push people towards adopting Bitcoin. However, the coin is more likely to become the digital version of gold rather than a means of payment for everyday purchases.

Blockfyre’s co-founder and a partner of the Moonrock Capital Foundation, Simon Dedic said that XRP, Bitcoin Cash, Bitcoin SV, Litecoin and EOS were among the worst cryptocurrencies that would eventually cease to exist. He explained that those coins did not deserve a place in top-10, thus they would soon be replaced by a more quality projects. 

Bitcoin Cash, SV and Litecoin duplicate Bitcoin’s functionality, EOS is a centralized version of Ethereum, while XRP is against the spirit of the blockchain industry, he added.

Industry

According to the data provided by CoinMetrics the Coinbase Pro listing announcements produce only mild effect on the cryptocurrency market, contrary to the general opinion. The experts believe, that the so-called Coinbase effect is grossly overstated. The report published by CoinMetrics revealed that tokens demonstrate a median price performances between -1% and +14% against USD, Bitcoin (BTC), and Ether (ETH) around the listing.

Binance announced delisting of all trading pairs with StableUSD (USDS) effective as of June 24, 2020, 7:00 AM (UTC). The exchange have already suspended deposits and withdrawals of the coin, thus now users can continue holding their tokens until the delisting and swap USDS balance with BUSD at a ratio of 1 USDS = 1 BUSD; or trade out of the existing USDS tokens.

Regulation

The central bank of Brazil suspended WhatsApp payment features to assess risks created by Facebook’s app to the traditional financial sector and “to preserve an adequate competitive environment”. Mastercard and Visa received orders to suspend processing money transfers on behalf of the app. Disobedience would lead to heavy fines and administrative sanctions. Notably, Brazil is the second largest market for WhatsApp with over 120 million users. The company launched its payment system in Brazil earlier this month. 

 

 

Source: www.fxstreet.com


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