Cryptocurrency Market News: Bitcoin bulls and bears fight for $9,000

Here's what you need to know on Monday

Markets:

BTC/USD is changing hands at $9020, having recovered from the intraday low of $8,827. The first digital coin has gained 3.5% in the recent 24 hours and 1.6% since the beginning of Tuesday. Now it is trading within the strong short-term bearish bias amid high volatility.

At the time of writing, ETH/USD is changing hands at $208.60. The price tested area above $212.00 during early Asian hours but reversed to the downside. The second-largest coin gained over 4% since this time on Monday. Now ETH is moving within a short-term bullish trend. The volatility is high.

XRP/USD is hovering at $0.2196. The coin has attempted to settle above $0.2200 during early Asian hours but failed to hold the ground. Despite the retreat, it has gained 3.5% since the start of the day.  From the short-term perspective, XRP/USD is trading within a bearish trend amid high volatility.

Among the 100 most important cryptocurrencies, Hyperion (HYN) $0.6020 (+44.8%),  Unibright (UBT) $0.3134 (+32.2%) and ABBC Coin (ABBC) $0.1332 (+26.9%).

The day's losers are Maker (MKR) $345.62 (-3.9%), UNUS SED LEO (LEO) $1.04 (+2.88%), Zilliqa (ZIL) $0.0069 (-2.3%)

Chart of the day:

BTC/USD, daily chart

Market

Bitcoin regained ground above $9,000 as the US authorities are about to print another $3 trillion to prevent the economy from a major crisis. This development that will bring the total government debt to $25 trillion is regarded as a long-term bearish factor for the traditional financial markets. However, in the short run the news may provide support for the stock markets and improve the sentiments on the cryptocurrency markets. Also, money-printing and massive QE polices are touted as a key argument for Bitcoin, which is deflationary by its nature.

Industry

A fintech startup Robinhood raised $280 in series F funding. As a result, the total market valuation of the company reached $8.3 billion.  Robinhood allows users to trade various assets, including stocks and cryptocurrencies. The company reported that over 3 million funded accounts were opened since the beginning of 2020. As a result, the total number of active accounts exceeded 13 million. The app is popular among millennials who like simplicity, lack of commissions and the possibility to trade on the go.

Speaking on CNBC’s “Closing Bell,” the CEO of Galaxy Digital Mike Novogratz said that institutional investors had been pouring money into the cryptocurrency industry recently. He believes that many hedge funds will soon announce that they add Bitcoin to their portfolios.

We are seeing lots of new investors in that space. Hedge funds that are buying it. Not just like individuals managers, but they are buying it in their funds. I think you will see some announcements soon.

 

Regulation

Bitcoin Manipulation Abatement filed a lawsuit against Ripple and its CEO Brad Garlibghise. The company is accused of violating the securities law and failing to register XRP as a security. Apart from that, the plaintiff claimed that Ripple misled investors by providing false information about XRP. According to the court documents:

In order to drive demand for and thereby increase profits from the sale of XRP, Defendants have made a litany of false and misleading statements regarding XRP in violation of California’s securities laws, and false advertising and unfair competition laws.

Notably, such lawsuits are nothing new for Ripple as the company has already faced such accusations from disgruntled investors.

Craig Wright’s Satoshi case will go to trial on July 6. The District Court of Southern Carolina set this date for the trial on the case between Craig Wright and the relatives of Dave Kleiman who accused Wright of misappropriating 1.1 million BTC.  The parties have time until July 3 to settle their dispute out-of-court. Otherwise, the court will deliver judgment in two weeks.