Crypto Market News: Bitcoin on the springboard to $10,000

Here is what you need to know on Tuesday, June 16, 2020.


The crypto landscape is finally getting ready for spring as the ground turns green. Monday was mostly a gruesome day for investors as digital assets unexpectedly fell below critical levels, especially for the major coins; Bitcoin, Ethereum, and Ripple. Recovery has, however, ensued with Bitcoin stepping above $9,500, Ethereum testing the resistance at $235, and Ripple knocking on $0.1950.

The total market capitalization is back to the same levels recorded on June 14 at $268 billion after a minor dip on Monday. In the same period, the trading volume surged from $60 billion to the current $88 billion. The market cap has been growing steadily over the last few months considering that it sunk to approximately $169 billion in March.

BTC/USD is up 1.34% to trade at $9,555 from an opening value of $9,429.73. Volatility in the market has increased and Bitcoin is likely to continue with the journey to $10,000 if the hurdle at $9,600 is broken. For now, the main goal is to establish support above $9,500. This will give the bulls an opportunity to concentrate on rallying to $10,000.

As mentioned, Ethereum corrected from the low at $220 and has tested the resistance at $235. The price is taking a breather above $230 after adjusting lower from the intraday high of $234.39. The price is doddering at $232 the time of writing amid high volatility and a growing bearish grip.

Ripple managed to climb above $0.19 after a retest of the support at $0.1850 on Monday. There has been a minor 0.14% growth on the day with XRP/USD trading at $0.1927 from the opening value of $0.1925. XRP has tested the short term resistance at $0.1940 but hit an intraday high of $0.1940. With the trend turning bullish and the volatility expanding, additional gains will not be a piece of cake, at least for the European session.

Consequently, some of the most improved digital assets on the day include NEO (1.44), Bitcoin Gold (1.8%), and EOS (0.86%). Among the top 100 cryptoassets, the best-performing in the last 24 hours include Cardano (9.30%), Maker (15.85%), DigiByte (12.12%), Zilliqa (20.42%), Siacoin (26.34%), Verge (32.71%), Aave (19.60%), Ren (20.19%) and SwingBorg (15.44%).

Chart of the day: BTC/USD hourly 

BTC/USD price chart


According to a survey conducted by a Japan-based cryptocurrency exchange, BitMax, crypto holders have a higher preference for Ripple (XRP) compared to Ethereum (ETH). Cryptocurrency investors in Japan prefer to hold Ripple and Bitcoin as opposed to Ethereum. The results of the survey showed that Ripple and Bitcoin are preferred almost in the same measure. Among the traders who responded, 25% hold XRP, 26% hold BTC, and only 9% hold ETH.

While this survey alone is not definitive in nature, Japan Virtual Currency Exchange Association (JVCEA) released almost similar results in December 2019. Bitcoin still dominates the crypto market share, followed by Ethereum. Ripple was recently displaced from the third position by the leading stablecoin, Tether. In terms of performance, Ethereum has performed relatively better than Ripple in 2020 and the margin is set to increase with the speculation surrounding Ethereum 2.0 launch and the staking.


Casa, a crypto custody company has unveiled a new Bitcoin wallet that is tailor-made for beginners in the cryptocurrency industry. The wallet has a dedicated private key management service. The development was made possible after Casa secured funding from Mantis VC, a venture capital fund. The requirements needed to use the wallet are only a first name and an email address. This is to ensure privacy while withholding personal information.

According to a report by CryptoNinjas, Banco Rendimento, an enterprise blockchain solutions provider, is the first to launch RippleNet Cloud. The bank will utilize Ripple’s blockchain technology entirely in the cloud. With RippleNet cloud, banks and other payment platforms can utilize Ripple’s solutions while minimizing on setup costs. The cloud service works in the same way as the usual RippleNet to provide a link between financial institutions for the transfer of payments. According to a statement by Luiz Antonio Sacco, Managing Director – Latin America at Ripple:

We (Ripple) first announced plans to grow the RippleNet ecosystem in Brazil a year ago and with Banco Rendimento migrating to RippleNet Cloud, we’re excited to see our footprint in the region continue to grow. Brazil continues to lead in fintech innovation and is well-positioned to forge a path for the rest of Latin America to follow.


The chairman of the Commodity Futures Trading Commission (CFTC), Heath Tarbert, said that the regulators in the US must begin to approach oversight of blockchain, fintech, and cryptocurrencies based on broader principles and not specified rules. In other words, regulations should not impose red tapes but encourage innovation. In a framework published by the Harvard Business Review, Tarbert wrote that “Principles-based regulation also discourages ‘loophole’ behavior and ‘checklist’ style approaches to compliance with the law.”

Quote of the day:

“Another area where principles-based regulation is generally appropriate is with respect to developments in financial technology (fintech), including blockchain and digital assets. [...] It is my view that the United States must lead the world in this technology, and applying overly prescriptive rules could stunt the development of this important market.” (CFTC chairman, Heath Tarbert).


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Cryptos enter buy zone

Bitcoin price has made a significant dip this week, dropping more than 11% and returning levels not trades since August 2021. Etheruem price hits new three-month lows, threatens a return to the $2,300 value area. XRP price looks determined to push lower to the $0.65 support zone before generating another bull run.

More Cryptocurrencies News

Loopring, NEAR and Harmony among the biggest losers as crypto bloodbath intensifies

Altcoins suffered double-digit losses in the recent crypto bloodbath. The recent spike in altcoin prices was followed by a correction for Loopring, Harmony and NEAR. The losses nursed by altcoins were accompanied by a wave of selling pressure across exchanges. 

More Cryptocurrencies News

Shiba Inu price set to crash by 70% as critical support weakens

Shiba Inu (SHIB) price continues to be controlled by bears after the dead-cat bounce in stock markets yesterday evening. With the Nasdaq closing sharply lower, giving up earlier gains, cryptocurrencies are being dragged into a selloff on its coattails, and bearish headwinds  persist. 

More Shiba Inu News Price Prediction: CRO ready to return to $0.25 Coin (CRO) is withstanding the current market headwind not that great. It has already lost over 50% of its value from the highs, and CRO could be set to lose another 30% as essential support is being breached.

More News

Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis