Cryptocurrency Market News: A new form of token sale called DYCO is gaining popularity, Ethereum could benefit
Here is what you need to know on Tuesday, June 9, 2020
BTC/USD remains trading around $9,700 after some volatility today that took the digital asset down to $9,500 before recovering almost instantly.
ETH/USD is in a similar situation and also saw a significant crash to $238 but it’s now trading above $242 and continues defending the daily 12-EMA.
XRP/USD is still flat and trading above $0.20 but has lost the 12-EMA and the 26-EMA on its daily chart.
Like yesterday, the market has been quiet today except for a few coins. MakerDAO had yet another bull break and managed to crack $700 while SwissBorg, ranked 92nd on Coinmarketcap, has seen a 32% price increase today. Kyber Network makes its way into our list again with a 13.4% price surge following up yesterday’s bull break.
Chart of the day: LTC/USD daily chart
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Market
A South African Blockchain Startup has raised $3 million for its P2P renewable energy platform and it’s considering expanding to other African areas. Good news from Australia as well, New Zealanders will have access to vending machines that accept cryptocurrencies. According to a recent announcement by ‘Centrapay’, Coca-Cola vending machines will accept Bitcoin. An added benefit of using cryptos is the reduction of how much people need to touch the vending machines which in return, greatly decreases the chances of getting infected with the most recent Coronavirus.
Industry
Orion Protocol, a decentralized trading terminal, recently announced a token sale of its native token ORN. The team of Orion Protocol opted to use a new fundraising method called the DYCO (Dynamic Coin Offering) which intends to change the way traditional ICO’s are conducted by allowing participants to refund their tokens for 80% of their value and burning all the refunded tokens.
More news from South Korea as the government is planning to allow citizens to access some government services using a blockchain-based identification platform. The application will allow any citizen to access a wide variety of government services through a public blockchain platform.
Quote of the day
I’m starting to think that the people buying Nikola at $80 could be the same people who bought bitcoin at $20,000.
Douglas A. Boneparth
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
