Cryptocurrency Market News: Bitcoin and gold to outperform other commodities in 2020

Here is what you need to know on Thursday, June 4, 2020.

Markets:

Bitcoin has become lethargic in its recovery following the mid-week slump to $9,300. The recovery in play is losing ground short of $9,700. BTC/USD is dealing with increased selling activity after an intraday high was formed at $9,687. In the early hours of Monday, Bitcoin stalled at $9,700 before the breakout above $10,000. Therefore, another break above the same zone could catapult Bitcoin upwards as well. For now, the price is teetering at $9,657 amid a building bearish trend.

Read also: Bitcoin Cash Price Analysis: BCH/USD recovery takes a breather between the 50 SMA and the 200 SMA

Ethereum has managed to contain the price above $240. Earlier this week Ether stepped above $250 but hit a wall at $252. At the momentum, it is trading at $244 amid expanding volatility. As long as the price can stay above $240, the potential for another run above $250 will remain intact.

As for XRP/USD, the short term goal is to push the price above $0.21. Meanwhile, the price has advanced upwards from $0.2040 (opening value) to $0.2072 (intraday high). Ripple is trading at $0.2061 while all the bulls’ attention is on breaking $0.21 resistance.

Interestingly, the majority of cryptoassets in the market are in the green just before the European session. Bitcoin Cash is among the biggest single-digit gainers after adding over 2%. Other well-performing digital assets include Ripple (up 1.08%), Litecoin (up 1.35%), IOTA (up 1.01%), EOS (up 1.39%) and Bitcoin Gold (up 1.84%). The biggest gainers in the last 24 hours include Cardano (up 13.05%), Hedge Trade (up 29.54%), THETA (up 11.92%, Siacoin (up 18.67%) and Loopring (15.66%).

Chart of the day: BTC/USD daily

Market:

According to Bloomberg’s June 2020 commodity outlook, Bitcoin and gold are set to continue outperforming other commodities this year. The report reckons that Bitcoin and gold are “top candidates to advance in 2020” mainly due to the COVID-19 pandemic. Moreover, Bitcoin and gold have already outperformed other commodities in the first half of the year. The report stated:

Among the few assets up in this tumultuous year, gold and Bitcoin are building foundations for further price appreciation, in our view.

Explaining Bitcoin’s potential, the report added:

We view the benchmark crypto as a resting bull that likely needs something to change significantly in its 10-or-so-year history to not just resume doing what it was doing: appreciating. If the stock market rolls over, gold and Bitcoin should gain buoyancy.

Industry:

Ripple Ledger is set to bring on board a new feature referred to as “Checks.” Discussions among blockchain validators say that the XRP Checks will function in the same way as paper checks. In this case, the initiator of a transaction will send funds to the recipient who will then “cash-out” the funds at a later date. Note that the funds will remain with the sender until the time of cashing out. This feature would give more control to the senders as they can cancel the checks or set an expiry.

Regulation:

Hester Peirce commonly referred to as “Crypto Mom” has been approved for the second term at the Securities and Exchange Commission (SEC) in the United States. Peirce has since her appointment in 2018 by President Donald Trump advocated for better cryptocurrency regulations. Her renomination means that she will serve with the regulator for another five years. Peirce's popularity in the cryptocurrency industry grew after she dissented on the regulator’s decision to reject a Bitcoin exchange-traded fund (ETF) proposal filed by Cameron and Tyler Winklevoss.