Cryptocurrency Market News: Bitcoin and the rest of the market are trying to recover from a devastating weekend blow


Here is what you need to know on Monday, June 29, 2020

BTC/USD is holding $9,000 for now after a dip below $8,900 on the weekend of June 27. Bulls are trying to recover but the daily downtrend is in full force.

ETH/USD was one of the strongest cryptos, unfortunately, bulls couldn’t defend the low of $225 and lost the daily uptrend dipping below $220 towards $216. 

XRP/USD, as usual, remains the weakest cryptocurrency currently trading at $0.177. On June 27, XRP dropped to $0.169 taking out several support levels.

The clear winner today has been SwissBorg with a 48% price increase over the last 24 hours. The next in line is Nervos Network with a 15% value surge and Bancor climbing above $1 again. 

Chart of the day: CHSB/USD daily chart

CHSBUSD

Market

Unfortunate news from Balancer DeFi protocol as it suffers a second hack within 24 hours. According to earlier news, the developers of Balancer actually new about the vulnerability used by the hackers to access around $500,000 in coins. The team has stated that everyone affected will be made whole. 

The United States is planning to monitor illegal activity involving cryptocurrencies more strictly. According to Chainalysis, the Darknet market revenue has fallen a lot after Bitcoin’s recent crash on March 12. 

It’s also possible that vendors slowed down sales during the price drop, out of fear that the bitcoin they accept one day could be worthless the next. But it’s also likely that Covid-19 itself is making it harder to sell drugs at the moment.

However, those statistics haven’t stopped the U.S. government from boosting their surveillance of illegal crypto activity. According to an official report, this increase in the monitoring of fraudulent actions involving cryptocurrencies will start in October 2020.

Industry

SheeldMarket, a Paris-based cryptocurrency platform has secured around €1 million to launch a one-stop-shop for crypto block trading. 

Crypto traders who trade in size need to do so efficiently and discreetly. That need is underserved today, and we believe that a dark venue like the one SheeldMarket is building can address it. The team behind SheeldMarket takes lessons from the prominent role dark pools play in the way equities are traded today and aims to adapt that playbook for crypto

Quote of the day

It’s money 2.0, a huge, huge, huge deal.”  – Chamath Palihapitiya

 

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