Cryptocurrency Market News: Bitcoin drops 2% after a weak day on the stock market
Here is what you need to know on Wednesday, June 17, 2020
BTC/USD slides below $9,400 after losing the daily 26-EMA. The rejection from the daily 12-EMA at $9,502 is getting some continuation today. The trading volume is declining and the RSI is at 48 points.
ETH/USD is on the verge of losing $230, currently trading at $230,7, however, Ethereum is stronger and still defending its 26-EMA at $230.06.
XRP/USD had a fakeout today breaking above both daily EMAs and touching $0.1988 before quickly dropping back to $0.1915.
SwissBorg (CHSB) continued with its strong uptrend today posting 34% gains in the last 24 hours. Divi, ranked 72nd has also seen a great trading day with a 19% price increase over the past 24 hours. Following closely, we have Nano at $1.26 after a 16% move and Unibright with an 11% price move.
Chart of the day: XRP/USD daily chart
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Market
Binance, the biggest cryptocurrency exchange has announced the launch of Binance UK, offering fiat-to-crypto and around 65 initial coins listed. According to the announcement, Binance UK will be regulated by the Financial Conduct Authority (FCA).
According to the American Gaming Association, the majority of customers are looking for other payment methods besides traditional ones. The AGA is looking for alternative payment methods and cryptocurrencies could be among them.
Rumors from India about a possible ban of crypto are resurfacing again. According to an article posted by the Indian Times, India could be looking for another law to ban cryptos. The threat doesn’t seem to be that serious but it could affect the market in the short-term.
Industry
Akon’s Crypto City, a crypto-powered city in Senegal was just awarded a $6 billion construction contract from KE International, a United States engineering firm. The development of the city will be split into different steps and its set to be completed by 2030. The city will include hospitals, schools, and police stations but also parks and even a stadium.
Quote of the day
Right now Bitcoin feels like the Internet before the browser.
Wences Casares
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.
