Cryptocurrency Market News: Bitcoin drops to $9,100, the rest of the market follows suit

Here is what you need to know on Thursday, June 11, 2020

BTC/USD rejection from yesterday was continued today down to $9,100 but has recovered a little now and it’s trading at $9,350.

ETH/USD suffered a 9% drop today down to $226.2 holding the daily 26-EMA but losing the 12-EMA.

XRP/USD had one of the worst crashes today sliding below $0.20 and currently trading at around $0.191 although the low of the day was $0.184.

A lot of bearish action today in the market after yesterday’s failed attempt to break $10,000 by Bitcoin. What initially looked like a mild rejection has turned into a significant crash but not everything is lost and some bullish sentiment is still active. 

Chart of the day: BTC/USD daily chart

Market

Bullish news from the United States, President Trump head of OCC seems to be a bitcoin bull according to a recent interview conducted by Forbes. Brian Brooks has recently become the new top banking regulator and is working for the Trump administration. Donald Trump is known for his strong stance against Bitcoin and cryptocurrencies in general. 

A digital dollar might be closer than ever as the recent stimulus payments due to the COVID-19 have been quite disappointing. According to Christopher Giancarlo, co-founder of the Digital Dollar Project, digital dollars could help the financial system and make it really simple and accessible.

Industry

Binance, the most popular exchange by trading volume has just added a new Bitcoin Futures quarterly contract. Binance customers will be able to use 125x leverage on Bitcoin and benefit from 30 days of maker fee rebates and 0.02% taker fees until July 10. 

Quote of the day

Blockchain has potential to connect up, in a decentralized network, all kinds of data. It has the ability to create large, friction-free, decentralized networks of people. There is huge and great promise in blockchain and crypto.

Brian Brooks