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
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.