Cryptocurrency Market News: Bitcoin is slowly recovering but a second bearish wave could be coming soon

Here is what you need to know on Friday, June 12, 2020

BTC/USD still trying to recover from the massive hit yesterday, currently trading around $9,460 defending the daily 26-EMA at $9,452. 

ETH/USD is experiencing a better recovery and it’s up almost 3% today. Buyers are looking at the $240 resistance level as ETH’s price approaches $238. 

XRP/USD is having the best recovery out of the three coins with a 3.2% price increase trading at $0.194 at the time of writing.

The market has been quite volatile today, DigiByte definitely took advantage and sore by more than 19% today. Kyber Network, a recurring name in our list, is also up 18.4% today with Verge following closely at 15% after hitting a new 2020-high.

Chart of the day: XVG/USD daily chart

Market

Following up on the news about the Digital Dollar, Congressman Warren Davidson says he was pleased with the hearing but thinks privacy is still an issue. 

I think there’s still a long way to go until a shared vision of what this would look like. For me, the momentum on so many of these issues seems to be to further erode privacy that, if we do it, we do it somewhat the opposite, that we reclaim some of the privacy that’s been lost. That’s the beauty of blockchain

said Davidson. 

The popular crypto custodian Xapo is suspending purchases of crypto through credit cards. The suspension is in full effect and there is an additional restriction, bank transfers will only be allowed with a minimum required amount. According to an older announcement by Xapo, the company is planning to become a digital bank this year and will move to Gibraltar.

Industry

Huge news from Belarus as the Central Bank has recently announced a pilot program to begin issuing tokenized offerings. Basically, several banks will be able to issue these offerings and raise funds from individuals or companies. Unfortunately, this is a long-term plan and it was announced that the president of Belarus could take the final decision in March 2024. 

Quote of the day

You might think of Bitcoin and blockchain as two halves of a whole, but in reality, they are very distinct commodities.

― Olawale Daniel