Cryptocurrency Market News: Bitcoin set for another gruesome week

Here is what you need to know on Tuesday, June 30, 2020.

Markets:

Cryptocurrencies continue to underperform as June comes to an end. Bitcoin is leading the rest of the market is ranging between $9,000 and $10,000. The short term outlook in the market is likely to remain bearish based on low trading volumes currently being recorded.

BTC/USD is doddering 0.50% lower on the day after adjusting from $9,187.71 (opening value) to $9,140 (prevailing market value). Glancing upwards, an intraday high has been reached at $9,200 (current immediate resistance). Generally, the path of least resistance is to the south amid shrinking volatility. In other words, there is a likelihood that BTC could test $9,100 and $9,000 support areas in order to create fresh demand for another run-up to $10,000.

Read more: Bitcoin Price Prediction: BTC/USD close to exploding to $13,000 – Confluence Detector

The second-largest cryptocurrency, Ethereum is also dealing with increased selling activities. Like Bitcoin, ETH is also in the red. It has been an uphill task to break the resistance at $230. Instead, ETH/USD has retreated to $226. Initial support has been established at $225 but if the overshoot it, $220 and $215 will come in handy.

Ripple has also not been spared by the bearish wave sweeping across the crypto universe. The fourth-largest digital asset is valued at $0.1767 following a subtle 0.77% loss on the day. Ripple is having a hard time sustaining gains towards $0.18 (initial resistance). Moreover, the strong bearish grip coupled with high volatility puts the support at $0.1750 and $0.17 in grave danger.

Among the top 100, there are some coins that are performing relatively well. Some of these coins include Crypto.com Coin (6.30%), Kyber Network (7.70%), Enjin Coin (12.31%), Celsius (9.21%) and Elrond (12.56%).

Chart Of The Day: BTC/USD daily

Market:

Cardano’s parent company, Input Output Hong Kong (IOHK) is supposed to begin the Shelly Network upgrade on June 30. The organization has released a technical explanation of Hardfork combinatory operations designed to support a seamless transition from Byron to Shelly. The explanation was released in a video format which looks at the nitty-gritty of the transition to the Shelly mainnet. IOHK wrote on Twitter:

The Hardfork combinator is a remarkable piece of technology, which plays a central role in the transition from Byron to Shelley. Very shortly, we'll be deploying it to the mainnet – here's a video demo test to show the tech in action.

The upgrade is expected to take an entire week to deploy. By July 7, the Cardano network should be fully functional on the Shelly mainnet. The mainnet upgrade is making Cardano more decentralized. It will also elevate it to a smart contract platform as well as introduce the much-awaited staking feature. The price of Cardano rallied massively when the announcement regarding the launch was made. As the network migrates to the new platform, ADA is expected to spike above $0.1 and extend the gains further.

Industry:

IOTA, a leading organization in distributed ledger technologies has released a three-phase plan that will see it move from a centralized coordinator to coordicide. The three phases include Pollen, Nectar and Honey.

Pollen is used to highlight the “final blueprint” of IOTA 2.0 that is going to be released for the purposes of research, in other words, the official testnet. Nectar would be deployed to aid in bug removal and other security-related issues that would also be incentivized. Lastly, Honey will be released as the first version of the IOTA 2.0 network upgrade mainly geared towards making the network fully decentralized.

Ethereum-based Augur platform to launch v2 on July 28

Augur, an Ethereum-based platform is set to release the second version of its protocol on July 28. The current REP tokens, as well as the native Augur tokens, are going to be renamed REPv1 and new REPv2 respectively. Another key feature of the new prediction market platform is the ability for users to utilize Dai stablecoin for dominating markets.

Regulation:

Wirecard UK has been allowed to resume operations by the UK regulator, the Financial Conduct Authority (FCA). The lift on the card payment services took effect on June 30. Wirecard told its users that all “Europe/UK MCO Visa Cards” have been renewed for operation. However, users are advised to top up before using the cards because all the balances had been refunded.