Cryptocurrency Market News: Bitcoin slides below $9,000 but manages to recover yet again


Here is what you need to know on Thursday, July 2, 2020

BTC/USD is trading at around $9,050 after a failed attempt by the bears to close below $9,000. Nonetheless, they did manage to hit $8,940 for a brief period of time.

ETH/USD was dragged along the way and dipped to $222.87, losing the daily 12-EMA and 26-EMA.

XRP/USD seems to be the ‘winner’ today as it only dropped 1% defending $0.17. 

One of the biggest gainers today was Kyber Network again, hitting a two-year high at $1.49 currently. Bancor follows KNC closely with an 11% price increase and $68 million in volume. Other notable names today were WAX, Ren, BitTorrent, and ICON. 

Chart of the day: KNC/USD daily chart

kncusd

Market

Another cryptocurrency firm is planning to get listed on Nasdaq through a $32 million reverse takeover. According to the official press release, Arcan Crypto which invests in blockchain projects is looking to get listed on Nasdaq. 

We see massive potential for Arcane as a listed company. We are growing fast and there are many interesting opportunities on the horizon. By going public we will expand our toolbox and position our self for further growth. In addition, our ecosystem approach and infrastructure focus will benefit from the opening up to a wider investor base” -  Torbjørn Bull Jenssen, CEO of Arcane Crypto.

Ripple unlocked another billion XRP coins worth around $177 million at the time of writing. The company unlocks one billion XRP each month to sell it and fund operations. 

On an interesting note, Jeff Bezos, CEO of Amazon has now more than $171 billion according to the Bloomberg Billionaires Index, higher than the current market capitalization of Bitcoin.

Industry

NongHuyp, a South Korean bank announced it’s intentions to launch a crypto ecosystem operation. Ryu Chango-bo, head of NH Digital R&D center said:

As Kagasan is emerging as a new asset, institutional investors are also interested in developing alternative investment products based on virtual assets. Reliability issues for storage and management of virtual assets will be highlighted,” he emphasized. “Nonghyup Bank plans to provide services for institutional investors by utilizing the reliability and proven security system of Nonghyup Bank

Quote of the day

We have elected to put our money and faith in a mathematical framework that is free of politics and human error. – Tyler Winklevoss

 

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