Cryptocurrency Market News: Bitcoin’s attempt to crack $10,000 was stopped once again

Lorenzo Stroe Independent Analyst

Here is what you need to know on Wednesday, June 10, 2020

BTC/USD exploded to $10,007 before quickly dropping to $9,800. Another attempt by the bulls to finally climb above the crucial $10,000 resistance point. Unfortunately, it seems that we are going to have to wait a little longer.

ETH/USD also had a significant price surge to $250 but failed and it’s now trading around $245.

XRP/USD is the weakest of all the top cryptocurrencies and only had a small bull break to $0.0238 and it’s now trading at $0.202.

For the most part, the crypto market has been flat today as well until the recently failed breakout. Kyber Network is again the number one gainer today with a 36% price surge followed by Aave with a 16% price increase. Zilliqa is also in our list again with a 16% price surge trading at $0.027.

Chart of the day: BTC/USD daily chart

Market

Big news for the crypto sphere but especially for Ethereum and ERC-20 tokens as the ETH 2.0 Onyx Testnet was just launched. This upgrade is the last one before the actual Ethereum Mainnet and the swap to a Proof-of-Stake consensus mechanism.

More news coming from South Korea suggesting that merchants will be ok accepting digital yuan as a form of payment in the near future. According to several South Korean media outlets, merchants might start accepting digital payments to take advantage of the upcoming tourism once the Coronavirus finally disappears.

Industry

The Bank of Ghana is still looking to pilot its own digital currency. The BoG first announced its interest in digital currencies almost a year ago but has not started working on anything concrete just yet. According to the governor of the BoG, cryptocurrencies will most likely take over and mold the future of the banking experience.

Quote of the day

Crypto needs everyone from engineers to marketers to customer support

JP Richardson, CEO of Exodus.io

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

Ripple and Stellar outlook: XRP rally cools, XLM heads toward a make-or-break support

Ripple and Stellar trade under pressure after losing over 2% and 3% so far this week. XRP and XLM are both nearing their crucial support zones, which could determine the next directional move. Meanwhile, mixed derivatives and on-chain data suggest upside potential remains limited for both altcoins. CryptoQuant’s summary data shows cautious signs for both altcoins.

Crypto Overview: Bitcoin dips below $78,000 – NEAR, ZEC sustain gains

Bitcoin trades below $78,000 maintaining a near-term corrective tone amid hawkish macroeconomic factors. US bond market shrugs off the US Treasury's increase in buyback operations to $6 billion in long-term debt as yields continue to rise, signaling an insufficient step amid the ongoing war with Iran.

Bitcoin outperforms global assets as $83K-$86K resistance zone continues to weigh on rally

Bitcoin has continued to recover from its mid-year weakness, outperforming major traditional assets over the past month, amid strong resistance around the $83,000 to $86,000 range. BTC gained 23% over the past 21 trading sessions, while the S&P 500 and Nasdaq 100 were broadly flat and the Euro Stoxx 50 declined, according to a Glassnode report published Wednesday.

Ethereum Price Forecast: ETH holds near $2,500 amid derivatives weakness

Ethereum (ETH) holds steady near $2,500 on Wednesday amid weakness in derivatives and mild buying dominance in spot markets. Since the short squeeze that expanded ETH's rally toward $2,500 in late August, meaningful leverage has yet to return to support the uptrend.

Bitcoin: Gearing up for a sharp move

Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.

Cryptocurrency Market News: Bitcoin’s attempt to crack $10,000 was stopped once again