Cryptocurrency Market News: Bitcoin’s strong recovery was amplified by the Federal Reserve


Here is what you need to know on Tuesday, June 16, 2020

BTC/USD is trading at $9,500 after forming a nice bullish reversal candlestick yesterday. Buyers have managed to break the daily 26-EMA but are struggling to stay above the 12-EMA.

ETH/USD is in similar shape and got rejected from the daily 12-EMA but it’s still trading above $230. 

XPR/USD is far more bearish and hasn’t even managed to touch any of the daily EMAs. It is trading at $0.191 and it could remain trading sideways for a few days.

ABBC Coin is the biggest gainer today with a 28% price surge in the last 24 hours and $37 million in volume. It is closely followed by SwissBorg with a 22% price increase trading at $0.12 but with less volume at only $2 million. Nexo has also seen a significant increase in value trading at $0.14.

Chart of the day: SC/USD daily chart

SCUSD

Market

Bitcoin has just seen a 15% rise in its mining difficulty, the largest increase in the last two and a half years. This basically means that many of the old mining rigs will most likely have to shut down. Bitcoin is not moving much but the difficulty is still expected to increase more. 

After a significant drop yesterday, Bitcoin and the entire crypto market managed to recover quite well thanks to the Federal Reserve. The correlation between Bitcoin and the stock market has increased in the past few days. The Federal Reserve stated that it will buy bonds of up to $250 billion. The stock market reacted positively in advance to the news and Bitcoin simply followed suit. 

Of course, this is a double win for Bitcoin because the Fed is not only helping Bitcoin in the short-term but also in the long-term due to fears of inflation. 

One country which we don’t hear much about is looking to attract $740 million in crypto investments in the next three years. Kazakhstan has reported that it’s trying to make digital mining available to many in the country. 

“According to the report that we have prepared with international experts, we expect another 300 billion tenge (US$738.4 million) in the next three years as digital investments and in general, the further development of digital mining,” said Zhumagaliyev.

Industry

BitPay, one of the most popular Bitcoin payment service providers, has just launched a new prepaid crypto Mastercard for its US customers. The card is already available and will have a $10,000 daily load and spending limit. According to BitPay, the card will have no conversion fees and comes with instant card reloads. 

Quote of the day 

Bitcoin will do to banks what email did to the postal industry

Rick Falkvinge

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Solana price eyes new all-time highs before taking a breather

Solana (SOL) price has successfully broken out of the descending top line that was keeping  SOL price trapped below $200. The breakout rally began  at the level of the 50-day Simple Moving Average (SMA), a level which has provided support on several previous occasions. 

More Solana News

Terra hits new record in total value locked ahead of 10% of LUNA supply burn

Terra money ecosystem got its first play-to-earn game Flokiverse that offers passive income to players.Over 100 projects are lined up for launch on the Terra network, a new wave of TeFi. Proposal 128, to initiate IBC on Terra, has passed; DeFi interchain highways for Cosmos ecosystem have arrived.

More Terra News

Polkadot price bound for 50% breakout if DOT bulls can overcome this hurdle

Polkadot price is currently facing a decisive moment as it trades between two significantly troublesome barriers. While overcoming these hurdles will be trying, doing so will lead to a volatile move.

More Polkadot News

BNB to rise over 30% as Binance Smart Chain proposes to burn BNB fees like Ethereum

Implementing a burning policy triggered the “Triple Halving” in Ethereum, driving a supply shortage of Ethereum in circulation. In a similar way, Binance proposes to burn Binance Coin in every transaction. 

More Binance Coin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP