Cryptocurrency Market News: Blockchain startup claims it can undo Bitcoin transactions

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

BTC/USD is trading around $9,200 recovering from a slight drop to $9,070. For the most part, Bitcoin has remained flat.

ETH/USD has experienced similar price action but the recovery was worse and it’s trading at $225 after the daily 12-EMA and the 26-EMA have crossed bearishly. 

XRP/USD is down 0.6% but holding $0.17 for now. The digital asset is in free-fall mode.

Molecular Future, an unknown cryptocurrency is ranked 143rd after a massive 1600% pump. Next on the list is Elrond with a 20% price increase today and $26 million in trading volume. Celsius is up 12% but almost 60% in the last seven days.

Chart of the day: MOF/USD daily chart 

Market

According to Kirobo, a blockchain startup, Bitcoin sent to the wrong address can be canceled and retrieved. 

Until the right code has been provided by the recipient, the sender can retrieve the funds at any time [...] Kirobo does not hold the user’s private key and has no access whatsoever to the funds or their destination: the password simply governs whether the transfer is finalized or not

According to Max Keiser, Bitcoin could reach $500,000 thanks to a hash rate war between the US and Iran. Currently, Iran controls around 3% of Bitcoin’s global hash rate and Keiser thinks Venezuela can get up to 5%. 

And then at some point America will say, ‘We’ve got to enter the 21st century space race of mining Bitcoin,’ and then they’ll try to seek 20% of the hash rate, and then security goes up dramatically, and the price goes to $400,000, $500,000. — Max Keiser

Industry

DEX, a trading platform for cryptocurrencies has secured a Financial Services Permission (FSP) in the UAE. The platform will be able to offer accredited and retail investors the opportunity to buy virtual assets. 

DEX CEO Leon Smith said:

At DEX, our goal is to provide investors with a digital assets platform that delivers a best-in-class, fully regulated trading experience. For us, that means ensuring confidence through robust regulation, transparency, and security.

Quote of the day

I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world. – Peter Thiel, co-founder of PayPal