Cryptocurrency Market News: Coinbase plans to get listed on the stock market, Bitcoin on its way to $100,000 according to S2F Model

Here is what you need to know on Thursday, July 9, 2020

BTC/USD bullish momentum was stopped at $9,470, dropping to $9,160 below both daily EMAs. The daily uptrend is still intact.

ETH/USD was promising but also got heavily rejected from $249, however, it is still trading above both EMAs. 

XRP/USD is the best performing coin today even though it also dropped. It is currently fighting to stay above $0.20 while both EMAs are crossing bullishly.

Dogecoin is still one of the winners today after getting a new Binance futures contract and listed on Bitfinex. Holochain is up 37% in the last 24 hours with a ton of trading volume. Molecular Future has also seen a massive 26% surge but with less trading volume. Stellar is also up 13% and around 30% in the last seven days.

Chart of the day: HOT/USD daily chart

Market

One of the biggest cryptocurrency exchanges in the world, Coinbase, is planning to get listed on the stock market. The SEC is responsible for allowing Coinbase to become the first publicly traded cryptocurrency exchange. According to Reuters, the exchange wants direct listing instead of a classic IPO. Sources stated that Coinbase will try to get listed later this year or early next year. If the exchange succeeds, it would represent a global success for all cryptocurrencies.

Dogecoin, which has experienced a massive price boost in the past few days thanks to a TikTok challenge, is getting a to of support from various cryptocurrency exchanges. Binance is launching a perpetual contract for DOGE while Bitfinex is listing DOGE for the first time.

Industry

Even though the situation in India with cryptocurrencies is uncertain, Tata Consultancy Services has announced the launch of a new service called Quartz Smart Solution which enables multi-signature wallets and OTC desk connectivity. According to the press release, the solution offers flexibility to customers and provides them with professional trading tools. R Vivekanand, Global Head of Quartz said:

Cryptocurrencies, digital fiat currencies and digital assets are poised to become viable alternate avenues for investments, hedging and portfolio diversification. Progressive financial institutions are looking to provide these options to their clientele. We are excited to offer them our robust, secure and scalable solution for trading, storing and transfer of these assets. We believe Quartz is well ahead of the curve in providing such a solution that allows customers to transact in multiple cryptocurrencies and digital assets, backed by best-in-class security features

Quote of the day

Bitcoin actually has the balance and incentives center, and that is why it is starting to take off.  – Julian Assange