Here is what you need to know on Wednesday, July 8, 2020
BTC/USD is seeing continuation after the initial breakout on July 6 with another 2% move touching $9,470.
ETH/USD is on the verge of cracking $250 and topping out the high of Jun 2 at $253.8.
XRP/USD is one of the biggest gainers with a 9% surge above $0.20 for the first time since June 11.
Indeed, the biggest gainer today is Dogecoin with a 61% surge in the past 24 hours after getting pumped thanks to a TikTok challenge. Next is Vechain with a 25% value increase hitting a new all-time high after its mainnet launch.
Chart of the day: DOGE/USD daily chart
Market
What started out as a joke on TikTok, became one of the biggest pumps Dogecoin has ever experienced. Hundreds of videos talking about DOGE started surfacing TikTok boosting its price by more than 140% on Binance. The official Twitter account of Dogecoin was even forced to make a short statement about the pump.
Be mindful of the intentions people have when they direct you to buy things. None of them are in the spot to be financially advising.
— Dogecoin (@dogecoin) July 8, 2020
Make choices right for you, do not ride other peoples FOMO or manipulation.
Stay safe. Be smart.
❤️ #dogecoin
Lawrence Zlatkin, the Chief tax officer for Coinbase says that the uncertainty about taxation of cryptocurrencies is creating a lot of outflow of funds towards better jurisdictions. Coinbase seems to be planning an expansion beyond the United States according to Zlatkin:
It’s a growth model for us, just where we operate, accessing more customers, being able to trade more assets [...] Generally speaking, the most customers in the space particularly would be from major jurisdictions like Canada, U.K., the EU, and within Asia
Industry
Volvo is investing in a Blockchain startup called Circulor used throughout Volvo Car’s battery supply chain.
The investment in Circulor by Volvo Cars allows both companies to expand their focus beyond cobalt, for example by looking at increasing traceability of mica, a mineral used as isolation material in the battery pack of electric Volvos.
Quote of the day
If [Bitcoin does] not [reach $500.000 by the end of 2020], I will eat my d*ck on national television. – John McAfee
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?