Lorenzo Stroe
Independent Analyst
Here is what you need to know on Wednesday, June 24, 2020
BTC/USD is currently trading at $9,311, struggling to stay above $9,300 after a significant crash on Wednesday. The digital asset touched $9,200 on most exchanges and bears are looking for more continuation.
ETH/USD is down 4% and almost dipped below $230. Bulls tried to break above $250 again but got rejected heavily.
XRP/USD dropped to $0.181 and it’s dangerously close of losing $0.18 which hasn’t happened since May 10.
The biggest winner today was Quant with a 28% price surge to $8,65 followed by SNX which has been in an uptrend for a few weeks. Ren is also doing extremely well at $0.17 and a 17% surge and a ton of trading volume.
Chart of the day: ETH/USD daily chart
-637286257660417455.png)
Market
According to news from Money Today, Bithumb, a popular cryptocurrency exchange is planning to launch an IPO in South Korea.
An official from the securities' industry said:
In the meantime, virtual currency was difficult to define and its value was opaque as an asset, so many people viewed it as a sort of speculative board. It can be said that some part of the virtual currency has entered the system and has been the target for evaluating business feasibility and corporate value.
The Chamber of Digital Commerce posted a webinar today about stablecoins. According to Jeremy Allaire, Founder of Circle, stablecoins are the future and “we’ll look back in the same way that we look back at long-distance calls’.’
Industry
Binance just announced a B2B solution for merchants to integrate a function to buy crypto on their platform. According to the press release, Binance CEO Changpeng Zhao (CZ) said:
Binance Access allows businesses to provide a one-stop exchange service to their customers and users without operating an exchange, streamlining the process for both service providers and the end-users. By providing other industry players and businesses with the tools and services to build the ecosystem, we hope to continue lowering the entry barrier to crypto and enabling more solutions to boost adoption as an infrastructure provider.
Quote of the day
Bitcoin is a technological tour de force. — Bill Gates
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
MANTA suffers 4% pullback after unlocking tokens worth $40 million
Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks.
XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says
The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30.
Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction
Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000.
If Bitcoin restarts bull run, these altcoins are likely to explode Premium
If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.