Cryptocurrency Market News: Good day for cryptos and much more

General crypto sentiment is strong on the first trading day of the week, with all the majors in the black.

Bitcoin is trading well on Monday after some choppy price action over the last four sessions. The bulls just have not managed to have a clear run at the highs in recent session as every time the BTC/USD pair has a bullish close the next day seems to be a negative one. Price action on Monday as been pretty positive and the pair continues to trade above 9K but fails to hit 10K due to a lack of bullish momentum.

The hourly chart is still making higher highs and higher lows but the next target on the upside continues to be the previous wave high of 9864.00. This is the level that needs to be broken to ensure the bulls get a run at the 10K mark. The price is still trading above the 55 and 200 daily moving averages. The MACD indicator is also looking more positive as the signal lines look like they are crossing again to the upside. The histogram is trading under the zero line but looks like it might cross at any moment to the upside.

Litecoin is trading around 2.74% higher but it seems that the chart has a slightly bearish structure than Bitcoin. It looks like this retracement is part of the lower high sequence on the daily chart but if 48.07 is taken out then this would change and the previous wave high of 50.96 could be the eventual target. Unlike its big brother Bitcoin the LTC/USD pair is trading below the 200 Simple Moving Average (SMA). Historically the SMA acts like a good support and resistance pivot so if there is to be some bullishness keep an eye on it. 

Neo is one of the major outperformers on Monday as the price has risen over 14% on the session. The psychological 13.00 is the next target after 12.00 was broken with ease in the EU session. On the daily chart, the Relative Strength Index indicator has moved into overbought territory which could mean there is a pullback in the short term. The MACD histogram has moved above the zero line and the signal lines are both above the mid-point which is bullish. Lastly, the two key moving averages (55 & 200) are about to have a bullish cross. So, all in all, all signals are go for NEO.

Bitmain offers out a lower-cost solution to fend off competition.

Chinese based, Bitmain has launched a new Antminer Bitcoin mining rig with the new price tag it hopes will help it compete with MicroBT. The Antminer T19 is priced USD 35 less than the S19 model, at USD 1,750. Its hashrate sits at approximately 84 TH/s, roughly 10% shy of the S19’s 95 TH/s. The company’s T series of miners have always been lower priced than the more powerful S series models.

Bitmain continues to dominate the space but MicroBT are hot on their heals. The company are looking to take back some of its market share that could have been lost in recent times. 

Binance lists BIDR, stablecoin pegged to Indonesian Rupiah

One of the world’s largest cryptocurrency exchanges Binance launches a new sablecoin backed by Indonesian Rupiah (IDR). The new coin will be listed under the ticker BIDR, and it will be pegged to IDR 1:1.  BIDR will be jointly supported by Binance and Tokocrypto.

Initially, the coin will be available for trading in BTC/BIDR, ETH/BIDR, BNB/BIDR, BUSD/BIDR and USDT/BIDR, which will start at 8:00 AM (UTC) on June 1, 2020. Currently, Binance users can start depositing BIDR to get ready for trading. 

Binance IDR (BIDR) is a BEP2 stablecoin pegged 1:1 to the Indonesian Rupiah (IDR), jointly supported by Binance and Tokocrypto.

BIDR will join the long list of stablecoins available on Binance. Currently, the users of the cryptocurrency exchange can trade Paxos Standard Token (PAX), TrueUSD (TUSD), USD Coin (USDC), StableUSD (USDS) and Tether (USDT). However, all of them are pegged to the US Dollar, while BIDR is backed by Indonesian Rupiah.