Cryptocurrency Market News: Visa and PayPal rumors could be the spark needed for Bitcoin to reach $20,000 again
Here is what you need to know on Friday, July 3, 2020
BTC/USD is flat staying around $9,100 and without any major action. The daily downtrend could be reversed if bulls can climb above the daily 12-EMA.
ETH/USD remains trading sideways below daily EMAs looking for a MACD bull cross if the bulls can push Ethereum above $230.
XRP/USD is outperforming most of the top altcoins today with a 1.5% increase in price but still below $0.18.
Fantom and Kyber Network are up again today, both seeing 23% surges. Many other altcoins have seen significant gains like Unibright with a 17% bull move and Bancor up 16%.
Chart of the day: ADA/USD daily chart
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Market
Some mining companies listed on real exchanges are seeing significant gains this year. Hive Blockchain is up more than 300% since the beginning of 2020, outperforming Bitcoin itself. Could this interest in mining companies translate to Bitcoin itself seeing a boost in its value? Riot Blockchain, a different mining company has also seen big gains throughout 2020.
Dan Held, Head of Business on Kraken has recently stated that Bitcoin could reach $1,000,000. He also stated:
Satoshi purposely built blockchain tech to build Bitcoin. Blockchain tech sucks. It's terrible. It makes so many tradeoffs to build bitcoin that it is basically ineffective for almost anything else.
Adding that Bitcoin will eventually turn into a boring asset without volatility.
Industry
According to recent reports on Twitter and other platforms, Visa’s new patent to digitize dollars seems to include Ethereum. The patent also indicates that this will not be a fork or a private version of ETH. Of course, we should take the news with a grain of salt as it is only a patent.
Yet another derivatives exchange is launching. Andy Cheung, former COO at OKEx is launching his new exchange within one month.
Four years ago, BitMEX introduced bitcoin perpetual swap, and it still remains to be the most popular derivatives product because there are almost no new competitive products innovated since then,” said Cheung. To that end, ACDX plans to offer structured products that can be customized to meet each trader’s needs and risk appetite.
Quote of the day
I’m getting Bitcoin — Bill Burr
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
