Cryptocurrency Market News: Wrapped BTC surge on Ethereum network

Here is what you need to know on Wednesday, July 15, 2020.

Markets:

Sellers are still at the helm of the trading across the cryptocurrency market. All the major cryptocurrencies are nursing minor losses amid consolidation in specific tight ranges.

BTC/USD is holding above $9,200 as reported in the price prediction article. There is a confluence resistance at $9,276 that continues to limit bullish effort. On the other hand, the tight Bollinger Band constriction suggests that volatility is soon coming back as well as breakout towards $10,000.

Ethereum price is also in consolidation at $240 after a minor recovery from the first support at $240. Like Bitcoin, Ether is also dealing with low volatility. As reported during the Asian session, ETH/USD is mainly in the hands of the bulls, especially with the price holding above the 50 SMA on the weekly support.

Ripple price is facing a make or break situation at $0.20. Gains towards $0.21 are quite limited while buyers are keen on holding above the initial support at $0.1998. It is clear that Ripple is not out danger yet.

Cardano (ADA) is trading 6.52% higher on the day while holding in the sixth position on the market. Analysts say that the incredible performance of ADA could culminate in losses due to overbought conditions. However, ADA users are looking forward to the launch of public staking; a feature that could see it rally even higher.

Chart of the day: ETH/USD weekly chart

Market:

Decentralized finance (DeFi) has been on a steady rise over the last three months. Some of the factors supporting this growth is the tokenization of Bitcoin and the entrance of yield farming. A recent report found that the number of tokenized BTC is surging above the sum of the BTC integrated on the Lightning Network. Moreover, WrappedBTC currently takes up over two-thirds of all the tokenized BTC on the Ethereum blockchain.

Industry:

The rumor that PayPal, a leading payments gateway provider, is getting into the cryptocurrency field has finally been confirmed. A letter directed to the European consultation framework highlights issues such as banking services and the development of cryptocurrency services. PayPal’s entrance into the cryptocurrency industry is to “democratize access to financial services and the digital economy across the globe”. The letter added that PayPal:

Is continuously monitoring and evaluating global developments in the crypto and blockchain/distributed ledger space. Of particular interest for us is how these technologies and crypto-assets can be utilized to achieve greater financial inclusion and help reduce/eliminate some of the pain points that exist today in financial services.

Regulation:

The China Securities Regulatory Commission, former official, Xiao Gang in a recently published book reckons that the creation of a central bank digital currency (CBDC) would see the emergence of digital stocks. Xiao highlights that “digital stock is the natural product of the digital currency in the future.” However, for this to happen, research must be done on how to solve the challenge of connecting the digital currency to the capital market.

Quote of the day:

Digital currency will bring impact and influence on currency issuance, circulation, settlement, asset pricing, asset trading and other systems attached to currency in various countries and regions. @Xiao Gang.

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