Here's what you need to know on Wednesday
Markets:
BTC/USD has stayed mostly unchanged both on a day-to-day basis and since the beginning of. The coin settled above $9,600, but the further upside seems to be limited. The intraday high is registered at $9,663. However, by the time of writing, the price has retreated to $9,645. The short-term trend is bullish, while the volatility is low.
At the time of writing, ETH/USD is changing hands at $248.50. The price touched $249.26 during early Asian hours, but failed to hold the ground. ETH/USD has gained nearly 3% in the recent 24 hours, and 2% since the start of the day. The coin is moving within a short-term bullish trend amid high volatility.
XRP/USD is hovering at $0.1900, mostly unchanged both on a day-to-day basis and since the start of Wednesday. From the short-term perspective, XRP/USD is trading within a bullish trend amid expanding volatility.
Among the 100 most important cryptocurrencies, DxChain Token (DX) $0.0021 (+21.9%), Bancor (BNT) $1.17 (+18%), Ren (REN) $0.1635 (+13.55%). The day's losers are Compound(COMP) $236.49 (-19.8%), DigiByte (DGB) $0.0208 (-5.83%), Augur(REP) $17.77 (-4.12%).
Chart of the day:
ETH/USD, 1-hour chart
Markets
Billionaire and founder of Galaxy Digital, Michael Novogratz, confirmed that Bitcoin would resume the recovery and hit $20,000 in the near future. Speaking in the interview with CNBC, he pointed out that once BTC/USD climbed above $10,000, the upside momentum would start gaining traction with the coin first jumping above $14,000 and then to $20,000. He also added that governmental policies would push people towards adopting Bitcoin. However, the coin is more likely to become the digital version of gold rather than a means of payment for everyday purchases.
Blockfyre's co-founder and a partner of the Moonrock Capital Foundation, Simon Dedic said that XRP, Bitcoin Cash, Bitcoin SV, Litecoin and EOS were among the worst cryptocurrencies that would eventually cease to exist. He explained that those coins did not deserve a place in top-10, thus they would soon be replaced by a more quality projects.
Bitcoin Cash, SV and Litecoin duplicate Bitcoin's functionality, EOS is a centralized version of Ethereum, while XRP is against the spirit of the blockchain industry, he added.
Industry
According to the data provided by CoinMetrics the Coinbase Pro listing announcements produce only mild effect on the cryptocurrency market, contrary to the general opinion. The experts believe, that the so-called Coinbase effect is grossly overstated. The report published by CoinMetrics revealed that tokens demonstrate a median price performances between -1% and +14% against USD, Bitcoin (BTC), and Ether (ETH) around the listing.
Binance announced delisting of all trading pairs with StableUSD (USDS) effective as of June 24, 2020, 7:00 AM (UTC). The exchange have already suspended deposits and withdrawals of the coin, thus now users can continue holding their tokens until the delisting and swap USDS balance with BUSD at a ratio of 1 USDS = 1 BUSD; or trade out of the existing USDS tokens.
Regulation
The central bank of Brazil suspended WhatsApp payment features to assess risks created by Facebook's app to the traditional financial sector and “to preserve an adequate competitive environment”. Mastercard and Visa received orders to suspend processing money transfers on behalf of the app. Disobedience would lead to heavy fines and administrative sanctions. Notably, Brazil is the second largest market for WhatsApp with over 120 million users. The company launched its payment system in Brazil earlier this month.
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
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Bitcoin Price Outlook: Will $150 billion bank Morgan Stanley send BTC to new ATH?
Bitcoin has recorded increased volatility this week, with most of BTC holders currently in profit. As market activity continues to grow with long-term holders now ramping up on distribution pressure, the pioneer crypto is bearing the brunt of growing overhead pressure.
Coinbase loses first round of battle against SEC
A day after the SEC filed a lawsuit against Binance last year, it went after Coinbase in a sign that the clampdown is extending to key players in the industry. The latest development in the matter is that the court has ruled in favor of the financial regulator, which means the case will continue.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.