Cryptocurrency Market News: Bitcoin popularity surges in the UK

07/01/2020 06:56:33 GMT|ByJohn Isige

Here is what you need to know on Wednesday, July 1, 2020.

Markets:

The cryptocurrency landscape has begun turning green after a drab couple of days. With volatility returning to the market, investors expect some upward action, especially for the major cryptos such as Bitcoin, Ripple and Ethereum.

Bitcoin market update:

Bitcoin is trading 0.18% higher on the day after adjusting upwards from $9,134.76 (opening value) to $9,146 (prevailing market value). Since the week started, BTC/USD has not been able to clear the resistance at $9,200. On the other hand, $9,050 has come out as key support, helping to avert losses to $9,000 as well as the previous support at $8,900. For now, the bulls’ efforts are directed towards defending $9,100 tentative support. Once Bitcoin is safely above $9,100, buyers can then focus on pushing the price above $9,200.

Ethereum market update:

Ethereum mainly follows Bitcoin’s footsteps. At the moment, Ether is consolidation in the same way as BTC. The second-largest cryptocurrency failed to break the resistance at $230. Sellers took advantage, pulling Ethereum back to the main support at $225. Prior to that, ETH/USD had recovered from lows around $215. At the time of writing, Ethereum is trading at $225 amid a building bearish trend. On the bright side, the low volatility is aiding the bulls in keeping the sellers in check and limiting the bearish leg.

Ripple market update:

As for Ripple, consolidation seems like an understatement while the right term is motionless. XRP/USD has been locked below $0.18 since Monday. Support has been established at $0.1750 amid the choppy markets. It is apparent that XRP must break the hurdle at $0.18 to open the door gains towards $0.19 and eventually $0.20.

Among the top 100 cryptocurrencies, there are some digital assets that are currently performing incredibly well. For example, Elrond is up 16.40% in the last 24 hours, Electroneum up 16.05%, SwissBorg up 6.80%, Verge up 7.98%, Nexo 9.61%, Kyber Network 6.99% and IOTA 5.24%.

Chart Of The Day: BTC/USD 1-hour

Market:

The cryptocurrency market is in slumber but the uptake of digital assets among the masses in the United Kingdom has not slowed down. According to a new survey carried out by UK’s Financial Conduct Authority (FCA) utmost 2 million residents of the UK hold cryptocurrency.

The report released by the FCA on June 300 showed at 1.9 million UK residents own cryptocurrency. Generally, there has been a sharp increase in the number of people that have at some point purchased cryptocurrency. In addition, the data highlighted that over 2.6 million had owned cryptocurrency in 2020. This is a significant number compared to 2019’s 1.5 million.

Knowledge in regards to cryptocurrency has also ballooned in 2020 with 73% of Brits have heard about crypto compared to 2019’s 42%. The increase in awareness is attributed to a surge in cryptocurrency-related ads and the attention Bitcoin is getting from the mainstream media.

In other words, Bitcoin’s dream of widespread adoption is gradually becoming a reality. As Bitcoin’s popularity grows in the UK and other parts of the world, it gives a snick peek into Bitcoin’s future; wider adoption increases the demand for the crypto and eventually could lead to an increase in value.

Industry:

Cardano (ADA) has started the journey towards the much-anticipated Shelly upgrade. This a significant improvement for ADA following more than five years of research and development. Cardano is not expected to stop at Shelly but this would the beginning of a more decentralized platform. Moreover, staking is expected to launch in August; an event that could see ADA rally. Cardano using Shelly mainnet will also allow smart contract support. An announcement by IOHK, the organization behind the development of ADA said:

OK so… today’s mission (s) accomplished. Shelley-complete node 1.14.2 now successfully deployed to the Cardano mainnet.

Regulation:

According to the FCA, Bitcoin is the most popular cryptocurrency among residents of the UK. The report was compiled following a survey with more than 2,200 consumers and 658 cryptocurrency owners. 78% of the respondents said that they have heard about Bitcoin. Intriguingly, Libra comes second despite it not being launch while Bitcoin Cash comes third. Ethereum is at the fourth spot ahead of Bitcoin SV and Litecoin respectively.

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