Lorenzo Stroe
Independent Analyst
Here is what you need to know on Monday, June 29, 2020
BTC/USD is holding $9,000 for now after a dip below $8,900 on the weekend of June 27. Bulls are trying to recover but the daily downtrend is in full force.
ETH/USD was one of the strongest cryptos, unfortunately, bulls couldn’t defend the low of $225 and lost the daily uptrend dipping below $220 towards $216.
XRP/USD, as usual, remains the weakest cryptocurrency currently trading at $0.177. On June 27, XRP dropped to $0.169 taking out several support levels.
The clear winner today has been SwissBorg with a 48% price increase over the last 24 hours. The next in line is Nervos Network with a 15% value surge and Bancor climbing above $1 again.
Chart of the day: CHSB/USD daily chart
Market
Unfortunate news from Balancer DeFi protocol as it suffers a second hack within 24 hours. According to earlier news, the developers of Balancer actually new about the vulnerability used by the hackers to access around $500,000 in coins. The team has stated that everyone affected will be made whole.
The United States is planning to monitor illegal activity involving cryptocurrencies more strictly. According to Chainalysis, the Darknet market revenue has fallen a lot after Bitcoin’s recent crash on March 12.
It’s also possible that vendors slowed down sales during the price drop, out of fear that the bitcoin they accept one day could be worthless the next. But it’s also likely that Covid-19 itself is making it harder to sell drugs at the moment.
However, those statistics haven’t stopped the U.S. government from boosting their surveillance of illegal crypto activity. According to an official report, this increase in the monitoring of fraudulent actions involving cryptocurrencies will start in October 2020.
Industry
SheeldMarket, a Paris-based cryptocurrency platform has secured around €1 million to launch a one-stop-shop for crypto block trading.
Crypto traders who trade in size need to do so efficiently and discreetly. That need is underserved today, and we believe that a dark venue like the one SheeldMarket is building can address it. The team behind SheeldMarket takes lessons from the prominent role dark pools play in the way equities are traded today and aims to adapt that playbook for crypto
Quote of the day
It’s money 2.0, a huge, huge, huge deal.” – Chamath Palihapitiya
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
Solana could rally as Breakpoint conference approaches
With ten days to the Solana Breakpoint annual conference, the Solana network is experiencing heightened network activity. According to data from Artemis, Solana witnessed its highest single-day daily active address (DAA) growth on Tuesday after adding over 5.4 million new addresses.
Why Ethereum ETFs are underperforming amid rising ETH exchange reserve
Ethereum is up 1% on Tuesday as ETH exchange-traded funds continue underperforming with another day of outflows. The weak flows in ETH ETFs may be due to their historically weak Q3 performance.
ENS rallies following integration on PayPal
ENS Labs, the team behind the web3 domain naming system Ethereum Name Service, announced today that it has integrated its naming solution into PayPal and Venmo. Users of both platforms can now transfer their cryptocurrency using a domain name instead of a wallet address.
XRP trades at $0.53 but could gain from Ripple stablecoin, analyst claims
Ripple stablecoin prepares for launch in the next few weeks, according to CEO Brad Garlinghouse. RLUSD could benefit XRP through stablecoin gas transaction activity, says analyst. XRP trades at $0.53, corrects slightly on Tuesday.
Bitcoin: $50,000 on the horizon if it breaks below key support level
Bitcoin (BTC) price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.