Lorenzo Stroe
Independent Analyst
Here is what you need to know on Thursday, June 11, 2020
BTC/USD rejection from yesterday was continued today down to $9,100 but has recovered a little now and it’s trading at $9,350.
ETH/USD suffered a 9% drop today down to $226.2 holding the daily 26-EMA but losing the 12-EMA.
XRP/USD had one of the worst crashes today sliding below $0.20 and currently trading at around $0.191 although the low of the day was $0.184.
A lot of bearish action today in the market after yesterday’s failed attempt to break $10,000 by Bitcoin. What initially looked like a mild rejection has turned into a significant crash but not everything is lost and some bullish sentiment is still active.
Chart of the day: BTC/USD daily chart
-637275010785442668.png)
Market
Bullish news from the United States, President Trump head of OCC seems to be a bitcoin bull according to a recent interview conducted by Forbes. Brian Brooks has recently become the new top banking regulator and is working for the Trump administration. Donald Trump is known for his strong stance against Bitcoin and cryptocurrencies in general.
A digital dollar might be closer than ever as the recent stimulus payments due to the COVID-19 have been quite disappointing. According to Christopher Giancarlo, co-founder of the Digital Dollar Project, digital dollars could help the financial system and make it really simple and accessible.
Industry
Binance, the most popular exchange by trading volume has just added a new Bitcoin Futures quarterly contract. Binance customers will be able to use 125x leverage on Bitcoin and benefit from 30 days of maker fee rebates and 0.02% taker fees until July 10.
Quote of the day
Blockchain has potential to connect up, in a decentralized network, all kinds of data. It has the ability to create large, friction-free, decentralized networks of people. There is huge and great promise in blockchain and crypto.
Brian Brooks
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
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.