Lorenzo Stroe
Independent Analyst
Here is what you need to know on Tuesday, 4 July
BTC/USD is more stable than other coins right now but has been able to recover from its crash towards $10,500. It is currently trading at $11,369 and faces very little resistance until $14,000.
ETH/USD has recovered far better and it’s on the verge of cracking $400 again, currently trading at $391. The daily RSI remains overextended even after the recent drop.
XRP/USD is up 10% climbing above $0.30 and it’s trying to crack $0.32. The 100-EMA and the 200-EMAs are close to a bull break now.
The biggest gainer today was definitely MCO after an announcement from Crypto.com about MCO and CRO tokens being merged into one. Ocean Protocol continues with its amazing bull run and it’s already ranked 86th by market capitalization.
Chart of the day: MCO/USD 1-hour chart
Market
The recent flash crash on Bitcoin and subsequentially all major coins was caused by Binance’s quarterly futures contract. According to Binance, a large trader placed several big orders and managed to pump up the price of Bitcoin up to almost $100,000 in just seconds before it quickly dropped again. Binance also stated that no liquidations happened during this massive price pump, however, the spot market was clearly affected.
The move probably triggered thousands of bots to buy and sell causing the instant flash crash that took Bitcoin down to $10,500.
Youtube banned a cryptocurrency channel for encouraging illegal activities. This is not the first instance of Youtube banning crypto-related channels, according to Aaron and Austin Arnold, the owners of Altcoin Daily with 214,000 subscribers, their channel was instantly terminated by Youtube. It seems that after a few days and appealing several times, the channel is back live.
Industry
Crypto.com just announced the launch of its token swap program which intends to merge the MCO token with the CRO token into one. CRO, Crypto.com Coin is currently ranked 10th with a market capitalization of $3.1 billion while MCO only had a $55 million market cap before the massive pump that we saw today. It is now close to a $100 million mcap.
Quote of the day
Bitcoin is here to stay. There would be a hacker uproar to anyone who attempted to take credit for the patent of cryptocurrency. And I wouldn’t want to be on the receiving end of hacker fury.
– Adam Draper
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
Crypto today: Bitcoin, Ethereum, XRP tests key support, TRON network non-stablecoin activity hits new highs
Bitcoin, Ethereum, and XRP hover around key support levels after registering a steep correction earlier this week. TRON network’s stablecoin activity hit new highs following the release of SunPump. TRON trades at around $0.1500, almost flat on the day.
Bitcoin Weekly Forecast: $50,000 on the horizon if it breaks below key support level
Bitcoin 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.
Vitalik Buterin says all Layer-2 token holdings will be donated to charity, won’t sell for profit
Vitalik Buterin, Ethereum co-founder, has not sold Ether since the altcoin’s ICO in 2018. On-chain transfers by Buterin make headlines as ETH holders keep eyes peeled for selling pressure on the altcoin.
WazirX, PenPie and Bo Shen hackers launder $42.7 million in stolen funds through Tornado Cash
Three different hackers responsible for the exploit of crypto assets worth millions of dollars from crypto exchange WazirX, DeFi protocol Penpie, and Founder of Fenbushi Capital Bo Shen are using Tornado Cash to move part of the stolen funds.
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.