Cryptocurrency Market News: Ethereum on its way to regaining $400 while BNB hit a new high at $22.5

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