Cryptocurrency News Update: Bitcoin follows the lead of the US stock market
- 7th July 2020
- Posted by: Hakeem
- Category: FOREX LATEST NEWS DAILY, TECHNICAL ANALYSIS
Here’s what you need to know on Tuesday
BTC/USD settled at $9,273 after a move to $9,380 during early Asian hours on Tuesday. The first digital coin has gained 1.4% on a day-to-day basis and stayed mostly unchanged since the start of the day; The coin is moving within the short-term bearish trend amid low volatility.
At the time of writing, ETH/USD is changing hands at $236.90. The price touched $243.83 during early Asian hours but failed to hold ground. ETH/USD has grown by over 4% since in the recent 24 hours and lost 2% since the start of the day. The coin is moving within a short-term bullish trend amid shrinking volatility.
XRP/USD stopped within a whisker of $0.1900 and retreated to $0.1855 by the time of writing. The price has increased by nearly 3% on a day-to-day basis and dropped by 1.7% since the beginning of the day moving in sync with the market. Now the short-term bearish trend amid high volatility.
Among the 100 most important cryptocurrencies, Aave (LEND) $0.1857 (+22.8%), Dogecoin (DODGE) $0.0028 (+22.4%), Bitcoin SV (BSV) $185.62 (+17.5%) are the most successeful . The day’s losers are NULS (NULS) $0.6220 (-6.7%) , Bytom (BTM) $0.0809 (-6.5%), Synthetix Network Token (SNX) $2.44 (-3.4%).
Chart of the day:
BSV/USD, 1-hour chart
The current global environment creates a precondition for a strong Bitcoin bull run, according to Bloomberg researchers. They believe that low volatility is a key factor of Bitcoin’s transformation from a speculative asset into a digital version of gold.
Unparalleled global central bank easing and rising gold values are enduring trends favoring a higher Bitcoin price, they said in the report.
Bitcoin is trying to develop a recovery moving in sync with the US stock market. The optimism pushed the indices higher on Monday even despite the growing concerns about the second wave of COVID-19. The bullish momentum has come from China where Shanghai Composite Index increased by 5.7% amid positive news on the post-COVID economic recovery. The US stocks and cryptocurrencies felt the spill-over effect of Chinese optimism.
Belarus-based tokenized securities exchange, Currency.com, obtained Gibraltar blockchain license. The trading platform claims to have 5000 registered users and over $20 million of monthly turnover. Investors can perform direct transactions with tokenized financial instruments and pay in cryptocurrencies.
Jonathan Squires, Currency.com’s CEO, commented:
Gibraltar has been working on financial regulation in this area for many years and has a strict application process for crypto companies. Our Gibraltar licence is an important endorsement for the platform and further confirms our adherence to the most stringent standards, providing the highest level of safety and security for our traders.
The number of active decentralized finance (DeFi) applications based on the Ethereum blockchain nearly doubled in the second quarter of 2020, while the daily transaction volume hit the record high in June, according to Dapp Market Report, published by website Dapp.com. The researchers found out that the number of DApp users reached 1,258,527 in Q2, which is a 97% increase from the previous period and the highest number on record.
The Financial regulator of Brazil, the Securities and Exchange Commission (CVM), classified derivatives based on cryptocurrencies as securities and ordered Binance to stop offering derivative products in the country. The Commission emphasized that companies cannot offer such products without authorization. However, Binance does not have a regulatory license to act as a securities intermediary in Brazil.