Cryptocurrency News Update: Bitcoin makes its way to institutional portfolios

Here’s what you need to know on Wednesday

Markets:

BTC/USD touched the intraday high at $9,818 during early Asian hours and retreated to $9750 by press time. The first digital coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Wednesday. Now it is trading within the short-term bearish bias amid expanding volatility.

At the time of writing, ETH/USD is changing hands at $244.30. The price stopped has hardly moves since the beginning of the day as the further recovery is capped by psychological $250.00. Now ETH is moving within a short-term bearish trend. The volatility is growing.

XRP/USD is changing hands at $0.2025. The coin settled in at tight range above $0.2000 after a short-lived sell-off on Tuesday. From the short-term perspective, XRP/USD is trading within a bearish trend amid low volatility.

Among the 100 most important cryptocurrencies, Divi (DIVI) $0.0531 (+31.8%), SwissBorg (CHSB) $0.0898 (+22%) (LEND) $0.0723 (+10.6%), Maker (MKR) $682.68 (+21.7%). The day’s losers are HedgeTrade (HEDG) $1.87 (-7.9%), DigiByte (DGB) $0.0161 (-5.6%), Cardano (ADA) $0.0818 (-4.2%).

Chart of the day:

ETH/USD, 30-min chart

Market

Some 120,000 Bitcoin (BTC) stolen from Bitfinex in 2016 started to move again. By now the hackers moved only 3,000 BTC from the loot they had stolen from the cryptocurrency platform with the majority of coins were sent to the darknet marketplaces. On June 2, another 82 of the stolen Bitcoin were moved to private wallets via transactions from the United States, United Kingdom and Singapore. However, the experts believe that the criminals used VPN service to hid their true locations.

According to Mike McGlone from Bloomberg Intelligence, Bitcoin price will continue appreciating due to its safe-haven feature. The expert pointed to ‘volatility and correlation measures’ as to the key growth factors.

Volatility and correlation measures show #Bitcoin advancing as a digital version of #gold and regaining a relative price-appreciation advantage. Unprecedented central easing is accelerating the first-born crypto maturation process and strong investor inflows are absorbing supply.

Industry

Financial Corporation Fidelity Investments discovered that 36% of 774 large customers in the U.S. and Europe have added digital assets to their portfolio. Tom Jessup, the head of Fidelity Digital Assets, commented as cited by Bloomberg:

These results confirm a trend we are seeing in the market towards greater interest in and acceptance of digital assets as a new investable asset class.

The research company pointed out that huge cryptocurrency market volatility remained on of the main barriers to wider adoption of digital assets.

In the U.S., the share of institutional investors, pension funds, family managers, investment advisors and hedge funds that added the cryptocurrency to the list of financial instruments increased from 22% to 27% over the past year. More than a quarter of respondents hold Bitcoin, and one in nine gives preference to Ethereum.

In the first quarter of 2020, the privacy focused cryptocurrency Dash registered a 104% increase in commercial payments as compared to the previous period. In aggregate, the median number of daily commercial payments with Dash amounted to 17,127 on the first quarter of 2020.  The team behind the coin believes that the growth has been triggered by several large partnerships in Latin America, including Venezuela and Brazil. Thus, Burger King in Venezuela now accepts payments in Dash via partnership with the processing service Cryptobuyer.

Dash Core Group chief marketing officer Fernando Gutierrez commented:

Users spend more when the price is going up because they become wealthier, and because they feel they get a better deal. Price-performance probably added more than a few transactions to the general long term trend in day-to-day usage.

Regulation

Jonathan Herzog is one of the most crypto0friendly candidates running for Congress in the United States. He bets on the crypto community support by claiming that the U.S. government needs to embrace digital assets and blockchain to keep up with other nations.

Speaking in the interview with Cointelegrph, he said:

I am here to fight for the future that we are building together, a decentralized, open, open-source future, and Bitcoin, Ethereum and decentralized blockchains are part and parcel of that.



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