Bitcoin and Ether Market Update: June 20, 2019
The total crypto market cap added $8 billion to its value since June 17, 2019, and moved up to $289.1 billion. The top ten coins are mostly in the green for the last 24 hours with some holding flat for the period.
Binance Coin (BNB) and Cardano (ADA) are experiencing an insignificant decline in price. At the time of writing, bitcoin (BTC) is trading at $9,311 on the Bitstamp daily chart, while ether (ETH) stands at $269, and Ripple’s XRP hovers around $0.432.
Bitcoin opened the new week with a solid green candle to $9,330 on June 17, 2019. The coin added four percent to its value in its sixth consecutive winning session.
On June 18, the BTC/USD pair almost erased all gains from the previous day and dropped down to $9,078.
On June 19, 2019, the pioneer cryptocurrency managed to rebound from the mentioned level and climbed up to $9,270. Bulls still require a little bit more consolidation in the $9,300 zone before attempting another attack towards $9,800 and then $10,000.
The biggest news of the week is without a doubt Facebook officially announcing its Libra project. The whitepaper for the company’s global stablecoin was shared on June 18, 2019, alongside the website of its digital wallet called Calibra.
According to the document, the purpose of the new token is to provide financial services to the unbanked population and without the opportunity to participate in the global financial network. It is fully backed by a reserve of assets kept in the Libra Reserve, which will guarantee its stability.
Libra is governed by the Libra Association, “a not-for-profit membership organization headquartered in Geneva, Switzerland.” Some of the companies currently participating in the association include VISA, PayPal, MasterCard, Lyft, and eBay.
On June 17, 2019, the ETH/USD pair moved above the mentioned levels and closed at $274, setting a new yearly high on the Bitstamp chart.
On June 18, 2019, ether was once again pushed down confirming the solid resistance formed around $270. It formed a red candle to $263, losing four percent of its value. One of the most popular altcoins climbed back up to $269 on June 19, 2019.
The Ethereum Foundation shared more details about Phase 0 of the upcoming Ethereum 2.0 PoS (Proof of Stake) blockchain transition during their regular Implementers Call. The updated chain will be introduced in October 2019, while the genesis block will be mined on January 3, 2020. The new concept will help improve Ethereum’s scalability and security and will also introduce changes to the mining process and distributed rewards.