Bitcoin, Ether, and XRP Weekly Market Update: June 10, 2019
The total crypto market cap is $31.2 billion down for the seven-day period and now stands at $245.4 billion. The top ten cryptocurrencies are all in red for the same time frame with Litecoin (LTC) being the only exception. The worst performer on the chart is EOS which experienced a 19.8 percent decline in price. At the time of writing bitcoin (BTC) is trading at $7,678 while ether (ETH) stands at $234. Ripple’s XRP is at $0.388.
Bitcoin lost $639 of its value to $8,105 on June 3 and opened the week with a 7.3 percent loss. The huge drop was a clear signal that bulls were not yet ready to attack the $9,000 (which was rejected on May 30) and $10,000 levels.
On June 4, the BTC/USD pair moved even lower on the Bitstamp daily chart and closed the session at $7,665, breaking below the $8,000 mark for the first time since May 24. Bitcoin was trading outside of the uptrend channel during intraday reaching $7,443.
The negative streak ended on June 5 when the most popular cryptocurrency formed a green candle and moved up to $7,789. It extended gains on the June 6 peaking at $7,815.
On June 7, the coin once again touched the $8,000 level. This time, however, it was a tough one to hold, and bears took control during the weekend of June 8 to 9 by pushing the price down to $7,923 on Saturday and to $7,636 on Sunday. BTC closed the seven-day period with a 12 percent loss.
Binance, one of the largest cryptocurrency exchanges in terms of daily volume, will reportedly start issuing its very own stablecoin in the near future. According to Bloomberg, Binance’s Chief Financial Officer, Wei Zhou confirmed we will see a new set of fiat-backed tokens in the next month or two, which will allow the Malta-based platform to challenge Tether’s USDT.
Binance is already working on their first stablecoin dubbed “Binance GBP,” which will use the British Pound (GBP) as its base fiat currency. The news was officially confirmed by the company’s CEO Changpeng Zhao (CZ) on his Twitter account where he clarified that just £200 have been minted so far on the Binance Chain.
In the meantime, Facebook is set to launch its cryptocurrency later this month according to news site The Information. What is more, all of the 100+ employees working on the project will recieve their salary in crypto. Additionally, the company is planning to allow users to buy the digital asset from ATM-like machines, which are still in development.
The Ethereum token was trading in the $235 to $270 zone for almost three weeks when it opened the new seven-day period on June 3. It lost 7.4 percent on the same day and moved to $250, erasing $20 of its value.
The importance of the $245 level was mentioned more than once already in BTCManager’s market outlook reports during the last few weeks mainly because it is crucial for mid-term recovery and further upward movement.
On June 4, the ETH/USD pair moved below that line and stopped at $240 threatening to continue its fall towards $230.
The trading session on June 5 and June 6, however, brought some stability to ether as buyers formed two consecutive green candles and pushed the price up to $250. We saw no significant price changes on June 7 as the coin hovered around the above-mentioned price.
During the weekend of June 8 to 9, ether started with a losing session, during which it moved back down to $245. On June 9, it declined further, erasing 5.6 percent of its value to stop at $231.
One of the most popular altcoins ended the seven-day period 12.9 percent lower.
The Ripple company token failed to break and hold above the $0.45 level for the sixth time in the last 30 days and started the new week with a sharp drop to $0.416 on June 3.
The coin lost 6.5 percent of its value during the session and was once again feeling the bear pressure.
On June 4, XRP fell down to $0.397 and was already eyeing $0.37 as the next support level. Just like the majority of the top ten coins, the Ripple token experienced a significant selloff, which some experts called the beginning of a new downtrend.
In an effort to prove them wrong, the XRP/USD pair rebounded on June 5 and June 6 and successfully moved up to $0.40 and $0.419 respectively adding more than six percent to its value.
Following a relatively calm session on June 7, during which the price remained mostly flat, the XRP broke below the uptrend channel at $0.407 on June 8 and started the weekend with a red candle.
On Sunday, June 9, it continued its decline by moving down to $0.386 in a 5.4 percent losing day. It was 12.6 percent down for the seven-day period.
Altcoin of the week
Our Altcoin of the week is Bitfinex’s exchange coin known by the name of Leo Token, which began trading on May 20. Since then, it has added more than 30 percent to its value and climbed up to #13 in the Top 100 cryptocurrencies as per CoinGecko.
LEO peaked at $1.78 on June 9 as its total market cap reached $1.7 billion. The project opened to the public in May via an Initial Exchange Offering (IEO) aimed to cover the huge loss of more than $850 million of Bitfinex funds frozen by the authorities in different countries.
The coin is trading at $0.000230 against BTC on the Bitfinex chart.