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Market Wrap: Bitcoin Is Still Up 30% in 2020 After a Bumpy Week

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Despite sliding in sympathy with stocks this week, bitcoin’s performance remains healthy this year, up 30% so far. 

Bitcoin (BTC) was trading around $9,412 as of 20:00 UTC (4 p.m. ET), gaining 2% over the previous 24 hours. 

At 00:00 UTC on Friday (8:00 p.m. Thursday ET), bitcoin was changing hands around $9,474 on spot exchanges such as Coinbase. The price began to decline, dipping to as low as $9,301, before picking up a bit. The price is well below the 50-day and 10-day moving averages, a bearish technical indicator.

btcjune12

Bitcoin trading on Coinbase since June 10Source: TradingView

“The fight for the support pivot $9,750 eventually lost. The bears broke through the level and made a major drain,” said Konstantin Kogan, a partner at cryptocurrency fund of funds BitBull Capital. “There is a chance for another decline to $9,000”

Read More: Why Bitcoin Suddenly Dropped 6% on Thursday

However, despite the dip Thursday, Rupert Douglas, head of institutional sales for digital asset brokerage Koine, sees reason for optimism in the crypto markets. 

“Technically this is an important inflection point for bitcoin and I still believe we’re headed higher after several days of consolidation, having shaken out the weak longs,” Douglas said, referring to traders who dabbled in the crypto derivatives market this week.

Stocks fell Thursday, a day after Federal Reserve Chairman Jerome Powell gave a dour outlook on the economy. Bitcoin was caught up in the decline. 

Read More: Stocks’ Carnage Drags Bitcoin Down to $9K

When prices in the bitcoin market began to fall, liquidations on BitMEX intensified the movement, squeezing out long positions. Hourly liquidations hit $45 million as of 16:00 UTC Thursday. 

skew_bitmex_xbtusd_liquidations-12

BitMEX liquidations the past week – June 11’s spike is during bitcoin’s dipSource: Skew

“The correlation with stocks has been tight these last two days. Crypto is acting like a risk-on asset,” said George Clayton, managing partner of Cryptanalysis Capital. “But all of this bitcoin volatility is still within the trend channel,” i.e., par for the course in crypto.

bitcoinvolatilityvsstocksgoldbonds_coindeskresearch_june12-1

Volatility across several markets since 6/1/20Source: CoinDesk Research

Cryptocurrency stakeholders often scratch their heads watching the stock market. The recent fall in the S&P 500 to where it started the year may seem unhinged to them when bitcoin is up 30% this year, according to MarketWatch data

“The bullish technical picture for crypto is still intact. So is the macro picture. I cannot say the same for stocks and that confounding rally to the 2020 highs,” said Cryptanalysis’ Clayton.

Other markets

Digital assets on CoinDesk’s big board are mixed Friday. The second-largest cryptocurrency by market capitalization, ether (ETH), is trading around $236 and climbed 3% in 24 hours as of 20:00 UTC (4:00 p.m. ET). 

Read More: Why This Dev Built a ‘Centralized Ethereum’ on Top of Bitcoin’s Lightning

The amount of gas, or small amounts of ether, sent on the Ethereum network to run smart-contract applications has steadily increased in 2020, a sign of increasing usage.

ethgas

Gas used on the Ethereum network since 1/1/20Source: Glassnode

The biggest cryptocurrency winners on the day include decred (DCR) climbing 7%, cardano (ADA) up X% and tron (TRX) in the green 3.7%. The largest loser on the day is iota (IOTA) in the red less than a percent. All price changes were as of 20:00 UTC (4:00 p.m. ET).

Read More: Free Transactions Invite Systemic Attacks on Blockchains, Researchers Find

In commodities, oil is flat, gaining less than a percent as a barrel of crude was priced at $36 as of press time. 

oiljune12

Contracts-for-difference on oil since June 10Source: TradingView

Gold is trading, up less than percent, trading around $1,731 for the day. 

The Nikkei 225 index of publicly traded companies in Japan ended trading in Asia down less than a percent on the day, dragged down by the transportation and mining sectors. The FTSE 100 index of top companies in Europe was essentially flat, up a tenth of a percent as economic data showed U.K. output dropped to 2002 levels

ukoutputjune12

Eighteen years of U.K. growth wiped out in two monthsSource: ONS

“Bitcoin is simply playing along right now. There’s not much else to it,” said Vishal Shah, an options trader and founder of Polychain Capital-backed derivatives platform Alpha5.

In the U.S., the S&P 500 index gained 1.3%. Stocks experienced the largest losses since March for the week.

U.S. Treasury bonds were mixed Friday. Yields, which move in the opposite direction as price, were up most on the 10-year, in the green 6%.

Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Source: https://www.coindesk.com/market-wrap-bitcoin-is-still-up-30-in-2020-after-a-bumpy-week

Blockchain

Bitcoin in uptrend but BTC may never beat gold’s $10T market cap — ex-NYSE head

Thomas Farley, former chief operating officer of the New York Stock Exchange, is “sanguine” about recent price action.

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Bitcoin (BTC) is on a “lower left to upper right trend” and its volatility should not scare investors, the former head of the New York Stock Exchange says.

In an interview with CNBC on June 23, Thomas Farley revealed long-term convictions about Bitcoin and dismissed concerns over BTC price losses.

Bitcoin: Going up, but not “up only”

Coming a day after CNBC pundit Jim Cramer admitted that he sold his Bitcoin stash, suggesting that BTC/USD was going as low as $10,000, Farley provided some much-needed mainstream bullishness.

“With respect to the recent price moves, I’m kind of sanguine about them — Bitcoin’s a very volatile asset class, in part because it’s a new asset class,” he told the network.

“I have no doubt it’ll go up, it’ll go down over the long term — I still think it’s a lower left to upper right trend and I think we’re going to see that play out over five years.”

With mining upheaval coming from China still on everyone’s lips, popular mainstream criticism of Bitcoin’s energy usage was also swiftly cast aside as a temporary issue.

“I think this kerfuffle is an interesting conversation, but by and large I think it’ll be resolved because I think the blockchain at its core adds to its efficiency and in fact will add to energy efficiency over time,” he continued.

Less convinced on gold. vs. Bitcoin

When it comes to Bitcoin as “digital gold,” however, Farley was more conservative in his predictions.

Now firmly beneath a trillion-dollar market cap, Bitcoin must transform in order to take on store-of-value safe-havens.

Related: Joining the ranks: Bitcoin’s correlation with gold and stocks is growing

“I think the upper bound for now is gold, which is about a $10 trillion market cap,” he added.

“In order for Bitcoin to one day exceed gold, it’ll have to be more of an accepted form of currency — I’m not sure, frankly, if it ever gets there.”

Proponents argue that Bitcoin, by its very nature, faces just a matter of time before eclipsing gold thanks to the latter’s ultimately infinite supply and inability to beat Bitcoin in all aspects of “money.”

The precious metal saw a major sell-off last week after comments on policy from the United States Federal Reserve.

To beat gold, Bitcoin would need to trade at more than $533,000 with the current supply.

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Source: https://cointelegraph.com/news/bitcoin-in-uptrend-but-btc-may-never-beat-gold-s-10t-market-cap-ex-nyse-head

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Ally Has Price Boost of 48% – Where to Buy Ally

Ally price (ALY) has seen its trading volume spike by over 436% in the…

The post Ally Has Price Boost of 48% – Where to Buy Ally appeared first on Coin Journal.

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Ally price (ALY) has seen its trading volume spike by over 436% in the last 24 hours.

Ally, a cryptocurrency-powered secure messaging platform, has seen its price spike by almost 50% in the last 24 hours.

As concerns over privacy and fear of surveillance rises, platforms such as Ally seek to fulfil the demand for trusted means of communication.

Whatsapp, the most popularly used encrypted messaging service, has recently changed its terms of service now it is owned by Facebook, leading some to fear that the social media giant is looking for new ways to monetise Whatsapps’ user data.

Where to buy Ally

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What makes Ally a potential buy?

In the last year to date, buyers of Ally would be in profit by an enormous 4,021%. To put this in perspective, a $100 investment a year ago would have now grown to be worth thousands of dollars.

Ally claims that it has strong fundamental value, as it is “focused on providing users the most secure and decentralized online communication solution. With private P2P chats, group chats, broadcast channels, ephemeral messaging, and crypto transfers, Ally offers a multitude of features to ensure users have the richest experience possible.

As the first dApp built on Skrumble Network’s public blockchain, Ally is primed to be the go-to communication application for managing crypto communities, discussing sensitive political matters, and exploring a variety of fun and engaging topics.

If backlash against some of the more established messaging services takes off, then Ally could certainly be a project to watch over the coming years if users look to flock to a new platform.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinjournal.net/news/ally-has-price-boost-of-48-where-to-buy-ally/

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Blockchain

Digital Assets AG Launching Stock Tokens on Solana

Digital Assets AG is launching tokenized stocks on the Solana Blockchain, which will be exclusively available though crypto exchange FTX.

The post Digital Assets AG Launching Stock Tokens on Solana appeared first on BeInCrypto.

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Digital Assets AG is launching tokenized stocks on the Solana Blockchain, which will be exclusively available though crypto exchange FTX.

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Digital Assets AG (DAAG) is based in Switzerland and specializes in designing and issuing tokenized financial instruments. It is now bringing its tokenized stock infrastructure to the Solana blockchain. During this initial debut, DAAG will also launch the free-floating security tokens exclusively on crypto exchange FTX. This will allow for the risk-free, compliant transfer of tokenized stocks.

According to Brandon Williams, Corporate Development Lead at DAAG, “operating on Solana will offer a much more efficient, and cost-effective environment for the trading and utilization of tokenized stocks.”

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Secondary-market stock token trading

In April, Binance became the first major exchange to offer stock tokens, in partnership with DAAG. Binance inaugurated its stock token offerings with Tesla, but later added MicroStrategy, Microsoft and Apple to its portfolio. However, these stock tokens are limited to being traded on Binance exclusively, with users only able to open or close positions. This restricts their ability to make withdrawals, or transfer cross-chain or to an external party. 

But now, DAAG has also launched free-floating tokenized stocks on Solana. This means that users can now trade these tokens between different centralized and decentralized exchanges built on the Solana blockchain. Sam Bankman-Fried, founder and CEO of FTX said that this could set a new standard and “help facilitate a paradigm shift in the underlying market structure.” 

Regulatory approval

Initially, these stock tokens will be exclusively available on crypto exchange FTX to KYC’d buyers and sellers in permitted jurisdictions. Users will be able to buy, sell and withdraw the 55 free-floating stocks in a 24/7/365 trading cycle. These will include stock tokens for Facebook, Google, Netflix, Nvidia, PayPal, Square and Tesla. Users will also be able to make transfers to secondary markets without restriction, with near-instantaneous settlement and no counterparty risk.

These free-floating tokens are regulatory-approved security tokens that can be used for tokenized stock trading. Each stock token is worth one share of stock, backed by a corresponding share in a portfolio of underlying securities. Previously, there had been some issue with Binance’s stock tokens, about whether they required a securities’ prospectus. However, in this instance the Financial Market Authority (FMA) of Liechtenstein endorsed a securities’ prospectus, making DAAG Tokenized Stocks valid in the European Economic Area (EEA).

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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Source: https://beincrypto.com/digital-assets-ag-launching-stock-tokens-on-solana/

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CryptoPunt Announces World’s First Effort at Truly Decentralized Gambling

The concept of gambling has undergone multiple iterations over the years. What started out as an illegal practice is now considered legal physical and online entertainment in numerous regions. The role of cryptocurrencies in this segment cannot be underestimated, as decentralized gambling is the next step in the evolution to a truly fair ecosystem.

The post CryptoPunt Announces World’s First Effort at Truly Decentralized Gambling appeared first on BeInCrypto.

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The concept of gambling has undergone multiple iterations over the years. What started out as an illegal practice is now considered legal physical and online entertainment in numerous regions.

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The role of cryptocurrencies in this segment cannot be underestimated, as decentralized gambling is the next step in the evolution to a truly fair ecosystem.

Crypto gambling is on the rise

Over the past few years, there have been numerous initiatives to combine the best of online gambling and cryptocurrencies. Digital assets provide pseudonymity, improve accessibility, and are widely accepted among casino and gambling providers. It is a payment method that protects both users and providers alike, operating outside the control of banks and governments. 

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Whereas the initial push was focused on centralized platforms accepting cryptocurrency payments, that is no longer the case today. Decentralization is the new norm, although it is not always straightforward to achieve. Decentralized gambling applications have gained some momentum over the years, although they mainly cater to existing cryptocurrency enthusiasts. That approach is successful, but it will do very little to convince the mainstream of this option.

That is a bit strange, as crypto gambling also introduces the concept of provable fairness. Allowing all users to verify the outcome of a wager independently creates an unprecedented sense of empowerment. Removing the need to rely on the service provider to confirm whether an outcome is both fair and crucial. The gambling industry has always had a transparency issue, but that can be resolved by innovative projects such as CryptoPunt.

The potential of CryptoPunt

As a platform focusing on gambling and gaming, CryptoPunt goes well beyond traditional crypto casinos. It will support initial games such as Blackjack, Jackpot, and CoinFlip, whilst continuously adding many more entertaining options whose outcomes are always recorded on-chain, staying true to the crypto ethos of decentralization. All bets are recorded on the Polygon Matic ecosystem, a layer-two solution for the Ethereum blockchain. 

Onboarding new users is essential in the decentralized gambling industry. Making this process as straightforward as possible is crucial, and CryptoPunt checks the right boxes. It requires no traditional registration but rather a connection through a Web3 wallet like MetaMask or Coinbase Wallet, forgoing manual deposits/withdrawals, KYC procedures, and other cumbersome aspects. On that count, this solution is far more approachable than most other gambling options on the market today.

Another crucial benefit of dealing with cryptocurrencies is how it leads to faster deposits and withdrawals. For CryptoPunt users, those transactions are instant. The platform is not responsible for the payments, as it maintains a non-custodial solution. User winnings appear directly in one’s wallet, speeding up the transactions and enhancing the control users can experience.

All of this sounds good on paper, but it wouldn’t be worth much without a convenient user experience. CryptoPunt offers a sleek gaming interface to minimize navigational delays and increase the overall gaming enjoyment. The interface looks very intuitive in its current beta version, yet more touch-ups will be introduced prior to the full release.

The PUN token’s purpose

As is courtesy in the cryptocurrency industry, new platforms will usually have a native token. For CryptoPunt, that token is $PUN, rewarding affiliate marketers with a revenue share from referrals. It also grants access to exclusive promotions and better platform rates. In the future, PUN will be useful for accessing prizes and plenty of other incentives. 

On the referral front, markets earn 0.1% of every bet made by referrals. That offer applies to games against house only. Additionally, there is a reduced house edge for PUN holders, allowing for bigger profits to be pocketed when winning. Community members will be able to increase their holdings through various community-oriented campaigns running on Telegram, social media, and so forth. There is also an in-game chat where holders must hold $PUN to deter scammers approaching them in-chat.

Given the backing by renowned VCs, including VYSYN Ventures, DutchCryptoInvestors, CryptoMarvels, ChinaPolk, BMW Capital, and others, there is a lot of attention on CryptoPunt and its PUN token, with the launch leading up to be a success. Unlike other tokens, $PUN supports both the ERC-20 and BEP-20 token standards, an industry first. With trading to go live on PancakeSwap and Uniswap, there will be broad access to the token and overall liquidity, whilst also allowing inter-chain bridging.

Closing thoughts

It is evident there are numerous ways to decentralize the gambling industry further. Rather than just focusing on the decentralized aspect of the games, CryptoPunt goes one step further by creating a sleek and massively entertaining experience, fit for the current state of the online gambling market. Its non-custodial solution for deposits and withdrawals creates a direct line of communication between players and CryptoPunt, whereas its modular features and focus on user-friendliness can make a big difference when catering to millions of players globally.

Provably fair gambling and gaming will become more commonplace over the coming years. Users need the ability to verify the outcome of wagers without relying on the service provider to share details that may or may not be accurate. The dual-pronged approach through gambling and gaming is a breath of fresh air in the decentralized gambling world, as the model caters to the needs of millions of people rather than just cryptocurrency enthusiasts.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Source: https://beincrypto.com/cryptopunt-to-offer-truly-decentralized-gambling/

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