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Price Analysis 6/12: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, ADA, XTZ

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The S&P 500 plunged 5.89% on June 11, its fourth-worst fall this year. This brought back memories of the sharp sell-off seen in March when investors dumped most asset classes as the coronavirus pandemic took hold. 

Although gold managed to close in the green on June 11, Bitcoin (BTC) plunged 6.16%. This suggests that investors sought the safety of gold over BTC, the top-ranked cryptocurrency on CoinMarketCap.

The Organization for Economic Co-operation and Development said in a report that governments should prepare for a possible second wave of coronavirus cases. The OECD heavily emphasized the continuance of ultra-accommodative monetary policies and higher public debt until inflation and economic activity picks up and unemployment levels fall.

Daily cryptocurrency market performance

Daily cryptocurrency market performance. Source: Coin360

During the current crisis, the U.S. debt has crossed the $26 trillion mark. As the central banks balance sheets continue to balloon, several institutional investors may consider investing in higher risk assets like Bitcoin to hedge their portfolio against future currency crises. 

If the second wave of coronavirus is as bad as medical experts predict, the short-term panic selling in cryptocurrencies cannot be ruled out but lower levels are likely to witness strong buying by long-term investors. 

BTC/USD

Bitcoin (BTC) broke above the resistance line of the symmetrical triangle and reached the five-figure mark on June 10. However, $10,000 again proved a stiff hurdle to cross as the price turned down sharply on June 11.

BTC/USD daily chart

BTC/USD daily chart. Source: Tradingview

This suggests that the bears are aggressively defending the overhead resistance zone between $10,000 and $10,500.

The bulls held the 50-day simple moving average ($9,177) on June 11 and managed to keep the BTC/USD pair inside the triangle. However, buyers are struggling to push the price above the 20-day exponential moving average ($9,529). 

If the pair turns down from the 20-day EMA and breaks below $9,078.96, a decline to $8,130.58 is possible. If this level cracks then the pair could start a new downtrend.

On the other hand, if the bulls can scale the price above the 20-day EMA, another attempt to climb the $10,000–$10,500 zone is likely. If successful, the pair is likely to pick up momentum and start the next leg of the sustained uptrend.

ETH/USD

Ether (ETH) broke above the $247.827 resistance on June 10 and 11 but failed to sustain it. This attracted profit booking that dragged the price back below the support line of the ascending channel on June 11.

ETH/USD daily chart

ETH/USD daily chart. Source: Tradingview

The bulls again purchased the drop to the uptrend line, which makes this an important support to watch closely. 

Currently, the bulls are attempting to push the second-ranked cryptocurrency on CoinMarketCap back into the ascending channel. If successful, a rally to $253.556 is possible.

Conversely, if the ETH/USD pair plunges below the uptrend line it will signal a possible change in trend. 

XRP/USD

The sharp drop in XRP was arrested at the support line of the symmetrical triangle on June 10. This is a positive sign as it shows that the bulls are defending this support aggressively. They will now attempt to push the price back to the downtrend line of the triangle. 

XRP/USD daily chart

XRP/USD daily chart. Source: Tradingview

A breakout of the downtrend line will be a positive sign and it could offer a buying opportunity to the traders.

Above the triangle, the third-ranked cryptocurrency on CoinMarketCap can rally to $0.235688 and then to the pattern target at $0.2707. 

However, if the XRP/USD pair fails to sustain the rebound, the bears will try to sink the price below the triangle. If successful, a drop to $0.16 and then to $0.14 is likely. 

BCH/USD

Bitcoin Cash (BCH) broke above $255.46 on June 10 but could not scale above the $260 level. This resulted in profit booking by short-term traders and the price plunged back below the moving averages.

BCH/USD daily chart

BCH/USD daily chart. Source: Tradingview

The bulls are currently attempting to push the fifth-ranked cryptocurrency on CoinMarketCap back above the moving averages. If successful, a rally to $255.46 is possible. The BCH/USD pair is likely to show strength above $260 and pick up momentum above $280.47.

Conversely, if the pair turns down from the moving averages, the bears will try to sink it to the next support at $217.55. If this support holds, the pair might remain stuck between $217.55–$255.46. If the $217.55 level cracks the pair can drop to $200.

BSV/USD

Bitcoin SV (BSV) again failed to break above $200 on June 10. This attracted selling that resulted in a sharp fall on June 11. The bulls are currently attempting to defend the strong support at $170. 

BSV/USD daily chart

BSV/USD daily chart. Source: Tradingview

If successful, the sixth-ranked cryptocurrency on CoinMarketCap is likely to extend its stay inside the $170–$227 range. In a large range, the rebound off the support can offer a buying opportunity to the traders but if the BSV/USD pair breaks below the $170 support, a drop to $146.20 is possible. 

LTC/USD

Litecoin (LTC) broke below the moving averages and dropped towards the first support at $41.72 on June 11. The bulls purchased this dip and are currently attempting to push the price back above the moving averages.

LTC/USD daily chart

LTC/USD daily chart. Source: Tradingview

If successful, the seventh-ranked cryptocurrency on CoinMarketCap will try to move up to $51. A breakout of this level will signal the start of a possible uptrend. Above this level, a rally to $64 is likely.

Conversely, if the LTC/USD pair turns down from $51, a few more days of consolidation can be expected. Both moving averages are flat and the relative strength index is just below the 50 level which points to a range-bound action for a few days.

The trend will turn in favor of the bears if the pair turns down from the current levels and plunges below the critical support at $39.

BNB/USD

The moving average support finally gave way on June 11 and Binance Coin (BNB) dropped to $15.93. The bulls purchased the dip and are currently attempting to push the price back above the moving averages. 

BNB/USD daily chart

BNB/USD daily chart. Source: Tradingview

If successful, the eighth-ranked crypto-asset on CoinMarketCap will again try to rise above the overhead resistance of $18.1377. In doing so, the momentum is likely to pick up and a rally to $21.50 and $24 is possible. 

Conversely, if the BNB/USD pair turns down from the moving averages and slips below $15.72 a drop to $13.65 is likely.

EOS/USD

After failing to cross above the overhead resistance of $2.8319, EOS succumbed to selling pressure on June 11. This shows that the aggressive bulls who were expecting a breakout of $2.8319 dumped their positions.

EOS/USD daily chartEOS/USD daily chart. Source: Tradingview

The $2.3314 level has acted as a strong support from early April and the bulls purchased the dip to $2.4250 on June 11.

This increases the possibility of a range-bound action between $2.3314–$2.8319 for the next few days.

The ninth-ranked cryptocurrency on CoinMarketCap is likely to show strength on a breakout and close (UTC time) above $2.8319. Conversely, a break below $2.3314 will tilt the advantage in favor of the bears.

ADA/USD

Cardano (ADA) is currently attempting to resume the uptrend after bouncing off the 20-day EMA ($0.075) as suggested in the previous analysis. The 38.2% Fibonacci retracement level of the most recent leg of the up move is also close to the 20-day EMA and working as a strong support.

ADA/USD daily chart

ADA/USD daily chart. Source: Tradingview

The first target objective on the upside is a retest of $0.0901373. If the 10th-ranked cryptocurrency on CoinMarketCap turns down from this level a few days of range-bound action is likely.

If the bulls can propel the price above $0.0901373 the ADA/USD pair might rally to the $0.1–$0.10652 resistance zone.

The pair will signal weakness if it turns down from the current levels and breaks below the 20-day EMA. 

XTZ/USD

Tezos (XTZ) plunged below both moving averages on June 11 but the bulls aggressively purchased the dip to the support line of the descending channel. This is a positive sign as it shows that the bulls are still buying the dips.

XTZ/USD daily chart

XTZ/USD daily chart. Source: Tradingview

However, the recovery is facing resistance at the moving averages. If the 11th-ranked cryptocurrency on CoinMarketCap turns down from the current levels, the bears will make another attempt to break below the channel.

If successful, a drop to the critical support at $2.24 is possible. A break below this level could start a new downtrend. 

The first sign of strength would be a breakout of the resistance line of the channel. Above this level, a rally to $3.1384 and then to $3.60 is likely.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-6-12-btc-eth-xrp-bch-bsv-ltc-bnb-eos-ada-xtz

CoinTelegraph

Crypto exchange Kraken says it is ‘too big’ to go public through a SPAC

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A spokesperson recently said “$10 billion would be a low valuation” for Kraken.

San Francisco-based crypto exchange Kraken has not yet confirmed that it will follow in Coinbase’s footsteps by pursuing a public listing, though the company did rule out the possibility of doing so via a special-purpose acquisition company.

In a written statement to Cointelegraph, Kraken said it would pursue a direct listing in the event the exchange decided to go public in the United States. This follows speculative reporting from Fox Business’ Charles Gasparino, who yesterday claimed that Kraken was considering “going public possibly through a SPAC or IPO.”

“If Kraken would decide to go public, it would do so through a direct listing and not through a SPAC as we are too big to go that route,” said a Kraken representative. “Kraken is not planning to seek a public listing this year, but might consider going public next year. At this point no decision has been made.”

Special-purpose acquisition companies, or SPACs, are companies already listed on a stock exchange that could acquire a privately-held firm like Kraken, essentially bypassing the traditional initial public offering route. Yesterday, crypto-friendly trading platform eToro said it would be pursuing this path of going public with FinTech Acquisition Corp V acting as a SPAC.

In contrast, initial public offerings, or IPOs, require companies to file with the U.S. Securities and Exchange Commission and issue shares themselves. Coinbase is reportedly going the IPO route with an estimated valuation of up to $100 billion.

Some estimates value Kraken at roughly $10 billion. However, a spokesperson for the exchange has said that number “would be a low valuation for us.” Though the exchange claims that it is “too big” for a SPAC, the merger between eToro and FinTech Acquisition Corp V will also reportedly be worth $10 billion.

No shares of U.S.-based crypto exchanges are currently listed on the stock market. Coinbase may be furthest along the path, though Gemini has also hinted that it will pursue a public listing.

Source: CoinTelegraph – Crypto exchange Kraken says it is ‘too big’ to go public through a SPAC

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Source: https://spacfeed.com/crypto-exchange-kraken-says-it-is-too-big-to-go-public-through-a-spac?utm_source=rss&utm_medium=rss&utm_campaign=crypto-exchange-kraken-says-it-is-too-big-to-go-public-through-a-spac

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We asked for your craziest crypto story. These are the winners

The winners of a contest to find the craziest stories in crypto have been named — and they feature a Russian grandmother and a Counter-Strike tournament with a big BTC prize.

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Last month, Tradelize and Cointelegraph teamed up for a contest to hear your craziest crypto stories — casting a spotlight on some of your biggest successes and fails.

You didn’t disappoint… and selecting one winner was impossible. Because of this, we chose two — with the lucky raconteurs sharing a 5,000 USDT prize between them.

The first tale came from Timofei, who received a $100 gift from his grandmother in Russia. He decided to invest it in cryptocurrency — all while he followed his dreams of becoming a director in film school.

Timofei was able to use the profits he generated from the investment to fund the shooting of a film he was making for his course, with his grandmother serving as the main producer. His creation was a success — and as well as being entered into a Switzerland film festival, it was also shown at Moscow’s Museum of Modern Art.

“This is a living dream, because I didn’t count on anything,” he wrote in his story.

His grandmother lives in a remote village where internet access is limited — meaning he needs to put his mobile phone in a clay mug to get a signal. These days, Timofei says he is carefully day trading with an ambition to shoot a graduation film. He’s also been able to return the $100 to his grandmother, and buy her a TV for her birthday.

Wrapping up his powerful story, he wrote: “I do not always close deals profitably, but I manage to keep myself in hand and learn from mistakes step by step. After all, for me the stock chart is a metaphor for life, with its ups and downs. Have a good investment, watch an art movie and take care of your grandmothers!”

A missed opportunity

The other winner chosen by Cointelegraph comes from Cryptonaut, who used to compete in local Counter-Strike tournaments at internet cafes in 2011, when Bitcoin was trading at about $1.

He wrote: “My team and I made it to the finals after several razor-thin matches. It came down to a two-versus-one situation where I accidentally killed my teammate with some friendly fire. Needless to say we lost the match.

“The winning team ended up getting close to $500 in cash. As runners up we received 20 BTC each. At the time, I didn’t really know what cryptocurrency really was. I ended up trading my 20 BTC for a gaming mouse pad.”

Cryptonaut still has the mousepad to this very day — but naturally, he thinks of what could have been. If he had held on to the crypto stash, it would have been worth more than $1.2 million at the time of writing… 2,400 times more than the $500 would have been worth.

The CEOs of Tradelize and its partner Wootrade also shared their experiences. Anton Zapolskyi revealed how he first learned about Bitcoin, while Jack Tan shared an upbeat story from the dark days of the crypto winter in 2018.

A contest to remember

Cointelegraph’s managing editor, Kristina Lucrezia Cornèr, says selecting the winners of the contest wasn’t an easy feat by any means.

She added: “We all know the crypto markets have been full of drama over the past decade — and this contest with Tradelize shows that there have been plenty of highs and lows for early adopters, too. We’ve seen stories of people who have achieved financial independence by embracing Bitcoin… and those who have missed out on life-changing profits after selling in the early days. As the total market cap races to $2 trillion, the next chapter of the crypto revolution is only just beginning, and the rest of the story is still unwritten.”

You can check the list of winners on the Tradelize website, and prizes are going to be distributed in the coming week.

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Source: https://cointelegraph.com/news/we-asked-for-your-craziest-crypto-story-these-are-the-winners

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Billionaire investor Mark Cuban to talk crypto on Blockchain & Booze tonight

Billionaire investor Mark Cuban is set for a virtual sit down to discuss what he finds exciting in the crypto space, perhaps over a few beers. And it’s live on Cointelegraph’s Twitter feed.

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“Shark Tank” star and Dallas Mavericks owner Mark Cuban will appear on tonight’s episode of Blockchain & Booze.

Cuban is expected to talk about his fascination with decentralized finance and nonfungible tokens, and his views on the most imminent and compelling use cases for blockchain technology.

The billionaire investor recently joined a group of National Basketball Association franchise owners exploring the adoption of the novel tech in the NBA.

Register for the event free!

According to host Adam Levy of blockchain venture studio and fundDraper Goren Holm, the billionaire investor will also touch on his recent Dogecoin (DOGE) interest, as well as other projects on his investment radar.

Cuban recently adopted DOGE as a payment option for Dallas Mavericks merchandise. Earlier in March, the NBA franchise owner tweeted that the Dogecoin price could reach the $1 mark on the back of sales of “Mavs merch.”

Cuban’s more positive statements about crypto in recent times appear at odds with his prior position where on one occasion, he expressed his preference for bananas over Bitcoin (BTC).

These days, he is more likely to be found praising cryptocurrencies, including Bitcoin. Cuban recently disagreed with noted “goldbug” and BTC skeptic Peter Schiff, calling Bitcoin living technology while referring to gold as being dead.

Commenting on Cuban’s scheduled appearance on Blockchain & Booze, Adam Levy, the show’s host stated:

“Having Mark Cuban on the show is one of our biggest highlights for the Boozer community. I’m honored to be sharing an hour with him live in front of thousands and to pick his brain on his outlook for the industry.”

Episode 50 featuring Cuban will air via livestream on the Cointelegraph Twitter account on Tuesday, March 9 at 5:00 p.m. Pacific Time (1:00 a.m. UTC March 10 ).

The hour-long fireside chat will be followed by a 60-minute networking session for streamers and viewers.

The Blockchain & Booze show happens every Tuesday and it’s free to register at https://blockchainbooze.io/.

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Source: https://cointelegraph.com/news/billionaire-investor-mark-cuban-to-talk-crypto-on-blockchain-booze-tonight

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$1 Bitcoin investment beats gold and stocks despite 2020 gains

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Bitcoin (BTC) still beats gold as an investment in 2020 despite the precious metal generating its biggest returns in a decade.

In a knock to gold bugs, data shows that despite gold’s run this year, Bitcoin still trumps every macro asset when it comes to investment profits.

Bitcoin “quietly eating the financial world”

Fresh off its second best quarterly close on record, Bitcoin is up almost 50% in 2020, while gold has managed just half of that — 25.6%.

The S&P 500, an index with which Bitcoin has shown considerable correlation, is just 5.5% higher than at the start of January. Despite its increasing strength, the U.S. dollar has netted savers just 2.2% year-to-date returns, while oil is the big loser, with WTI crude down by almost 35%.

Bitcoin versus gold historical chart. Source: Skew

For popular statistician Willy Woo, zooming out to examine Bitcoin’s returns versus gold since the cryptocurrency’s inception in 2009 compounds the case for holding BTC.

The numbers would appear to speak for themselves. $1 of Bitcoin purchased even one year ago would have netted its owner $0.31 profit, while gold would have got $0.27. 

Prior to the end of 2017, when BTC/USD began consolidating after reaching $20,000 all-time highs, the differences are much more palpable. $1 invested five years ago is now worth $44.43, while $1 of gold is worth $1.67, according to Woo’s figures.

United States’ national debt hits $27 trillion

As Cointelegraph reported, Woo has stated that he believes Bitcoin will soon decouple from gold and other traditional markets to carve out a price trajectory of its own.

The cryptocurrency has weathered criticism from gold bugs as much as ever during 2020’s market volatility, with serial gold bug Peter Schiff among its most vocal naysayers. Schiff has toned down his skepticism in recent weeks, focusing on the U.S. dollar and the state of the country’s economic debt.

U.S. total debt has now passed $27 trillion for the first time in history, according to the U.S. National Debt Clock.

“The National Debt just past $27 trillion, up about $7 trillion since Trump took office. If [Donald Trump] serves just one term he will likely add more to the national debt in 4 years than Obama did in 8,” Schiff wrote on Oct. 6.

“What’s worse is that [Joe Biden’s] 1st term may add more than both combined.”

Source: https://cointelegraph.com/news/1-bitcoin-investment-beats-gold-and-stocks-despite-2020-gains-data

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