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Cryptocurrency News Update: Bitcoin bulls loses the race, $9,000 back in focus

Here’s what you need to know on Friday

Markets:

BTC/USD has lost the gains of the previous day. The first digital asset is changing hands at $9,170, down over 2% on a day-to-day basis. Having recovered from the intraday low of $9,117, BTC coin is moving within the short-term bullish trend amid high volatility; Bitcoin’s market dominance edged to 62.8%.

At the time of writing, ETH/USD is changing hands at $237.80, down 3% on a day-to-day basis and 1.8% since the beginning of the day. ETH is moving within a short-term bearish trend amid high volatility.

XRP/USD is back below $0.2020. The coin has lost over 3% both since the beginning of the day and on a day-to-day basis to trade at $0.1950 by the time of writing. Now the short-term trend is bullish while the volatility is high.

Among the 100 most important cryptocurrencies BitTorrent (BTT) $0.00043 (+20.4%), Ampleforth (AMPL) $2.8 (+15.8%),The Midas Touch Gold (TMTG) $0.0535 (+12.8%) are the most successful. The day’s losers are Flexacoin (FXC) $0.0035 (-18.7%), HedgeTrade (HEDG) $1.42 (-12.9%), Status (SNT) $0.0261 (-10.4%).

Chart of the day:
BTC/USD, 30-min chart

Markets

According to the recent data provided by Arcane Research, small-cap coins have outperformed Bitcoin by nearly five times in 2020. The first and the largest digital asset has been sidelined for the most part of the year and increased by 27%; however, some smaller-cap coins like  VeChain or Dogecoin significantly outperformed Bitcoin. Some of them has grown five times faster in 2020.  The experts note that those coins can be set in motion easily due to low liquidity. It takes far less capital to start the ball rolling and push them above the resistance levels. The stellar performance of smaller coins inspired chattering about the upcoming altseason. As we have previously reported, many experts now predict the decrease of Bitcoin’s dominance similar to what happened in 2017.

According to the market report published by the cryptocurrency exchange Kraken, the trading volume decreased by 31% since the start of the yea, which resulted in a sharp decline in the cryptocurrency market volatility. At the same time, the experts of the exchange found out that over the recent 30 days Bitcoin’s correlation to S&P 500 climbed to 0.65, while the 30-day correlation with gold hit a low of -0.49. 

Given June’s uneventful price action and bitcoin’s shift in correlation with the S&P 500, market participants ought to pay close attention to CBOE’s Volatility Index (VIX) to better assess whether traditional financial markets will weigh on bitcoin’s market dynamics as participants shift focus to equities.

Industry

Silviu Catalin Balaci, a 35-year-old programmer of the Bitclub Network admitted that the mining pool was in fact a Ponzi scheme that defrauded investors of $722 million. BitClub, established by Balaci together with Matthew Brent Goettsche and Russ Albert Medlin offered lucrative Bitcoin mining conditions to the participants, but in fact, they inflated the website’s mining activity to fool the participants and make they stay in the game. Balaci was sentenced to five years in prison and $250,000 fine.

One of the world’s popular cryptocurrency exchange OKEx announced the launch of Dogecoin (DOGE) margin trading, savings and DOGE/USDT perpetual swaps. The new tools will become available for OKEx users from 3:00 am (UTC) on July 10 both via web and API. Commenting the listing, CEO of OKEx, Jay Hao, said:

As a leading exchange, we’re pleased to offer these new trading and savings features for Dogecoin to our users. At OKEx, we are always striving to provide the most diverse product offering by asking our users what they would like to see and responding to their requests. DOGE is a very popular coin with sophisticated marketing and market potential that many traders will enjoy speculating on and we believe that it will bring additional liquidity to the exchange. As with any trading decisions, however, we always encourage traders to trade with caution and carry out their own research.

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