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Here is what you need to know on Thursday, June 25, 2020

BTC/USD slipped below $9,000 on some exchanges but the bulls bought the dip and pushed the digital asset back up at around $9,300.

ETH/USD had a similar dip but didn’t lose its daily uptrend like Bitcoin which means Ethereum is stronger than BTC right now.

XRP/USD dropped to $0.178 and remains as the weakest coin among the top.

Not a lot of positive action today for altcoins, the biggest gainer is Celsius with a 7% price increase followed by Basic Attention Token at 6%. Energi and Ontology are close at 5% and 4% respectively. 

Chart of the day: LINK/USD daily chart

LINKUSD

Market

Lawrence H. Summers, former Treasury Secretary seems to be supporting cryptocurrencies and the blockchain. According to a recent interview conducted on June 25 with Jeremy Allaire from Circle, Summers says he is a Bitcoin evangelist and a high traditionalist. 

I think the case for all of this innovation will lie in the fact that there is a ridiculous degree of friction in today’s world around doing quite complex things. […] The friction isn’t just coming from the greed of the middlemen — although there is greed among the middlepeople. It’s coming from the various difficulties and challenges associated with mutual trust

One of Crypto.com card issuers has filed for bankruptcy. Wirecard’s stock price plummeted 80% today after the news. 

The Management Board has come to the conclusion that a positive going concern forecast cannot be made in the short time available. Thus, the company’s ability to continue as a going concern is not assured – Wirecard stated.

It’s unknown how this will affect Crypto.com, however, TenX which was also using Wirecard has commented on the matters stating that the situation will not affect its customers.

Industry

Uphold, a popular digital money platform has announced the launch of a new service that will enable Latin American users to buy shares of Amazon, Google, and others with cryptocurrencies.    

Uphold, the leading digital money platform, today launches a groundbreaking equities service that gives millions of people in Latin America easy and affordable access to U.S. stocks for the first time.

Quote of the day

Lost coins only make everyone else’s coins worth slightly more. Think of it as a donation to everyone. – Satoshi Nakamoto, creator of Bitcoin