Search ForexCrunch

Here is what you need to know on Tuesday, June 23, 2020

BTC/USD is trading at $9,650 after a 4% price surge yesterday. The daily chart is painting a bull flag that could see continuation within the next few days.

ETH/USD is a bit stronger than Bitcoin at $244 and also a daily bull flag. The resistance level at $250 remains as the crucial point to crack.

XRP/USD can’t seem to climb above $0.19 just yet and will face the daily 12-EMA at $0.191 as well. 

Bancor is the biggest winner today with a 23% price increase followed by Zcash which touched $60. The next in line is Chainlink with a 10% bull move and $500 million in trading volume. 

Chart of the day: BNT/USD

BNTUSD

Market

Rumors about PayPal and Venmo integrating crypto payments continue but neither side has made any official comments just yet. It is clear that the recent bullish action in the market was fueled by the rumors. It has been confirmed that PayPal is hiring crypto engineers but the reason behind it, it’s unknown.

China continues with its plans to roll out of the digital yuan and seems to have completed a backend infrastructure for it. The CBDC (China’s Central Bank Digital Currency) is still in the ‘beta’ or testing phase but it’s moving forward fast. At the same time, China’s blockchain service announced the integration of ChainLink oracles into its system. 

We looked at the top four, on the list, Chainlink was not number one. They were the second one. But we saw that Chainlink has the best community, best support. […] Also, we really liked the team.

Industry

ING Bank has announced that it’s developing a protocol for tracking cryptocurrency transactions. The idea behind the protocol is to assist with the Financial Action Task Forces Travel Rule requirements for cryptocurrency exchanges. 

With a regulatory first approach, we are actively involved in different working groups to support standardization of this emerging ecosystem and ultimately pioneer mass adoption

Quote of the day

Whenever the price of cryptocurrency is rallying, people start spending a lot more

Erik Voorhees