Crypto sentiment improved on Thursday as most of the majors trade higher.
Bitcoin has once again moved very close to the 10K mark once again. On the last break, the sellers stepped in at 10404.87 and the market fell pretty dramatically. So far this time around the volume is no way near as large as the last time, In the past the times where 10K has been tested and the level had been pretty stubborn and at some points, the market stopped just shy of the psychological level.
Ethereum looks strong and is trading at USD 245 at the time of writing. After a quick dip today, bulls managed to buy it back and create a bullish reversal candlestick. ETH/USD is in a daily uptrend and only facing two major resistance levels at USD 247.14 and the high set on June 2 at USD 253.47.
Ripple – On the four-hour chart below the price has started to make some higher highs and higher lows. The key level is the wave high of 0.2146, if this level gets broken then the uptrend might resume. The price has recently moved above the 200 Simple Moving Average and the 55 Exponential Moving Average.
Tezos is trading in an uptrend at the moment and the price has printed above the red resistance zone. The 3.06 resistance has been used to good effect in the past and the market turned there on 30th April. The pair is also trading above both moving averages (55 and 200) which is a bullish sign. The Relative Strength Index indicator is also looking positive above the 50.00 level and there is some space to move to the upside. The MACD is also looking positive as the histogram has turned green and the signal lines are still above the mid-point.
Litecoin is trading inside an evident symmetrical triangle formed in the past month and a half. LTC/USD recovered from the crash on June 2 after successfully defending both the daily 12-EMA and the 26-EMA. Bulls can find a clear resistance level at $49.92, the high set on June 2 before the massive rejection. Unfortunately, that’s not the only resistance point as Litecoin formed another high at $50.87 back on April 30. The daily RSI has cooled off and LTC continues trading above the 12-EMA and the 26-EMA on the daily chart. The nearest and most important support level is the low on June 2, at $44.54, marked with the green horizontal line.
OKEx launches ETH options with EOS options to come
The massive Cryptocurrency exchange OKEx announced the launch of Ether (ETH) options contracts on its trading platform. In addition to this, the company say EOS options are on the way on the June 18th.
According to an official announcement the exchange, it is also donating 1,000 ETH, worth around USD 243,000 to its ETH/USD Options insurance fund, in a bid to minimize clawback risk. OKEx is known for its derivatives portfolio, which has stood out because of the volumes traded
Grayscale’s Ethereum Trust fund showing increasing institutional interest in ETH
The Grayscale Trust fund has been buying Ethereum throughout 2020 and it’s now showing a 679% year-to-date return. According to an official report, Grayscale bought 50% of all Ethereum mined until April 24, 2020. The company has continued buying ETH at a slower rate and investors have been buying ETH even at a 725% premium. While this number looks huge, it’s not even close to its highest point of 1,300% around a year ago.
The Bitfinex & Tether trial continues with the new addition of Poloniex
Background story – BitFinex and Tether were accused of printing the USDT stablecoin and using the digital currency to boost the prices of at least USD 1 trillion USD in different crypto assets. The NY federal court shut down efforts by BitFinex to dismiss the class-action lawsuit in November and the second lawsuit in the US Court for the Western District of Washington was opened a fortnight later.
Bitfinex and Tether have denied all allegations filed against their parent company, iFinex Inc, according to a blog post published today by Bitfinex. Now an updated lawsuit, filed on June 3 in the Southern District of New York, accuses Bitfinex, Tether, and now Poloniex with a few affiliated firms of allegedly manipulating the crypto market. The initial lawsuit was filed in October 2019. The case continues…
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