Search ForexCrunch

Here is what you need to know on Wednesday, July 8, 2020

BTC/USD is seeing continuation after the initial breakout on July 6 with another 2% move touching $9,470. 

ETH/USD is on the verge of cracking $250 and topping out the high of Jun 2 at $253.8. 

XRP/USD is one of the biggest gainers with a 9% surge above $0.20 for the first time since June 11.

Indeed, the biggest gainer today is Dogecoin with a 61% surge in the past 24 hours after getting pumped thanks to a TikTok challenge. Next is Vechain with a 25% value increase hitting a new all-time high after its mainnet launch. 

Chart of the day: DOGE/USD daily chart

DOGEUSD

Market

What started out as a joke on TikTok, became one of the biggest pumps Dogecoin has ever experienced. Hundreds of videos talking about DOGE started surfacing TikTok boosting its price by more than 140% on Binance. The official Twitter account of Dogecoin was even forced to make a short statement about the pump.

Lawrence Zlatkin, the Chief tax officer for Coinbase says that the uncertainty about taxation of cryptocurrencies is creating a lot of outflow of funds towards better jurisdictions. Coinbase seems to be planning an expansion beyond the United States according to Zlatkin:

It’s a growth model for us, just where we operate, accessing more customers, being able to trade more assets […] Generally speaking, the most customers in the space particularly would be from major jurisdictions like Canada, U.K., the EU, and within Asia

Industry

Volvo is investing in a Blockchain startup called Circulor used throughout Volvo Car’s battery supply chain. 

The investment in Circulor by Volvo Cars allows both companies to expand their focus beyond cobalt, for example by looking at increasing traceability of mica, a mineral used as isolation material in the battery pack of electric Volvos.

Quote of the day

If [Bitcoin does] not [reach $500.000 by the end of 2020], I will eat my d*ck on national television. – John McAfee