Cryptocurrency News Update:  Green roots of recovery take BTC above $9,700

Here’s what you need to know on Tuesday

Markets:

BTC/USD gained over 2% since this time on Monday and settled above $9,600. The intraday high is registered at $9,723. However, by the time of writing, the price has retreated to $9,630. The short-term trend is bullish, while the volatility is shrinking. Despite the recovery, BTC/USD is still below the critical resistance level $10,000.

At the time of writing, ETH/USD is changing hands at $241.90. The price touched $244.68 during early Asian hours, but retreated below the $235.00failed to hold the ground. ETH/USD has gained over 3% in the recent 24 hours, but the upside momentum is losing traction. The coin is moving within a short-term bearish trend amid low volatility.

XRP/USD is irresponsible to the recover attempts. The coin stays below $0.1900, mostly unchanged both on a day-to-day basis and since the start of Tuesday. At the time of writing, the coin is changing hands at $0.1888. From the short-term perspective, XRP/USD is trading within a bearish trend amid expanding volatility.

Among the 100 most important cryptocurrencies, DigiByte (DGB) $0.0215 (+24.3%), Bitcoin Diamond (BCD) $0.7474 (+21%), Ren (REN) $0.1446 (+20.55%). The day’s losers are Flexacoin (FXC) $0.0028 (+14.12%), Aave (LEND) $0.1400 (-10.28%), Compound(COMP) $285.79 (-6.8%).

Chart of the day:

ETH/USD, 1-hour chart

Markets

The Block’s analyst Larry Cermack has come to the conclusion that Bitcoin and Ethereum account for the lion’s share of spot trading volumes on the largest cryptocurrency exchanges. The combined share of BTC and ETH exceeds 50% of the total trading volume on Binance, despite the fact that the exchange supports about 200 different coins. Binance generates 32% Bitcoin’s trading volume, 14% of Ethereum’s volume and 3.1% of BNB token trading volume. Bitcoin and Ethereum account for 81.2% of the trading volume on the Bitfinex. It is 80.4% for Bitstamp, 75% for Bitstamp 61% for Coinbase.

Bitcoin and Ethereum won’t lead the next cryptocurrency boom, according to Polyient Games’ director of innovation Craig Russo. Speaking in the recent interview with VentureBeat, he added that the two major coins would be left out from the next wave of crypto craze. Instead, it will be dominated by NFT’s and blockchain gaming applications.

Everyone’s waiting for Bitcoin to go up to $20,000 or $100,000 per Bitcoin. My own personal opinion on that is the next wave of crypto craze isn’t going to come in the form of the traditional cryptocurrencies. It’s going to come in the form of NFT’s and the applications of blockchain gaming.

Industry

Mainstream payment giants plan to roll out direct cryptocurrency selling and buying features, CoinDesk reports, citing the knowledgeable sources. While the information has yet to be officially confirmed, the sources say that the platforms may built-in wallet functionality, while Coinbase and Bitstamp are likely to provide liquidity. 

My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo. They are going to have some sort of built-in wallet functionality so you can store it there.

The world’s largest cryptocurrency exchange Binance lost a domain name dispute with an Australian florist Binancé. The lawyers of the company pointed out that the cryptocurrency exchange had registered the trade mark for Binance in Australia in November 2018, while the florist had been using the name since October 27, 2019. However, the exchange lost the battle on June 17. Now Binance.com.au is an online residence of a local florist, but not a cryptocurrency giant. 

Regulation

Japan’s Financial Services Agency is skeptical about cryptocurrency-related gambling apps, the new research conducted by Xangle Research, revealed. The regulator is more likely to approve the digital currencies if they are not involved in casino and gambling, and have greater financial transparency. Recently, the watchdog approved Quantum (QTUM) for trading on Japanese crypto exchange Coincheck. The project satisfied the main criteria set by the country’s self-regulatory group, the Japan Crypto Asset Exchange Agency (JVCEA): transparency, liquidity and no gambling or casino Dapps.