Crypto Market Weekly Update June 10

A member of our team at Coinfomania described the crypto market performance in the past week as a reminder that we’re still trading crypto and not some asset that can defy gravity forever (if there is).

For the first time in a long time, the crypto market posted significant losses on the 7-day chart, shedding over $20 billion in the process. The price of Bitcoin revisited regions below $7500, although the markets have made a comeback at the time of reporting.

Which Big News Did You, Miss?
Shocking? 74% of Bitcoin Mining Done With Renewable Energy

In what appears to be appealing reports revealed that 74% of Bitcoin mining is done with renewable energy. The story no doubt debunks public opinion that cryptocurrency mining activities pose more traits to the planet. Read the full story here.

Is Satoshi Nakamoto the Best Founder in Crypto? Crypto Twitter Debates

No one knows who Satoshi Nakamoto is, but the crypto Twitter community for apparent reasons looked happy to confer on him/her/them the title of best-founder in crypto. Read the full story here.

Let’s Go to Court? SEC Sues KIK For $100 Million ICO; Startup Raises Over $9m to Fight

Kik’s claim that it is not guilty of breaching U.S securities law had not stopped the SEC from filing a litigation claim alleging that, the Canada-based company had serious liquidation issues before its 2017 ICO that raised nearly $100 million. Read the full story here.

Not 2020; Facebook Will Announce Its Cryptocurrency in June

Although earlier reports suggested Facebook will introduce its cryptocurrency dubbed Globalcoin by 2020, it appears we no longer have to wait till then as more recent updates hold that Facebook will launch the cryptocurrency in June. Read the full story here.

GateHub Loses 23 Million XRP as a Result of a Security Breach

As if the 7000BTC stolen from Binance in recent times is not enough, hackers in the past week made away with 23 Million XRP ($9 million) from GateHub exchange. Read the full story here

Top Three Coin Price Overview
BTC/USD

In light of improved market performance at the start of the new week, Bitcoin traded above $8000 for some minutes today, with charts suggesting that the cryptocurrency met some resistance above that level.

Market response to the current upward trend in the next few hours would likely reveal whether Bitcoin would gather enough momentum to break back above $8000 and improve its $141.8 billion market cap at press time.

ETH/USD

Popular altcoin, Ether (ETH) sees slight upward movement in the same manner as Bitcoin, a small 1% gain on the 24-hour chart. Ether was exchanging hands at $244 at press time and would need to gain at least $20 to recover to the $264 valuation posted at the start of the previous week.

The altcoin’s market cap at press time hovered just below $26 billion.

XRP/USD

Ripple (XRP) has not started the new week in the same fashion as their Bitcoin and Ether counterparts, with the cross-border focused payment altcoin seeing a 2% loss on the day.

At press time, XRP traded at $0.39 (3.6% down against BTC) with a market cap of $16.8 billion.

Biggest Market Gainers and Losers (Top 100)

Source (Coinmarketcap)

What to expect this week

The resurgent crypto market performance in the hours leading up to press time raises hope of traders enjoying better returns this week than they did in the previous. That move though could yet be a false one and signal a market downtrend, even though the chances look slim at this point.

Happy trading/investing!

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