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Bitcoin Price Prediction: BTC/USD Stabilizes Above $9,500 As The Bulls Struggling To Move Higher

Bitcoin (BTC) Price Prediction – June 16 Bitcoin bulls are working hard to nurture a bullish trend from the support at $9,411. BTC/USD Long-term Trend: […]

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Bitcoin (BTC) Price Prediction – June 16

Bitcoin bulls are working hard to nurture a bullish trend from the support at $9,411.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $10,600, $10,800, $11,000

Support Levels: $8,500, $8,300, $8,100

BTCUSD – Daily Chart

Bitcoin is currently trading 0.87% higher on the day. BTC/USD opened the session at $9,411 and now adjusting upwards to the prevailing market value of $9,500. The first digital coin is moving within the short-term bullish trend amid low volatility. The current conditions imply that the price may stay range-bound during the next trading hours as the coin moves below the 9-day and 21-day moving averages. Meanwhile, the technical indicator RSI (14) may start moving upwards.

At the opening of the market today, after testing the low of $9,382, BTC/USD is currently trading at $9,514. Meanwhile, looking at the market movement, there is likely that the market may experience a quick retracement or sell-off if the 21-day MA crosses above the 9-day MA, traders may see $9,200 to $9,000 being tested again before pushing higher.

On the downside, if the market decides to fall, the price of Bitcoin could fall below the channel at $9,000, and if that support fails to hold the sell-off, traders could see a further decline below the lower boundary of the channel and towards the support levels of $8,500, $8,300 and critically $8,100. All the same, any further bullish movement above the moving average could reach the potential resistance at $10,600, $10,800, and $11,000 levels.

BTC/USD Medium – Term Trend: Bearish (4H Chart)

Looking at the 4-hour chart, Bitcoin’s price is currently trading around $9,436 and above the 9-day and 21-day moving averages after falling from $9,591.99 where the coin touched today. From a technical point of view, the trend is in the hands of the sellers.

BTCUSD – 4 Hour Chart

However, the technical indicator RSI (14) is retreating even though it had not reached the 50-level. As long as the downward trend continues, keeping Bitcoin above $9,500 may be a daunting task. In this case, it is best we look at possible support levels, starting at $9,200, $9,000, and $8,800. While the resistance lies at $9,800 and above.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Source: https://insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-stabilizes-above-9500-as-the-bulls-struggling-to-move-higher

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Japanese Giant SBI Group Launched A Crypto Lending Service For Bitcoin

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  • Founded in 1999, SBI Group is a financial services company based in Tokyo, Japan. Apart from offering numerous traditional financial services, the SoftBank Group subsidiary announced today a new cryptocurrency-related endeavor.
  • SBI Group has introduced a digital asset lending service through its cryptocurrency arm – SBI VC Trade.
  • The statement informed that the platform, dubbed VC Trade Lending, will initially support only Bitcoin. However, plans include adding support for Ether (ETH), Ripple (XRP), and more cryptocurrency assets. 
  • Clients’ deposits can vary from a minimum of 0.1 BTC to a maximum of 5 BTC. After lending their bitcoin holdings on the platform, the customers will earn an interest rate of 1% with taxes included.
  • The announcement further explained that VC Trade Lending will charge fees only for withdrawals in the Japanese yen. Cryptocurrency and yen deposits, as well as account management or annual memberships, will not be subject to fees. 
  • It’s worth noting that SBI Group has been involved with other cryptocurrency-related projects before. A few years ago, the financial giant launched Japan’s first bank-backed cryptocurrency exchange. More recently, SBI Group hired two professional e-sports players and paid them in XRP. 
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Source: https://cryptopotato.com/japanese-giant-sbi-group-launched-a-crypto-lending-service-for-bitcoin/

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Five Reasons Ethereum Has Entered a New Bull Market

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Ethereum is currently retracting sharply from its previous and 30-month peak of $620. Even with a decline of around $100 to today’s prices of $525, ETH is still up over 300% since the beginning of the year.

The confirmed genesis of the long-awaited Beacon Chain, which is Phase 0 of the even longer awaited Serenity ETH 2.0 upgrade, has no doubt driven momentum but it is not the only strong point for Ethereum.

Over 5 Reasons to be Bullish on Ethereum

DTC Capital’s Spencer Noon has pulled out a few key charts to back up the notion that we are definitely in a bull run for Ethereum.

Active addresses on the network are the first metric as it now has just under 500,000 per day. This is almost double what it was at the same time last year.

In terms of fees paid, Ethereum dwarfs everything else in the crypto space with 80 billion gas now being used on a daily basis. The analyst exclaimed that this is;

“A clear sign that it is the most useful network in the world.”

Over $16 billion in stablecoins have now been issued on Ethereum, a figure that has gone parabolic since the start of this year which is a sign that there is a major demand for digital dollars.

The DeFi effect has been huge as, despite a number of rivals and ‘killers’ emerging this year, Ethereum remains the foundation of the entire ecosystem. Ethereum’s largest use case has gone parabolic as there are now ten times more DeFi users than there were a year ago.

Total value locked across the DeFi space has surged almost 2000% since the beginning of 2020 to reach $14 billion with five billion dollar plus protocols which is a sign that the space is maturing.

And There’s More …

The amount of Bitcoin tokenized on Ethereum is also at record highs with 152,000 BTC, or $2.7 billion worth at today’s prices wrapped on the Ethereum network.

The DEX effect cannot be overlooked either as decentralized exchanges on Ethereum have done $20 billion in volume over the last 30 days. This has brought their combined total to $86 billion this year;

“A sign that DEXs can compete with the top centralized exchanges.”

As reported by CryptoPotato, Ethereum social sentiment and searches are also at their highest levels since early 2018 as the mainstream media and the masses start paying attention.

This latest pullback may settle below $500, but there is little doubt it will provide a buying zone for ETH which still has a long way to go.

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Source: https://cryptopotato.com/five-reasons-ethereum-has-entered-a-new-bull-market/

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Coinbase CEO Fears Rumored Regulations Proposed By The Trump Administration

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Coinbase’s CEO Brian Armstrong has sent a letter to the US Treasury Secretary Steven Mnuchin regarding new rumored regulations on self-hosted cryptocurrency wallets. Armstrong believes that if implemented, the new legislation could harm users and, ultimately, the role of the US in the cryptocurrency financial field.

New Regulations On Self-Hosted Crypto Wallets?

The CEO of the largest US-based digital asset exchange took it to Twitter to outline the potential importance of these regulations if indeed implemented. The rumors indicate that the current Treasury Secretary Mnuchin plans to make them official before the end of his term.

Armstrong explained that self-hosted cryptocurrency wallets (also referred to as non-custodial or self-custody wallets) are “a type of software that lets individuals store and use their own cryptocurrency, instead of needing to rely on a third-party financial institution.”

They enable users to access basic financial services through this technology – “just like anyone can use a computer or smartphone to access the open market.”

Should the proposed regulations become official, they would require financial institutions, including Coinbase, to verify the recipient (owner) of the self-hosted wallet. Meaning, it would collect identifying information on that party before completing the transaction.

According to Armstrong, such requirements would lead to several potential issues because “it is often impractical to collect identifying information on a recipient in the crypto-economy.”

Some of those issues could affect users that send cryptocurrencies to various merchants online or to other people in emerging markets, where “it is difficult or impossible to collect meaningful know-your-customer information.”

Even simpler transactions like upvoting some content on Reddit or transferring an item in a game would also require the verification of the recipient, which makes the process prolonged and complicated.

The US Will Suffer The Most

Armstrong believes that the impact of these “barriers” would prompt US-based users to initiate fewer transactions. This would “effectively create a walled garden for crypto financial services in the US, cutting us from innovation happening in the rest of the world.”

US customers would turn to foreign cryptocurrency companies to access such services, which could put the country’s status as a financial hub at risk in the long-run.

“If this crypto regulation comes out, it would be a terrible legacy and have long-standing negative impacts for the US. In the early days of the internet, there were people who called for it to be regulated like to phone companies. Thank goodness they didn’t.” – added Armstrong.

He also asserted that Coinbase and other cryptocurrency companies have sent a letter to the Treasury last week to articulate these concerns. However, he hasn’t specified if the Treasury has responded in any way yet.

Featured Image Courtesy of Observer

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Source: https://cryptopotato.com/coinbase-ceo-fears-rumored-regulations-proposed-by-the-trump-administration/

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