In the crypto news today, we are seeing a staggering amount of more than $32 billion that has been added to the market and its valuation in only two days. And while Bitcoin is rising and taking all of the altcoins in a new green trend, analysts attribute the winning surges to two altcoins – Litecoin (LTC) and Bitcoin Cash (BCH).
The truth is, what started as a small rally for Bitcoin later transformed in an altcoin fest when both Bitcoin Cash and Litecoin started posting their winning numbers. For instance, Bitcoin Cash (BCH) managed to surge from $168 to $336 while Litecoin (LTC) ballooned to almost twice its value from April 2 – going from $61 to a session high of $94.
Together, both of the altcoins managed to inject $4.5 billion into the market which comprised of almost 14% of the overall crypto pump. While Bitcoin Cash has flirted with the $400 resistance level and jumped by more than 54% in just 24 hours, Litecoin was more shy and tested the $100 levels only briefly.
What’s interesting is the fact that crypto exchanges which facilitated BCH-enabled pairs posted an adjusted daily volume of $3.76 billion (CoinMarketCap data) which were put mostly against Tether’s stablecoin USDT, Bitcoin and the South Korean won. On Yahoo Finance, the reported volume was projected at $228.72 million.
The surge led BCH in an overbought area (according to its RSI index) and right now, there is a likelihood that this situation would extend further into the selling area before BCH drops any lower.
On the other hand, the LTC-to-USD rate jumped 31% in 24 hours, and the LTC-enabled pairs noted an adjusted volume worth $5.83 billion – while on Yahoo Finance the reported volume was lower and projected somewhere at $158 million.
If both of the pairs fail to break above their new resistance levels and pull back, the pressure will certainly fall upon a support area of $61 for LTC and $280 for BCH which act as the main resistance levels during this uptrend.
Hottest Cryptocurrency Is Up 330% This Year (And It’s Not Bitcoin)
“Every time we’ve seen a halving event in Bitcoin or Litecoin, the price has risen astronomically,” is what Mati Greenspan believes, who is a senior market analyst at the trading platform eToro. “So if that pattern continues, what we’ve seen so far is small potatoes in comparison,” he said. “This is quite normal for the crypto market.”Right now, cryptocurrencies are undergoing a major renaissance. While Litecoin is reported as the hottest cryptocurrency this year by many best cryptocurrency news sites, Bitcoin is also triggering a new rally and Facebook with its expected crypto project is additionally fueling up the space. All of the developments happening this year have managed to push the price of Bitcoin by 120% since the beginning of the year - and the price of Ether close to 100% this year. Litecoin remains the hottest cryptocurrency - going from $30 at the end of last year to $130 right now.
Coinbase Custody Has $1.3bn In Assets Under Custody
“We have $1.3bn AUC and expect to hit $2bn soon. We have no intention of stopping there. [...] Coinbase Custody services over 90 clients. Of those, approximately 40% are outside of the US.”The tweet also claims that - as cryptocurrencies mature and become an even more popular and dominant asset class- financial hubs such as the city of London are becoming centers for crypto innovation. Another tweet notes:
"1/ Last week Coinbase Custody CEOA month ago, during one on-stage discussion at Consensus, the CEO of Coinbase Brian Armstrong said that its custody service had already raked $1 billion in assets under management (AUM). Having that in mind and the latest cryptocurrency news showing that this number went to $1.3 billion - it is certain that the custodial branch of the exchange is soon going to hit the $2 billion mark. Meanwhile, as we reported in March this year, the US Securities and Exchange Commission (SEC) is soliciting industry input as it potentially reconsiders the existing custody rules in specific cases of digital asset trading as well as settlement. Aside from Coinbase Custody and its London presence, the Hong Kong-based trading and asset management firm BC Group also announced that it is launching an insured custody service for cryptocurrencies.
@sammcingvale and Coinbase CISO @SecurityGuyPhil visited the UK to discuss the institutional cryptoeconomy with a range of prospects and clients."
Facebook To Launch ‘Libra Association’ And Testnet Next Week: Report
"The Libra Blockchain will be open-sourced under an Apache 2.0 License as of the day of the announcement, expected to occur on Tuesday, June 18, according to the blog post by the social-media giant and as originally reported by TechCrunch," the blog post noted.The Block also claims to have seen a non-specified blog post from Facebook appearing in the coming altcoin news. According to that post, the Libra crypto asset will be hosted on the dedicated Libra Blockchain and will be backed by the Libra Reserve. While news predict Facebook to launch the long-awaited cryptocurrency project, the Libra Reserve is seen as a store of real assets which should supposedly grant the token “stability, low inflation, global acceptance, and fungibility.” The Block also notes that the software that underlies the network will be open sourced under the Apache 2.0 license. According to the report which features Facebook to launch its new crypto project, the social media giant believes that the system will help people without access to the financial system. As many best cryptocurrency news sites noted, the company also declared that it wants to focus on regulatory compliance.
“Collaborating and innovating with the financial sector, including regulators and experts across a variety of industries, is the only way to ensure a sustainable, secure, and trusted framework underpins this new system.”As many crypto currency news sites also reported this month, many sources were already expecting Facebook to launch its cryptocurrency on June 18 - and The Block is not the only one. Meanwhile, the other altcoin news show that Facebook has already sealed backing from big players in many industries, including the names of Visa, PayPal, Uber and MasterCard for its soon to be live cryptocurrency project. According to those reports, each firms reportedly added $10 million to the Facebook crypto project.
Crypterium Launches A Global Crypto Payments Card
“By ‘global’ we mean that no matter where people are based, they can order and receive it in only 3 business days,” said Matias Lapuschin in an email to one altcoin news site. This point is also featured on the company's website, showing that "no matter where you are based" a Crypterium Card can be shipped to your door.The fintech startup already tested the payment services through 5,000 Estonians who pre-ordered the card and verified that it works as a payment option. Among the testers were also card developers who traveled to cryptocurrency conferences across the world using the prepaid plastic, purchasing goods and services in cryptocurrencies such as Bitcoin, Ethereum and Litecoin across continents such as Asia, America and Europe. The latest cryptocurrency news show that the interest in this Crypterium card is big, especially in regions where banking services are less developed. These regions include South America, Southeast Asia and others. The card will also be linked to the Crypterium App, which has more than 500,000 users in the United States and United Kingdom. The ones interested for a card will need to provide proof of identity (passport, national ID or driver's license) and proof of residence in the form of an utility bill, a bank or a credit card statement. The coming altcoin news also feature one benefit of the card - the one showing that there is only a 1.5% fee when adding prepaid funds and daily and monthly limits which top off at $10,000 per day and $60,000 per month.
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