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Bitcoin Wraps Around $8,200: Consolidation Could Happen Soon

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Bitcoin Wraps

Bitcoin is again in the latest cryptocurrency news for reaching the $8,200 mark and trying to hold onto it. It has been another day of consolidation for the cryptocurrency markets as they end the week flat with only small movements outside the expected channels. As Bitcoin wraps around the new levels, things have picked up marginally for some crypto assets for others seem to have lost ground.

The most dominant cryptocurrency managed to hit an intraday high of just above $8,300 before it slid to the current price of below $8,200. BTC was featured on many best cryptocurrency news sites for its bullish (but not strong enough) run and breaking the resistance at this level. Now, volume has picked up again and is approaching $20 billion which is a clear sign that as Bitcoin wraps $8,200, further gains could be possible and on the cards.

Meanwhile, Ethereum is still flat and holds onto the $255 levels. There has been very little momentum surrounding the biggest altcoin. ETH is recording a decline of 1% on the day and the volume is declining. The current support for ETH, as the coming altcoin news show, is set at $230.

The top ten is now showing more red than green in the Asian trading season this morning. The only two cryptocurrencies aside from Bitcoin that are up on the day are Bitcoin Cash (BCH) with 2.5% and Bitcoin SV (BSV) with 3.5%. As Bitcoin wraps around the new level, the other altcoins are all in the red with Litecoin (LTC) and Binance Coin (BNB) dropping the most and recording 3% losses each.

The top twenty movements are also minimal and there are a couple of percent being dropped by Cardano (ADA) and Tron (TRX). The only altcoins which are gaining similar amount as Bitcoin wraps to the new levels are Cosmos and NEO, reaching $6.25 and $13.13 respectively.

The total cryptocurrency market capitalization is now marginally higher. As many best cryptocurrency news sites report, it now sits at $262.9 billion which is a couple of billions more than yesterday’s level. This is definitely a positive indicator showing that a new bull run could be close. However, a market consolidation with losses greater than a couple of percentage points is also possible.

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Altcoin News

Hottest Cryptocurrency Is Up 330% This Year (And It’s Not Bitcoin)

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Hottest Cryptocurrency
The coming altcoin news show that there is one great performing cryptocurrency this year, and it is not Bitcoin. Despite BTC reaching a 13-month high today, the hottest cryptocurrency in terms of annual gains remains Litecoin (LTC) which is up by more than threefold. Gaining 330% since the beginning of the year, Litecoin is outpacing all of its crypto peers including Ether and XRP - and the best known and largest cryptocurrency Bitcoin. Currently, LTC has a market cap of about $8.4 billion which makes it the seventh largest digital asset as data from Mosaic Research Ltd. shows. The latest cryptocurrency news show that Litecoin is recording new surges, trading at $135.72 at press time. The rally can be attributed to Litecoin's upcoming halving event (known as halvening) where the number of the coins awarded to the miners is slashed in half. The simple idea is that a cut in supply can drive the price up but also prevent an erosion of value. Right now, miners receive 25 new Litecoins per block but after the halving - they will receive 12.5. The 'halvening' event for the hottest cryptocurrency is scheduled for August 6th. Typically, it happens roughly every four years and the run up that it has was associated with lots of rallies in the underlying tokens.
“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.
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Coinbase Custody Has $1.3bn In Assets Under Custody

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Many best cryptocurrency news sites came with shocking reports about Coinbase Custody - showing that the company holds around $1.3 billion in assets under custody (AUC). Moreover, the firm expects to hit $2 billion AUC very soon, as a Twitter thread published a few days ago noted. The series of tweets from the official Coinbase Custody Twitter account reported that the company's CEO, Sam McIngvale, along with the chief information security officer, Philip Martin, both visited the United Kingdom. The purpose of the visit, as the altcoin news show, was reportedly “a discussion on the institutional cryptoeconomy with a range of prospects and clients.” During the meeting, the representatives from Coinbase Custody argued that while many believe that there are no institutional grade offerings in the cryptocurrency space, Coinbase Custody is in face one of those offerings. The firm's representatives said that the company is insured, regulated and a secure custodian.
“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 CEO and Coinbase CISO visited the UK to discuss the institutional cryptoeconomy with a range of prospects and clients."
A 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.
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Facebook To Launch ‘Libra Association’ And Testnet Next Week: Report

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Facebook To Launch
The social media giant Facebook is in the latest cryptocurrency news. According to a report shared by The Block on June 14, there is a possibility for Facebook to launch 'Libra Association' and its testnet on June 18. The report also shows that Facebook and dozens of its partners will unveil the Libra Association - based out of Geneva and being the entity that oversees the company's Libra cryptocurrency project. During this event, the company is also expected to launch the blockchain testnet.
"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.
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Crypterium Launches A Global Crypto Payments Card

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One of the hottest fintech startups from Estonia, Crypterium, is on the top spots of many best cryptocurrency news sites today for launching the Crypterium Card which is the first crypto card that will be available globally. Before this launch, cryptocurrency cards such as the Coinbase Card, were only accessible in specific countries and regions, as the company noted. Speaking of, Coinbase recently noted that it would roll out services to six additional European countries after being only available for users in the United Kingdom. With this, Crypterium believes that crypto cards are the "easiest and fastest way for holders to access their digital currencies." The startup aims to eliminate the concerns around limited availability or arbitrary - to make it a legitimate option for crypto payments globally.
“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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