Bitcoin $10,000 BATTLE – Bitcoin Today [June 10th 2020] | CoinCasso Exchange

In today’s article we go over financial institutions buying into crypto, discussing the XRP lawsuit, Bitcoins price volatility, and the Market rebound since the coronavirus crash.


Bitcoin is at $9,765.04 up 0.93%
Ethereum is at $244.10 up 0.53%
EOS is at $2.76 up 0.41%
Litecoin is at $46.00 down 0.07%

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If you’ve been watching my videos for any amount of time, you’ve seen me talk about this downward Trend that we’ve been in overall since June 2019.
bitcoin price june 2020

But since the coronavirus crash we have been on a really nice uptrend and also currently I’ve been talking about the “Make It or Break It” moment that we’re dealing with right now.

Now let’s take it in a little bit closer and look at this segment right here.
bitcoin price

Now. I’ve taken it into the four-hour chart. This is still that uptrend that I’m talking about. This is the lower support Channel and this is the upper resistance Channel this right here is the upper channel of that downwards Trend that I was talking about earlier and the middle horizontal line is the key resistance and support level that we’ve been hitting numerous times over the last year.

Now like I discussed yesterday we did break out of this up Trend, but just for a moment, and then it came back in. We did play with the support line one more time right here, but we still are on an upward climb.

Now. I know this uptrend is a very very steep climb and to maintain this we need to get some rapid growth very very quickly. Two levels of support that I want to keep in mind for everyone listening here. If we do break through this lower support Channel, the $9,300 Mark is going to be the next support level. If it breaks through that then this next line down is going to be the support level. So on the downside of your investments in Bitcoin over the next week, you’re looking at a maximum low of $8,500, but me being an optimist, I think we’re still going to play in this upwards Channel. But we do need to make some moves quite quickly because if it keeps trading sideways like this within 2 days, we will break through this lower support Channel if we currently stay at the price that were at over the next few days on June 12th. We will officially break through this lower Channel.

Now looking at the RSI we still are playing within that nice comfortable range. So I don’t see any spikes or drops coming in the near future.
see any spikes or drops coming in the near future

Now we are seeing very low volume and a very consistent Bitcoin lately. So right now I think it is a great time to segue into coinmarketcap to see the daily volume on bitcoin over the last 24 hours.
 the daily volume on bitcoin over the last 24 hours

And as you can see here, it’s almost exactly the same number that we saw yesterday sitting at about 22 billion.


Number of Institutions Buying Crypto Futures Doubled in 2020: Fidelity Report

Number of Institutions Buying Crypto Futures Doubled in 2020: Fidelity Report
Fidelity’s digital asset subsidiary found the number of U.S. institutional investors buying crypto derivative products jumped significantly in 2020.
Fidelity Digital Assets said institutional sentiment was improving in relation to cryptocurrencies. “almost 80% of investors surveyed finding something appealing about the asset class,” it said.

But what’s far more interesting is right down in the guts of the survey. Talking about how institutional investors are increasing their portfolio allocation to cryptocurrencies – the top one, unsurprisingly, being bitcoin – it goes on to say, “22% of U.S. respondents invested in digital assets have exposure via futures, which is a substantial increase relative to 9% of U.S. investors surveyed in 2019.”

The survey, which took place between November and March, spoke to 774 institutions in the U.S. and in Europe, with 393 coming from the U.S. That means around 86 U.S. institutions traded crypto futures this year, compared to just 40 in the 2019 survey.

Fidelity’s report ventures that the “recent market growth in the number of crypto native and incumbent service providers offering cash and physically settled futures contracts” may help explain this large increase in crypto futures exposure among institutions.

Boston-based Fidelity Investments is one of the largest asset managers in the world. In a press release, it claims to have more than $7.9 trillion worth of client assets under administration. In 2018, it unveiled its digital assets wing to provide custody and trade execution services for U.S.-based institutional investors. In December last year, it set up a new entity to service institutions in Europe.

The survey, which was released Tuesday, also found 36% of respondents – 279 institutions in the U.S. and Europe – were currently already invested in digital assets. Hedge funds and venture funds were the two buckets with the greatest exposure, although Fidelity also found a strong showing among family offices and high-net-worth individuals (HNWIs).

“These results confirm a trend we are seeing in the market towards greater interest in and acceptance of digital assets as a new investable asset class,” commented Tom Jessop, president of Fidelity Digital Assets.

Interestingly, it appears European institutions (45%) were much more likely to hold crypto compared to their American counterparts (27%). This trend also played out in sentiment, where 82% of European institutional investors found something appealing about digital assets, as opposed to 74% in the U.S.

Still, the survey did not specify what led U.S. institutional investors to up their exposure to crypto futures. CoinDesk reported on a CryptoCompare report last week that found crypto derivatives trading volumes soared to $602 billion in May, a new all-time high. Options contracts, in particular, appeared to show the biggest increase, compared to the month before.

Having huge financial institutions like this get into the cryptocurrency space and investing in Futures should theoretically increase Market confidence in Bitcoin causing more people to invest. Also causing these big investment firms to deal in massive volume causing the price to Peak up and then get maintained by the rest of the population.

Hopefully with the release of this article we should see A nice spike in the price soon.

Ripple Says XRP Lawsuit Fails to Show CEO Committed Fraud

Ripple Says XRP Lawsuit Fails to Show CEO Committed Fraud

Ripple and CEO Brad Garlinghouse say an ongoing lawsuit fails to show how Garlinghouse committed fraud when allegedly selling millions of dollars’ worth of XRP in 2017.
Lawyers representing the San Francisco-based blockchain company said in a court motion Monday that lead plaintiff Bradley Sostack has not demonstrated how a series of supposedly fraudulent statements made by Garlinghouse and Ripple employees were anything of the kind.

In the U.S., the threshold for what can be considered fraud is based on Federal Rule of Civil Procedure 9(b), which stipulates a plaintiff must show two things: first, how fraud was actually committed; second, that it was done so with scienter – i.e the defendants knew they were misleading others.

Ripple’s lawyers argue the plaintiff’s amended complaint – which was filed in March – did not fulfill the first pre-requisite:
“Plaintiff’s FAC [first amended complaint] identifies the allegations that purport to contain false statements,” reads the filing. But these “alleged misrepresentations” cannot be shown to be considered fraudulent and “Plaintiff does not (and cannot) explain how and why these statements are false.”

In the case of Garlinghouse, the plaintiff circles around a statement he made on Dec. 14, 2017, when, after being asked if he held any XRP as an investment, he said he was “very, very long XRP as a percentage of my personal balance sheet.”

In the amended complaint, the plaintiff alleges the XRP ledger shows Garlinghouse “sold any XRP he received from Ripple within days of such receipt” and that, rather than being long, “he was dumping XRP on retail investors in exchange for dollars and other cryptocurrency.”

In total, Sostack claims Garlinghouse sold 67 million XRP tokens (worth roughly $58 million on Dec. 14) in 2017, which, he alleges, counts as a misrepresentation as it coincides with the time he was also publicly claiming to be “very, very long XRP.”

But Ripple disputes the statement was fraudulent. The lawyers first contest Sostack’s claim that Garlinghouse sold a sizable share of his tokens: “Plaintiff fails to plead … what percentage of his personal balance sheet the alleged sales constitute.”

They then argue that just because Garlinghouse sold XRP doesn’t mean he wasn’t still bullish on the token’s prospects: “Selling a portion of one’s XRP holdings does not mean that the seller cannot also be ‘very, very long’ in the same asset as a percentage of his or her own personal balance sheet.”

The filing continues: “By way of example, a wine collector who amasses a vast collection of fine wines can be said to be ‘long’ on wine as a percentage of her net worth – that does not change if the collector decides to sell a few (or even many) bottles.”

Ripple’s lawyers are asking the court to dismiss all three counts of fraud without leave to amend and with prejudice. That would forbid the plaintiff from re-accusing the company, or Garlinghouse, on similar allegations for the remainder of the lawsuit.

This is literally why I don’t like altcoins. These companies make up a cryptocurrency and they talk about how amazing it is. The owner of the cryptocurrency owns most of it. They Talk about it and keep talking about it and keep getting good publicity causing the price to Skyrocket. And then the owner of the cryptocurrency sells off everything and that is your typical pump and dump. If you want to check out this article. It is linked down below. There is a 22-page notice to dismiss the motion, probably boring lawyer talk, but interesting if you’re curious about the case.

US Markets Rebound to Recover All Coronavirus Losses — What About Bitcoin?

US Markets Rebound to Recover All Coronavirus Losses — What About Bitcoin?

Bitcoin price is stalling under $10,000 while the U.S. stock market nears a record high.

The Nasdaq, an index which primarily represents tech stocks like Amazon, Microsoft, and Alphabet, has surpassed 10,000 points to hit a new record high. The move above 10,000 effectively erased all the losses suffered from the coronavirus pandemic, yet, the price of Bitcoin (BTC) remains 50% down from its record high at $19,665.

Bitcoin was seemingly correlated with the U.S. stock market throughout March, but now the digital asset is seeing a decline in momentum following a 167% increase in price within three months.
The bullish trend and V-shaped recovery from U.S. markets also shows that the appetite for high-risk assets and single stocks is increasing. Bitcoin’s struggle to demonstrate a similar trend might be a hint that a pullback is due.

The issue with predicting the price of Bitcoin is that has so many factors involved. You can’t look at it like the normal economy because we have such a long record of the US economy and the stock market and we can see exactly what it’s done in different situations. Whether it’s a Health crisis whether it’s an economic collapse. If It’s the housing bubble bursting. All of these things can be put into a computer created in an algorithm to show what the market might do in the future.

Bitcoin is too young and the is little to noCommerce behind it. So when we see huge Market fluctuations, it’s usually due to huge buyers, like whales, buying and selling. Obviously we did get affected by the coronavirus and saw that big drop and that’s because the entire global economy had crashed.

So taking into consideration historical Trends, Market confidence, the actual state of the economy, good news and PR about cryptocurrencies, the effectiveness of cryptocurrencies in the future and having more people adopt the technology having it grow towards being an actual Global Currency. These are just a few things that need to be at the right level for people to have confidence in Bitcoin causing it to grow.

Me personally, I am very optimistic about Bitcoin in the future, but currently it is a very volatile asset and I think people know this because recently the amount of Bitcoin actually held on Exchanges has decreased and put it in a personal wallet. Some people have it on their phone. Some people have a ledger Nano X but people have been taking their Bitcoins out of the exchanges.

The reason they do this is because they believe it will be worth something in the future. So they put it in their personal wallet to hold for ten to fifteen or twenty years at that time. That’s when I believe that Bitcoin is going to be worth a lot of money, but the people that leave their Bitcoin on exchanges are all about day trading and seeing if they can make money off the market fluctuations. I’d love to know your guys’ opinions. Do you hold long on bitcoin, or do you like to day trade? Let me know Down Below in the comments. Thank you so much for joining me today, and we will see you back here tomorrow for all the cryptocurrency updates.

Reference Articles:
Number of Institutions Buying Crypto Futures Doubled in 2020: Fidelity Report
Ripple Says XRP Lawsuit Fails to Show CEO Committed Fraud
US Markets Rebound to Recover All Coronavirus Losses — What About Bitcoin?

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