TOP 3 Bitcoin and Crypto News for Today: 06 July – BTC Analysis, Ripple’s New ODL Corridors, & Crypto Volumes Took Hit in June

Mon, 07/06/2020 - 23:54
Geoffrey Schwartz
Bitcoin (BTC) price analysis and its ongoing $9,500 impulse, Ripple’s new ODL corridors into APAC and EMEA, and crypto volumes took a massive hit for the month of June.
Cover image via U.Today

The start of the new week ended in the green for the three major U.S. indexes. The Dow Jones Industrial Average (DJIA) jumped 459.67 points (+1.78%) to close at 26,287.03. The NASDAQ Composite also jumped 226.02 points (+2.21%) to close at 10,433.65, and the S&P 500 went up 49.71 points (+1.59%) to close at 3,179.72.

Several big technology companies such as Alphabet, Amazon, Apple, and Microsoft all climbed at least 2%. Deal making boosted trader sentiment as Warren Buffett’s Berkshire Hathaway bought Dominion Energy’s natural gas transmission and storage assets for about $10 billion including debt.

Chinese stocks on the Shanghai Composite jumped more than 5% as country continues to open up following their coronavirus outbreak. Last but not least, data from the Institute for Supply Management showed a surprise expansion in the U.S. services sector. The firm’s nonmanufacturing index jumped 57.1 in June, surpassing the Dow Jones estimate of 50.1.

As for news within the crypto sphere, some of U.Today Crypto News headlines include a price analysis for Bitcoin (BTC), Ripple’s new ODL corridors into the APAC and EMEA regions, and cryptocurrency volumes took a massive hit in June.

Bitcoin (BTC) Ongoing $9,500 Impulse

Last weekend, participation in market activity remained low. On Saturday, buyers attempted to overcome the two-hour EMA55, but were able to achieve this task as the growth did not support the volume. On Sunday, the price of Bitcoin (BTC) returned to previous level, slowly sliding to the weekly low point at $8,900.

BTC/USD Chart by TradingView

With the beginning of the new week, the BTC/USD pair recovered to the average price range and the flat trend continued within the lateral corridor. The borders were also slightly expanded from the past weekend.

An important task for the bulls will be to break through the $9,300 resistance level, opening up potential growth to the $9,800 area. However, if buyers do not support the growth, then Bitcoin (BTC) may return to downward orange corridor this week and its $8,600 support level.

BTC/USD Chart by TradingView

Looking at the 4H chart, Bitcoin (BTC) stayed above $9,000. Yet, its trading volume was still low. However, its liquidity is high at the current levels. What is more, the Moving Average Convergence/Divergence (MACD) is now bullish. This means that the first resistance mark for the bulls is at $9,300, which they may hit in the near future.

BTC/USD Chart by TradingView

Looking at the daily time frame, the scenario is more bearish than bullish, especially with the sideways trend continuing for a second month. The highs are getting lower and lower, confirming the absence of buyer resistance. If the bulls cannot move towards the $9,500 mark and hold it, then traders can expect another drop below $9,000 and to the $8,700 mark.

Bitcoin (BTC) Price Analysis — Will Ongoing Impulse Reach $9,500?

Ripple’s New ODL Corridors Into APAC and EMEA Regions

In an interview with BEQUANT, Marcus Treacher, Ripple’s Senior Vice President of Customer Success, claims that the blockchain behemoth intends to continue their expansion of its On-Demand Liquidity (ODL) service.

According to Treacher, Ripple is hoping to open new corridors into the Asia Pacific (APAC) region as well as into Europe, the Middle East, and Africa (EMEA):

We have established On-Demand Liquidity corridors into Mexico, the Philippines, Australia, and Europe, and we’re hoping to further this expansion by opening corridors to APAC and EMEA this year.

At the 2018 Swell Conference, Ripple rebranded its xRapid cross-border payment solution into an ODL. This service allows one to conduct international transfers instantaneously by eliminating the need for prefunding with the XRP token, which serves as a bridging currency.

As previously reported by U.Today, Asheesh Birla, Ripple’s Senior Vice President of Product Management and Corporate Development, confirmed the company’s intentions of venturing into new markets with ODL.


Crypto Volumes Took Massive Hit in June

In a recent report, BitMEX Research stated that the cryptocurrency volumes declined drastically for the month of June.

The report, which used CryptoCompare data, said that spot exchanges lost close to half of their volume, totaling $642.6 billion.

Image via

The spot volumes of top-tier exchanges dropped by 36% to $177 billion. As for the lower-tier platforms, things were worse as they saw their spot volume dwindle by a whopping 53% to $466 billion.

Among the big three exchanges, (Binance, Coinbase, and OKEx), the Brian Armstrong-led venue (Coinbase) took the biggest hit, losing 36% of its volume.

June was also a terrible month for cryptocurrency derivatives platforms such as BitMEX and Deribit, which registered a 35.7% drop in volume. However, such platforms fared much better as compared to spot volumes. This is the reason why derivatives are currently responsible for about 37% of all crypto trading.


About the author

Geoffrey Schwartz is an Editor, English Copy Editor and Proofreader currently working for U.Today. He also works as a consultant and with SuissePic, a social project that unites more than 50 professionals in digital marketing, tourism, and based on a common love for Switzerland.

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