Latest Market News
As we move towards the end of Q2, a number of cryptocurrency projects are moving ahead with continued development, and this week’s choices are set to benefit from significant updates and announcements that should strengthen their market positions and benefit their communities. The news should also result in increased amounts of attention to each respective currency over the coming weeks.
Grayscale’s flagship Grayscale Bitcoin Trust (GBTC) continues trading at a deep discount, which hit an all-time low of 21.2% according to YCharts data.
The U.S. Justice Department and the Internal Revenue Service are reportedly investigating Binance, the largest cryptocurrency exchange by trading volume. Bloomberg writes that officials are seeking information from people who have knowledge of Binance’s business, but that the exchange hasn’t been accused of any wrongdoing by the aforementioned agencies.
Cardano is up by a strong 36% over the past month of trading as the cryptocurrency set a new ATH at $2.05 yesterday. The cryptocurrency had bounced from support at around $1.00 toward the end of April and has since been in an extended uptrend. It found resistance at $1.80 last week, but today’s 12.6% price surge helped it break above there and spike above $2.00.
Leading cryptocurrency exchange Coinbase plans to list Dogecoin, according to comments made by CEO Brian Armstrong during the company’s Q1 earnings call.
Dogecoin saw a strong 28% price hike today as the coin attempts to rebound from the lackluster week of trading. The cryptocurrency had reached an ATH price of around $0.74 last week but started to head lower from there.
Ethereum co-founder Vitalik Buterin made some waves in the "meme coin" markets yesterday when he sold large amounts of Dogecoin clone tokens like SHIB that he received as gifts.
Electric vehicle manufacturer Tesla will stop accepting Bitcoin payments only about a month and a half after launching support for BTC as a payment method. Tesla CEO Elon Musk said that the company has suspended BTC payments for its products due to concerns surrounding the environmental impact of Bitcoin.
Bitcoin slipped by a total of 11% today after Tesla announced they would stop accepting BTC as a payment for their electric vehicles - citing high energy usage causing environmental damage. As a result, the entire cryptocurrency market lost a total of 12.7% on its market cap, dropping it to around $2.23 trillion in total.
Bitcoin saw a disastrous 11% price drop today as it slips from yesterday’s $58,000 high to reach as low as $46,000 today. It has since rebounded slightly back above $50,000 to trade around $51,000 but is facing resistance at the 100-days EMA level.
