Bitcoin World Reserve Theories, Market Cap Loses $ 16B, Analyst Predicts $ 7,500 ETH – Market Updates Bitcoin News

Digital currency markets were down around 2.14% on Sunday evening as global trading volume fell 31% this weekend. Coins like Ethereum, Bitcoin, Litecoin, and Bitcoin Cash have dropped between 1-2% in the past 24 hours.

Crypto assets lose $ 16 billion in two days

At the time of writing, cryptocurrency market cap is around $ 261 billion and has lost around $ 16 billion in the past two days. In addition to the market capitalization losses resulting from all coins over 5,000, global trading volume was lower than usual. Bitcoin (BTC) is currently exchanging for $ 9,279 per coin. The crypto asset has a market cap of around $ 170 billion and the currency is down 2.1% in the past 24 hours

Ethereum (ETH) is currently trading for $ 230 per unit, and the crypto asset has lost 3.67% of its fiat value today. After trading at $ 0.20 per coin, XRP is down 2.3% today and is trading for $ 0.188 per XRP. Of course, Tether (USDT) does quite well when the markets are depreciating as the stablecoin takes two-thirds of the trading pairs’ market share. Currently, the stablecoin has a market capitalization of $ 5.76 billion at $ 1 a unit.

Bitcoin Cash (BCH) is down 2.2% today as it trades for $ 234 per unit during the evening trading sessions. BCH is the fifth largest market capitalization by value below USDT and above BSV. At the time of writing, BCH has a market valuation of $ 4.3 billion.

‘Monster Move’ is coming soon for Bitcoin

While Bitcoin (BTC) and many other crypto assets have been consolidated and followed a triangular pattern, many traders believe that a big step is in the works for a wide variety of digital currencies. On June 13, 2020, the popular trader Crypto Birb tweeted to its 83,000 followers that a “monster train” was expected for BTC.

“Consolidation for 1.5 months. This will soon be a monster move for BTC, ”tweeted Crypto Birb. “70% of my BTC holdings are long term spot positions that I regularly take profit from as we grow. Short is just a hedge, ”added the trader.

Bitcoin could be a world reserve currency, says financial writer and tech visionary Jeff Booth

On June 11, 2020, entrepreneur and bestselling author Jeff Booth spoke to Max Keizer from Keizer Report about Bitcoin (BTC). Booth seems to believe that BTC has a good chance of being a “world reserve currency”. The author tells Keizer that the massive creation of money by central banks was a force driving Bitcoin’s trend towards a world reserve.

The entrepreneur and bestselling author Jeff Booth.

“These competing forces are driving up the prices of essential assets … People are trying to work harder to keep up with soaring asset prices, primarily created by the trend of central governments to stop deflation, “said Booth. The CEO of e-commerce company Builddirect added:

I see Bitcoin as a likely, very likely candidate for a world reserve currency. So I see that it has a really good chance of winning over time as it works on a network effect.

Wildcard VC partner Chris Burniske expects Ethereum to hit $ 7,500 when Bitcoin hits $ 50,000

On June 14, 2020, the former lead researcher at Ark Invest and placeholder VC partner Chris Burniske discussed ETH’s price forecasts on Twitter.

Chris Burniske, Former Senior Researcher at Ark Invest and Placeholder VC Partner.

On Sunday, Burniske tweeted: If BTC goes [to] $ 50,000 in the next cycle, and ETH / BTC returns to its previous ATH and then awaits ETH [to] $ 7,500. “The placeholder VC partner and analyst continued:

Why Bitcoin to $ 50,000? As discussed in May 2019, if BTC is half as volatile this cycle as it was last, we would expect BTC to cross a network value of $ 50,000 and $ 1 trillion. $ 1 trillion has been a long time coming for this macro asset. For the mainstream, ETH will be the new kid on the block – expect madness that comes with this realization.

What do you think of crypto asset markets this Sunday? Let us know in the comments below.

Tags in this story

BCH, Bitcoin, Bitcoin Cash, Bitcoin SV, BTC, Chris Burniske, Crypto Predictions, Crypto Trader, Crypto Currency, ETH, ETH Price, Ethereum, Financial Author, Jeff Booth, Litecoin, Market Update, Max Keizer, Prices, Trade, Twitter, volume, XRP

Photo credits: Shutterstock, Pixabay, Wiki Commons, Crypto Birb, trade view,

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