Bitcoin, Ether, and XRP Weekly Market Update: June 10, 2019

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The total crypto market cap is $31.2 billion down for the seven-day period and now stands at $245.4 billion. The top ten cryptocurrencies are all in red for the same time frame with Litecoin (LTC) being the only exception. The worst performer on the chart is EOS which experienced a 19.8 percent decline in price. At the time of writing bitcoin (BTC) is trading at $7,678 while ether (ETH) stands at $234. Ripple’s XRP is at $0.388.

BTC/USD

Bitcoin lost $639 of its value to $8,105 on June 3 and opened the week with a 7.3 percent loss. The huge drop was a clear signal that bulls were not yet ready to attack the $9,000 (which was rejected on May 30) and $10,000 levels.

On June 4, the BTC/USD pair moved even lower on the Bitstamp daily chart and closed the session at $7,665, breaking below the $8,000 mark for the first time since May 24. Bitcoin was trading outside of the uptrend channel during intraday reaching $7,443.

The negative streak ended on June 5 when the most popular cryptocurrency formed a green candle and moved up to $7,789. It extended gains on the June 6 peaking at $7,815.

On June 7, the coin once again touched the $8,000 level. This time, however, it was a tough one to hold, and bears took control during the weekend of June 8 to 9 by pushing the price down to $7,923 on Saturday and to $7,636 on Sunday. BTC closed the seven-day period with a 12 percent loss.

Binance, one of the largest cryptocurrency exchanges in terms of daily volume, will reportedly start issuing its very own stablecoin in the near future. According to Bloomberg, Binance’s Chief Financial Officer, Wei Zhou confirmed we will see a new set of fiat-backed tokens in the next month or two, which will allow the Malta-based platform to challenge Tether’s USDT.

Binance is already working on their first stablecoin dubbed “Binance GBP,” which will use the British Pound (GBP) as its base fiat…

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