Daily Market Update - June 11, 2020 Imminent Dollar Collapse Inside Job?

$BTC 24 Hour High $9,908.94 $BTC 24 Hour Low $9,728.29 $BTC +0.7%

Total Crypto Market Cap $279.3 BN (+0.87%)

24 Hour Volume $83.7 BN (+12.35%)

Notable Movers Kyber Network (KNC(+24.89%)

BTC Dominance 64.7% (-0.15%)

As the famous line from the 1983 Movie; Scarface: "Never Underestimate the other guy's greed".

With the extraordinary chaos taking place in the United States (https://www.usatoday.com/picture-gallery/news/nation/2020/06/11/seattle-protesters-establish-capitol-hill-autonomous-zone/5341144002/) and the clear undermining of the US economy by Donald Trump, it is extremely difficult not to speculate that Donald Trump is an paid 'agent' plant, specifically placed to undermine the dollar and the United States place in the Global Economy.

In Crypto News:

According to Bithumb, the 0.55 Ethers (ETH) that incurred a $2.6 million transaction fee ended up in one of the exchange’s wallets. Earlier today, someone paid 10,668.73 Ethers in gas to move $134 worth of the asset from one wallet to another. For comparison, today’s average gas price is $0.34. The most natural assumption is that the sender must have made a mistake. A spokesperson for Coinfirm suggested that instead of this being an unfortunate mishap, there is also a possibility that someone could be attempting to launder money through an elaborate scheme.

US Stocks Continue to Soar In Spite of a Lack of Fundamentals

Today the value of Tesla stock set a new record high at $1,027, bringing the market capitalization to $188 billion, and also surpassing the total market cap of Bitcoin (BTC), which hovers at $181 billion. While the value of Tesla stock and Bitcoin price are not interconnected, there is a symbolic comparison between the two as the same investor FOMO which drove several Bitcoin rallies in the past appears to be present in the stock market.

Whale Moves

According to blockchain data, an unknown Bitcoin (BTC) trader moved over 132,255 BTC — roughly $1.3 billion — in three transactions just one minute apart on June 11. The cryptocurrency was moved in block 643,133. 

The transactions came as the price of BTC was still under a key resistance level, $10,000.

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