Daily Market Update- June 25th 2020

#BTC High $9,680.37

$BTC Low $9,278.23

$BTC (- 5.05%)

Total Crypto Market Cap $261.4 BN (-5.26%)

24 Hour Volume $72.9 BN (+20.10%)

Notable Movers Quant (QNT(+23.19%)

BTC Dominance 64.4% (-0.16%)

BTC is lacking a clear directional bias for the fifth straight week with prices still languishing in the restricted range of $9,000 to $10,000. Sellers failed to penetrate the lower end of the trading range early Tuesday.

Bitcoin.com Forum Closes on July 23 The Bitcoin.com forum, one of the most popular forums in the crypto community, has abruptly announced closure. A place for the heated debates and thoughtful cryptocurrency-related discussions, Bitcoin.com’s forum will terminate its services on July 23, 2020. The news was reported by the forum’s administrator in a thread posted on June 24. In the post, the forum admin provided few details about the upcoming closure. The post does not specify the reasons behind the action.

Crypto Exchange Bithumb Has Reportedly Started its IPO Work With Samsung Securities South Korean cryptocurrency exchange Bithumb has reportedly begun its initial public offering (IPO) work with Samsung Securities as an underwriter. Local media outlet MoneyToday reported the news on Wednesday. Specific details of the offering aren’t clear. The Block has reached out to Bithumb and Samsung to know more and will update this story should we hear back. An anonymous official from the securities industry told MoneyToday that if Bithumb launches an IPO, there will be "marketability and valuation issues," as well as "internal company issues and uncertainty about cryptocurrencies itself.

Circle's USDC Ends Its Monogamous Relationship With Ethereum USDC is breaking up with Ethereum—or, at the very least, it’s time to start seeing other blockchains. Centre, the collaboration between Coinbase and Circle that administers the USDC stablecoin, announced Wednesday a framework for multi-chain support for USDC. Algorand will be the first non-Ethereum blockchain to deploy support for USDC, the first in what’s likely to be a long line of protocols interested in integrating the world’s second-most popular stablecoin.

Legacy Markets

Stocks choppy after Texas halts reopening process, citing rising infections.

Stocks wavered between gains and losses Thursday after Texas said it was pausing its reopening process due to a renewed surge in Covid-19 infections in the state. Investors also monitored incoming economic data, with a new report showing stubbornly high levels of new unemployment claims. New unemployment claims came in at 1.48 million for the week ending June 20, marking the fourteenth straight week that claims held above one million. Consensus economists had expected new claims to total 1.32 million. Since mid-March, new jobless claims totaled more than 47 million. “Jobless claims are not falling fast enough. Everything we have seen in the last week or two between rising case counts/hospitalizations, stalling economic progress in some important states, government job cuts, means one thing: the Phase 4 of fiscal stimulus must be bigger,” Neil Dutta, head of economics at Renaissance Macro Research, said in an email. “Things should be better in 3-4 weeks, but the news will get worse before it gets better.”

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