Cryptocurrency market update – the recovery stalled, Bitcoin is still under $8,000

• Bitcoin has gained over 4% of its value, but $8,000 remains unbroken.

• Litecoin is the best performing cryptocurrency of the day, up nearly 12%.

   

• Bitcoin and all major altcoins stay in the green zone after a sharp recovery during late Monday hours; however, the critical levels remain unbroken, and the upside momentum looks to be fading away. The cryptocurrency market capitalization climbed to $254 billion from $243 billion on Monday; an average daily trading volume increased to $64 billion amid growing volatility on the market.

 

Top-3 coins price overview

• BTC/USD touched $8,088 on Monday before retreating to the area under $8,000. The first digital asset has gained over 4% in recent 24 hours before entering a consolidation pattern below the said critical resistance.

• Ethereum, the second largest digital asset with the current market capitalization of $26.1 billion, recovered to $245 handle after a drop below $230 on Monday. The coin has gained nearly 5% in recent 24 hours, improving in sync with the market.

• Ripple's XRP tested area above $0.40, but the breakthrough proved to be unsustainable. The third largest coin with the current market capitalization of $16.8 has gained nearly 2.5% of its value form this time on Monday to trade at $0.3953 by press time.

The biggest market-movers

• Litecoin (LTC) is the biggest winner of the day. The 12th largest coin with the current market capitalization of $7.9 billion has gained nearly 12% in recent 24 hours to trade at $128.52 by press time.

• Cardano (ADA) is also a strong performer today. The coin is changing hands at $0.0848, with over 6% gains.

  

   

Tanya Abrosimova

FXStreet

 

David Ogden – Http://markethive.com/david-ogden

Key BTC Levels for the Week

BTC has been trading in a relatively quiet range over the weekend as volatility contracts after a big few weeks.

For now, price has fallen away from the major $8,000 level and is trying its best to hold up at the next support below at $7,500. This range is looking like it is going to be a big one given that volatility is contracting and there are clearly buyers and sellers at both levels.

Price has not been able to break back above the $8,000 level, since the fall from the recent highs at $9,000. Similarly, we are seeing buyers stepping up below. Each time price pulls back to $7,500, the buyers are there to hold it up. As I noted last week, the long wicks that you can see on the chart are a sign of strong buying interest.

Given the strength of the range that is in place here, my plan is to wait for a break of either side of the range and play a momentum move. There is a strong chance of a break, either way, will lead to a big push in the vicinity of 10%.

To me, that is a good risk/reward play and one that should have good follow-through. Particularly to the downside as there might well be some trapped buyers.

This should, therefore, be a pretty interesting week if we start seeing a break in either direction.

Posted Monday, June 10, 2019 by Rowan Crosby

David Ogden – Http://markethive.com/david-ogden

Jinxed Bitcoin ATM Spews Out Cash at London’s Bond Street Station

By CCN: It looked like someone won the bitcoin jackpot at London’s Bond Street station. A video shows banknotes flying out of what appears to be a jinxed bitcoin ATM located near a shopping center.

In the 20-second video, initially shared by Redditor skypirateX, a security guard is doing his best to stop anyone from taking the money. Onlookers watch while the money rained down into and around a duffel bag.

LARGER, REDESIGNED ATM A GOOD SOLUTION

A customer was intentionally withdrawing the money, according to Adam Gramowski, owner and CEO of the Poland-based bitcoin ATM company. Initially, everything was going well during the bitcoin ATM transaction.

“As you can see there is a bag in the front of ATM. However our ATMs support large transactions and it is fair to say that a larger, redesigned presenter would be a good solution. Our customer was not particularly careful, although the ATM should be redesigned to cope better with small denominations used in the U.K.”

IT WAS NOT THE JACKPOTTING BUG

One theory doing the rounds was that the ATM was subject to a jackpotting bug, a claim the company spokesperson denies. Jackpotting is ATM malware that manipulates individual machines to spit out money, as explained by Wired.

But it seems this time it was just a case of a bitcoin owner withdrawing a large amount of money. The company has 60 ATMs around Europe, and Gramowski says this problem is apparent only with this one U.K. machine.

The video, which was also posted to LinkedIn by Blockchain Headhunter, has sparked thousands of responses. These have ranged from “allergy to fiat” to “evidently was not tested thoroughly!” Comments on Reddit alone run to 2,300.

It’s not the first time this ATM has been on Reddit for its strange behavior. About a month ago, the ATM maker responded to another thread that captured a picture of a DASH cryptocurrency private key displayed on the machine’s screen.

The owner said someone had stuffed a coin into the banknote acceptor. This jammed the ATM, and the company was unable to carry out any maintenance or repairs over the weekend.

 

Sharon Wood 08/06/2019

David Ogden – Http://markethive.com/david-ogden