Crypto News June 20: Nexo Co-Founder Still Predicts Bitcoin Will Hit $ 100,000 With Ethereum, USDT, Polygon, NEAR, Kusama, PancakeSwap, Dogecoin

From the point of view that Bitcoin is still headed for $ 100,000, up to the percentage of profitable Ethereum addresses that hit a 5 month low. Here are some highlights from the crypto market.


Bitcoin news

Nexo co-founder Antoni Trenchev suspect BTC will move towards $ 100,000 as crypto adoption increases.

Trenchev shared his views on the current market with Bloomberg. The co-founder of Nexo admitted that Bitcoin benefited greatly from “simple monetary policy” when asked about the Fed’s impact on current price developments.

When asked about the main drivers behind Bitcoin, Trenchev reiterated the impact of inflation as a key factor. He also stated that Bitcoin’s current price range is expected to stabilize between $ 32,000 and $ 40,000. The lack of leveraged trades is believed to be one of the reasons the market will rally at this point.

Commenting on his target price of $ 100,000, Trenchev said that “there is essentially no leverage in the system so the price could rebound”. He also mentioned that the institutes are gradually adopting BTC as a driving force in the bull market.

BTC hashrate is leaving China

Last night, BITMAIN held an invitation-only VIP event in Chengdu for its largest customers to discuss hashrate migration from China. The main focus is on the transfer of hashrate to the US.

China, which accounts for about 75% of the global bitcoin hashrate, is getting stricter with cryptocurrency. This has forced many crypto mining companies in China to close.

According to Bitcoin Documenting, Foundry USA is the only major Bitcoin mining pool in the past 24 hours to have increased its hash rate and made it into the top 7. by Huobi.pool.

Ethereum news

According to an analysis by Glassnode, the percentage of profitable Ethereum addresses has hit a 5-month low of 90.73%.

In the same analysis, the Glassnode team showed that the number of Ethereum addresses losing money has hit a 5-month high of 5.542 million addresses. The number of losing Ethereum addresses is increasing as the ETH price drops to the $ 2,200 level.

USDT. news

From June 1 to June 17, supply of USDT remained at $ 64.25 billion. There is no growth from USDT shows that there is currently no demand for stablecoins in the market and no new inflows.

Paolo Ardoino, CTO of Tether, said USDT demand has been hurt in recent weeks by a “significant drop” in open interest for Bitcoin futures.

News polygon

The Polygon (MATIC) development team has opened meetings to discuss on the implementation of EIP-1559 on its network shortly after the proposal for Ethereum was made with the London upgrade.

EIP-1559 on Ethereum is set to introduce a base fee that will be charged on every transaction, along with a priority fee that will encourage miners to process the transaction.

In the case of the EIP-1559 implementation on Polygon, the development team pointed out that, unlike Ethereum, the MATIC supply is fixed. The proposal also suggests that the implementation of EIP-1559 on MATIC should be designed in such a way that the basic fee is transferred to the founding contract of the project. The Community will therefore decide how to use this fund.

NEAR news

The blockchain platform NEAR Protocol has teamed up with the Universal Hip Hop Museum (UHHM) and Ed Young, co-founder of The Source magazine, to bring out a collection of irreplaceable rappers from the 1970s.

The collection will feature NFTs from 47 rap legends, from Eazy-E to Lil Wayne, to celebrate the 47 year development of hip hop.

News Kusama

Kusama Parachain crowdloan auction closed 727,235 KSM and 45,109 KSM were added in the last 48 hours.

The top 4 projects with the number of banned KSMs are Karura – 481,885, Moonriver – 109,563, Shiden – 83,844 KSM and Bifrost – 20,009 KSM.

News pancake swap

PancakeSwap welcomes Wootrade, the highest performing digital asset liquidity network for institutional investors, to the Syrup Pool.

According to the announcement, users can participate in CAKE staking to receive WOO tokens.

Dogecoin news

During the NASCAR Xfinity Series race on Saturday, Stefan Parsons’ 99 Chevrolet Camaro, adorned with the Dogecoin meme, crashed into the outside wall. Parson finished the lap in last place because of the fall.

Kyle Busch won the NASCAR Xfinity Series Tennessee Lottery 250, with Justin Allgaier and Harrison Burton finishing second and third.

The hype surrounding the car that showed the Dogecoin meme on the roof and side walls was immense in the community. The hashtag #dogecar on Twitter has even quickly made its way into the top trends worldwide.

Synthetic Team

According to Bitcoin Magazine

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