Market Analysis Report

10 June 2024

China's Biggest Exchanges to Add Ethereum and Others

Exchanges in China seem to be turning their attention to alternative cryptocurrencies. One of the big three exchanges in China, Huobi, announced it will launch Ethereum trading on May 31. Ethereum Classic will also be listed in the BTCC exchange. The Huobi announcement reads:

"We are excited to announce the CNY/ETH will be listed on our exchanges. Trading will start at 12:00 May 31st (GMT +8). ETH deposit and withdrawal is available from now on."

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Bitcoin Unites Rival Indian Politicians in Call Against Legalization

A number of Indian politicians are reportedly urging the government not to legalize Bitcoin amid reports that the cryptocurrency could soon be regulated and taxed in the country. The politicians, also members of parliament (MPs), reportedly claimed that bitcoin ‘could become a parallel money instrument for cycling black money and dodgy transactions and also a source of terror financing’ and urged finance ministry officials not to legalize the cryptocurrency.

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Bitcoin Surpasses 2013 Google Trends Record

The number of Google searches for Bitcoin has trumped its previous record high, according to Google Trends. The third week of May saw interest in Bitcoin spike past its previous high set in November 2013. It currently holds a 30% lead over its past record. Bitcoin’s unprecedented price rise has undoubtedly driven recent interest towards it, having more than doubled since the beginning of 2017.

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ChronoPay Looks to Kickstart Bitcoin Adoption in Russia

ChronoPay, one of Russia’s oldest online payments providers, is including bitcoin to its payment gateway, enabling all of its clients to accept the world’s most popular cryptocurrency. Pavel Vrublevsky,  ChronoPay founder, and chief executive has previously criticized Bitcoin although he has since stated that his mind has been radically changed. He stated:

"It is like any other payment method. There will be a bitcoin button next to other payment options during a transaction.

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State of the Crypto

Bitcoin is up 3.98% at $2,290.29 with a volume of Ƀ 94k - $ 212M on the USD pairs.
Litecoin is up 7.58% against the dollar for the day at $25.97 and up 3.34% to Ƀ0.01146 on volumes of Ƀ 8.3k
Ether is up 20.15% against Bitcoin at Ƀ 0.09390 per Ether and up 24.21% against the dollar to $214.64 with average volume Ƀ 113.3k on the ETH/BTC pair.
Dash is up 2.15% at Ƀ 0.05178 with Ƀ 5k volume and up 9.74% against the dollar at $116.5.
Ripple is down 1.55 % to Ƀ 0.00009983 with volumes of Ƀ 20,247.7 and up 6.73% against the dollar at $0.2300.
Zcash is up 10.22% for the day to Ƀ 0.09738 per ZEC and up 15.36% against the dollar to $221.31 with an average volume of Ƀ 6.1k for the 24 hour period.
Monero is up 10.74% against the dollar at $ 41.55 and up 9.12 % against Bitcoin at Ƀ 0.01867 on volumes of Ƀ 11.6k.
Ether Classic is up 8.53% to Ƀ 0.007701 with volumes of Ƀ 14.7k and up 12.9% against the dollar at $17.5.
Waves is up 1.75% to Ƀ 0.001166 on Ƀ 375.36 volume.
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