🗞 Daily Crypto News, June, 20th 💰

Should Bitcoin Traders Stay Bullish if BTC Price Corrects to $7,700?;
Ernst & Young Launches Application to Help US Crypto Investors With Tax Filings;
Ethereum 2.0 Likely to Affect DeFi and DApps With PoS Introduction;
Bitcoin's Rise Driven by Institutional Trading, Says Research and Investor Sentiment;
Why Banks Hold the Key to Wider BTC Adoption and Hyperbitcoinization ;
🗞 Daily Crypto Calendar, June, 20th 💰

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

🗞 Should Bitcoin Traders Stay Bullish if BTC Price Corrects to $7,700?

The price of Bitcoin (BTC), the top-ranked cryptocurrency by market capitalization, is acting inside a narrowing range, still hovering around $9,000. Meanwhile, we’re also seeing a decrease in volume, alongside an increasingly shaky stock market, which is likely to impact Bitcoin as well (read the recent analysis here).

However, would a retrace towards $7,700 be a bad cause for the markets or is it crucial to sustain above $9,000 for any bullish momentum?

Bitcoin holds above $9,000 as crucial support

Traders and investors should recall the summer of 2019. A massive rally occurred for Bitcoin towards$14,000, ending in a retrace to $9,000. In the months after, the price stabilized at that support level for a significant period.

The $9,000-9,300 area has been a substantial level of support where many significant rejections and support tests have already happened.

https://s3.cointelegraph.com/storage/uploads/view/a084f9d30bb90ff3836a69bcc977a3ee.

🗞 Ernst & Young Launches Application to Help US Crypto Investors With Tax Filings

Ernst & Young (EY) has introduced a new application that helps U.S. cryptocurrency traders calculate and file their taxes with ease.

The EY Cryptoprep app, a Software as a Service (SaaS) web-based crypto tax engine, helps users calculate crypto-related gains and losses that have to be reported on Form 8949, a form used to report sales and exchanges of capital assets.

According to a June 18 statement from EY, one of the four largest accounting companies in the world, the engine offers step-by-step guidance through the crypto tax process. Users of the application, which supports major digital assets, can connect it to various exchanges to collect data about all their transactions.

🗞 Ethereum 2.0 Likely to Affect DeFi and DApps With PoS Introduction

The first stage of Ethereum 2.0 is almost here, but how will the DApp and DeFi space adapt to this change?

While Ethereum has brought about a whole new realm of possibilities due to its native token Ether (ETH) and its smart contract and tokenization capabilities, it is often faced with challenges such as network congestion, relatively low transaction times and throughput, large blockchain size and excessive electricity use for mining — all issues Bitcoin also shares.

While Bitcoin (BTC) was created by an anonymous developer that left the network to be developed by its capable community, Ethereum was always envisioned with a roadmap and a team behind it. While the plan has been subject to changes and delays, Ethereum has always meant to implement certain measures to combat all of the aforementioned issues, much like the developer community has done with Bitcoin and updates such as Segregated Witness.

Ethereum was created in several stages, many of which have been implemented, but Serenity — or Ethereum 2.0 — is particularly important for the network and community because it will bring about some of the biggest changes in the network, including proof-of-stake and sharding updates. With the Ethereum network use falling so heavily on the decentralized finance and distributed application ecosystem, many wonder what will happen to the DeFi ecosystem as the Ethereum 2.0 update is rolled out.

🗞 Bitcoin's Rise Driven by Institutional Trading, Says Research and Investor Sentiment

The cryptocurrency bitcoin is trading at an all-time high relative to its social activity, explains the crypto research firm Tie. The analysts at Tie believe the ratio indicates that bitcoin is being driven by institutional trading. Meanwhile, statistics from Google Trends shows the terms “bitcoin” and “buy bitcoin” dropped from the 100 point highs to 65 on June 14, 2020.

Tie Research: ‘Market Cap Increasing More Than Social Media Activity May Suggest Bitcoin Is Now More Driven by Institutional Trading’

“Increasing NVTweet Ratio may suggest BTC is now more driven by institutional trading as market cap is increasing faster than social volume. NVTweet Ratio = Market Cap / 1M / 30Day Average Tweet Volume,” the researchers added.

Billionaire Investor and Galaxy Digital Founder Mike Novogratz: ‘This Is the Time for Bitcoin’

🗞 Why Banks Hold the Key to Wider BTC Adoption and Hyperbitcoinization

Banks will be instrumental in bringing about wider cryptocurrency adoption. Without their involvement, the general public will continue to view crypto as a less-than legitimate part of the world of finance.

Admittedly, the vast majority of financial institutions still view bitcoin (BTC) and other cryptocurrencies with suspicion. That said, some are slowly starting to embrace crypto and blockchain, which in turn is likely to pressure their rivals to follow.

And according to a range of experts, once banks embrace crypto more fully, they’re likely to provide the seamless user experience and easy fiat on/off-ramps that are currently in short supply in crypto.

🗞 Daily Crypto News, June, 20th💰

Golem (GNT)

"We've extended our bug bounty competition till June 20, 2020..."

Civic (CVC)

Civic Version 2 launching next week.

TRON (TRX)

"We are pleased to announce that TRON (#TRX) will be listed on 20th June 2020."

Burst (BURST)

"A hard fork will be performed on approximately June 20th."

Matic Network (MATIC)

"... Plasma deposits and withdrawals on the mainnet. This will go live on June 20th."

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