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TOP 3 Bitcoin and Crypto News for Today: 01 July – XRP Analysis, BTC to $100,000, & ETH Two Bullish Signals

News
Wed, 07/01/2020 - 20:15
Geoffrey Schwartz
Price analysis for XRP, Bitcoin (BTC) inching closer to the $100,000 mark, and the two bullish signals for Ethereum (ETH).
TOP 3 Bitcoin and Crypto News for Today: 01 July – XRP Analysis, BTC to $100,000, & ETH Two Bullish Signals
Cover image via U.Today

The second half of 2020 kicked off on a mixed note for the three major U.S. indexes. The Dow Jones Industrial Average (DJIA) went down 77.91 points (-0.30%) to close at 25,734.97. The NASDAQ Composite went up 95.86 points (+0.95%) to close at 10,154.63, and the S&P 500 went up 15.57 points (0.50%) to close at 3,115.86.

A coronavirus vaccine candidate being developed by Pfizer and BioNTech revealed that the drug created neutralizing antibodies. While the results were released online, they have not yet been reviewed by a medical journal. White House health advisor Dr. Anthony Fauci warned on Tuesday that if the outbreak continues at its current pace, the number of new daily cases could surpass 100,000 new infections per day.

Automatic Data Processing (ADP) and Moody’s Analytics said that private payrolls jumped 2.37 million in June. Payroll numbers for May were also revised to a gain more than 3 million from a loss of 2.76 million. The Institute of Supply Management said that manufacturing activity in the U.S. grew to its highest level since April 2019 and May’s sharp contraction.

As for the news within the crypto sphere, some of U.Today Crypto News’ headlines include a price analysis for XRP, Bitcoin (BTC) is inching closer to the $100,000 mark, and the two bullish signals for the price of Ethereum (ETH).

XRP’s Sideways Price Trend Continues Around $0.17

The price of XRP were under pressures from the bears yesterday morning. It was only in the morning that the XRP/USD pair were able to recover above the $0.175 support level. By the end of the day, the pair sank towards the $0.174 area.

XRP/USD Chart by TradingView
XRP/USD Chart by TradingView

Today’s trading is being achieved in small volumes, and if such low market activity persists, the price will continue to move in a lateral range. The upper border of this range will be the two-hour EMA55, and the lower border will be the weak $0.175 support level. An increase in pressure from the bears may lead to a retest of the strong $0.170 support level.

XRP/USD Chart by TradingView
XRP/USD Chart by TradingView

Looking at the 4H chart, XRP bounced off its support level at $0.1750, confirming pressure from buyers. Even though the coin is trading withing a triangle pattern and remains bullish, its trading volume has not increased. However, there is a high level of liquidity above the aforementioned level. In this particular case, the endpoint might be in the $0.1790 area, which buyers could reach in the next few days.

XRP/USD Chart by TradingView
XRP/USD Chart by TradingView

Looking at the daily chart, volatility is declining against the ongoing price drop. There is no buyer resistance as the trading volumes remains relatively the same. What is more, XRP is still within a falling channel and its next support level is at $0.1680. If the bulls cannot seize on the initiative soon and reach $0.18, then XRP will not reach the aforementioned price until mid-July 2020.

Bitcoin (BTC) Closer to $100,000 According to Stock-to-Flow Model

PlanB (@100trillion USD), the well-known cryptocurrency trader and analyst, published an update to the most popular Bitcoin (BTC) price model for the bulls.

According to PlanB, the second “red dot” of the fourth Bitcoin (BTC) epoch flashed today. These “red dots” show that the price of the king coin in the months following a drop in mining rewards.

Image via Twitter
Image via Twitter

Looking at Bitcoin’s past performance, explosive upswings by the flagship cryptocurrency typically start in the orange and yellow zones. However, with the maturation of the cryptocurrency markets, the cycles are smoothing out the wrinkles. This trend may contribute to the surprisingly low volatility by the king coin.

This fact was mentioned by PlanB, who noticed that the volatility refuses to grow with the ongoing market recession. PlanB also admitted that the position of second red dot will be adjust in late July 2020.

As previously covered by U.Today Crypto News, PlanB insists that the ongoing cycle may reach $100,000, possibly even $900,000. The stock-to-flow ratio, which is derived from the current production and overall Bitcoin (BTC), surpassed the scarcity of Gold (XAU).

Even though PlanB’s calculations are heavily criticized by even members of the Bitcoin (BTC) community, the $100,000 price target has received support from Charles Edwards and his more conservative Energy Value Theory.

Two Bullish Signals for Price of Ethereum (ETH)

Qiao Wang, a top-notch macro analyst and investor, dismissed some delusions about popular Ethereum (ETH) price catalysts and indicated the factors that could drive the altcoin upwards.

According to Wang’s tweetstorm, network characteristics are seen as the main factor the drive the price of Ethereum (ETH). Even though the “network effects” of Ethereum (ETH) look healthy enough to win a smart contract war, this doesn’t directly boost the price.

Image via Twitter
Image via Twitter

Instead, Wang believes that the two most obvious factors that would catalyze the price of Ethereum (ETH) are the following:

  • Transition to Proof-of-Stake (PoS) (ETH2)
  • Fixed monetary policy

With the PoS rollout, a huge chunk of circulating Ethereum (ETH) will be locked up by stakers. A stable yield from the validation process is the direct motivator for people buying and holding Ethereum (ETH).

Should this be accompanied by a proper monetary policy, then such progress would definitely attract people to Ethereum (ETH).

About the author

Geoffrey Schwartz is an Editor, English Copy Editor and Proofreader currently working for U.Today. He also works as a consultant and with SuissePic, a social project that unites more than 50 professionals in digital marketing, tourism, and based on a common love for Switzerland.

Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?

News
Fri, 10/23/2020 - 09:24
Vladislav Sopov
Grayscale, undisputed giant of institutional crypto investments, is celebrating another monstrous milestone, adding a nine-digit sum to AUM in 24 hours
Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?
Cover image via stock.adobe.com
Contents

Grayscale is an investment company that provides the clients with an exposure to digital currency markets eliminating the need to buy tokens. The firm does it by selling shares of 'trusts' related to certain digital assets. The recently started FOMO has already brought Grayscale's 'asset under management' (AUM) values to previously unseen levels.

Grayscale assets are on steroids

In its most recent report shared in a tweet, Grayscale Investments stated that its net AUM now surpasses $7,300,000,000. Mostly, this upsurge should be attributed to the spikes of Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) prices.

Grayscale adds $300M to its AUM in 24 hours
Image by Twitter

Its founder, CEO of Digital Currency Group Barry Silbert, unveiled that Grayscale’s holdings added a whopping amount of value in the last 24 hours.

Added a cool $300 million in AUM in one day

In terms of separate ‘trusts’, the most impressive increase is associated with Litecoin (LTC). Its value added almost 10% bringing its total to over $34 mln. 

Bitcoin (BTC) allocation surged above $6 bln with a 5% increase. Notorious Grayscale Ethereum Trust (ETHE) added 6% and now is valued at $942 mln.

PayPal assists Grayscale

By contrast, Stellar Lumens (XLM) and Bitcoin Cash (BCH) trusts witnessed mediocre increases of 2-3%. The only integral product of Grayscale, Large Cap Trust that unites the most valuable coins under its umbrella, therefore, added less than 4%.

The numbers of Grayscale Investments positions rocketed due to the rapid spike of crypto prices associated with PayPal’s decision to add major digital assets to its instrument toolkit.

As covered by U.Today previously, PayPal announced that Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) will be added as payment methods by the end of this year.

  

Following this surprising news, Bitcoin (BTC) revisited its multi-months high over $13,000. At press time, its price has slightly retraced and flirts with the $12,800 level.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)