TOP 3 Bitcoin and Crypto News for Today: 03 July – XRP Analysis, BTC Miners See More Revenue, & ETH Says TRX Has More Flaws

News
Fri, 07/03/2020 - 23:31
Geoffrey Schwartz
XRP price analysis, Bitcoin (BTC) miners see ‘thermocap’ climb to $17.5B, and Ethereum (ETH) Co-Founder says Tron (TRX) has 10 times more problems than its brainchild.
Cover image via U.Today

Independence Day (July 4, 2020) falls on a Saturday this year. Therefore the U.S. financial markets were closed on Friday.

Stephan Loerke, CEO of World Federation of Advertisers (WFA), believes that the large number of big brands deciding to switch off social media advertising won’t be coming back until there’s real change. According to a recent survey of 58 companies, the WFA found that 31% had decided to withhold or were likely to withhold social media advertising. 41% said that they were undecided, and 29% were unlikely or not planning to withhold.

The survey comes as several advertisers from Starbucks to Unilever have announced varying degrees to halting their social media advertising budgets, following a #StopHateForProfit campaign to boycott Facebook for the month of July.

The U.S. headed into the July 4th weekend with several parades and fireworks displays being cancelled, as well as the closure of bars and beaches. Health authorities are warning that this will be a crucial test for America’s self-control, and could determine the trajectory of the surging COVID-19 outbreaks.

With states like Arizona, California, Florida, and Texas being hit the hardest, governors have ordered the public to wear masks and for families to celebrate Independence Day at home.

As for news within the crypto sphere, some of U.Today Crypto News’ headlines include an XRP price analysis, Bitcoin (BTC) miners see their total revenue climb to $17.5 billion with the hash rate approaching new highs, and the Ethereum (ETH) Co-Founder claims that Tron has ten times more flaws Ethereum (ETH).

XRP Price Analysis: Chances of Reaching $0.20 This Summer

Yesterday, XRP was unable to break through the sideways trend’s upper border of the two-hour EMA55. By the afternoon, sellers were able to increase the pressure and rolled back the XRP/USD pair to the $0.172 area.

XRP/USD Chart by TradingView

During the Asian trading session, buyers tried to correct the situation, but the purchasing volume was below the average level and were unable to push the XRP/USD pair the EMA55 moving average. Today, it is likely to drop to its $0.17 support level.

XRP/USD Chart by TradingView

Looking at the 4H chart, XRP has started to rise after a prolonged consolidation phase. The coin is about to break through the top of the channel and is backed by the Bollinger Bands. In this particular case, the support level that XRP could reach is $0.1810. The only concern is XRP’s low trading volume.

XRP/USD Chart by TradingView

Looking at the daily time frame, the bulls have gained strength, but do not have any enough strength for a bullish trend revival. Even though XRP’s trading volume has drop slightly, buyers have not seized on the initiative. The most likely price forecast would be trading in the yellow range, which is between $0.1750 and $0.18.

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Bitcoin (BTC) Miners See Total Revenue Climb to $17.5B as Hash Rate Approaches New Height

Bitcoin’s all-time mining revenue (known as the ‘thermocap’) surpassed the $17.5B mark. This is according to Glassnode’s data.

After moving past the $15B milestone in late 2019, the ‘thermocap’ has grown close to 16% this year.

Image by @glassnode

The ‘thermocap’ is a market capitalization alternative that was introduced by Coin Metrics Co-Founder Nick Carter. It combines the mining resources on the network, which consist of block rewards and transaction fees.

Following Bitcoin’s 50% subsidy cut to 6.25 BTC per block, the revenue for Bitcoin (BTC) miners shrank 23% to $281M in July.

Bitcoin fees are also down 85% from their May 20 peak, which averaged $6.647 per transaction. This accounted for only 4% of the aforementioned sum.

While this may sound like nothing but bad news for Bitcoin (BTC), its hash rate is now fully recovered from the 33% slump, which occurred after the May rewards reduction.

Image by blockchain.com

Bitcoin’s difficulty is expected to increase 4% in about 10 days, making it harder for BTC miners to generate revenue unless BTC increases substantially.

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Ethereum (ETH) Co-Founder Says Tron (TRX) Has 10 Times More Problems

In another Twitterstorm, Ethereum (ETH) Co-Founder Vitalik Buterin said that Tron (TRX) has ten times more flaws than his brainchild.

Buterin went on to add that the cryptocurrency, which he accused of copying Ethereum’s white paper, is viewed by Bitcoin (BTC) maximalists at the “distant crazy uncle”.

Image by @VitalikButerin

As previously reported on U.Today, the most prominent Bitcoin (BTC) enthusiasts formed an unlikely alliance with Tron’s CEO Justin Sun in February. Tron even got a Twitter emoji before Ethereum, which made Reckless VR Founder Udi Wertheimer display his love for the token. This sparked another debate with Buterin.

Image by @udiWertheimer

In another tweet, Buterin also used a rather clumsy historical comparison that raised a few eyebrows.

In an attempt to explain “Tron-stanning”, Buterin compared an article written by the pseudonymous psychiatrist ‘Scott Alexander’ with the Tripartite Pact (Berlin Pact) signed between Germany, Italy, and Japan during World War II.

The author stated that out-groups can become in-groups when it’s convenient, which Buterin used as his argument.

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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.

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