TOP 3 Bitcoin and Crypto News for Today: 08 July – BTC, ETH, and XRP Analysis, TRX’s TikTok, & ETH-Based Stablecoins Peak

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Wed, 07/08/2020 - 23:19
Geoffrey Schwartz
Bitcoin (BTC), Ethereum (ETH), and XRP price analysis, Justin Sun looking to create more TikTok content for Tron (TRX), and Ethereum-issued stablecoins peaked in June.
Cover image via U.Today

The middle of the week ended in the green for the three major U.S. indexes. The Dow Jones Industrial Average (DJIA) shot up 177.10 points (+0.68%) to close at 26,067.28. The NASDAQ Composite also jumped 148.61 points (+1.44%) to close at 10,492.50, and the S&P 500 went up 24.62 points (+0.78%) to close at 3,169.94.

Stocks went up on Wednesday, which were led by major companies including Apple and Microsoft. Apple rose 1.9% for a record high after an analyst at Deutsche Bank hiked his target price for the stock. Names that would benefit from the reopening of the economy were under pressure. United Airlines dropped more than 3% after company said that 36,000 employees about potential job cuts.

Today’s moves come after the United States reported that the total number of confirmed coronavirus cases has surpassed the 3 million mark. With the number of cases and deaths on the rise, Apple Maps revealed that driving activity is down across the country.

As for the news within the crypto sphere, some of U.Today Crypto News’ headlines include a price analysis for Bitcoin (BTC), Ethereum (ETH), and XRP, Justin Sun looking to create more TikTok content to help revive Tron’s luster, and Ethereum-issued stablecoins reached their peak in June with Tether (USDT) seeing 140,000 active addresses.

Top 3 Price Analysis for Bitcoin (BTC), Ethereum (ETH), and XRP

The general picture for Bitcoin (BTC) has remained relatively unchanged. The leading cryptocurrency gained 0.39% since yesterday, while the change from last week has increased 0.88%.

BTC/USD Chart by TradingView

Looking at the daily chart, Bitcoin (BTC) is approaching the Bollinger Bands’ $9,500 resistance mark. With a  declining trading volume, there is a small probability that the cryptocurrency will break through the aforementioned mark because there is not enough strength for this to occur. In this particular case, we can expect a false breakout at $9,500, followed by a continued decline to $8,800. While this is an area of buyer interest, such a scenario is relevant through the end of the current week.

Yesterday morning, the bears tried to push the price of Ethereum (ETH) to $233. However, buyers were able to seize on the initiative, and returned the ETH/USD pair to July’s maximum this morning.

ETH/USD Chart by TradingView

While a recovery looks quite dynamic, the price of Ethereum (ETH) could not maintain a foothold above the $243.34 mark. Instead, the altcoin rolled back to the $240 area. If growth continues throughout the day, then the ETH/USD pair will test the $247 resistance mark. Otherwise, Ethereum (ETH) may roll back below the two-hour EMA55 mark.

Yesterday, XRP buyers were unable to overcome the $0.19 resistance mark. During the day, XRP fell back to the $0.183 support area, and during the Asian trading session, the bulls were able to form a powerful impulse to test the psychological $0.20 level.

XRP/USD Chart by TradingView

As of now, XRP has already reached its local peak is unlikely to move up any higher as trading continues to decrease. Furthermore, the Relative Strength Index (RSI ) has formed a bearish divergence on the daily time frame, which could suggest an upcoming drop.

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Justin Sun Wants to Create More TikTok Content for Tron (TRX)

After TikTok made the price of Dogecoin (DOGE) explode more than 100%, Justin Sun tweeted that the Tron (TRX) team will be focusing their efforts on creating more content that caters to the platform’s users.

Image via @justinsuntron

TikTok, whose users started to dictate music charts earlier this year, are now getting their hands on cryptocurrency. As previously reported on U.Today, Dogecoin reached its all-time high since 2018 because the #DogecoinTikTokChallenge.

Together with Vechain, Chainlink, and Cardano, the Dogecoin rally looks like the start of another altseason, something of which Tron (TRX) is an outsider. Currently, the price of Tron (TRX) is down 33% from its high in February.

As one might expect, Sun’s TikTok initiative did not sit well with the crypto Twitter community. This included cryptocurrency trader Josh Rager, who suggested that the Jack Ma protégé create his own dog mascot while he’s at it.

Image by @Josh_Rager

The TikTok idea is the latest marketing trick being employed by Sun, who faced backlash from his botched Tesla giveaways and his overpromoted dinner with Warren Buffett.

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Ethereum-Issued Stablecoins Peaked in June

The growth of Ethereum-based Tether (USDT), the most population flagship stablecoin, has hit the pause button for the month of July. This is according to a new report published by blockchain research firm CoinMetrics.

In June, USDT-ERC20 tokens saw its current peak at more than 140,000 active addresses. This month, the number has dropped below 120,000 active addresses.

Image via coinmetrics.substack.com

The ERC20 version of Tether (USDT), which was introduced in 2017, surpassed the one issued on Bitcoin’s Omni layer back in October 2019. Investors started turning towards the stablecoin in droves following the market crash of March 2020.

According to CoinMetrics, Tether (USDT) transactions on the Ethereum (ETH) network surged by more than 450% in one year. The stablecoin has become such a dominant force on the network that it is considered the number one cause behind its congestion.

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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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