The end of the week was a green day for the three major U.S. indexes. The Dow Jones Industrial Average (DJIA) skyrocketed 369.21 points (+1.44%) to close at 26,075.30. The NASDAQ Composite went up 69.69 points (+0.66%) to close at 10,617.44, and the S&P 500 went up 32.99 points (+1.05%) to close at 3,185.04.
Stocks on Friday went up on a potential coronavirus treatment, increasing the hope of an economic recovery. Gilead Sciences said that remdesivir showed improvement in clinical recovery and a 62% reduction in the risk of mortality. BioNTech’s CEO told the Wall Street Journal that the company’s coronavirus vaccine could potentially be ready for approach by December.
Tech stocks continued their bullish week. Netflix jumped 8% after Goldman Sachs said that it see a 30% rally for the company over the next 12 months. Amazon also jumped 0.5% after Citi increased its target price to $3,550 per share.
As for news within the crypto sphere, some of U.Today Crypto News’ headlines include a price analysis for Bitcoin (BTC), Ethereum (ETH), and XRP, a Bitcoin (BTC) developer questioning Zcash’s PPP loan, and Tether’s Co-Founder no longer owns any USDT.
Bitcoin (BTC), Ethereum (ETH), and XRP Price Analysis
Based on data from the daily chart, Bitcoin (BTC) is trading at the top of a symmetrical triangle. The midweek rally was unable to break through the triangle’s resistance. Losses in the past 24 hours are currently seeking a boost above the support triangle. If support for the triangle lends itself to continued selling pressure, then the coin might approach the $8,000 mark, especially if the trial support areas at $9,000, $8,800, and $8,600 collapse.
Bitcoin is leaning towards the bearish sentiments after giving up the $9,400 mark. Buyers are putting all their effort into defunding the $9,200 support mark and the aforementioned support triangle. The Relative Strength Index (RSI) and the Moving Average Convergence/Divergence (MACD) suggest that a sideways trend will prevail first. While the RSI is at 50 (average), the latter is clinging to the midline.
Observing the direction of these two indicators combined with Bitcoin’s volume could help determine Bitcoin’s movement. Currently, the main concern for the bulls is maintaining the $9,200 mark.
Yesterday afternoon, buyers tried to maintain growth for Ethereum (ETH), but the volumes were below the average level. The buyers also could not cope with the $247 resistance mark. The bears are responding with a strong enough impulse that it rolled the ETH/USD pair back to the average price range.
By the end of the morning, Ethereum (ETH) was able to stay above the two-hour EMA55, but the sellers could really apply pressure to the situation and push the price down the $233 support level.
XRP is the biggest loser as the altcoin has dropped 6.10% since yesterday. However, growth for XRP has amounted to 11% over the course of the week.
Looking at the daily time frame, XRP has encountered strong resistance at $0.21, and is unlikely to go higher anytime soon. However, a bearish alternative has not yet formed, meaning that traders can expect it to trade sideways soon. Consequently, the correction may stop around the $0.1833 area, which has been the starting point for the current bull run.
Former Bitcoin (BTC) Developer Questions Zcash Receiving PPP Loan
The Electric Coin Company was among the 75 blockchain platforms that received a PPP loan from U.S. authorities, ranging from $350,000 to $1,000,000 from U.S. authorities. However, a few companies received a lot more, such as ConsenSys (between $5,000,000-$10,000,000) and ShapeShift (between $1,000,000-$2,000,000).
This had led former Bitcoin (BTC) Core developer and blockchain expert Peter Todd to question as to why Zcash and several others are taking ‘freshly printed USD’, which the crypto community has been slamming since the quantitative easing (QE) program began in spring.
In financial documents, the company is marked as “Hispanic, Female owned”. Todd believes that companies with such descriptions are receiving preferential treatment in several cases.
The situation with the Electric Company gets even more interesting according to Todd since Zcash is an anonymous cryptocurrency.
Tether Co-Founder No Longer Owns Any USDT
In a recent Bloomberg interview, child actor and cryptocurrency entrepreneur Brock Pierce said that he no longer owns any Tether (USDT) tokens.
Back in 2015, Pierce distanced himself from the controversial stablecoin issuer, which has a questionable relationship with major crypto exchange Bitfinex.
As previously reported on U.Today, New York’s Supreme Court threw out Bitfinex’s jurisdictional overreach argument. This allows New York Attorney General Letitia James to continue its investigation into iFinex, the Hong Kong-headquartered parent company of Bitfinex and Tether that allegedly used reserved USDT tokens to cover up Crypto Capital’s $850M loss.
Pierce, who has a stake in several major cryptocurrency companies including Coinbase and Ripple, still considers Tether an innovation of significant importance. However, Pierce thinks that it’s part of a high-risk business:
Tether is, I think, one of the most important innovations in currency, but it also seemed like one of the higher risk businesses.
According to the Bloomberg report, Pierce is not sure whether Tether could handle its fight the New York AG.