Today was a green day for the three major U.S. indexes after yesterday’s massive drop. The Dow Jones Industrial Average (DJIA) went up 477.37 points (+1.90%) to close at 25,605.54. The NASDAQ Composite went up 96.08 points (+1.01%) to close at 9,588.81, and the S&P 500 went up 39.21 points (+1.31%) to close at 3,041.31.
Gita Gopinath of the International Monetary Fund (IMF) said that the global economy was recovering more slowly than anticipated. Gopinath said that the IMF will release updated growth projections on June 24, which will likely be worse than April’s projects for a global contraction if the disease lingers. Fears of a second COVID-19 wave in the U.S. persist with half a dozen states reporting rising infection rates. This included Texas, Arizona, Utah, New Mexico, Florida, Arkansas, and both North and South Carolina.
As for news with the crypto sphere, some of U.Today Crypto News’ headlines include a bullish trend that is still valid for Bitcoin (BTC), Ethereum (ETH) is still following its $300 plan, and Iran’s EXIR has added support for Monero (XMR) pairs trading with the Iranian Rial (IRR).
Bitcoin (BTC) Bullish Trend Still Valid
Jack Sparrow (@BTC_JackSparrow), an anonymous trader and analyst, posted his short-term prediction on the price dynamics of Bitcoin (BTC). While the outlook does not look splendid for the bulls, they shouldn’t surrender, Sparrow says.
Sparrow, who updates his charts daily, adjusted his predictions according to the trend swings. Shortly after the fake ‘Bart Simpson’ rally, Sparrow warned the bulls about being engulfed by the bears as the price returned to the $9,500 level.
The prediction came true as the bears were able to apply pressure to Bitcoin (BTC) but failed to gain control of the cryptocurrency. This led to the next stage of the correction.
Sparrow also analyzes one-day timeframes, and the current one is in the green. Therefore, Sparrow believes that Bitcoin (BTC) traders should neither close their longs nor start seeking shorts.
The U.Today Crypto News team reminds its audience to treat the predictions of anonymous traders with extreme caution. Individuals should always do their own research or contact a certified investment analyst.
Ethereum (ETH) Still Following $300 Plan Despite Drop
Michael van de Poppe, a seasoned cryptocurrency trader and analyst, updated his chart and predicted that the price of Ethereum (ETH) will surge above $300 in August 2020.
Recently, Ethereum (ETH) plunged to $226 on some spot exchanges after attempting to conquer the $250 mark twice. According to his analysis, the recent drop (June 10-11, 2020) will not affect ETH’s overall bullish trend.
Looking at the chart, the territory that is vulnerable for the bulls is between $210 and $220. In short, the recent drop was nothing more than a predicted correction before the next series of upsurges. The $250 mark still remains the next target price for the altcoin.
After $250, the next crucial level is near the $280 mark, which is where another correction may put some water in the bulls’ wine. After that, the altcoin’s upswing will not encounter any resistance on its road to a new yearly high of $300.
Iran’s EXIR Now Supports Monero (XMR) Pairs Trading
Paul Janowitz, a Community Speaker for Monero (XMR), revealed that EXIR, a top-level crypto exchange for Iran, now supports Monero (XMR) pairs trading with the Iranian Rial (IRR).
Monero’s privacy-focused transactions represent an alternative to banking remittances, which are subject to sanction-related restrictions. Janowitz believes that this instrument will be utilized for getting around U.S. sanctions, which have been imposed on the Republic.
EXIR is a centralized crypto exchange with fiat instruments. Launched in Tehran in 2017, this crypto exchange offers Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), and Tether (USDT) for trading against the IRR.
As revealed in Foreign Policy, Iran’s President Hassan Rouhani highlighted the importance of Bitcoin (BTC) instruments to its national banking system. President Rouhani also says that a nationwide Bitcoin (BTC) mining strategy is under consideration by the country’s financial authorities.