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TOP 3 Bitcoin and Crypto News for Today: 12 June – Bullish BTC Trend, ETH Following $300 Plan, & EXIR Supports XMR Pairs

News
Fri, 06/12/2020 - 22:03
Geoffrey Schwartz
The bullish trend for Bitcoin (BTC) is still valid, Ethereum (ETH) is still following its $300 plan, and Iran’s EXIR now supports Monero (XMR) pairs trading.
TOP 3 Bitcoin and Crypto News for Today: 12 June – Bullish BTC Trend, ETH Following $300 Plan, & EXIR Supports XMR Pairs
Cover image via U.Today

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.

Image via Twitter
Image via Twitter

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.

Image via Twitter
Image via Twitter

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.

Related Bitcoin (BTC) Price Bullish Trend Still Valid: Trader
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Bitcoin (BTC) Price Bullish Trend Still Valid: Trader

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.

Image via Twitter
Image via Twitter

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.

Related Ethereum (ETH) Still Following $300 Plan Despite Price Drop: Analyst Michael van de Poppe
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Ethereum (ETH) Still Following $300 Plan Despite Price Drop: Analyst Michael van de Poppe

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).

Image via Twitter
Image via Twitter

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.

Related Iran's Largest Crypto-to-Fiat Exchange Adds This Privacy Coin
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Iran's Largest Crypto-to-Fiat Exchange Adds This Privacy Coin

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.

Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director

News
Mon, 07/13/2020 - 14:38
Vladislav Sopov
John Lilic, managing director at ConsenSys decentralized development studio, has shared an over-bullish prediction for Ethereum (ETH) progress
Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director
Cover image via stock.adobe.com
Contents

John Lilic leads international business development in the ConsenSys leading blockchain development studio. He is also an expert in energy markets and cryptocurrency segments. He tracked the progress of Bitcoin's (BTC) and Ethereum's (ETH) market capitalization statistics, coming up with an extravagant prediction.

Bitcoin (BTC) should get ready for parity

Mr. Lilic outlined that Ethereum (ETH) is showcasing much healthier dynamics than its competitor is. For instance, the flagship cryptocurrency still surpasses Ethereum (ETH) by 6.3x in terms of market capitalization, while simultaneously collecting 20% fewer fees than Ethereum (ETH).

John Lilic of ConSensys foresees parity of Bitcoin (BTC) and Ethereum (ETH) market capitalizations
Image via Twitter

Also, Ethereum (ETH) is demonstrating much more impressive price dynamics this year. It gained almost 37% against Bitcoin (BTC) in 2020. That said, Ethereum (ETH) looks severely undervalued to the top manager of ConsenSys.

However, Ether is on the path to eliminating this discrepancy. Eventually, the top two cryptocurrencies may reach market capitalization parity, concludes Mr. Lilic.

Related Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains
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Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

As covered by U.Today Crypto News recently, Coinmetrics on-chain research team called Bitcoin (BTC) and Ethereum (ETH) the unique crypto behemoths that have managed to recover from Black Thursday.

Bitcoin (BTC) is losing supremacy in "fee race"

Should Ethereum (ETH) overcome its undervaluation, its price may be over $1,550 based on liquid supply and current Bitcoin (BTC) market capitalization.

Recently, it was unveiled that Ethereum (ETH) blockchain continues to surpass Bitcoin (BTC) in terms of network fees for more than 30 days in a row. Ethereum (ETH) is seeing this advantage for the first time in its history.

As U.Today Crypto News reported previously, ex-Messari analyst and angel investor Qiao Wang identifies two main catalysts of Ethereum's (ETH) price run in the mid-term perspective.

Related Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang
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Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang

According to Wang, the upcoming rally may be fueled by a long-awaited transition to Proof of Stake and fixing the monetary policy of Ether token.

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.)