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TOP 3 Bitcoin and Crypto News for Today: 19 June – BTC Analysis, Ripple’s PayID, & ETH’s Block Gas Limit Vote

News
Fri, 06/19/2020 - 23:14
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Geoffrey Schwartz
Bitcoin (BTC) price analysis, Ripple’s CTO announces the benefits of PayID, and Ethereum (ETH) miners are voting to increase the block gas limit.
TOP 3 Bitcoin and Crypto News for Today: 19 June – BTC Analysis, Ripple’s PayID, & ETH’s Block Gas Limit Vote
Cover image via U.Today

The last day of the workweek ended on a mixed note. The Dow Jones Industrial Average (DJIA) dropped 208.64 points (-0.80%) to close at 25,871.46. The NASDAQ Composite went up 3.07 points (+0.03%) to close at 9,946.12, and the S&P 500 went down 17.60 points (-0.56%) to close at 3,097.74.

A slew of negative headlines related to the coronavirus pandemic knocked stocks to session lows earlier today. Apple will be reclosing 11 of its stores in Arizona, Florida, and North and South Carolina. Shares of cruise line operators took a hit after the Cruise Lines International Association suspended operations from U.S. ports. Last but not least, Arizona, California, and Florida reported spikes in confirmed COVID-19 cases.

As for news within the crypto sphere, some of U.Today Crypto News’ headlines include a price analysis for Bitcoin (BTC), Ripple’s CTO announces the launch of PayID, and Ethereum (ETH) miners vote to increase the block gas limit.

Bitcoin (BTC) Price Analysis: End of Decline Before $10,000 Upswing

Pressure from sellers did not give Bitcoin (BTC) the opportunity to gain a foothold above the two-hour EMA55. The BTC/USD pair rolled back towards the recent low but has retained its chances of breaking through the $9,800 resistance and retesting the psychological $10,000 mark.

BTC/USD Chart by TradingView
BTC/USD Chart by TradingView

If the buyers increase today’s volume, then the pair may recover towards $9,441, and can be expected to reach the $10,000 mark by the end of the week.

BTC/USD Chart by TradingView
BTC/USD Chart by TradingView

Looking at the 4H chart, Bitcoin (BTC) is stuck within a wedge, which suggests a continuation of the trend. Trading volume remains the same; however, there is a high concentration of liquidity. This might push the rate of BTC towards the $9,800 level, which could happen this week.

BTC/USD Chart by TradingView
BTC/USD Chart by TradingView

Looking at the daily time frame, the bears have already seized on the long-term initiative. While a return to the $9,800 mark is likely, it is unlikely that the main crypto will stay above $10,000. This conclusion is supported by a declining trade volume and lower heights. The closest support level is around $8,900, which could happen at the start of July 2020.

Related Bitcoin (BTC) Price Analysis — Has Decline Ended Before Move to $10,000?
Related
Bitcoin (BTC) Price Analysis — Has Decline Ended Before Move to $10,000?

Ripple’s CTO Reveals Benefits of PayID

Ripple recently launched its PayID, a universal identification system that enhances interoperability between 40 different partners and 100 million total users. Ripple’s CTO David Schwartz revealed why this is a huge milestone for the whole fintech community.

According to Schwartz, users can send money through different payment platforms.

Image via Twitter
Image via Twitter

Schwartz said that human-readable payment addresses for blockchain-based payment instruments are especially useful for end-user transactions. With PayID, a single destination address can be utilized for several crypto and fiat systems.

PayID also makes it easier to meet regulatory demands, which is of particular importance as Ripple is having to defend XRP from being regulated as a security.

Lastly, the most ‘blockchain-like’ feature of PayID is its reliable ‘proof-of-delivery’ status. With this new feature, one can easily confirm the transaction.

Related Bitcoin (BTC) Price Analysis — Has Decline Ended Before Move to $10,000?
Related
Bitcoin (BTC) Price Analysis — Has Decline Ended Before Move to $10,000?

Ethereum (ETH) Miners Vote to Increase Block Gas Limit

According to Bitfly, Ethereum (ETH) miners are voting to increase the block gas limit from 10,000,000 to 12,500,000. This would result in a significant increase in the transactional throughput of the ETH blockchain, as well as allow the ETH mainnet to process 44 transactions per section instead of the current 35 transactions per second.

Image via Twitter
Image via Twitter

However, top-level Ethereum (ETH) developers suspect that this upgrade could threaten network operations. Péter Szilágyi, Team Lead with the Ethereum Foundation, says that such mining behavior is egotistical as they don’t care about:

the long term health of the network nor about DoS attacks.

Lefteris Karapetsas, Founder of Rotki, said that such a rapid increase in the block size would lead to an upsurge in node volume, and damage ETH’s usability.

Image via Twitter
Image via Twitter

Alexey Akhunov, an independent Ethereum researcher, claims that the Bitcoin (BTC) network would benefit from such a controversial upgrade.

Related Bitcoin (BTC) Price Analysis — Has Decline Ended Before Move to $10,000?
Related
Bitcoin (BTC) Price Analysis — Has Decline Ended Before Move to $10,000?

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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.

Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?

News
Fri, 10/23/2020 - 09:24
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Vladislav Sopov
Grayscale, undisputed giant of institutional crypto investments, is celebrating another monstrous milestone, adding a nine-digit sum to AUM in 24 hours
Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?
Cover image via stock.adobe.com
Contents

Grayscale is an investment company that provides the clients with an exposure to digital currency markets eliminating the need to buy tokens. The firm does it by selling shares of 'trusts' related to certain digital assets. The recently started FOMO has already brought Grayscale's 'asset under management' (AUM) values to previously unseen levels.

Grayscale assets are on steroids

In its most recent report shared in a tweet, Grayscale Investments stated that its net AUM now surpasses $7,300,000,000. Mostly, this upsurge should be attributed to the spikes of Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) prices.

Grayscale adds $300M to its AUM in 24 hours
Image by Twitter

Its founder, CEO of Digital Currency Group Barry Silbert, unveiled that Grayscale’s holdings added a whopping amount of value in the last 24 hours.

Added a cool $300 million in AUM in one day

In terms of separate ‘trusts’, the most impressive increase is associated with Litecoin (LTC). Its value added almost 10% bringing its total to over $34 mln. 

Bitcoin (BTC) allocation surged above $6 bln with a 5% increase. Notorious Grayscale Ethereum Trust (ETHE) added 6% and now is valued at $942 mln.

PayPal assists Grayscale

By contrast, Stellar Lumens (XLM) and Bitcoin Cash (BCH) trusts witnessed mediocre increases of 2-3%. The only integral product of Grayscale, Large Cap Trust that unites the most valuable coins under its umbrella, therefore, added less than 4%.

The numbers of Grayscale Investments positions rocketed due to the rapid spike of crypto prices associated with PayPal’s decision to add major digital assets to its instrument toolkit.

As covered by U.Today previously, PayPal announced that Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) will be added as payment methods by the end of this year.

  

Following this surprising news, Bitcoin (BTC) revisited its multi-months high over $13,000. At press time, its price has slightly retraced and flirts with the $12,800 level.

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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.)