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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
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?

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
Related
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
Related
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.)