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