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
article image
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
Read U.TODAY on
Google News

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.

card

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.

card

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.

card

article image
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.

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

News
Fri, 01/15/2021 - 18:02
article image
Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

article image
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.)