Day: July 31, 2020

Ethereum Smashes Another Hurdle: A Strong Case for Upside To $350

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Ethereum gained more than 4% and it surged above the $335 resistance against the US Dollar. ETH price traded to a new monthly high at $343 and it could rise further to $350. Ethereum started a fresh increase above the $325 and $335 resistance levels. The price traded to a new monthly high at $343 and it settled well above the 100 hourly simple moving average. There was a break above a crucial contracting triangle with resistance near $320 on the hourly chart of ETH/USD (data feed via Kraken). The…

‘The Full Reality of ETH 2.0 Is Still Years Away’

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Kosala Hemachandra, the founder of MyEtherWallet (MEW), has told Cointelegraph the fully-fledged version of ETH 2.0 is still years away. The first phase of the Ethereum 2.0 upgrade was originally set for Jan 2020 but then postponed to coincide with this week’s fifth anniversary.  It’s since been delayed again with a launch now expected sometime between November and early 2021. While Hemachandra believes Phase 0 will launch sometime this year, he points out the full version of ETH 2.0 will not be up and running before 2022: “I think the…

Investors Can’t Prove Ripple Knew XRP Had ‘No Utility’

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The federal case against Ripple Labs has taken an unexpected turn, as the legal team representing the firm and CEO Brad Garlinghouse have argued any statements they made overstating the utility of the XRP token can’t be proven false. According to court filings obtained by Law360, lawyers for Ripple and Garlinghouse have argued plaintiff and XRP investor Bradley Sostack is unable to prove that Ripple misled investors with bullish claims about XRP and sold the token as an unregistered security. The legal team referred to Sostack’s statements as “unsupported leaps…

Bitcoin an Option, as Dennis Gartman Says He’s Exiting ‘Crowded’ Gold Market

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Gold bull Dennis Gartman is moving out of gold because the market has become “too crowded.” In an interview with Bloomberg on Thursday, Gartman said he was “social distancing” from the precious metal until such a time when the price falls to around $1,775. “Too many people all of a sudden are involved in the gold market,” he complained. “There’s only one position everybody has and that’s long…people have to be taken out of that trade.” Back in April, the popular gold investor told everyone “now is the time to…

XRP Is Up 30% and Has 30 New Whales

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The number of accounts holding more than one million XRP has increased by 3.7% with 30 new whales appearing over the last two weeks, according to Santiment’s holder distribution chart.  These investors now hold between $240,000 and $2.4 million in XRP each, which has contributed to upwards pressure on price. After a fairly uninspiring few months, XRP has seen a price rise of over 30% from $0.19 to $0.25 in a fortnight. At least 30 big investors with deep pockets believe the price rise is set to continue. XRP Holder…

Here’s Why 100 SMA Could Trigger Fresh Surge

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Bitcoin is currently consolidating in a range above the $10,700 support against the US Dollar. BTC is likely to start a fresh surge as long as it is above the 100 hourly SMA. Bitcoin is trading in a contracting range above the key $10,700 support zone. The price seems to be facing a couple of key hurdles near the $11,200 and $11,250 levels. There is a major contracting triangle forming with resistance near $11,240 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must stay…

US Printed More Money in One Month Than in Two Centuries

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In a letter to investors released on July 29, Pantera Capital CEO Dan Morehead noted that the United States has printed a shocking amount of money to combat the pandemic-induced financial crisis. “The United States printed more money in June than in the first two centuries after its founding,” Morehead wrote. “Last month the U.S. budget deficit — $864 billion — was larger than the total debt incurred from 1776 through the end of 1979.” Morehead made it clear that Pantera Capital sees Bitcoin as the solution for the current…

Bitcoin Must Hold $10,800 to Maintain Bullish Bias—But Will It?

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Bitcoin has seen a tumultuous past few days after reaching as high as $11,500 on Monday. In the past 48 hours alone, the asset has whipsawed between $10,600 and $11,400, with bulls and bears attempting to catalyze a range breakout. Both sides have failed thus far; as of the time of this article’s writing, BTC remains in the middle of the local range at $11,000. Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold Bitcoin, DeFi Still in Vogue It may seem that BTC is in no man’s land,…

Ethereum History in 5 Charts

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Five years ago this week, the first general-purpose blockchain went live on mainnet. Ethereum paved the way for a whole new use case for blockchain technology untethered from Bitcoin’s original vision as electronic cash. CryptoX marked the milestone with a special series of stories, live–streamed conversations and even a pop-up newsletter. These charts first appeared in the newsletter, one for each day. Here are five charts for understanding Ethereum’s evolution. Part 1: A Bloodless Secession Source: CryptoX Research Not one year after the launch of Ethereum, a seminal event split…

Bitcoin Cash Games Launches $3K Leaderboard Tournament to Celebrate the 3rd BCH Anniversary

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To celebrate the third anniversary of Bitcoin Cash, the world-class gaming platform Bitcoin Cash Games is launching a leaderboard tournament worth $3k. On August 1, the Bitcoin Cash community will be celebrating the network’s third anniversary and the project has come a long way since 2017. Bitcoin cash (BCH) has garnered widespread attention, it’s the fifth-largest market by valuation, and developers have completed a number of beneficial upgrades over the last few years. BCH has solidified itself as the go-to cryptocurrency for a reliable peer-to-peer electronic cash system. At Bitcoin…