Cryptocurrency Market News: Bitcoin at the edge of a cliff, Ethereum and Ripple in the red

Here is what you need to know on June 29, 2020.

Markets:

The market is performing a delicate balance act between the bulls and the beards. The weekend session was dominated mainly by selling activities, especially for the major cryptocurrencies.

Bitcoin, for instance, is trading $9,108 after last week’s recovery above $9,300 failed to hold. Support at $9,200 also could not hold for long. Losses have extended to $9,079 (intraday low) on the day. Since the bulls have reclaimed support above $9,100 there is potential for continued upward action. For now, the trend is dominantly bearish but with the volatility shrinking, there is a chance that losses will be limited from now henceforth.

As for Ethereum, buyers have an intension to keep the price above $225. Ether has corrected upwards by 0.20%. All eyes are now on $230 but resistance at $228 could derail the bulls. As covered in the price forecast article earlier, $224 is standing out as key short term support in addition to $220.

Ripple, like Bitcoin, is trading in the red after losing 0.20% of its value on the day. XRP continues to explore areas under $0.18. Over the last few weeks, it has become increasingly hard for XRP to sustain gains towards $0.20. Some of the key hurdles delaying such a move are $0.1850, $0.19 and $0.1950. At the moment, XRP/USD is trading at $0.1771 amid a push by the buyer for gains above $0.18.

Among the top 100 cryptocurrencies, there are some specific digital assets that are defying the selling pressure to post substantial gains. They include Hive (10.75%), Bancor (17.78%), Quant (14.04%), Ren (13.91%), Bitcoin Diamond (13.28%), and Bitcoin Gold (29.99%).

Chart Of The Day: BTC/USD daily

Market:

Bitcoin has recovered significantly from the lows in March. Its traditional peer, gold has also been performing relatively well. As for Peter Schiff, gold will be the ultimate leader in 2020 while Bitcoin “won’t even come close” to its all-time around $20,000. Gold price has been on an upward roll in the last few months. The gains are mainly attributed to easy monetary policies as well as central banks increasing in the uptake of the metal. According to Peter Schiff, the CEO of Euro Pacific, gold has the potential to make a new all-time high in 2020.”

I’m just talking about the last 2.5 years. I was wrong not to buy Bitcoin 8 years ago, but anyone still holding it was wrong not to sell it 2.5 years ago. #Gold will likely make a new all-time high in 2020. BTC won’t even come close.

Industry:

BitMEX, one of the leading platforms in derivatives trading has announced the plans to introduce corporate services to its client base. The new program will be tailored to enhance security service as well as accounting. It will cater to the needs of customers who require “different ownership structures for their accounts.” The company will in the future enable additional features such as multi-user login and instant transfers between accounts.

The Ethereum community is teaming up with developers to ensure that the issue of surging transaction fees is brought to rest. The Ethereum Improvement Proposal (EIP-1559) is the program at the helm of the expected change. The proposal has been designed to change the way transaction fees are conducted on the program. It will help to make Ethereum fees more predictable while preventing users from setting their own. According to a note by David Hoffman in 2019 in regard to the EIP proposal:

The purpose of EIP 1559, according to Eric Conner, is to provide wallets and users a much-needed improvement to the user-experience of gas management. The way that EIP 1559 solves the gas-management problem also improves Ethereum’s monetary management system.

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