Bitcoin Flash Crashes as Protestors refer to BTC, VeChain driving Blockchain Adoption, and has Ethereum resolved Scalability?
- Protestors invoke Bitcoin across the US
- Ethereum co-founder confident of eventually resolving scalability
- VeChain is driving adoption, act as base for several traceability platforms
Bitcoin and crypto never cease to draw discourse. Amid protests in the United States following the killing of George Floyd at the hands of a police officer in Minneapolis, Bitcoin seems to be a fixture.
In several cities, people hold banners and posters referencing the world’s most valuable coin, BTC. And this has drawn comments from crypto leaders. Among them is the CEO of Binance, Changpeng Zhao, who described Bitcoin as “a peaceful protest.”
In 2009, a mysterious person, Satoshi Nakamoto, launched the Bitcoin platform in protest, terming its currency as a reliable alternative to fiat. BTC was–and continues to be, electronic money with peer-to-peer properties.
His (their) disgruntlement was the way banks mismanaged the economy and the reckless handling of mortgage backed securities (MBS) which eventually caused a crisis in 2008-09.
As Americans call for justice, Bitcoin prices continue to fluctuate. After rallying to above $10,000, the coin crashed 15 percent on June 2, 2020 forcing millions in long liquidations at crypto derivatives platforms like BitMex.
There were different explanations to justify this fall with some pinning it to miner capitulation. Miners have been in recent weeks liquidating their BTC to cover rising expenses less than a month after halving.
Meanwhile, Ethereum developers have their eyes fixed on the prize. With the Beacon chain set for launch in the next few weeks, Vitalik Buterin is already declaring success on Layer-2 solutions. Sharding will be implemented in Phase 1 but the success of Phase 0 which sets the ball rolling for Proof-of-Stake is vital for Ethereum.
Already, Ethereum is the home of DeFi dApps where over $950 million worth of ETH is locked as owners earn interest while profiting from rising coin prices. A scalable Ethereum will only attract more trustless finance projects to the network.
VeChain has this week announced yet another development in their quest to improve transparency and traceability. By roping in Sam’s Club China, a firm which it acquired, Walmart China continues to highlight the benefits of VeChain and its BaaS platform, the ToolChain. Together, they have launched the Sam’s Club Traceability Platform.
Buoyed by positive fundamentals, VeChain’s native currency, VET, is up 30 percent in the last week of trading.
XRP/USD Price Analysis
XRP prices are trading in a tight range against the greenback. The third-most valuable coin is up five percent in the last week of trading, and changing hands above the 20 cents level.
Technically, the break above the 20 cents mark—the immediate resistance line but now support, is a net positive for buyers. However, it is imperative that bulls build enough momentum to drive prices above the strong sell wall at 25 cents.
Accompanying this must be an uptick of trading volumes exceeding those of May 10. A satisfactory close above 25 cents with above-average volumes invalidates bears of May 10 and March 12 setting the ball rolling for 34 cents or Feb 2020 highs in a buy trend continuation pattern.
In this case, the 20-day moving average, or the middle BB, the three-month support trend line, and 17 cents mark an important support zone. Any dip below this region could see XRP crumble against the USD and even fall to 11 cents or 2020 lows.
Disclosure: This is not trading or investment advice but the opinions of the author. Do your due diligence.