By Alicia Maher
All Ethereum enthusiasts are becoming increasingly worried over the continued rise in gas fees plaguing the Ethereum network. They are desperate to find a solution to the menace before competitors like EOS and Cardano utilize this problem to their advantage.
Vitalik Buterin, Ethereum CEO, even had to plead with holders not to move around their holdings, suggesting that the frequent movement is partly responsible for the steepening gas fees. Even though Buterin has a plan, his plan won’t be effective until another two or three years.
Bitcoin Trend Sideways
After reaching a peak of $37,399 two days ago, BTC has been trending sideways. It continues to leave long wicks in either direction.
Yesterday, it created a bearish hammer on the 6-hour candle after previously creating a bullish inverted hammer. Technical indicators aren’t strong enough to indicate possible reversals.
US Mint To Reduce Gold And Silver Coins Production
The US mint has revealed that the covid-19 pandemic is forcing it to operate well below capacity. Hence, it has drastically reduced its ability to meet the demands for gold and silver.
Some dealers are already taking advantage of the situation, with American silver eagles already being sold at or above $38 per ounce. For perspective, silver’s official price (technically known as the spot price) trades at about $25. Thus, indicating a 55% premium for this commodity.
MMcrypto Touches On Various Cryptocurrency News
Chris, better known as Mmcrypto on YouTube, recently revealed via an interview that Bitcoin and other scarce assets would continue to be more appealing to investors even as the central bank promulgate various crypto regulations.
He also opined that there would soon be a time when Bitcoin will become a unit of account. He predicted that this would become inevitable once Bitcoin achieves market cap parity with gold.
Technical Indicators Bullish For XRP
Following the positive announcement from Ripple yesterday, its native token (XRP) surged past the 50-and 200-day moving averages, with technical indicators indicating a bullish run for it. In comparison, the moving averages are about to make a bullish cross, and the 200-day moving average coincides with the $0.231 resistance area.
Though the moving average convergence divergence (MACD) keeps rising, there isn’t any bearish divergence on the daily relative strength index (RSI). Hence, the daily timeframe is indicating a bullish run. A further price rally will create a resistance around the $2.272 range and would coincide with its February 2019 support levels.
Philippines Central Bank Pilots CBDC Trial
Philippines apex bank has put together a team of research analysts whose objective is to determine how the apex bank can run and implement a central bank digital currency.
The team is expected to start providing feedbacks starting from next month. The bank’s governor, Benjamin Diokno, stated yesterday night that “we would decide after receiving the first feedback report.”
Cex.Io Has A New Crypto Trade Pair
Leading crypto exchange, Cex.io, has revealed that users can now trade the USDT/GBP pair on its platform. This is good news for the exchange’s UK users as they can now buy tether with the pounds.
Prior to this announcement, UK citizens often had to use cards to fund their Cex.io accounts. Now, they can use the exchange faster payments service for this purpose, and it’s completely free.