Cryptocurrency News Roundup for April 23, 2020

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In Brief
  • Bitcoin closed a higher-high and looks to be sizing up the $8,000 level once again.

  • Ripple is suing YouTube over bad actors using its platform to promote scams and impersonate team members.

  • The ETH mining pool is now dominated by just two entities.

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Following a 19-day streak of trading in the $6,900 to $7,250 range, Bitcoin closed just below $7,500. The last time the BTC was changing hands at that price was on March 13 — just before an unprecedented market bloodbath pushed it all the way down to $3,800 overnight.

The bulls are now optimistic that this surge to the mid-$7,000s has lessened the probability of BTC dipping below the support around $6,900.

Thursday was eventful for the more traditional asset classes as well. The S&P 500, for example, had a promising start to the day, but eventually ended marginally lower after a new report emerged claiming that an experimental drug for COVID-19 had failed its first randomized clinical trial.

Meanwhile, in other important stories from the past 24 hours:

Ripple is Suing YouTube

Ripple has filed a lawsuit against YouTube alleging that the massively popular video sharing portal did nothing to stop a group of scammers from impersonating the company and its CEO, Brad Garlinghouse.

Apparently, YouTube even granted some of these scammers a ‘verification badge’ despite repeated complaints.

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ETH is Dominated by Only Two Mining Pools

Unlike the Bitcoin hash rate which has a tendency to fluctuate within a very broad range, the hash rate of Ethereum has remained by and large stable since 2019. Perhaps the network’s planned switch to the proof-of-stake consensus model has a big role to play in it.

Despite that quasi stability, however, competition among the mining pools on the Ethereum network has been on a decline for a while now. That’s primarily because over 50% of the network’s hash rate is controlled by just two mining pools, thus paving the way for an undesirable centralization of the second-largest cryptocurrency (by market cap).

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Bitcoin Bull Chamath Palihapitiya Schools CNBC’s Scott Wapner (Again)

You may remember how Scott Wapner (a.k.a The Judge) was schooled by venture capitalist and serial entrepreneur Chamath Palihapitiya a few weeks ago. Well, turns out, the CNBC host was willing to accept more of that punishment, which is probably why he brought Palihapitiya back to the studio yesterday.

As you would expect, Palihapitiya didn’t disappoint. He once again laid out his argument for why companies that have been reckless with their cash aren’t deserving of any rescue funds.

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Did a Young Satoshi Nakamoto Make this Forum Post a Decade Before Bitcoin?

An interesting finding was posted on r/Bitcoin earlier this week, raising speculations that the elusive Bitcoin creator was probably planning on creating a digital currency from as early as 1999.

User u/cryptologyx shared a 1999 forum post by an anonymous cypherpunk member who could be Satoshi. Of course, as these Reddit discussions go, more than a handful of counter-arguments came up including one that suggested the cypherpunk in question was probably Nick Szabo.

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Tether Plans to Burn 220M USDT

As Tether continues to issue more and more USDT, criticisms on Twitter have gotten louder and louder. Each Whale Alert notification is now barraged with critics who find that Tether’s money-printing has gone too far.

In a new development on that front, reports are coming in that Tether plans to burn 220M USDT after just issuing another 120M yesterday.

Crypto Price Analysis April 23: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, LINK

  • The ETH price is likely to move downwards, possibly towards the support area of ₿0.0245.
  • The XRP price is expected to continue decreasing inside a wedge until it reaches 2,500 satoshis.
  • The BCH price is expected to increase once more and touch the resistance area at ₿0.034.
  • The LTC price is likely to face initial resistance at the EQ of the range at ₿0.0061.
  • Due to a bearish divergence and numerous long upper wicks, a breakdown is likely looming on the horizon for the EOS price.

Read the Full Analysis

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Shilpa is a network engineer and management graduate who is deeply passionate about artificial intelligence and blockchain technology. She has been associated with several leading science & tech publications throughout her career as a journalist and columnist. Full-time foodie, semi-skilled musician, wannabe novelist.

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