5 Bitcoin, Blockchain and DeFi News – Latest News, Breaking News, Top News Headlines – CVBJ
VanEck, US asset management firm, has once again filed an application with the U.S. Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) based on bitcoin (BTC), the « VanEck Bitcoin Trust ». He Serbian government will allow issuance and trading of digital assets and related services under the Digital Assets Law, which officially came into effect on December 29, eight days after its publication in the official gazette, thus reversing the country’s previous policy. It will be applied within six months. According to the law, digital asset service providers in Serbia can operate after « obtaining the permission of the supervisory authority », while the Securities Commission and the National Bank of Serbia are tasked with supervising and enforcing the law. The rules proposed by the US Department of the Treasury. according to which users should comply with the measures of Know Your Customer (KYC) if they want to send crypto assets to a private wallet They can be ineffective, blockchain analytics firm Elliptic reported. The firm said the rules could « negatively impact » the effectiveness of existing regulations against money laundering and terrorist financing (AML / CFT). Russian gas supplier Gazprom, one of the most prosperous companies in the country, has invited third-party cryptocurrency mining operators to settle in a Siberia-based plant operated by its oil arm, Gazprom Neft. The subsidiary will convert gas from an oil field in the Khanty-Mansi autonomous Okrug into electrical power which it will then provide to miners, who want to make use of cheap electricity and set up a shop in Siberia, famous for its very cold winters. Cold weather foundations are ideal for crypto mining, the rigs of which can overheat unless cooled at high cost.
Binance.US, the US branch of the global exchange, and the crypto-compatible asset trading service eToro are the latest platforms to suspend XRP trading in the United States. In announcing the news, eToro revealed that US clients will not be able to trade XRP as of January 3, 2021. Clients with existing trades at that time will have three weeks from that date to close all open positions. .
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Author: News Bureau
- Ethereum Market Analysis: 01 January 2021|||||
- Tyler Winklevoss Eyes ETH: Purchasing Ethereum Now Is Like Purchasing Bitcoin At 50% Discount
- Ethereum 2.0 game plan for 2021: How will Ether’s value be affected?
- Crypto adoption in 2021: Top trends and predictions on what may come
- Billionaire Winklevoss: Ethereum is easily the most underpriced crypto
Ethereum Market Analysis: 01 January 2021|||||
Ethereum, the king of the altcoin industry, has seen a major surge in price charts lately due to Bitcoin’s bull run. At the time of the press, Ethereum had achieved a price level of $743, the last price level seen in May 2018. Clearly, unlike Bitcoin, Ethereum did not hit its 2017 ATH, with ETH already taking an 87% surge to do so.
At the time of publishing, Ethereum was faced with a degree of resistance that could easily be invalidated if the purchase pressure persisted.
Ethereum 1-week chart
As previously mentioned, Ethereum invalidated a couple of bearish signals, just like Bitcoin did. This was mainly due to the buying pressure from institutions, coupled with sell-side liquidity drying up and retail FOMO. This seemed to be the perfect concoction for a parabolic price surge.
Ethereum was sticking to the ascending channel pattern on the weekly timeframe and was expected to hit a ceiling at $624 and $655. However, the buying pressure and FOMO contributed to the price shattering through this glass ceiling and surging to $747.
What seemed even more interesting was that the press time level was just below the 0.5-Fibonacci level of the trend-based Fibonacci tool extending from the highs of December 2017 to the bottom seen in December 2018, and finally back to the latest high of $756. Thus, the 0.5-level at $750 will be a formidable resistance for the cryptocurrency’s price in the near-term.
On the question of the cryptocurrency’s indicators, the RSI has been oversold for almost 49 days on the weekly timeframe, while the OBV showed a constant surge in volume.
Finally, while the Stochastic RSI [adjusted] was heading into the overbought zone, the Stochastic RSI attempted to get out of the overbought zone.
If bitcoin’s purchasing pressure is diminished, we’ll see a domino effect that will lead Ethereum’s price to decline. So, any predictions for the price of Ethereum can better be characterised as “cautiously optimistic.” Also, because Ethereum is closely trailing Bitcoin, it may also face a correction soon, and when it comes to play, we may see big long liquidations. The price will decline by 20 percent and fall below $600.
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
Tyler Winklevoss Eyes ETH: Purchasing Ethereum Now Is Like Purchasing Bitcoin At 50% Discount
Tyler Winklevoss, the co-founder, and CEO of the crypto exchange Gemini and one of the earliest BTC adopters believes that Ethereum’s price is a “steal” now. He noted that the second-largest cryptocurrency is still about 50% away from its all-time high.
Ethereum is among the best performers through this challenging year. Whether it was the DeFi craze or the long-anticipated ETH 2.0 launch, the asset has exploded by nearly 500% from $130 at the start of 2020 to the recently charted YTD high of $760.
Despite surging significantly more than BTC percentage-wise, ETH was unable to mimic bitcoin in registering a new all-time high. In fact, Ether is still a long way from its highest level, marked in January 2018 of $1,450 (according to CoinGecko data).
ETH’s price, being roughly 50% away from that level, has caught the attention of the early Facebook investor – Tyler Winklevoss. He classified the option to buy ETH at this level as a “steal” and compared it to purchasing BTC at $14,000 – slightly over 50% of bitcoin’s latest all-time high.
The price of ether $ETH right now is $735. This is 51% off of its all-time-high, which is like buying #Bitcoin at 14k. What a steal.
— Tyler Winklevoss (@tyler) December 31, 2020
And while Winklevoss might be expecting an additional price surge for ETH, it seems that Ethereum whales have been preparing for such a scenario with massive purchases.
The analytics company Santiment breached data that the number of ETH address holding at least 10,000 tokens has increased by 39 wallets in the past two months alone.
ETH Retail/Whale Hodlers. Source: Santiment
At the same time, Santiment said that retail investors had done the opposite. Addresses containing between 100 and 10,000 ETH tokens have been gradually decreasing since mid-November 2020. Furthermore, the number of relatively small wallets holding between one and 100 Ethers has plummeted before Christmas, as the graph above demonstrates (the purple line).
Google Trends, which is typically a good indicator of retail investors’ behavior, suggests that the term “buy Ethereum” has reached a yearly high this week following ETH’s YTD price record. Nevertheless, the interest from such investors is still far away from the 2017/2018 craze.
“Buy Ethereum” Google Searches 5-Year Back. Source: Google Trends
Featured Image Courtesy of Yahoo
Title: Tyler Winklevoss Eyes ETH: Buying Ethereum Now Is Like Buying Bitcoin At 50% Discount
Sourced From: cryptopotato.com/tyler-winklevoss-eyes-eth-buying-ethereum-now-is-like-buying-bitcoin-at-50-discount/
Published Date: Thu, 31 Dec 2020 09:30:49 +0000
Ethereum 2.0 game plan for 2021: How will Ether’s value be affected?
Ethereum 2.0 has been touted as a transition to a better consensus mechanism, and this particular ‘transition’ has been under research for the better half of the past year.
The development process was initiated in 2018 and it took a while to reach Phase 0. Over the past 18-20 months, the Ethereum Foundation dealt with delays, updated roadmaps, multiple rumor-threads on the project’s legitimacy, and truckloads of skepticism from rival project proponents (*cough* Bitcoin Maximalists *cough*).
On 1 December 2020, some of these questions were put to rest. Ethereum 2.0 beacon chain successfully went live after the deposit contract for ETH2 received 524,288 Ether. Multiple validators staked 32 ETH on the network to meet the network’s condition and at the time of writing, 2,133,282 tokens had been staked in the deposit contract(i.e $1.55 billion in ETH).
However, with some arguments being put to bed, new ones have arisen with the beacon chain launch. The development process for ETH 2.0 is going to receive more limelight in 2021, but what exactly changes going forward next year?
The image caption is self-explanatory. The voice of Ethereum, Vitalik Buterin, shared December 2020’s roadmap right after the beacon launch, and progress bars highlighted the state of ETH 2.0 development.
While at first glance both maps displayed a disparity between expectation and reality, what should be taken away from this illustration is the actual volume of work left for the Ethereum Foundation.
Now, after the Phase 0 launch, the attention will shift towards Phase 1 of ETH 2.0. A full-fledged transition to proof-of-stake is going to begin with the implementation process of shard chains.
To explain in layman’s terms, sharding will be a process of splitting up the load on one blockchain to spread across multiple parallel chains. The number decided was 64 shards in the beginning, but it is not set in stone. The objective? To simply make Ethereum more scalable (like you didn’t know that already).
So, the beacon chain is expected to be shared in 2021, and the questions start popping from here on.
Without directing undue criticism at the Ethereum Foundation, there were a lot of delays towards Phase 0 initiation. A launch date for the beacon chain started making headlines towards the end of 2019. After that, it was a series of ‘expected launch dates’ that continued to get pushed back, giving more fuel to BTC maximalists.
So, there is a pattern. The complexity of Ethereum 2.0 is so immense that delays have become an inevitable part of the development. Danny Ryan stated in a recent interview that his immediate team is of 10 people. On top of that, they have five client teams under regular engagement, increasing the team by more than 100 contributors. He said,
“In terms of getting out some of these major upgrades to mainnet, the production goes from ideas and research into specifications and proof of concepts … then into a full-blown production, then developments in engineering and testing and finally vetting.”
What I am trying to indicate is that sticking to timelines is not ETH 2.0’s best suit, and discussions about sharding in the space only suggest that there will be more delays.
The dynamics of Ethereum’s economics completely changes with Ethereum 2.0. For example, present ETH 1 chain issuance has an inflation rate of 4% per year. With ETH 2.0, inflation rate is supposed to drop down to 0.5%, with respect to validators’ participation.
It is important to note that Ethereum 2.0 staking rewards are not accessible by users for the first two years of parallel operation. Hence, when these trading rewards are unlocked, a significant price disruption might be triggered, with significant incentives for trading. However, for 2021, the value of Ether is subject to more uncertainty.
At the moment, 1.87% of ETH’s circulating supply is locked in the ETH 2.0 deposit contract. It is not technically a bad situation due to the deflationary aspect of Ether as an asset. More people entering the staking protocol indicates that interest is there from an organic point of view. It is, ergo, not a short-term incitement.
Hence, while it may be difficult to judge the height of its price growth, the bottom could be ETH’s present value.
Now that we have covered the fact 2021 could potentially be more speculative for Ethereum, the price direction will be equally flexible. However, there are few things that we can be certain about; a) Ethereum’s value is unlikely to drop like a house of cards, b) ETH 2.0 development will not witness stagnancy, and c) Ethereum will gain more attention from investors (Exhibit A – Upcoming CME futures).
Here are some of the popular predictions for Ethereum’s value in 2021,
- Simon Dedic, Co-founder of Blockfyre estimates above $800
- James Todaro, managing partner at Blocktown Capital believes $9000 possibility
- WalletInvestor.com suggested a precise value of $872
- DigitalCoinPrice.com indicated a $1493 range in one-year
- Bloomberg’s Mike McGlone hints at a lower range of $500-$700
As observed, the prediction model for Ethereum is mainly based on the perception of analysts and how they feel it is going to perform, while data crunching websites might be incorporating historical numbers.
In my opinion, Ethereum will have the best Risk/Reward potential at the start of 2021. With Bitcoin overtaking its previous ATH, Ethereum remains 50% off its ATH from 2017. Increasing interest and rising demand for Ethereum will definitely push the value towards its ATH at some point in time, and 2021 can lay down the rally towards that immediate goal.
Author: by admin
Crypto adoption in 2021: Top trends and predictions on what may come
Propelled by Bitcoin’s record-breaking rally, the crypto industry is seeing off 2020 with flying colors. Amid all the tumult of this unprecedented moment in history, the digital asset space seems to have proven its resilience, making a solid case for becoming a safe haven in an increasingly uncertain world.
Among other advancements, the outgoing year saw the continued expansion of institutional and mass adoption. So, is this trend expected to continue in 2021, and what factors will shape the dynamics of crypto adoption across various sectors of the industry in the coming year?
It has become somewhat commonplace to attribute at least a portion of Bitcoin’s (BTC) recent momentum to the effects of investment banks and hedge funds moving into the space en masse, yet, this trend doesn’t show any signs of dying down.
From the big-picture narratives dominating the circles where big money runs to fateful shifts in the political climate, there’s plenty of evidence suggesting that in 2021 big guns of traditional finance will be increasingly bullish on Bitcoin. Meltem Demirors, chief strategy officer of digital asset investment firm CoinShares, told Cointelegraph:
“The narrative shift around Bitcoin is so profound! Larry Fink in conference call with Mark Carney talking about Bitcoin as digital gold and saying he believes Bitcoin is the future; Guggenheim [Partners’ chief investment officer Scott Minerd] naming a price target of $400k. It used to be people in the industry making these bold calls, now it’s the establishment and titans of capital markets who allocate trillions of dollars in assets.”
Demirors further predicted that the incoming Democratic administration will facilitate the generation of even more money than has been created throughout 2020. With “$5 trillion of dry powder sitting on the sidelines waiting to be deployed,” all this money will need somewhere to go, providing fuel to cryptocurrency markets.
Dave Hodgson, chief investment officer of NEM Group, also considers the present U.S. monetary policy as a major driver behind institutional money flowing into Bitcoin: “If the U.S. continues to expand “quantitative easing,” or inflation, unabated, it seems like a sensible, even conservative, fiscal choice to diversify and BTC would be one of those natural homes for liquidity seeking shelter.”
The narrative that Bitcoin is gradually replacing gold as a hedge against inflation remains strong as well. Eric Richmond, chief operating officer of the cryptocurrency trading platform Coinsquare, observed to Cointelegraph: “Bitcoin will continue to emerge as the smart money alternative to gold with pension funds, family offices, hedge funds, macro investors and corporations allocating a portion of their portfolio to Bitcoin in 2021.”
In 2020, cryptocurrency has become more accessible to retail investors than ever before, in part thanks to popular payment services like PayPal and Square making digitals assets available to their massive user base. Diversification of access points and increasingly intuitive interfaces will contribute to larger swaths of everyday users joining the ranks of crypto holders, traders and investors in the coming year.
Miles Paschini, founder and director of crypto investment app B21, shared with Cointelegraph his belief that 2021 will likely be the year during which mass adoption will begin, adding: “Tools for investors and payment system users will become more user-friendly and banks who previously shunned cryptocurrencies will begin to adapt and offer integrated services.”
In addition to existing tools and platforms, new offerings introducing the mass audience to crypto assets will continue to emerge. Facebook’s Diem is poised to become one of them, as Simon Peters, crypto market analyst with trading platform eToro, told Cointelegraph:
“Facebook has 2.7bn users across its suite of apps. Facebook’s Diem is due to launch in January 2021 and could provide a significant on-ramp for crypto. If Diem is listed on crypto exchanges, where it can be exchanged for bitcoin and other alt coins, this could encourage a whole new demographic to explore crypto.”
Peters added that, if it proves to be cheaper and easier to purchase crypto with Diem than with fiat, Facebook’s payment service could become yet another factor boosting mass adoption in 2021.
DeFi applications exploded in 2020 like no other sector of the crypto industry, and many experts foresee continued growth and growing public awareness of this space in the coming year. Erick Pinos, the Americas ecosystem lead at blockchain platform Ontology, told Cointelegraph that crypto enables its users to make money: “With decentralized exchanges, lending, insurance, derivatives, mutual funds, and more, the opportunities to make money in DeFi are endless.” Overall, Pinos expects that significant transaction volume and product development efforts over the next year will continue to be centered around DeFi.
At the same time, one major constraint on the growth of the DeFi sector is the regulatory pressure that will inevitably arise in the process of bridging the realms of traditional and decentralized finance. At first, this could introduce considerable tensions into the emerging field, but ultimately the payoff from compliance will be tremendous.
Lowering the barrier of access to DeFi protocols by making them user-friendly will also contribute to expanding the ranks of those who use these investment tools. Will Liu, head of decentralized protocol SAGA, predicted: “DeFi will be a more standardized and easy-to-use form in 2021 and I believe it will be a nice option for individual investors for a long time.”
Related: Artist, gamer or property mogul? Follow the NFT road to find earnings
Liu also thinks that other hot trends of 2020, most notably various use cases for non-fungible tokens, will keep gaining traction in the following year. For example, NFTs of digital and physical artworks will capture the attention of some of the big auctions, while NFTs for personal data protection will be benefiting from the ongoing evolution of data law.
DeFi activity has been enabled by the underlying Ethereum infrastructure, as a result, the 2020 DeFi explosion boosted the overall usage of the protocol. Meanwhile, the Ethereum community has been going through some notable milestones on its quest for perfecting its network this year, and the process was not always smooth.
Hodgson opined that the issues around network upgrades have led to some users experiencing a degree of “project fatigue,” resulting from uncertainty on Eth2 dates and scaling timescales. However, Hodgson argued that once these issues are sorted out, Ethereum will see an increased adoption outside of DeFi-related spikes. Richmond went on to add:
“Ethereum transacted over $1 trillion of value in 2020 and, as many new projects go live, this amount will grow in 2021. Ethereum supports all of the major crypto products such as stablecoins, de-fi, crypto lending and NFT applications. Since it is critical to the development of these products, investors will surely continue to adopt this asset to access these products.”
According to some industry participants, the upcoming year will also yield critical gains in crypto adoption in contexts not directly related to monetary transactions. Healthcare tech could be one of the most obvious beneficiaries, as the pandemic-induced crisis has underscored the need for innovation in this space.
Chrissa McFarlane, CEO and founder of healthcare technology startup Patientory Inc., commented to Cointelegraph: “One of the solutions that more mainstream audiences have taken an interest in throughout 2020 is tokens that incentivize users to be healthy while providing them with access to their medical records.”
These accounts paint a picture of an industry that is poised to keep reaching more people and organizations in 2021 than ever before.
Author: by admin
Billionaire Winklevoss: Ethereum is easily the most underpriced crypto
Cameron Winklevoss, the co-founder of Gemini and the billionaire Bitcoin investor, believes Ethereum is the most underpriced cryptocurrency at the moment.
Winklevoss emphasized that Ethereum is 50% away from its all-time high at around $1,400. In comparison, BTC has already surged nearly 50% from its previous record-high. He wrote:
“Ether $ETH is 50% off of its all-time high. It’s easily the most underpriced crypto in the word right now.”
There are several key reasons to be optimistic about Ethereum in the medium to long term.
First, the number of whales accumulating Ethereum have increased, according to Santiment.
Analysts at Santiment said that the number of whales holding Ethereum has increased in the past two months. They said:
“With $ETH crossing $750 for the first time in 31 months, we’ve discovered that there are 39 more #Ethereum addresses holding 10,000+ $ETH compared to just 2 months ago. Meanwhile, the amount of addresses holding 1-10,000 $ETH have shrunk over this time.”
This trend shows that the confidence among long-term holders and high-net-worth investors is increasing.
Second, Eth2 has launched, which would scale the Ethereum blockchain network significantly over time. This would enable decentralized finance (DeFi) to grow exponentially over the upcoming years.
The total value locked in DeFi has surpassed $14 billion, after it peaked at $16 billion. If Ethereum gets cheaper to use through Eth2, DeFi would be able to grow much faster.
Based on the strong fundamentals of Ethereum and increasing accumulation of ETH by whales, investors are generally positive about ETH.
Tyler Winklevoss, the CEO of Gemini, said he has had a large holding of Ethereum for many years. He said:
“We’ve had a big bag of $ETH for many years. @Gemini was the first exchange in the United States to list ether in 2016 ( @NYDFS approved no less). Happy new year!”
In 2021, analysts anticipate Ethereum to rally, especially as the CME Ether futures listing comes closer.
CME, which has become the largest Bitcoin futures exchange by open interest, is set to list Ethereum in February.
The confluence of the CME listing, whale accumulation, and the generally positive sentiment around Ethereum as a store of value could drive up the price of ETH.
A pseudonymous investor known as Aftab said:
“The long-term value of $ETH as gas is: 1) creates durable, utility-driven demand (not just memes) 2) being needed by all users enhances overall ubiquity & desirability 3) burning mechanism (under EIP-1559) destroys supply All of these reinforce ETH’s role as a SoV.”
Technically, Ethereum faces a strong resistance level at $840. But above it, there is little resistance until $1,000 and ultimately, its record-high above $1,400. The key in the short-term is to maintain the current momentum and avoid a drop below $700.
Author: by admin