Ethereum’s Price Could Hit $17,800 by 2025, Expert Panel Suggests

The price of Ethereum could outperform the flagship cryptocurrency this year to surge by over 150% to $4,596, and its performance could be such that by 2025 one ether would be worth $17,810, according to a cryptocurrency experts panel.

The figures come from the average forecast from 27 out of 42 experts Finder surveyed that gave price predictions for the cryptocurrency. While the experts panel believes the price of ETH will more than double this year, they believe that by December 2025 it’ll be over $17,800 and that by December 2030 one ETH will have skyrocketed to $71,700.

The later price prediction is skewed by an outlier who believes ETH will trade at $1 million by then. Looking at the median price prediction, the forecast points to Ethereum trading at $20,000. That Price prediction was earlier this year made by former Goldman Sachs executive Raoul Pal, who based on Metcalfe’s Law saw ETH hit $20,000 this cycle.

On Finder’s survey, Coinflip founder and chief advisor Daniel Polotsky gave forecasts in line with the panel average, expecting ether to hit $4,000 by the end of the year, before surging to $64,000 by 2030. In a statement, he said its price “largely follows Bitcoin’s halving cycles, although that relationship may begin to decouple as time goes on.”

Polotsky noted that as Ethereum continues to develop use cases “that Bitcoin cannot achieve” its price may grow at a faster rate than that of BTC. Morpher CEO Martin Fröhler and RealFevr’s head of blockchain Pedro Febrero revealed they see ETH top $10,000 by the end of this year.

Fröhler said that Ethereum has the “potential to power the future global financial infrastructure.” A total of 93% of panelists said ETH will eventually be more frequently transacted than the flagship cryptocurrency , and 56% see it retain its dominance n the decentralized finance (DeFi) space, despite all of its competitors.

CoinSmart CEO Justin Hartzman defended both of these positions. In a statement, Hartzman said:

People don’t like transacting with BTC since it’s more of a store of value. Ethereum, on the other hand, has built a full-on multi-billion dollar ecosystem so the frequency of ETH transactions is definitely going to be a lot more.

Addressing the so-called “flippening” – the possibility that Ethereum will overtake Bitcoin to become the number one cryptocurrency by market capitalization – 68% of respondents said they see it coming, with 58% of those seeing it within the next five years.

Forrest Przybysz, senior cryptocurrency investment analyst at Token Metrics, revealed he sees ETH at $8,000 by the end of the year, and believes the flippening will occur next year partly because of Ethereum’s move to Proof-of-Stake.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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Bank Of America Supposedly Gives Approval For Bitcoin Futures Trading

A recent development in the crypto industry shows that clients of the second-largest bank in America can now engage in Bitcoin futures trading.

The sources of this information stated their preference to remain anonymous. But they disclosed that the bank is allowing some of its clients to trade BTC Futures.

Bitcoin Futures Trading

There has been a lot of competition in the industry on Bitcoin Futures Trading. Bitcoin Futures are known in the market as “Derivative Products” that serve as a contract. It is a commitment between the different parties that agrees to sell or buy a particular asset on an agreed future price and date.

Related Reading | The Digital Yuan Of China To Integrate Smart Contracts

This agreement typically tracks the price of an underlying asset which is usually a digital token. Thus, futures enables users to bet on an asset price.

Sometimes, participants in the contract can go for short or long positions. Those traders who take the long position will usually sign to buy an asset on a particular date. Once the date arrives, the parties settle and close the contract.

Bank Of America Supposedly Gives Approval For Bitcoin Futures Trading

Daily chart shows that BTC might touch the 35k mark | Source: BTCUSD on TradingView.com

This investment option has become very important as a way for institutional investors to engage actively in crypto. The reason is that the ongoing regulatory issues surrounding crypto have made it unattractive for institutional investors to hold Bitcoin directly.

So, Bitcoin futures is a way for them to engage with BTC and many other cryptos in the market. By coming through futures, these investors can indirectly hold any crypto through its underlying asset. ‘

There has been a lot of interest in Bitcoin futures. Many investors are actively engaging in the trade on platforms where it is legal.

Related Reading | Binance Bitcoin Open Interest Surges Despite Legal Scrutiny

For instance, the “Chicago Mercantile exchange” recorded an increase from $910,000 to more than $23 million. According to the latest news, the BoA is set to follow the method of establishments such as Goldman Sachs.

The investment bank started offering Bitcoin futures to its clients through CME in May 2021.  From what the anonymous source revealed, the BoA will also provide the trading through CME, just like Goldman Sachs did.

Countries Supporting BTC Futures

It seems that America is only one of the countries that are supporting Bitcoin Futures. Other countries are also positioning themselves for the opportunities in the instrument.

For example, an exchange based in Singapore Bybit recorded an increase in Bitcoin futures trading volume to $4.2 billion back in May 2021.

Related Reading | U.K. Sales Person Pleads Guilty For Using Bitcoin to Fund Islamic State (IS)

Even though the crypto market has been recording many downturns this 2021, the instrument seems to hold its ground. Participants of the trade are hopeful that many banks might offer the same instrument if institutional investors remain interested in BTC futures.

Featured image from Pixabay, and chart from TradingView.com

Tether To Conduct An Audit To Negate Claims Concerning Transparency

The Tether general counsel has declared an official audit in few months. USDT is a popular stablecoin occupying the third position in global digital assets. As it’s on blockchain that cybersecurity experts deem unhackable, the majority today trusts its security.

Related Reading | Cardano Aims To Facilitate Users With Smart Contracts

However, many people in the crypto community have been waiting for a financial audit of the stablecoin. Now, it seems that the ongoing regulatory issues in the crypto industry have galvanized the Tether team into action. As a result, they’re declaring that an audit will take place soon.

Tether Executives Grants Media Interview

Another rare incident is an interview in which the Tether CTO Paolo Arduino and Stu Hoegner, the general counsel, participated on CNBC.

During the interview, the hosts asked the duo some questions about USDT’s transparency and backing. In response, the general counsel stated that the team is working to be the first in their sector to get financial audits.

Tether To Conduct An Audit In Upcoming Months To Negate Claims Concerning Transparency

The crypto market has just turned bullish as the USDT trades in the green zone | Source: USDTUSD on TradingView.com

He also mentioned that the audits would come in months and not years. As for backing, he stated that the stablecoin is backed with reserves.

But Hoegner mentioned that some of the reserves are not US dollars. But the reserves are more US dollars plus other cash equivalents, secured loans, crypto assets, bonds, and others.

Related Reading | Anthony Di Lorio To Leave Cryptocurrency Space For Philanthropic Initiatives

However, in the Transparency report which Tether published, the market cap for USDT stands at $62 billion. Even though the number has increased by 195% since 2021 started, it is still behind competitors such as BUSD and USDC.

When Circle released a reserve report yesterday, July 21, it showed that 61% of the USDC reserves are cash & cash equivalent. The remaining 39% are in treasuries, bonds, and commercial paper accounts.

Taxes Decides To Attack

Paxos is a rival to Tether and recently attacked the stablecoin and Circle through its blog post on July 21, 2021. In the post, Paxos claims that the duo is not operating under financial regulators. In his words, both USDC and Tether are simply Stablecoins in name only.

Paxos disclosed that its stablecoin reserves are a combination of cash or cash equivalents to support its claims.

Related Reading | Ether EFT Gets Approval From Brazilian Securities Regulator

But in May, Tether disclosed the total backing that USDT has, which were cash 3.87%, fiduciary deposits 24.20%, treasury bills 2.94%, cash equivalents, commercial papers, which make up 65.39% plus others. This action was because the US lawmakers are closely scrutinizing its operations.

Also, Tether started submitting reports about its reserves after it reached a settlement agreement with the NY Attorney General’s Office 5 months ago. The firm has continued to send these reports since then.

Featured image from Pexels, chart from TradingView.com

Users Criticize Uniswap’s Decision to Remove Over 100 Tokens From Main Interface

Users Criticize Uniswap’s Decision to Remove Over 100 Tokens From Main Interface

The largest decentralized exchange (dex) platform, in terms of trade volume, Uniswap has revealed the dex has removed a number of tokens from the platform interface. The community assumes the tokens could be deemed securities by global regulators. Uniswap users can still swap these tokens via accessing specific smart contracts themselves, as the company behind the platform, Uniswap Labs, simply removed the tokens from the main interface.

Uniswap Removes Tokens From Main Interface, Users Discuss Alternative Solutions

On July 23, the startup Uniswap Labs announced that the development team was removing roughly 129 tokens from the main interface. It’s been noted by onlookers, that a number of tokens removed could be considered securities by global regulators and some of them were synthetic equities tokens.

The restriction of access to these specific tokens stems from app.uniswap.org but users can still bypass the problem and trade using the token contract. The token removal announcement from Uniswap Labs doesn’t really explain why the tokens were removed but the firm’s blog post did say:

These tokens have always represented a very small portion of overall volume on the Uniswap Protocol.

Some of these tokens derived from protocols such as Synthetix, Tether, Opyn, UMA, and more. A Twitter user named “Banteg” discussed the issue at hand and said: “Seems like all UMA, Synthetix, Mirror, Opyn tokens are affected. Even if you add them manually, you cannot trade them on the main [Uniswap] UI.” However, within Banteg’s Twitter thread the crypto community shared a myriad of ways to bypass Uniswap’s main user interface.

Defi Proponent: ‘This Is a Wake-up Call — Bookmark Decentralized Interfaces’

A number of crypto supporters criticized the move made by Uniswap and they believe other decentralized finance (defi) platforms could do the same. Joey Krug, the co-CIO of Pantera Capital and co-founder of Augur tweeted that he loves Uniswap “but this sets [a] really bad precedent IMO.” Krug also added that this “won’t be the 1st case of defi censorship.” Defi supporter Nick Chong said that people should start bookmarking decentralized interfaces and mirror applications. Chong added:

The world needs decentralized interfaces. Wouldn’t it have been bad if all non-power user defi traders woke up one day and the Uniswap Labs interface was gone w/ no alternatives? This is a wake-up call. Bookmark the decentralized interfaces. Make them lindy.

The creator of the popular defi project Yearn Finance, Andre Cronje also offered his opinion of the Uniswap situation. “My unsolicited opinion; Uniswap, a company registered in the U.S. Uniswap.org, a website owned by the U.S. entity. Uniswap smart contracts, decentralized code. The company should act in its best interest, including censoring the website where it is in their interest,” Cronje said.

What do you think about Uniswap removing 129 tokens from the main user interface? Let us know what you think about this decision in the comments section below.

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3 reasons why Bitcoin price has not been able to rally back above $40K

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Dogecoin Search Interest Exploded Ahead of $DOGE’s 10,000% Price Rally

Search interest for the meme-inspired cryptocurrency Dogecoin (DOGE) exploded during the cryptocurrency’s massive 10,000% price rally, going from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.

Dogecoin was created back in 2013 as a joke. The cryptocurrency’s community is well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.

According to new insights from data provider Semrush, shared with CryptoGlobe, the meme-inspired cryptocurrency saw its popularity skyrocket in January 2021, a month in which the price of the cryptocurrency jumped over 570% on a Reddit-fueled surge to a hit a then new all-time high.

The surge was seemingly related to the WallStreetBets subreddit and its battle against hedge funds over the price of GameStop’s shares. It started after a parody account on Twitter going by WSB Chairman asked whether DOGE had ever traded at $1, other users piled on.

At one point, DOGE’s trading volume briefly overtook that of Bitcoin and Ethereum on Binance. Notably, search interest for DOGE cooled down in February when Tesla CEO Elon Musk and other celebrities first started tweeting about the meme-inspired cryptocurrency.

That month, searches for Dogecoin were seen 9 million times across search engines, as Musk subtly started tweeting about the cryptocurrency. That same month, Tesla announced in a filing with the U.S. Securities and Exchange Commission (SEC) it had bought $1.5 billion worth of bitcoin.

Data shows that this initial pump helped DOGE jump from $0.007 in early January to hit $0.03 in early February. That same month the cryptocurrency hit $0.07 before cooling down. In March, searches for the keyword “dogecoin” dropped by 2.2 million even though Musk kept on tweeting about the cryptocurrency.

In March the cryptocurrency’s price rise stalled and even dropped to $0.05 without seeing any notable pumps or dumps. Interest for it was seemingly dropping steadily. In April, it skyrocketed to 13.6 million searches.

That month kicked off with Musk saying “SpaceX is going to put a literal Dogecoin on the literal moon.” The cryptocurrency’s price didn’t start pumping then, however, but only after Musk implied that the “literal dogecoin” was going to the moon “very soon” in a follow-up tweet.

That tweet saw the price of DOGE start pumping, so much so that a few days later it was trading at $0.4. Musk and other celebrities kept on helping the cryptocurrency grow afterward, until it hit a $0.74 all-time high in mid-May after Musk said it is a “a hustle” on Saturday Night Live.

Other cryptocurrencies notably took advantage of that pump. Safemoon, a deflationary cryptoasset, used Twitter engagement to make headlines and saw its search volume go from nothing to nearly 50,000 searches per month in March. By April, its interactions with Elon Musk saw it get to 800,000 searches that month. In comparison, searches for “XRP” and “Cryptocurrency” were of about one million in April.

The price of Dogecoin has seen been dropping and while the pump helped developers restart work on the cryptocurrency, some analysts believe its investors are still going to see more downside. Legendary financial advisor and best-selling author Ric Edelman has revealed he believes meme-inspired cryptocurrency is a “scam” that will end “very badly,” even though he is bullish on the cryptocurrency space in general.

Similarly, a widely followed pseudonymous cryptocurrency analyst and bitcoin bull has predicted that the price of Dogecoin is “programmed” to plunge to $0.05 and that even Tesla CEO Elon Musk would be unable to save it. The analyst posted a chart showing that the DOGE price chart was forming a head and shoulders pattern.

Dogecoin supporters appear to be doubling down, however. Glauber Contessoto, a Dogecoin investor famous for investing his $250,000 life savings in the meme-inspired cryptocurrency in early February to become a millionaire, is doubling down on his bet In the meme-inspired cryptocurrency by investing an additional $25,000 in it.

In an interview last month, Contessoto said he did not lose faith in his investment and was planning to add more Dogecoin to his holdings during dips. He planned on holding onto the investment for at least one year.

Per his words, people get “caught up in the short-term and don’t have the patience to see the investment all the way through.” He added that volatility comes “with the territory,” and investors who aren’t able to “stomach the fluctuations” are “maybe not cut out for crypto.”

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

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This classic trading pattern signaled that Bitcoin price had hit a top

What can I do to prevent this in the future?

If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware.

If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices.

Indian Startup Accepts Crypto Payments Despite Regulatory Uncertainty

Indian Startup Accepts Crypto Payments Despite Regulatory Uncertainty

The crypto fever seems to be steadily making its presence felt in India.

Indian Startup Begins Accepting Crypto Payments

The Rug Republic, a New Delhi-based startup recently announced it would begin accepting top 20 cryptocurrencies for payments but only from Indian customers.

An Indian decor brand, the Rug Republic has become the first Indian company to publicly announce its support for digital currencies.

It must be recalled that crypto regulations are yet to take their final shape in India and at present, digital currencies are neither legal nor illegal in India. In fact, recently Indian banks have steadily started to dissociate themselves from cryptocurrencies citing the Reserve Bank of India’s (RBI) bearish outlook toward digital currencies.

Per a report by The Economic Times, the biggest concern harboured by financial institutions in India is that of anonymity associated with cryptocurrencies. They fear the lack of information could allow crypto users to evade tax, finance terrorism, and fund other nefarious activities.

Needless to say, none of the aforementioned concerns are true unless one is specifically talking about privacy-oriented cryptocurrencies such as monero (XMR), DASH, and others.

Raghav Gupta, Director at The Rug Republic, said:

“It is a misconception that crypto transactions cannot be tracked. It is easily verifiable on the blockchain, as opposed to the incredibly difficult ways money can be hidden in the real world. As we have seen with so many people during the Panama Papers episodes.:

Adding:

“Our invoices clearly mention that money was taken in certain currency on this date and at this price. Everything is absolutely above board.”

Bullish on Ethereum

Gupta added that customers from outside India will not be able to purchase the company’s goods for crypto. This is because accepting crypto payments from offshore clients could be in violation of the Foreign Exchange Management Act (FEMA) as they constitute cross-border payments in a currency not recognized by the RBI.

He added:

“It is clear that not even 5 per cent of my revenue will come from it. I am extremely bullish on it in a 5-10 year scale. I am very happy to take this risk. Ethereum will be much more valuable by then.”

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Group of Salvadorans Take to the Streets to Protest El Salvador’s New Bitcoin Law

Group of Salvadorans Take to the Streets to Protest El Salvador’s New Bitcoin Law

While some Salvadorans situated near Playa El Zonte beach like the new bitcoin tender law implemented by Nayib Bukele’s regime, a number of other citizens dislike the law. This week, regional reports show citizens from El Salvador have taken to the streets to protest the bitcoin tender law.

Salvadoran Protestors Say Bitcoin Is ‘Too Volatile’ and Like ‘Playing the Lottery’

One might think from some of the fluffy reports stemming from a number of cryptocurrency magazines that all is swell in El Salvador in regard to the new bitcoin law. However, during the first week of July, a survey conducted by Disruptiva polled 1,233 people residing in El Salvador and a majority of Salvadorans said they were skeptical of bitcoin as a currency. Following the implementation of the new bitcoin tender law, leaked reports claimed Nayib Bukele’s government cohorts were planning to launch a stablecoin.

Now a regional report from the news outlet El Mundo shows a number of Salvadorans have taken to the streets to protest the bitcoin law. Marchers gathered together to speak out against Bukele’s tender law and said the crypto asset was “too volatile.”

There’s also a resistance group called the “Popular Resistance and Rebellion Block” group, which has written a letter to Bukele’s regime saying the law is unconstitutional. The group says bureaucrats under the control of Bukele did not consult the citizenry first and they stressed the president’s move was akin to playing “the lottery.”

Nayib Bukele Is Considered a ‘Dictator’

Nayib Bukele is considered an authoritarian leader and recently mandated that citizens must take Covid-19 vaccines, despite the pushback against the experimental drugs. A number of mainstream American news publications have called El Salvador’s president a “dictator.” Last May, Bukele’s New Ideas Party fired several Supreme Court members and the attorney general.

Despite leaning toward bitcoin, El Salvador’s president has been called a “dictator.” In recent times he’s been criticized for mandating Covid-19 vaccines on the populace without full consent. Twenty government institutions linked to the Bukele administration were under investigation for manipulation and corruption. He then fired all those who were involved in the investigation. The news publication El Faro has also accused Bukele of secretly negotiating a deal with Mara Salvatrucha, the most powerful gang in El Salvador.

Bukele even tweeted about the removal and exclaimed the representatives had been “dismissed.” People believe the members were fired because the Supreme Court ruled a few times that Bukele made unconstitutional mistakes. The Salvadoran attorney general was investigating several of the Bukele regime’s ministers.

On May 4, U.S. vice president Kamala Harris spoke about the Salvadoran nation in a speech. “Just this weekend, we learned that the Salvadoran parliament moved to undermine its nation’s highest court. An independent judiciary is critical to a healthy democracy and a strong economy. On this front — on every front — we must respond.”

Resistance Group Says ‘Bitcoin Serves the Elite and Ill-Gotten Money’

Protestors who dislike the new bitcoin law also believe Bukele’s New Ideas Party is in the wrong. The Popular Resistance and Rebellion Block group stressed:

Bitcoin only serves some large businessmen, especially those linked to the government, to launder ill-gotten money.

While the supermajority in the Salvadoran congress passed the law, bitcoin (BTC) won’t officially be recognized until September 7, 2021. Protestors hope that in the interim, Salvadoran lawmakers will stop Bukele’s New Ideas Party from successfully implementing the legislation. Meanwhile, a few Salvadorans disliked the group’s protest and said: “How can they be called resistance and rebellion? Hahaha… Bitcoin is true financial freedom.”

“Sad to see people who seek to go backward and limit the growth of the country,” another individual added.

What do you think about the protestors who dislike the new Salvadoran bitcoin tender law? Let us know what you think about this subject in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.