Wall Street investors shy away from cryptocurrencies as markets tumble

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Fortune 08 July, 2021 - 10:12am 22 views

When is ETH London hard fork?

Ethereum's long-awaited London hard fork is likely to launch on Aug. 4 between 13:00 UTC (9 a.m. ET) and 17:00 UTC, with block 12,965,000. Many Ethereum enthusiasts are excited for the delayed release, while some are watching on with “cautious optimism.” Yahoo FinanceEthereum’s London Hard Fork Expected to Launch on Aug. 4

Ethereum exchange flow is falling, what does this mean?

CryptoSlate 08 July, 2021 - 11:10am

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Analysis shows of Ethereum exchange reserves shows the figure has reached its lowest point in 2021, at 19.8 million ETH.

Data compiled by Chinese journalist Colin Wu shows a sharp drop over the weekend in Ethereum reserves held on exchange wallets.

The trend has continued downwards over the course of this week, leading some to ask, what is going on with the second largest cryptocurrency?

Analysis by Wu Blockchain of Ethereum exchange reserves shows the figure has reached its lowest point in 2021, at 19.8 million ETH.

The reserves of all exchanges of ETH have continued to decrease and have been reduced to the lowest point in the past year, which is 19.8272 million.

At the same time, Ethereum is beginning to show signs of recovery from the recent FUD-driven crash, with the price moving back above the 200-day moving average and the RSI trending upwards.

However, the situation remains somewhat precarious until a break above $2.9k resistance confirms a reversal of fortunes.

Declining exchange flow is usually taken as a bullish sign in that it suggests investors are pulling out balances for long-term storage.

With less liquid supply floating around exchanges, a consistent demand dynamic should push the price up. It also indicates a less active ETH market as well.

In the same tweet, Wu Blockchain also noted a rising balance in the ETH 2.0 deposit contract. Putting two and two together would suggest some of the pulled exchange ETH is finding its way into the staking contract.

At the same time, the effective balance in the ETH2.0 deposit contract continued to grow, reaching 6.11424 million.

This would further support the bull case through an additional reduction in supply.

Currently, ETH staked in the deposit contract is locked until transactions are enabled in Phase 2. Developers Consensys give a vague rollout date for Phase 2 of sometime in 2021 or 2022.

Many see developments in Ethereum as driving investor confidence. So much so, talk of a Bitcoin flippening is back on the agenda.

Speaking to Kitco News, the CEO of Celsius Network, Alex Mashinsky, said a flippening has already occurred, at least on his platform in dollar terms.

“… the flippening already happened. Ethereum already surpassed Bitcoin in dollar terms as the total holdings of the Celsius community. And I think the broader market will follow it…”

But generally speaking, a flippening refers to one project overtaking another in market cap valuation. Not the overall dollar balance held by the investors of a particular platform.

Nonetheless, Mashinsky points out that the Ethereum use case of yield has a wider appeal than Bitcoin’s store of value. This he sees as driving an eventual market cap flippening.

“And yield as an application just has a broader user case, right? There’s more people in the world who are vying for yield than people in the world saying, “I’m afraid of my fiat current, I’m just going to park some value..”

Based on the current Bitcoin market cap of $636 billion, Ethereum would need to hit $5.4k to take the top spot.

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Over 1% of Ethereum’s circulating supply is now locked up on the project’s new beacon chain, just one week after its launch.

Ethereum has been outperforming Bitcoin this year in multiple metrics, as the world’s largest cryptocurrency has been sluggish ahead of the May 2020 halvening.

Chicago-based financier Rothschild Investment Corporation purchased over 265,302 shares of the Grayscale Ethereum Trust (ETHE), marking its first-ever investment into ETH, the asset powering the world’s most-used blockchain.

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Bitcoin (BTC) jumped by almost 6% on Friday as mining difficulty dropped sharply.

The buzzing world of Decentralized Finance (DeFi) has racked up its fair share of brickbats and bouquets ever since rising to popularity in 2020.

Bitcoin and Ethereum prices fell by almost 15% going into the weekend as BTC faced rejection at the $35,000 region once again.

Sandra Ro is CEO of the Global Blockchain Business Council, serving the council and crypto community to foster education and build bridges across enterprises, governments, and start-ups to help fulfill the potential of blockchain technology to solve real-world problems and help society.

Tortola, BVI, 6th July, 2021 — Solrise Finance, a DeFi protocol designed to support managed portfolios of native and synthetic funds on the scalable, low-latency Solana platform, has successfully concluded a $3.4 million funding round.

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Bitcoin Price Prediction – A Break Through to $35,500 Levels Would Bring $37,000 into View

FX Empire 08 July, 2021 - 11:10am

At the time of writing, Bitcoin, BTC to USD, was up by 1.68% to $34,832. A mixed start to the day saw Bitcoin fall to an early morning low $33,989.0 before rising to a late morning high $34,929.0.

In spite of the early moves, Bitcoin came up short of the first major resistance level at $35,116.

Key through the early hours was a break back through $34,500 levels, however.

It’s been a mixed morning for the broader crypto market.

Through the morning, Crypto.com Coin was down by 0.92% to buck the trend early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Bitcoin Cash SV was up by 5.19%, with Binance Coin (+4.28%) and Chainlink (+4.60%) also finding strong support.

Cardano’s ADA (+1.27%), Ethereum (+2.87%), Litecoin (+2.40%), Polkadot (+1.72%), and Ripple’s XRP (+0.90%) trailed the front runners, however.

Through the early hours, the crypto total market fell to an early morning low $1,415bn before rising to a high $1,462bn. At the time of writing, the total market cap stood at $1,455bn.

Bitcoin’s dominance rose to an early high 45.00% before falling to a low 44.76%. At the time of writing, Bitcoin’s dominance stood at 44.86%.

Bitcoin would need to avoid a fall back through the $34,335 pivot to bring the first major resistance level at $35,116 back into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $35,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $35,196.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $37,000 levels. The second major resistance level sits at $35,976.

A fall back through the $34,335 pivot would bring the first major support level at $33,475 back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$33,000 support levels. The second major support level sits at $32,694.

Looking beyond the support and resistance levels, we saw a bullish cross this morning. The 50 EMA crossed through the 200 EMA and then the 100 EMA.

A widening of the 50 EMA from the 100 and 200 EMAs this afternoon would provide further upside ahead.

A bearish cross of the 50 EMA back through the 100 EMA, however, would bring sub-$34,000 levels back into play.

Key going into the afternoon will be to break back through to $35,000 levels to avoid a reversal.

Goldman Sachs Thinks Ethereum Could Overtake Bitcoin. Here's Why

Motley Fool 08 July, 2021 - 09:32am

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by Emma Newbery | July 8, 2021

Investment giant Goldman Sachs told clients this week that Ethereum (ETH) could eventually overtake Bitcoin (BTC) in the race to become the top digital store of value.

Bitcoin is the first and biggest cryptocurrency. CoinMarketCap puts its market cap at almost $650 billion at the time of writing. Its little sister Ethereum sits comfortably in second place. But with a market cap of about $275 billion (less than half that of Bitcoin), it still has some catching up to do.

Goldman Sachs highlighted Ethereum's smart contract capability which allows its blockchain to store small pieces of self-executing code. The Ethereum network was the first programmable blockchain and thousands of decentralized applications (dApps) run on the platform. In contrast, Bitcoin's blockchain ledger records transactions but cannot store smart contracts.

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A store of value is an asset that holds its value and doesn't depreciate over time. It could be a currency, an asset, or a commodity. For example, gold is widely viewed as a good store of value because it is durable, easy to trade, and maintains its value. On the other hand, a loaf of bread would not make a great store of value because it's perishable and would likely be difficult to trade.

Some, like billionaire investor, Mark Cuban, argue that Bitcoin is a good store of value -- a kind of digital gold. Goldman Sachs disagrees. Not only does it think Ethereum makes a better store of value, it doesn't think cryptocurrencies can ever compete with gold. Mind you, it doesn't see gold as an optimal store of value either.

Authors of a separate Insight report into digital assets argue that -- unlike U.S. equities -- gold has only just outpaced inflation over the past 30 years. The report says there is no evidence that cryptocurrencies are a reliable store of value, and that the extreme price volatility doesn't give the "peace of mind that a store of value should provide."

Goldman Sachs draws a clear distinction between blockchain technology and cryptocurrency investments. The report says, "While the digital asset ecosystem may well revolutionize the future of everything, that does not imply that cryptocurrencies are an investable asset class."

Overall, its analysts do not think cryptocurrencies add value to Goldman Sachs clients' portfolios. This is due to several factors, including volatility and an inability to generate steady returns.

It also highlights several risks. These include:

As a cryptocurrency investor, it's easy to tune out the extreme voices on both sides of the debate. Some clamor that Bitcoin's price can still go 10 or even 25 times higher. Others shout that this is a bubble and the price will completely collapse. The truth is that this is such a new technology and asset class that it is difficult to predict what will happen.

That's why it's good to do your own research and make decisions based on your own financial situation. Be aware of the risks and don't invest money you can't afford to lose. That way, whether you buy Bitcoin, Ethereum, or both, you won't face financial ruin if those investments don't go the way you hope.

To help you get started, our independent experts have sifted through the options to bring you some of our best cryptocurrency exchanges for 2021. Check out the list here and get started on your crypto journey, today.

Emma owns the English-language newspaper The Bogota Post. She began her editorial career at a financial website in the U.K. over 20 years ago and has been contributing to The Ascent since 2019.

Emma Newbery owns Bitcoin and Ethereum.

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