How Ethereum Can Reach $2 Trillion In Market Cap, Matthew Sigel

Ethereum has had a lot of growth in the past year. Growing more than bitcoin and producing more gains. But it is no secret that the market cap of Ethereum is still a long way away from $2 trillion. The market cap of the digital asset currently sits at $248 billion. A $2 trillion market cap prediction might be overly optimistic. But Matthew Sigel does not believe that it is. According to Sigel, Ethereum can reach a $2 trillion market cap in a “blue sky scenario.” The prediction does not…

Here’s why pro traders expect further downside from Ethereum price

Derivatives data shows that Ether (ETH) traders are feeling less bullish when compared to Bitcoin (BTC). Even though the altcoin captured a nearly 200% gain in the first half of 2021 versus Bitcoin’s modest 22% price increase, traders seem to be more affected by Ether’s recent underperformance. Institutional flow also backs the decreased optimism seen in Ether derivatives, as ETH investment vehicles suffered record outflows this past week while Bitcoin flows began to stabilize. According to data from CoinShares, Ether funds experienced a record outflow of $50 million this past…

Crypto miner claims all major Yunnan operations shut down in advance of CCP anniversary

Reports alleged that cryptocurrency miners in China’s Yunnan province may be out of commission for a day if not longer due to the Chinese Communist Party’s 100th anniversary celebration this week. According to Kevin Zhang, the vice president of mining infrastructure company Foundry Services, all major Bitcoin (BTC) mining farms in Yunnan have been shut down as of today. Zhang said he personally knew of at least two crypto mining sites in the southwestern region that had received orders to cut power. The shutdowns are purportedly due to the impending…

House committee reviews cryptocurrency risks, regulations in hearing

The U.S. House committee on financial services held a hearing Wednesday for legislators and a panel of witnesses to discuss cryptocurrency regulation in the United States. The subcommittee on oversight and investigations invited expert witnesses to testify before congress on the risks and opportunities of blockchain technology. Rep. Brad Sherman (D-MN), a ranking member of the House Financial Services Committee, was not keen on the idea of investing in cryptocurrency to save for retirement: “Cryptocurrencies are highly volatile, so if one person makes a million dollars and retires at age…

Analyzing The Critical Bitcoin June 2021 Monthly Close

Today, June 30 marks the last day of the month, and after around 8PM ET the Bitcoin monthly candle will come to a close. This monthly candle isn’t anywhere as damaging as this past May, which historically was one of the worst on record. However, there’s no denying that this month was also still fairly nasty and has left the market in a state of indecision. Here’s what past moments of indecision say about the current market cycle, and what could come next depending on which side of the trade…

3 key areas traders are watching as Bitcoin’s monthly close occurs

Bitcoin’s (BTC) whipsaw volatility has been on full display throughout June, leaving traders confused and in search of the latest technical indicator or major news announcement that might provide some hint at which way the price will move.  As the month of June comes toward an end, traders are now focused BTC’s on the monthly close to determine if the forward outlook is tilted toward bulls or bears. BTC/USDT 1-month chart. Source: TradingView At the time of writing, Bitcoin price is still 47% away from its all-time high at $64,873 and analysts…

George Soros’ investment fund is reportedly trading Bitcoin

Soros Fund Management, the private investment firm of billionaire George Soros, is reportedly trading Bitcoin (BTC) as part of a broader exploration of digital assets, according to financial news website TheStreet.  People familiar with the matter told author Michael Bodley that Dawn Fitzpatrick, the chief investment officer for Soros Fund Management, gave the green light to trade Bitcoin and possibly other cryptocurrencies in the last few weeks. Speaking on condition of anonymity, the sources said Fitzpatrick and her team have been exploring cryptocurrencies for some time and that the latest…

Ethereum 2.0 approaches 6 million staked ETH milestone

Ethereum 2.0 is approaching what some are calling a major milestone in its short history — 6 million staked Ether (ETH). The Ethereum Launchpad, Ethereum 2.0’s portal for validators to stake their coins, shows some 5.9 million staked Ether and almost 180,000 validators powering the blockchain Wednesday. That averages out to just slightly more than the minimum 32 staked Ether required to activate the validating software and becoming a validating node on the network. This represents an investment of $66,560 to participate as a validator on the network at the…

Ethereum Classic Surges As Crypto Market Recovers

Ethereum Classic is an altcoin that has seen tremendous growth this year. It has ridden the bull along with other top coins. And it doesn’t look like the coin is stopping yet. The coin was trading for as low as $7 at the beginning of 2021. But with April came an uptrend in the price of the coin that would continue on to May. On May 6th, Ethereum Classic hit a new all-time high. The coin was trading at a whopping $175 per coin on May 3rd. Before crashing back…