Category: Ethereum

Mark Cuban Reveals Stake in Ethereum Layer 2 Scaling Solution Polygon

Mark Cuban Reveals Stake in Ethereum Layer 2 Scaling Solution Polygon

Famed American entrepreneur and investor Mark Cuban has divulged a strategic investment in Polygon, highlighting his own use and embrace of the protocol’s multi-chain approach to Ethereum.

Investment Accompanies Release of the Polygon SDK
As major names line up behind Ethereum, notably Goldman Sachs, which presented a thesis highlighting the network’s potential to overtake Bitcoin in terms of crypto dominance, Mark Cuban is among the latest high-profile figures to throw his support behind the network via an investment in Polygon.

Polygon, formerly known as Matic, aims to help tackle the scaling constraints that have plagued Ethereum by delivering the interoperability needed to construct and connect Ethereum-compatible chains.

The layer 2 scaling solution pioneered by the company will effectively benefit from Ethereum’s core features while building upon the network’s existing capacity. For projects like decentralized finance (defi) that want to avoid the throughput bottlenecks and high fees that currently impact the Ethereum mainnet, this new solution is designed to overcome these obstacles.

Cuban withheld the terms and size of his investment in Polygon but did note, “I was a Polygon user and find myself using it more and more.” Already, he plans to integrate Polygon into Lazy.com, another blockchain business in his portfolio, to help users seamlessly display NFTs.

This investment dovetails important advances for Polygon, namely the rollout of the Polygon SDK. The SDK will empower developers to build customized standalone chains that will be compatible with Ethereum with its growing set of modules. Besides helping deliver on its promise to cultivate a multi-chain ecosystem, Polygon’s high throughput and PoS consensus model support “zero-gas” transactions and near-instant confirmations.

Future iterations of the Polygon SDK, set for eventual implementation, will support more layer 2 platforms, including Rollups and Plasma, each of which will also promote greater scalability and throughput over time.

 

Ethereum Price to Hit $19,842 by 2025 According to 35 Experts

Ethereum Price to Hit $19,842 by 2025 According to 35 Experts

hirty-five experts have come together to predict the price of ethereum. On average, they expect the price of ether to hit $19,842 by 2025. The majority of panelists say now is the time to buy ethereum while 28% say to hodl.

Experts See Price of Ether Reaching Almost $20K by 2025
The “Finder Cryptocurrency Predictions 2021” which was updated Monday predicts that the price of ether will be nearly $20K by 2025 according to 35 experts on Finder’s cryptocurrency panel. The report says:

By 2025, the panel expects Ethereum to hit $19,842 on average.

The highest forecast came from Bitbull Capital COO Sarah Bergstrand who believes that the price of ether would be $100,000 by 2025. “We are likely to see major upgrades to the Ethereum network this year, and those can be expected to push the price higher,” she explained.

One of the most bearish forecasts came from UNSW associate professor Elvira Sojli who predicted that ETH will end 2025 at just $1,850.

The report continues:

The majority of panellists (59%) say now is the time to buy ethereum, while 28% say ‘hodl’ and 13% say it’s time to sell.

As for the price prediction for the year 2021, the report notes that the “Panellists predict that the price of Ethereum will hit $4,512 on average by the end of the year. That’s a 234% increase from December’s end-of-year prediction of $1,351.”

One of the highest forecasts came from YAP Global founder and CEO Samantha Yap who noted that the price of ether would be $10,000 at the end of this year, emphasizing that “once BTC is mass adopted, ETH will be next on people’s list.”

Paul Ennis, a lecturer and assistant professor at the University College of Dublin, arrived at the same forecast of $10K for ETH this year, “arguing ethereum is highly undervalued and has far more uses than bitcoin.”

LMAX Group’s cryptocurrency strategist, Joel Kruger, gave a more moderate forecast of $2,000. He is also convinced of “ethereum’s potential, viewing the currency as the major hub of innovation on the blockchain.” He described that “As crypto adoption continues, most of that innovation will therefore be hosted on Ethereum, which we expect will translate into a much higher valuation.”

The panelists include Bitriver CEO Igor Runets; Thomson Reuters technologist Joseph Raczynski; Okcoin COO Jason Lau; Etoro analyst and senior account manager Simon Peters; Consensys head economist Lex Sokolin; Coinmama CEO Sagi Bakshi; Unocoin CEO Sathvik Vishwanath; and Origin Protocol co-founder Josh Fraser.

Can Ethereum prices hit $5,000 in a week?

Can Ethereum prices hit $5,000 in a week?

The No. 2 crypto on the planet is extending its surge into rarefied territory, and that momentum has at least one crypto expert speculating that Ether prices could hit $5,000 within a week.

“Ether is one of the main beneficiaries in the wider explosion in the cryptocurrency market,” wrote Nigel Green, chief executive and founder of deVere Group, in a Monday note.

“The boom over recent months has been fueled by soaring interest from major institutional investors and growing recognition that borderless digital currencies are the future of money,” the CEO said.

“This momentum is likely to build further in the near-term and I believe Ether will hit $5,000 within seven days,” he forecast.

At last check, Ether ETHUSD, +1.56%, the asset that runs atop the Ethereum protocol, was changing hands at $3,237, near an all-time peak, according to CoinDesk data.

The surge for Ether comes as bitcoin BTCUSD, -1.24% has been much more sedate comparably.

Ether values have been supported partly by growing appetite for nonfungible tokens, or NFTs, and other corners of the nascent digital crypto market supported on the Ethereum blockchain.

Indeed, interest in NFTs, the popular authentication asset that has taken the world by storm, has helped to supercharge a rise in appetite for Ethereum, which most NFTs are linked to.

Ethereum, launched in 2015 by a team including Vitarik Buterin, Charles Hoskinson, and Gavin Wood on the concepts behind bitcoin, has come to be known for the ease by which software developers can write bespoke programs atop its network.

The Wall Street Journal wrote that some 7 million new Ethereum addresses — or accounts able to hold ether balances — were created in the first four months of 2021, citing data from analytics firm IntoTheBlock.

Bitcoin’s major selling point as a digital asset has been its claim by enthusiasts as a store of value and as a currency to a lesser extent, but Ethereum’s network is viewed by many as a powerful, open-source, dentralized backbone off which a number of applications could be based.

It has been hoped for by fans, if not anticipated, that Ether would one day exceed the market value of bitcoin, the world’s No. 1 crypto. Such an event is known in certain crypto circles as the “flippening.”

However, as its stands bitcoin’s market value is $1.09 trillion, compared against a market value for Ether of $366 billion, representing the No. 1 and 2 largest crypto in the world, according to CoinMarketCap.com.

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Banning Bitcoin is like rejecting the US dollar, entrepreneur warns India

Banning Bitcoin is like rejecting the US dollar, entrepreneur warns India

An Indian cryptocurrency ban would have grave implications for the future of the country’s economy, and would result in currency devaluation “of the worst form,” says blockchain entrepreneur and HashCash CEO Raj Chowdry.

Chowdry, also the managing director of the United States-based PayBito cryptocurrency exchange, said India’s rejection of Bitcoin (BTC) and other cryptocurrencies would be the equivalent of rejecting the U.S. dollar. Without regulating and eventually adopting cryptocurrency as a reserve currency, Chowdry believes India’s economy would suffer in the long term.

“Maintaining Cryptocurrency reserves are as important as maintaining dollar reserves. By banning crypto, India will end up with the lowest reserve of the most important currency the world has ever seen. This would eventually lead to a currency devaluation of the worst form,” he said.

The fate of cryptocurrencies in India looked ominous after an anonymous official leaked information regarding an upcoming ban to Bloomberg in February. Crypto holders were expected to be given a three to six-month window to transfer their funds back into fiat.

However, recent noises coming out of the Indian Finance Ministry suggested the situation wasn’t quite so clear-cut. Finance Minister Nirmala Sitharaman said reports of a blanket ban on cryptocurrencies had been overstated, and that discussions were ongoing with regulators inside the Reserve Bank of India. Sitharaman added that any upcoming regulations wouldn’t be as severe as previously depicted.

Chowdry welcomes regulations and taxation of cryptocurrencies if it means related business and enterprise can flourish within the country. The alternative is to deprive Indian startups who have already gained a global foothold of the opportunity to grow, Chowdry said.

“What India needs is acceptance of crypto with the imposition of taxation and regulations, that will earn revenue and benefit the huge number of investors and Indian startup companies who have gone global within a short period, rather than depriving the people of their choice of investment by adopting a naive approach towards the crypto,” he said.

Amid the back and forth, the Reserve Bank of India continues to push forward toward the issuance of a central bank digital currency. As with all sovereign states, India’s apparent determination to launch a blockchain-based digital rupee suggests its issues with cryptocurrency aren’t related to the underlying technology, but only who gets to control it.

Chowdry believes a measured approach can be taken to distinguish between blockchain as a technology, and cryptocurrency as an asset class.

“These are two distinct and diverse threads that may be accepted independent of each other. While blockchain is a technology, cryptocurrency is an asset class. It should not be difficult to implement the two in their respective domains,” he said.

Despite what many fear to be a regulatory ticking time bomb in India, global cryptocurrency exchange Coinbase recently announced that it would move some of its IT services to India, as the company edges closer to its upcoming IPO.

Source – Coindesk News

Microsoft Is Surveying Xbox Users on adding Bitcoin Payment Option to the Store

Microsoft Is Surveying Xbox Users on adding Bitcoin Payment Option to the Store

The tech giant seems to be changing its stance on being more friendly with the cryptocurrency sphere amid the current hype. Microsoft has been asking its Xbox gaming console users about the possibility of implementing payment methods, such as bitcoin.

The Poll Is the First of Its Kind Released by the Tech Giant With Crypto Questions
According to a post in Reddit, a user reported that Microsoft started to show polls with the topic “Payment Options,” surveying people with questions such as how they pay for their things in Xbox.

One of the items asks Xbox users about their thoughts on the current range of options regarding the payment options available. However, the poll then puts out the following question:

Which of these other payment methods would you like to use on Xbox (select all that apply)?

Among the answers, “pay with bitcoin” (BTC) is one of Microsoft’s alternatives to the users. The survey concludes with a question that inquiries people about if they have ever decided not to purchase something from Xbox “because your preferred payment method was not available.”

Microsoft Still Flirts With Crypto-Related Ventures
Interestingly, such a poll comes as a surprise for the Xbox gaming community, but even more for the crypto users. During an interview with CNN in February 2021, Brad Smith, Microsoft’s president, said the tech giant had not discussed bitcoin-related topics in their meetings.

However, he told the anchor, Julia Chatterley, that “if we change our investment policy on bitcoin, Julia, you’ll be the first, well, at least the second to know.” Chatterley then recognized she inquired him about bitcoin because of Tesla’s recent maneuver on investing $1.5 billion in BTC.

Still, Microsoft has not been entirely oblivious to the latest technological developments in the crypto industry.

The tech giant patented last year a cryptocurrency mining system that leverages human activities, including brain waves and body heat, when performing online tasks such as using search engines, chatbots, and reading ads.

Source – Bitcoin News

Crypto Market slows as Bitcoin, Ethereum and Altcoins Recovery Unravels

Crypto Market slows as Bitcoin, Ethereum and Altcoins Recovery Unravels

Bitcoin price failed to settle above the USD 57,000 resistance, resulting in a strong decline. BTC broke many important supports near USD 55,000 to enter a bearish zone. It even broke the USD 53,000 support and it is currently (05:30 UTC) consolidating losses near USD 52,000.

Similarly, most major altcoins declined sharply. ETH is down 5% and it even broke the USD 1,600 support zone. XRP/USD trimmed most of its gains and settled below USD 0.500.

Total market capitalization

Bitcoin price
After a recovery above USD 55,500, bitcoin price failed to settle above the USD 57,000 resistance. A high was formed near USD 57,200 before the price started a major decline. It broke the USD 55,500 and USD 55,000 support levels. The bears even pushed the price below USD 53,000 and the price tested USD 51,500.
If there are more losses, the bears might test the USD 50,000 support zone. Conversely, a recovery wave could face sellers near the USD 53,000 and USD 53,200 levels.

Ethereum price

Ethereum price also followed bitcoin and it declined over 5%. ETH broke the USD 1,650 and USD 1,600 support levels. The bulls are now protecting the key USD 1,550 support. If there are more losses, the price might test the USD 1,500 level.
On the upside, the USD 1,600 is a short-term hurdle. The main resistance is now forming near the USD 1,650 level (the recent breakdown region).

BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) broke the USD 250 support level and extended its decline. BNB is now consolidating above USD 240, with a risk of more downsides towards the USD 230 and USD 225 levels. Any more downsides could lead the price towards the USD 200 level.
Cardano (ADA) is still above the USD 1.050 support zone, which is a positive sign. It seems like ADA might continue to trade in a range above the USD 1.000 and USD 1.050. If there is a bearish break below USD 1.000 and USD 0.998, the price could drop sharply. On the upside, the USD 1.120 level is an immediate resistance, followed by USD 1.150.
Litecoin (LTC) topped near the USD 195 level and declined heavily. LTC even broke the USD 180 support level and tested the USD 172 zone. It is now consolidating losses and there could be a drop towards the USD 165 level. On the upside, the USD 180 level may now act as a hurdle.
XRP price topped near the USD 0.600 level and started a fresh decline. The bears took control and pushed the price below the USD 0.500 support level. The bulls are now defending the USD 0.450 support and there might be a fresh increase above the USD 0.500 level.

Other altcoins market today
Several altcoins declined over 10%, including TFUEL, MIOTA, THETA, FTM, ZRX, OMG, ONT, BTMX, REN, NEAR, SUSHI, CRV, DOT, STX, SC, RSR, EGLD, and UNI. Conversely, NPXS and VGX are up over 10%.

Overall, bitcoin price broke the main USD 53,200 and USD 53,000 support levels. If there is no quick close back above USD 53,200, there could be a drop towards the USD 50,000 support.

 

Source – Crypto News

Ethereum network upgrade will destroy coins and cause ether ‘explosive growth’

Ethereum network upgrade will destroy coins and cause ether 'explosive growth'

A change in the Ethereum network to cut the number of ether tokens in existence could set the stage for “explosive growth” in the world’s second-biggest cryptocurrency, experts said.
On Friday, Ethereum blockchain developers approved a major change to how the network runs, to come into force this summer.
It is set to overhaul the bitcoin rival’s auction system, under which users send tokens to pay for transactions to be completed by miners.
Under the changes, known as EIP 1559, users would send a base transaction fee to the network that would destroy or “burn” the ether tokens, reducing the number outstanding.

Cryptocurrency analysts have said that limiting ether, as the bitcoin system does, will put upward pressure on the price. That combined with the recent enthusiasm for crypto coins means the price could rise sharply, they said.
“What is most exciting to cryptocurrency traders is that now Ethereum will reduce the amount of outstanding ether by destroying some of the tokens every time it’s used to process some transactions,” Edward Moya, the chief market analyst at currency firm Oanda, told Insider.
“Ethereum’s never-ending supply was the least attractive part about it, and now optimism is growing that the world’s most-used blockchain will see a major shift in retail and institutional buying.”
Justin d’Anethan, a sales manager at the cryptocurrency exchange Equos, told Insider that the proposed changes to the Ethereum network should “not only make the blockchain more eco-friendly” by making transactions more efficient, “but should also make it more scalable.”

“Add to this fewer coins in circulation,” he said, “and you have a recipe for explosive growth.”
However, crypto skeptics have argued that the surge in the prices of the world’s top cryptocurrencies has set them up for sharp falls.
The ether price has risen by more than 130% so far in 2021, taking it to $1,734 on Monday morning, well off a high of more than $2,000 touched in February.
It rose above $1,400 in 2018 before slumping to below $100 later that year.
The changes are set to come into force in July or August as part of a system upgrade known as the “London hard fork.”

Source – Business Insider