Some Factors Suggest the Price of Ether Might Rise above USD 1,300

Alexander Salazar
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<strong>Some Factors Suggest the Price of Ether Might Rise above USD 1,300</strong>

Since the Fed may stop raising interest rates in December, the prices of assets like Ether are showing signs of recovery. Michaël van de Poppe believes the price of ETH might exceed the USD 1,225 level, triggering a rebound toward USD 1,550.

Over the last week, Ether (ETH) and other crypto assets have gained momentum, preparing for a bullish rally in the coming days. Although the price of ETH remains below USD 1,300, it might rise to USD 1,350 and USD 1,550.

After the collapse of FTX, there has been Fear, Uncertainty, and Doubt (FUD) in the crypto market over the last few weeks. As the price of assets plummets, investors hesitate about buying or selling. According to recent reports, Ether lost almost 39% of its value in a couple of weeks.

The crypto market has anticipated that the US Federal Reserve (Fed) will stop raising interest rates in December. As that expectation seems to be coming true, some assets show signs of recovery. However, the price of Bitcoin (BTC) continues falling due to miner capitulation as Ether rises.

Factors Indicating the Ether Price Could See a Massive Rise

According to Coinglass, Ether futures open interest on Binance has reached an all-time high of 2.01 million. That is equivalent to a 9% increase over the last 24 hours, indicating that ETH might rise in the coming weeks.

Glassnode revealed that the total value of the Ether 2.0 deposit contract reached an all-time high of 15,492,407 ETH. In addition, the revenue of Ethereum validators hit a 1-month high of 11.31%.

Michaël van de Poppe, the CEO, and founder of Eight Global believes Ether shows its strength by rising above USD 1,150. The analyst predicts that the price might exceed the USD 1,225 level, triggering a rebound toward USD 1,350 or USD 1,550.

If the price of Ether remains above the USD 1,200 support level, traders might hold on to their coins. According to experts, the increase in the value of ETH will influence other altcoins.

The Behavior of the Price of Ether over the Last Month

Although many investors expected the price of Ether to rise after the Merge, it failed to recover the USD 1,700 level. Besides, the macroeconomic situation caused the crypto asset to drop below USD 1,500.

Amid the accumulation by the whales, the value of Ether fell from USD 1,661 to USD 1,081 in a month. Those long-term holders saw that drop as an opportunity to buy more ETH, which usually occurs before a bullish rally. However, it did not seem like that for the second-largest cryptocurrency, whose price dipped to USD 1,081.

The situation has changed as Ether seems to have gained bullish momentum, rising toward USD 1,350. While it is trading at around USD 1,283, its daily trading volume is above USD 6.20 billion.

Since the price of Ether is above the crucial support level of USD 1,225, there may be a further rally. The price rose by almost 2% over the last 24 hours and 8% over the past week.

By Alexander Salazar

The Price of Bitcoin Might Rise Considerably in 2023 If It Reaches Its Lowest Point

Alexander Salazar
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<strong>The Price of Bitcoin Might Rise Considerably in 2023 If It Reaches Its Lowest Point</strong>

In 2023, Bitcoin might increase significantly, like in 2019, when it went from USD 3,500 to USD 10,500. If BTC has bottomed out, it would be an excellent opportunity to invest before its price rises from USD 15,000.

Over the last few weeks, the price of Bitcoin (BTC) has stabilized significantly again after the collapse of FTX. When that event occurred, it dropped below USD 16,000 before moving toward USD 15,000, the lowest level in 2022.

The value of Bitcoin has recently stabilized, settling between USD 16,000 and USD 17,000. It briefly rose above the USD 17,000 mark again, signaling that it might increase to USD 20,000 in December.

The Bearish Market Might Have Bottomed out

Following the FTX collapse, the price of Bitcoin may have reached its lowest point amid the current bearish market. In June, it dipped below USD 18,000 for the first time in 2022, but the unexpected event caused further drops.

It might be the minimum this time, as there might be sustainable increases in price in 2023. There were optimistic signals from the market before the FTX crash, and external factors suggest a bullish trend.

In 2023, the price of Bitcoin might rise significantly, like in 2019, when it went from USD 3,500 to USD 10,500. There are many similarities between the courses of the two bearish markets.

The Price of Bitcoin Might Rise again Significantly

Since December has historically been a bullish month, the price might increase slightly again toward the end of 2022. However, no one can say whether it will be enough to exceed the USD 20,000 mark.

Bitcoin should increase considerably in 2023, similar to its performance in 2019, reaching above USD 40,000. The course of its price might even get closer to the USD 50,000 mark again.

It Might Be the Best Time to Invest in Bitcoin

The meager prices of Bitcoin over the last few months have caused the interest of many people to fade. However, the situation was similar in late 2018 and 2019, when BTC dropped to USD 3,500. That led many investors who had bought during the big bullish market at the end of 2017 to stop doing it.

If the price of Bitcoin has bottomed out, this would be the best time to invest in it. It is hard to predict how long low prices will last, but a further drop below USD 15,000 is unlikely.

Bitcoin Might Help Fight Recession If It Resumes Its Bullish Trend

Many economists predict a coming major recession that would allow testing the price of Bitcoin. Although the cryptocurrency might follow its rules again, a difficult economic situation might prevent its value from increasing for years.

However, it would be an excellent opportunity to buy Bitcoin if it continues with its known cycles. Nobody knows when the price will rise again, but the coming weeks before the year ends might be exciting for investors.

Meanwhile, Bitcoin is trading at around USD 16,971 and has accumulated a 0.7% loss over the last 24 hours. While its daily trading volume is above USD 22.53 billion, its market capitalization s about USD 326.20 billion, according to CoinGecko.

By Alexander Salazar

Blockchain Games Accounted for 42.7% of Activity on Web 3.0, According to Report

Audy Castañeda
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<strong>Blockchain Games Accounted for 42.7% of Activity on Web 3.0, According to Report</strong>

In the midst of the bear market, games increased their activity and investment.

The latest data from DappRadar revealed that Blockchain gaming accounted for 42.67% of the activity on 50 Blockchains between October and November, which shows signs of recovery in the crypto market after the collapse of crypto companies.

In November, around 800,875 unique active wallets (UAWs) interacted via smart contracts with games daily; however, it represented a brief decrease, compared to September, when there were 911,720 active wallets.

DappRadar had the following to say about gaming on Web 3.0:

“Alien Worlds and Splinterlands continue to be the top two most played Web3 games, with more than 160,000 daily UAW registrations as of September. Gameta, a gaming platform that was first implemented in Solana and now runs on the BNB chain, attracted more than 1 million UAWs daily in September. Similarly, Polygon’s Benji Bananas climbed the rankings over the past quarter, attracting more than 29,000 UAWs a day in September.”

The report shows that the Blockchain with the most significant decrease in gaming activity was Solana (SOL), with 90% last month, with an average of 2,326 daily active wallets. In the past two months, projects in games and in the metaverse have raised $534 million.

Funding Decreases After FTX Crash

This year, the investment forecasts in crypto games remain at 8,160 million dollars, 104% more than in 2021, when it was for 4,000 million dollars. However, in the third quarter of 2022, funding decreased by $500 million, which coincides with FTX’s bankruptcy period.

According to Finbold, transactions in games that include non-fungible tokens (NFTs) also increased by $55 million between October and November, with the most popular being Gods Unchained, which generated 64.25% of the ecosystem’s transactions, $13.45 million in two months.

Insights from the Report

Some insights from the DappRadar report were the following:

The number of unique active wallets in the Blockchain gaming industry increased 8% ($912,000) month over month, and their dominance remains above 48%.

Gameta, the new Web 3.0 gaming platform on the BNB Chain, became the most used dApp in September, surpassing PancakeSwap, with more than 1.33 million unique wallets in the last 30 days.

In September, due to a P2E gaming tournament with significant in-game NFTs for the winners, Benji Bananas, a game produced by Animoca Brands, had an increase in active wallets of over 2,400% from the previous month.

Sandbox Alpha Season 3 has over 90 experiences, with 4 million people registered with a wallet and over 200,000 daily active users.

In short, Web 3.0 gaming is a relatively young space, but its growth cannot be denied. Web 3.0 gaming can be considered one of the major driving forces behind the increasing interest in the NFT and metaverse space. What will happen next remains to be seen.

By Audy Castaneda

The Chairman of the CFTC Changes his Position about Ether and other Altcoins

Alexander Salazar
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The Chairman of the CFTC Changes his Position about Ether and other Altcoins

After the collapse of FTX, Benham said the future cryptocurrency regulation would only consider Bitcoin a commodity. The chairman of the CFTC will discuss his inaction against FTX and clarify whether they could have prevented its bankruptcy.

Rostin Benham, the chairman of the Commodity and Futures Trading Commission (CFTC), has denied his agency will oversee Ether (ETH) and other altcoins. Regarding future cryptocurrency regulation after the FTX collapse, he suggested they would only consider Bitcoin as a commodity.

According to Fortune magazine, Benham advised FTX to allow clients to trade borrowed money from the company rather than through a broker.

The CFTC agreed on increasing funding and oversight through the Digital Commodities Consumer Protection Act (DCCPA). The law, supported by Sam Bankman-Fried, would expand the authority of the government agency over digital commodity markets. It would also allow them to classify cryptocurrencies and treat Bitcoin and Ether as commodities.

Benham was optimistic about the bill introduced in September, which he views as a considerable step forward. While testifying in the Senate at the time, he said many crypto assets constitute commodities. Under the DCCPA, the expertise and experience of the CFTC make it the ideal regulator for that market.

The chairman of that agency reportedly said last month that he disagreed with Gary Gensler. However, he now seems to be in line with the head of SEC, who only views Bitcoin as a commodity.

Gensler remained silent regarding the status of other cryptocurrency securities but hinted that most crypto assets, including stablecoins, might be securities.

The CFTC Chairman Explains His Inaction after the FTX Collapse

US regulators have often received fierce criticism for delivering clearly-stated cryptocurrency regulations too slowly. Brian Armstrong, the CEO of Coinbase, said in November that it would have been possible to avoid the extent of the FTX collapse. However, he explained that unclear standards drove the global trading volume to currency exchanges.

However, Benham argued that the limited resources of lawmakers to take enforcement action prevented him from doing so. He added that they could not afford to wait any longer.

The chairman of the CFTC plans to discuss his inaction against FTX with the authorities soon. He will also clarify whether his agency could have prevented the collapse of the cryptocurrency exchange.

The Collapse of FTX Teaches Some Lessons to Other Platforms

Rostin Benham also testified before the US Senate Committee on Agriculture, Nutrition, and Forestry about why Congress should act on the FTX collapse.

The chairman of the CFTC told lawmakers he could not comment on possible enforcement actions against FTX. In addition, he said that those cases take time but that they were moving quickly.

He also pointed out that they should anticipate a season of mergers, acquisitions, and consolidations. That would happen while they unravel the financial transactions and relationships between platforms facing liquidity problems.

Benham urged to advance in a regulatory approach to establish protection measures to keep customers safe.

Finally, Rostin Behnam said the lesson implies comprehensive and thoughtful regulation to protect clients and prevent events similar to the FTX collapse.

Meanwhile, Ether is trading at around USD 1,283 and has accumulated a 6.6% gain over the last week. While its daily trading volume is above USD 5.96 billion, its market capitalization s about USD 154.71 billion, according to CoinGecko.

By Alexander Salazar

Canadian Province Halts New Cryptocurrency Mining Projects Until 2024

Audy Castañeda
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<strong>Canadian Province Halts New Cryptocurrency Mining Projects Until 2024</strong>

Canada’s Manitoba province has set an 18-month moratorium on new crypto-mining operations, citing the possibility of the local grid being overwhelmed by new projects.

After the recent decision adopted in New York, a Canadian province, Manitoba, is taking a similar direction. Manitoba is temporarily limiting new cryptocurrency mining projects due to the potential increase in demand for electricity.

According to official reports, the provincial government has established an 18-month moratorium for new operations related to cryptocurrency mining. Thus, they intend to anticipate a possible collapse in the local energy network due to the high consumption of mining projects.

As reported, the measure will not affect existing projects. The aim is to stop new requests for this type of operation in the town, preventing more miners from connecting to the electricity grid. This is so due to the potential negative impact it would have on the community.

At least 17 new operators have filed applications with Manitoba authorities for a total of 370 megawatts of electricity. That exceeds half of the energy produced by the hydroelectric plant that feeds that province and that came into operation this year.

Manitoba is an attractive location for miners due to its cheap energy. Powered primarily by hydroelectric sources, the province has the lowest electricity rates in Canada, after Quebec.

Manitoba Government Questions

The suspension is scheduled to last for a year and a half, ending in 2024. It will not affect the 37 currently active mining operations in the province, according to reports.

Speaking about the decision, Manitoba Finance Minister Cameron Friesen, the government official responsible for state-owned Manitoba Hydro, argued that the often-reduced number of jobs created by these types of operations does not justify the high spending on energy:

“We can’t simply say, ‘Well, anyone can take whatever [energy] they want to take and we’ll simply build dams’. You may be using hundreds of megawatts and have a handful of workers. Manitoba Hydro cannot make discretionary decisions about whom to connect.”

A government review is expected to look at the economic impact of cryptocurrencies and the need for a regulatory framework to approve large new connections to the network, though no timetable is detailed.

The New York Antecedent

In the United States, the New York government enacted a two-year moratorium on PoW mining last week due to concerns about its environmental impact.

For the next two years, only mining based on 100% renewable energy will be allowed in New York. Four months ago, the New York Senate approved a bill that aimed to regulate in a similar way, as an effort to address some of the environmental concerns surrounding cryptocurrency mining.

By Audy Castaneda

Who Can Dethrone the King of Crypto Exchanges According to Experts

Audy Castañeda
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<strong>Who Can Dethrone the King of Crypto Exchanges According to Experts</strong>

Binance accounts for 75% of all exchange volume, which is 8.5 times more than Coinbase.

Binance is the most dominant exchange in terms of trading volume. It accounted for more than 50% of the trading volume in both spot and derivatives before the FTX collapse.

After the collapse of the SBF empire, Binance’s share of overall volume increased. It now accounts for 75% of all exchange volume, almost 8.5 times the second-largest exchange – Coinbase.

In a panel discussion hosted by the Institute of Directors, industry leaders shared their opinion on who could unseat Binance, or what could lead to the downfall of the largest exchange.

Exchanges to Stand Out for Regulatory Concerns with Binance

Jeff Hancock, founding director of the Stanford Social Media Lab and a Professor in the Department of Communication at Stanford University, believes that there is a lot of regulatory arbitrage when it comes to Binance.

He says that “They don’t have an office anywhere; you can’t contact them apart from Twitter. That’s a real problem not only for retail users, but also for many corporate institutions that want to deal with someone local, who has local registration, who has regulatory approval, or a proper compliance team, who has a phone number on their site. Web.”

Will Decentralized Exchanges Dethrone Binance?

Filip Srdoc, the Head of Business Development at Genius Yield, sees no future in any of the centralized exchanges. He explains that “Crypto is here to give you freedom, to be decentralized. I don’t know who can take down Binance or if anyone will, I just don’t think there’s a place for any of that centralized stuff in the future.”

Transparency, Keyword to Master Crypto

Anatoly Crachilov, co-founder of the crypto hedge fund Nickel Digital, believes that centralized exchanges are going nowhere.

“I think whoever can dethrone Binance is really a player who would make an effort to adhere to transparency, beyond what is the current norm, right? Essentially, you want Proof of Reserves, here you go. You want proof of liability, of course. You want Proof of Solvency; we are all in favor. And it’s not done on a yearly or monthly basis, but maybe the technology allows you to run these tests on a daily basis. You can do it pretty much in real-time, and if that’s done, it becomes a whole different game plan.”

Binance May Lose Its Domain if It Fails to Evolve

Torsten Dueing, HANetf’s Head of ETC Platforms, says that he cannot give 100 years of ownership to any company:

“In the 90s we thought we would always have a Nokia phone, and Apple was struggling to survive. Look at that now, no one uses a Nokia.”

Based on Dueing’s opinion, it can be assumed that as the crypto is still a relatively new industry, many new players could rise to the top spot.

By Audy Castaneda

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