Bitcoin Price Might Be around USD 25,473BTC before the End of the Year

Alexander Salazar
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Bitcoin Price Might Be around USD 25,473BTC before the End of the Year

Martin Froehler thinks that the price of BTC will fall to USD 12,000 before rising to USD 40,000 in late 2022. Specialists thought Bitcoin would be worth USD 65,185, but the forecast fell by 61% in a few months.

The price of Bitcoin (BTC) might drop further before the end of the year, according to cryptocurrency and Web3 specialists. They say BTC will reach a low of USD 13,676 in 2022 before ending the year at around USD 25,473.

Martin Froehler, CEO of Morpher, believes BTC will drop to USD 12,000 before rising to USD 40,000. He notes that larger projects may fail due to global economic uncertainty and inflation in the coming months.

Froehler believes that the high-debt Bitcoin miners who digested the massive emigration from China will capitulate and increase downward pressure. Likewise, he predicts that the pioneering cryptocurrency will have lower prices.

The decline that the price of Bitcoin has suffered reflects the situation in the overall market. In line with that, most specialists agree that an official crypto winter has arrived.

The Prediction of the Bitcoin Price and the Crypto Winter

Nobody knows how long the crypto winter will last, but some FinTech specialists believe the market will recover this year. Other experts say that this bearish period will last until 2023 or 2024.

Paul Levy, a senior lecturer at the University of Brighton, thinks the crypto winter will last until the second half of 2023. He forecasts that the price of BTC will be around USD 15,000 by the end of this year.

The educator believes Bitcoin may recover in 2023, creating inflated expectations and further instability. Much of it depends on international events like the war in Ukraine and its impact on global confidence.

Vetle Lunde, an analyst at Arcane Research, thinks the minimum price of BTC will be USD 13,000. However, the expert foresees that it will increase to USD 20,000 by the end of the year.

It Is Necessary to Wait Many Months for the Price Recovery

Asher Tan, the CEO of CoinJar, states there has been a macroeconomic shift toward higher interest rates. That move has negatively affected asset prices, highlighting the dangerous practices of CeFi yield providers.

The specialist believes the situation will take many months to settle, making it difficult to find new bidders to drive sustained growth.

Dimitrios Salampasis, the chief technology officer at Swinburne University, believes the cryptocurrency market is suffering from contagion. He argues that this is due to the high level of interconnectivity and the lack of proper regulation.

Furthermore, he comments that many quasi-DeFi and quasi-CeFi schemes fail to deliver, demonstrating the weak foundations of the cryptocurrency market. He says that cryptocurrencies are susceptible to external market and economic forces.

An Adjustment in the Prediction of the Price of Bitcoin

Average price predictions for BTC plummeted this year. In April, specialists thought Bitcoin would be worth USD 65,185 by the end of 2022. However, the average forecast has fallen by 61% in just a few months.

However, predictions for the value of the cryptocurrency in 2025 and 2030 have dropped less sharply. They have remained above the all-time high of almost USD 70,000 the price of Bitcoin reached in November 2021.

Most specialists agree on long-term bullish price predictions. Fifty percent say it is time to buy BTC, forty percent say they will stay, and ten percent say they will sell their holdings.

By Alexander Salazar

Ethereum Co-Founder Vitalik Buterin Confronts PoS Critics

Audy Castañeda
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Ethereum Co-Founder Vitalik Buterin Confronts PoS Critics

Ethereum co-founder Vitalik Buterin says claims about voting to change Ethereum software are lies. His comments come as three Bitcoiners point to Ethereum as security. Changes to the Ethereum software are governed by the Ethereum Improvement Proposals (EIP).

Ethereum co-founder Vitalik Buterin has lashed out at PoW advocates who claim that Ethereum is Proof-of-Stake due to voters changing the protocol.

Buterin disputed on Twitter a claim by Bitcoiner Nick Payton that changes to Ethereum protocol parameters are determined by voting, something Buterin claims is not true for both Proof-of-Stake and Proof-of-Work Blockchains. “It’s amazing how some PoW proponents just keep repeating the unmitigated bare-faced lie that PoS includes voting on protocol parameters (it doesn’t, just like PoW doesn’t) and this so often just goes unchallenged. Nodes reject invalid blocks, in PoS and in PoW. It’s not hard,” Buterin posted.

He also criticized Payton’s grammar by calling the protocol “security” instead of “securite.” Payton responded sarcastically, asking Buterin how often the protocol will change and how the “Fusion” is progressing.

Michael Saylor Speaks out

MicroStrategy CEO and Bitcoin maximalist Michael Saylor recently said that Ethereum is “obviously” a security. The crux of Saylor’s thesis is the variability regarding the next platform merger.

Saylor argues that any change in a coin’s value or issuance pattern means that the coin or token passes the Howey test and complies with securities laws.

In fact, Buterin himself admitted in a 2014 blog post, announcing the initial Ethereum token sale, that other consensus strategies could be selected in the future that would reduce the issuance rate.

Saylor also argues that an initial token sale challenges the notion of decentralization. He said that Bitcoin is different because no one wants to change the network software.

Changes Now Managed by EIPs

Significant changes to the Blockchain software that affect the rules of the protocol are called “forks.” The latest major change to Ethereum’s software occurred when a decentralized application called The DAO lost $3.6 million worth of ETH, its native asset.

The Ethereum community voted to move funds from The DAO smart contract to another contract, allowing victims to get their money back. Some voted against the fork and formed Ethereum Classic. Since then, the community has decided not to intervene for fear that the decentralization of the protocol will be questioned.

Changes to the Ethereum protocol are currently governed by Ethereum Improvement Proposals (EIPs), standards that describe new features or processes.

A set of guidelines governs them. They are usually written by the developers responsible for collecting and documenting dissenting opinions. If there are enough dissenting opinions and the lack of a clear benefit to the wider community, proposals are usually dropped.

Buterin’s work on Proof-of-Stake began in 2014 in collaboration with Vlad Zamfir.

Author of Books on Bitcoin Attacks PoS

Payton isn’t the only one criticizing Proof-of-Stake. The author of four books on Bitcoin, Jimmy Song weighed in, implying that PoS does not provide decentralized consensus. “Proof-of-stake is the ultimate dog and pony show. You have to vote the way the centralized controllers want or else you lose your money. It’s got all the honesty of a 100% vote in a dictatorship,” Song noted in a recent tweet.

The comment was criticized by both Buterin and Cardano founder Charles Hoskinson. While Buterin chose to be mild in his response, Hoskinson responded angrily, calling Song’s post stupid. “The level of stupidity here is beyond explanation,” Hoskinson posted.

By Audy Castaneda

The Founders of Three Arrows Capital Must Face a Lawsuit from Its Liquidators

Alexander Salazar
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The Founders of Three Arrows Capital Must Face a Lawsuit from Its Liquidators

Creditors want to know whether there has been any movement of funds by 3AC in digital wallets and bank accounts. The hedge fund manager has infected at least one other company in the crypto ecosystem after the stablecoin TerraUSD collapsed.

The liquidators of hedge fund manager Three Arrows Capital (3AC) filed a lawsuit against its founders with the federal bankruptcy judge.

The motion got approval at a hearing when the liquidators of advisory firm Teneo sought to contact exchanges linked to the hedge fund manager. The liquidators of 3AC want to preserve its assets, but Kyle Davies and Su Zhu have helped them, except for some information on a spreadsheet.

Nobody has known about Zhu and Davies since July 9th, and trips to the offices of the hedge fund in late June were fruitless. The employees from nearby companies said they had not seen anyone enter or leave the 3AC premises.

The post office had shoved unopened mail under the closed door of Three Arrows Capital. The attorneys of Zhu and Davies appeared on a Zoom call with advisory firm Teneo but did not answer direct questions.

The Purpose of the Motion to Sue the Founders of 3AC

The idea behind the lawsuit against the founders of 3AC is to disclose that the liquidators now manage the assets. Adam Goldberg, a lawyer for Teneo, said they are looking at fund deposits of funds belonging to the hedge fund.

They want to see whether there has been any movement of funds in its digital wallets and bank accounts. Some third parties have requested compliance with the 3AC rules for the citations.

According to Blockchain security firm Peckshield, Three Arrows Capital had moved a significant volume of cryptocurrencies to the KuCoin Exchange. It reportedly included USD 20 million worth of USD Coin (USDC) and USD 10 million worth of Tether (USDT), which KuCoin denied.

The liquidators created a website for creditors to appeal against 3AC and learn more about the liquidation ordered by the British Virgin Island Court. Two of the first creditors pushing for the liquidation of the hedge fund manager are Deribit and Blockchain.com. For example, Three Arrows Capital borrowed 1,300 BTC and 15,000 ETH from Deribit in March 2020.

The Credit of 3AC spread credit contagion

The attorneys of Teneo said they still do not know the whereabouts of the founders. Zhu and Davies have received violent threats while the Monetary Authority of Singapore investigates them for providing misleading information. Besides, they exceeded the value of assets under their two-term management in 2020 and 2021.

The troubled crypto fund management has infected at least one other company in the crypto ecosystem. That started as credit contagion spread when the stablecoin TerraUSD (UST) collapsed after losing 3AC USD 200 million. Voyager Digital, which lent the company USD 600 million, filed for bankruptcy over the last after suspending all trades and withdrawals.

By Alexander Salazar

Bitcoin Still at One-Week Lows: 62,000 Traders Liquidated in the Market

Audy Castañeda
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Bitcoin Still at One-Week Lows: 62,000 Traders Liquidated in the Market

Traders are very aware of the US inflation data.

New red day for the cryptocurrency market, with Bitcoin at a one-week low, near the $19,000 zone, and Ethereum touching $1,000. The total capitalization has dropped around 100,000 million dollars, to 870,000 million, from 970,000 a few days ago, when the main market currencies experienced a series of bullish days that led digital currencies to rises led by Bitcoin to the $22,000.

However, the market has turned around and a break of $19,500 for Bitcoin may signal that more pain is to come in the digital currency, says Craig Erlam, an analyst at Oanda. Experts point to the lows of June, when Bitcoin dipped below $18,000, as the level to watch for possible falls.

Events Unfolded

Amid the bearish price action, more than 62,000 traders were liquidated in the cryptocurrency market, data from CoinGlass suggests. In the same period, more than 180 million dollars have been settled. Ethereum leads the liquidations with almost 62 million dollars liquidated in the last 24 hours, followed by Bitcoin with 59.95 million dollars and Solana with 3.42 million dollars in the same period.

Total cryptocurrency trading volume has fallen to just over $50 billion, down 86% from its all-time high of nearly $367.6 billion recorded on May 20, 2021, according to CoinMarketCap analytics data. The long-term bearish movement of the Bitcoin price has also forced many miners to unload their holdings to cover operating costs.

Analytic Research Reports Explain the Bearish Action

The main drivers of the bearish action are plummeting cryptocurrency trading volumes, selling pressure from miners, and heightened expectations of another rate hike by the Federal Reserve. Investors will get more clarity on this point after the release of US inflation data on Wednesday. A soft reading on this indicator could give Bitcoin some lift along with stocks, at least temporarily. The line in the sand is probably just below the June lows around $18,500, says Oanda analyst Jeffrey Halley.

The report is likely to show consumer inflation accelerating to 8.8% year-on-year, the fastest pace since 1981 or nearly 41 years. However, the core inflation reading could slow to 5.7%.

“The most important aspect of this data will be how the Fed will perceive this reading and, secondly, how will market players translate this number. As for the Fed, it is very possible that it will continue with its aggressive monetary policy and that a figure strong will only increase the odds of a 75 basis point rate hike,” says Naeem Aslam, head of research at Avatrade.

In regards to inflation, Jamie Dimon, president of JP Morgan Chase, recently said in an interview that the United States is likely to enter a recession before the end of the year, since it is still unknown how much interest rates will continue to rise.

Dimon pointed out that if inflation is close to peaking and then prices could start to fall, but stresses that it is difficult to make forecasts.

By Audy Castaneda

The United States of America Treasury Asks for Public Process on Crypto Benefits and Risks

Jenson Nunez
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The United States of America Treasury Asks for Public Process on Crypto Benefits and Risks

The United States Treasury is looking for highlights regarding the benefits and risks of the crypto space. One of the goals is to achieve the protection of all stakeholders involved. The country has already taken vital steps toward regulation, and stronger laws may arrive this year.

The United States Treasury has revealed a statement saying that it requires comments about the benefits and risks that digital assets might pose for the North American economy. The commentary period will be active until Aug. 8.

According to a statement, the United States Treasury is now looking for comments regarding the benefits and risks digital assets might imply for the American economy. The commentary period will run until Aug. 8, after which the North American Treasury will issue a report that President Biden and his team will study.

The Treasury Would Measure the Pros and Cons of the crypto Sector

The document focuses on many features linked to the crypto market. These aspects might cover the protection of consumers, investors, and businesses, which many government agencies have noted as one of the most prominent priorities.

The United States of America also intends to shield the global financial stability and mitigation of systemic risk, illicit activity, and national security risks.

Concerning the current approval for the crypto market to evolve, the goals primarily focus on putting the United States of America in a leading position regarding digital asset improvements, access to safe and affordable financial features, and the backup of technological advances that encourage responsible development and use of cryptocurrencies.

On the top priority of the sheltering of stakeholders, the statement says that the rise in the use of crypto assets, and differences across communities, may also present a disparity that could lead to financial risk to less informed market participants or aggravate injustice.

The entities have to make sure that digital currencies do not represent undue risks to consumers, investors, or businesses while providing safe financial services to more vulnerable populations.

The statement is yet another step by the Treasury to set their regulations on the crypto market. 2022 seems to be a turning point for the U.S.regarding crypto regulation.

The United States of America Would Focus on Crypto-Regulation

The United States received negative points due to its poor approach to crypto regulation. However, the past two years have seen an unmatched acceleration toward new policies.

The heavy losses that investors experienced during various occasions like the UST decline, the fall of high-profile entities like Three Arrows Capital, and the illegal extraction of crypto by regions like North Korea urged the North American nation to take action on the matter.

The administration clarified that it would allow the market to keep going with its improvements, but it must happen responsibly. The entity has also launched a framework for international cooperation on regulations toward crypto, one of its most prominent movements yet.

Many nations will beg The United States of America for guidance regarding regulation. Fortunately, it seems like the region is willing to let the market exist and carry out its activities through a policy that covers responsibility and balance.

By: Jenson Nuñez

Uniswap Users Lost over $8 Million Worth of Ethereum in a Massive Phishing Attack

Jenson Nunez
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Uniswap Users Lost over $8 Million Worth of Ethereum in a Massive Phishing Attack

A cybercriminal executed a phishing attack on Uniswap users. The users got led into believing that they would acquire free UNI tokens. Phishing is one of the most common kinds of attacks in the crypto environment.

Some individuals employing Uniswap V3 became victims of a phishing attack. The attacker has extracted over 7,500 ETH, worth about $8.1 million.

Many users have lost ETH due to a phishing attack employing the Uniswap V3 protocol. Numerous sources highlight that over 7,500 ETH got extracted during the crime. The event is not related to the Uniswap protocol; it got linked to the victims’ approved malicious operations.

Uniswap under Attack

Binance CEO Changpeng Zhao revealed on July 12 that the exchange noted a potential exploit on Uniswap V3, with the extracted funds getting laundered through Tornado Cash.

Security researcher Harry Denley from MetaMask also expressed that at least 73,399 addresses received a malicious token on July 11, with these users believing that they would get Uniswap items as rewards.

Uniswap creator Hayden Adams also expressed that the cybercrime included phishing and had no relationship with the protocol. He alerted users to be cautious about phishing attacks and take the necessary measures to avoid these malicious activities. The smart contract got already checked, and it appears to work without problems.

The victims received a malicious token (UniswapLP) and got directed to a webpage that said they could swap the item for UNI. The website would then detect personal information and extract funds from wallets. The losses got currently counted for $8.1 million, though those losses might be much higher as more news regarding the attack arrives.

This situation also makes users consider the need for more awareness about phishing attacks. This malicious procedure continues to be a popular method to target unsuspecting individuals, and many entities have been affected.

Phishing Attacks Plague NFT and DeFi Market

There are many methods by which cyber criminals steal crypto in the market, but phishing has become one of the most popular procedures.

American actor and comedian Seth Green became a victim of a phishing attack, losing at least four NFTs valued at more than $300,000. Crypto data aggregator websites have also been targets, including one of the most prominent networks like CoinGecko.

These entities have worked to educate parties about methods to keep themselves safe when it comes to these malicious activities. MetaMask filed a warning highlighting that Apple users were at risk of phishing attacks, and OpenSea’s CEO had to help its users after an attack on the NFT market.

The warning from MetaMask says that if users have enabled iCloud support for app data, this action will include the password-encrypted MetaMask vault. If the password is weak and some bad actor phishes the iCloud credentials, the funds could get extracted.

The warning also arrived with plenty of tips on how users can shield themselves from malicious activity. The safer procedure is for users to disable iCloud support by entering the settings and applying the required changes on the support menu.

By: Jenson Nuñez

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