Ethereum Reaches 2-Year High with No Signs of Stopping

Ethereum continues its uptrend. It climbed up another 8%, breaking the man $400 barrier against the Dollar. It currently stands at a 2-year high of above $430, with analysts predicting that it is highly likely to continue reaching even higher values. After a relatively stable few sessions, Ethereum managed to surpass the $390 level against the US Dollar. Soon after, it settled significantly above the 100 hourly simple moving average at $432.

Some Analysts Predict a Surge Towards $600

According to Teddy Cleps, Ethereum could surge by another 50 percent by the end of 2020. He spotted Ethereum inching towards a price ceiling that historically prevented it from making further upside moves.  This level has proven to serve a great service before, during Ethereum’s correction back in 2018. He also said that if this crypto manages to break above the price ceiling, it could kickstart a new massive buying spree. If this happens, Ethereum could surge by as much as 50 percent.

With all of this in mind, many analysts are also wary of a potential DeFi bubble burst. It appears to be overblown against the possible valuation of the startups that it features. This can potentially lead to a new frenzy, similar to the one we saw in 2017, with the now notorious ICO frenzy. During that time, the price of Ethereum crashed dramatically, losing 94 percent of its value following the bubble burst.

So, what can holders do to avoid losing money in case of another burst? In truth, not much. The best way to avoid problems like these is to carefully follow the latest technical indicators. As of now, the main support is forming around the $400 level, the most recent breakout zone. The next major resistance to observe is at the $435 level, above which the crypto is likely to continue towards the $450 mark in the short term. If the currency manages to stay stable at the $420 level, it could start a new upswing above the $430 level.

Will There Be Any Dips Soon?

If the currency drops below the $420 support level, we could see it correct even further. If this happens, the first major level support is near $405. Its most recent jump in value was strongly supported by the massive growth of Ethereum-based stablecoin and decentralized finance tokens.

In addition to this, a few days back, Ethereum transactions shot through the roof due to record demand. And, after the collapse of Yam Finance, Ethereum transaction fees have dropped by as far as 60 percent. All of this goes to show that solutions for Ethereum and the entire market are still needed in the long run.

US Federal Reserve Researching Possibilities for a Digital Dollar

A few days ago, Federal Reserve Board Governor Lael Brainard came out with a detailed description of the Fed’s research and plans in the potential development of a central bank digital currency, also known as a Digital Dollar. She said that the central bank has been conducting studies over the past few years to determine how a centralized digital currency might affect the current payments ecosystem, monetary policy, the banking sector, and overall financial stability. With that in mind, here’s what we know so far.

Lael Brainard’s Latest Notes

In the speech she held at the Federal Bank of San Francisco headquarters on August 13th, Brainard said that “Given the dollar’s important role, it’s essential that the Federal Reserve remains on the frontier of research and policy development regarding the U.S. central bank digital currency (CBDC).” She later continued by saying “As part of this research, central banks are exploring the potential innovative technologies to offer a digital equivalent for cash”.

In her speech, Brainard also addressed the ongoing situation from her perspective. She cited that the COVID-19 pandemic was one of the most significant issues that reinforced the need to create immediate and trusted access to funds. She said that the ongoing crisis is a dramatic reminder of the importance of a resilient and trusted payment infrastructure that is accessible to all Americans.

She also noted that recipients of stimulus funds spent these funds quickly, which indicates the need for urgent access to funds. “It was notable that after a sharp reduction in spending early in the COVID-19 crisis, many households increased their spending starting on the day they received emergency relief payments.”

Brainard said the existence of other private cryptocurrencies as well as CBDCs, only underscore the importance of addressing and evaluating the cryptocurrency market. “Digital currencies, including central bank digital currencies present opportunities but also risks associated with privacy, illicit activity, and financial stability. This prospect has intensified calls for CBDCs to maintain the sovereign currency as the anchor of the nation’s payment systems.”

Previous Experimentation with the Digital Dollar

The recent research plan for a digital dollar doesn’t exactly come out of the blue. The potential benefits of a digital dollar have been discussed multiple times in the past. Just last November, the Federal Reserve said that the US central bank is carefully analyzing all of the potential costs and benefits of such currency. During that period, the regulator was focused on analyzing the possible effects the digital dollar would have on user privacy and consumer protection.

While we don’t know how far exactly the Federal Reserve has gotten in its experimentation, the Federal Reserve is working with several researchers, including those from MIT, to build and test all of the hypothetical issues of this digital currency. The regulator also said that the code used in these experiments will be open-source at some point in the future, so the general public can also experiment with it.

Even the idea of a digital dollar that would be used to distribute emergency funds is not new. The US Congress has been thinking about this plan since at least March, as far as it is publicly known. With all of this said, no concrete steps have been taken to create a blockchain-based central bank digital currency in the country.

How Far Are We From Mass Crypto Adoption?

No government can stop or control Bitcoin transactions. This has been one of the main selling points of cryptos since the first day they appeared. In today’s world, cryptocurrencies have established a strong user base among tech geeks and users who highly value the privacy of financial information. This is true all over the world, even in countries like Russia, where independent politicians and activists are currently using crypto markets to raise funds and fund activists.

But, while crypto advocates and freedom fighters may sing praises for Bitcoin all they want, the reality is that cryptos won’t be able to replace centralized legacy systems until the masses switch to them. So, how far are we from mass crypto adoption? Continue reading to learn.

Too Difficult for Average Users 

Just like any new quality invention and technology, cryptocurrencies have garnered strong support from tech-savvy users. But, what’s halting them to become more widespread is mass adoption from average users. The crypto market is confusing, difficult to understand, and comes with a lot of information. The trading platforms are unintuitive and unlike anything else found in the real world of finances. For the ordinary user, who wants a convenient and straightforward payment method, this is just too much to handle and combines for an unpleasant experience.

various cryptos

With this in mind, when there is a lack of understanding, there’s also a lack of trust. Newbies who are looking to get into the market are overwhelmed with confusing information on financial forums. So much so, that they build up a distrust towards all of it, up to the point that they view all information as spam and scam attempts. On top of this, there’s the prevalent issue of real scammers. Skilled cryptocurrency users with technical skills often know how to take advantage of uninformed users who are just venturing into the market.

Fiat Currency Still Much More Practical

Aside from the technical standpoints we talked about above, there’s one more issue hindering the mass popularization of cryptos. This issue is present with every cryptocurrency, even Bitcoin, and it’s that it tends to specialize only in a narrow niche. For example, Bitcoin is a great way to store and safeguard your savings. Still, it’s a relatively unsupported payment option in the real world, despite being on the market for eleven years.

For this reason, fiat currencies still maintain a strong position over cryptocurrencies. A big part of this problem is that the most significant part of the general public still relies heavily on legacy institutions. They feel that they get everything from legacy finance and don’t think that switching to cryptos will bring them any significant benefits.

With all of this said, the deteriorating economic conditions all across the globe might open the door for more mass popularization and convince people to adopt crypto in the future. One thing is sure. The cryptocurrency industry still faces a lot of challenges. The way they address these adoption issues will play a deciding role in user adoption in the next years.

Celebrity Profiles Used for a Large-Scale Bitcoin Twitter Scam

Twitter was never regarded as an unbreakable social media service, but on Wednesday, July 15th, its security platform suffered a meltdown that affected dozens of influential accounts. The primary motivation behind the attack was to promote a wide-reaching Bitcoin scam. Here’s everything we know so far about this large-scale meltdown.

What do We Know about the Bitcoin Scam

A mass takeover of Twitter accounts began at 19:00 UTC, infiltrating the accounts of some of the most prominent crypto advocates among celebrities and politicians. About an hour after this, the hack went mainstream, starting with Elon Musk’s Twitter account.

bitcoin celebrity scam

Soon later, people like Bill Gates, Kanye West, and Michael Bloomberg also joined the party. Jeff Bezos showed up and an hour later and promised $50 million in his tweet. Even Joe Biden and Barrack Obama couldn’t resist promoting this event from their official accounts. All these accounts posted the same message in a span of only a few minutes apart. By 21:00 UTC, the attack moved from to tech companies, causing the most damage to Uber and Apple.

After the attack stopped soon after, most of these tweets were promptly deleted, as the platform’s staff began restoring accounts to their users. Twitter support stated in response to this incident, claiming that this was a “coordinated social engineering attack.”

One of the biggest reasons why this breach happened is the centralized nature of this platform. In addition to this, many security experts are claiming that Twitter employees have “god mode” access to any account on the platform, and can tweet from any user profile. If they’re right, it could explain why hackers could infiltrate so many Twitter accounts without much trouble, even those that have two-factor authentication set up for their profiles.

Soon after all of this happened, analysts determined that the hacked accounts collectively had at least 140 million followers. As news of this meltdown spread across the Internet, this social media platform also experienced a significant plunge in value. Twitter’s stock value dropped 4% in the immediate after-hours of this incident.

Once Bitcoin is Gone, It’s Gone

As an electronic currency, Bitcoin operates exclusively online. You can send it from any device you wish, from anywhere in the world. But, there’s one catch to it that makes problems like this Twitter scam very troublesome. Once this cryptocurrency is off of your account, you can’t get it back. Since there is no intermediary in Bitcoin transactions, once the money is in someone else’s pocket, that’s it.

How Can Bitcoin be Traced?

This scam opened up another discussion on tracking and tracing Bitcoin transactions. With that in mind, although such transactions aren’t confiscable by any middlemen, they can still be tracked and traced. With a little know-how, we can see the ins-and-outs of cryptocurrency transactions, with the details of this one likely to appear in the following days.

If anything, this latest scam has taught us a valuable lesson in financial responsibility. Regardless if you use fiat or cryptocurrencies, it’s paramount to stay safe and be wary of any promises, no matter which direction they’re coming from.

Why India Is Poised For Explosive Bitcoin Growth

In March, India’s Supreme Court overturned the banking restrictions for crypto exchanges. This significant shift in tides opened the door for an explosion of growth on the Indian crypto exchange market. With banking being bank on track, exchanges are slowly reviving, and the crypto market is steadily ramping up again. In this short but detailed article, we’ll talk about why all Bitcoin bulls are predicting explosive growth in India.

BTC and ETH Leading the Ramp Up

With the Coronavirus-caused global lockdown which has affected India as well, many Indians who are staying inside are using this time to invest in new streams of revenue. The two most popular avenues among Indian investors are gold and cryptocurrencies. When speaking of the latter, many exchanges operating in India have recorded spikes in new registrations. Tech-savvy users who closely follow the crypto market have found that now is the right time to diversify income and increase crypto holdings.

Moreover, two of the most popular cryptocurrencies, Bitcoin and Ethereum, have experienced solid growth over the past few months. Ethereum, in particular, has been looking promising since the start of the year. With 2020 being only halfway through, this year could be especially significant for this cryptocoin.

The Revival of Cryptocurrencies in India

Bangalore has been dubbed as “India’s Silicon Valley,” and for a good reason. With more tech workers in the city than in entire populations of some countries, Bangalore is a tech hub with no shortage of technically skilled people. The city leads the way in crypto-related job postings. This trend will only continue to rise now that the significant legal battles have been decided in favor of cryptocurrencies. One of India’s leading crypto exchanges, Unocoin, is already serving thousands of active users, with around 400,000 users that have already gone through the know-your-customer process on this exchange.

Why Every No-coiner Should Listen to the Latest Bill Bert Podcast

Anthony Pompliano is a well-known and trusted Bitcoin bull. Bill Burr and Bert Kreischer are two comedy legends who run a podcast for fun. So, what do Bill and Bert have in common with Pompliano? Not much, aside from their capability to shift the tide of the crypto market just by one video call podcast.

Episode 20 of the Bill Bert Podcast, in which the duo hosted Pompliano, has garnered substantial interest and captivated many listeners with an entertaining and educational approach to the topic of cryptocurrencies and Bitcoin. If you want to get into the crypto market, but are wary of the financial danger, you should read this article.

Interesting Takeaways from the Pompliano Episode

It’s no secret that the fiat system is relatively unstable and fragile. The leading proponents of Bitcoin and cryptocurrencies in general often talk about this when comparing the benefits of using cryptocurrencies over fiat currencies.

While discussing with the two comedians about this topic, Anthony Pompliano briefly mentioned the currently on-going crisis in Lebanon. In short, the Lebanese pound experienced a dramatic downturn, crashing nearly 50 percent against the dollar in just ten days. While drastic currency fluctuations have happened in many unstable countries over the years, over the past decades, Lebanon has had a reputation of being a very politically stable government.

To be completely objective, such problems have been on the horizon for the country. Being a net importer relying on debt management and printing money, Lebanon has been going in this direction for a few years. But, when the crisis began in October 2019, few could predict that this Middle Eastern gem could find itself in such a frightening situation.

Another high point that Pompliano touched on was that no one could print more Bitcoin or control its value. As long as both parties in the transaction believe that the crypto coin has value, then it has value. As a conspiracy theory extraordinaire, Bill was sold by the fact that no country can control or manipulate the value of Bitcoin.

As the hour and a half long episode went on, Bill and Bert seemed to switch from being no-coiners to enthusiastic potential Bitcoin investors. Bill, in particular, looked like he was soaking in the info. And, in his classic over the top trademark comedic style, convinced all of us listeners like he’s intent on breaking the bank and becoming the newest Bitcoin bull.

Shifting the Tides

Even though cryptocurrencies have been present for quite some time now, they have had a reputation of being unreliable and unpredictable. Due to their complex nature, crypto coins still haven’t managed to grab the interest of the broader population. This is the biggest reason why the crypto market hasn’t yet garnered widespread acceptance.

During the conversation, Pompliano highlighted how Bitcoin has only gone up in the overall scheme of things. From its initial value of less than a penny to today’s worth of $9k, the leading cryptocurrency has only grown as its market demand increased over the years.

That said, no matter that the Bill Bert Podcast is one of mostly entertainment value, the great comedic duo could make an impact in changing the tide in the minds of a lot of their listeners who are no-coiners. A lot of credit also goes to Pompliano, who showed his extensive knowledge, while presenting the most crucial concepts of cryptocurrencies concisely and straightforwardly.

Episode 20 of the Bill Bert podcast was not only very entertaining to watch, but might have kicked off a substantial tidal shift and motivated a lot of people to get into the world of cryptocurrency trading. If you liked this article, we recommend you to watch the entire episode of the podcast and get even more detailed information.