The total crypto market cap stayed above the $158.0B support and climbed above $165.0B.EOS price is climbing higher and it recently broke the $5.40 and $5.50 resistance levels.Bitcoin cash price is back above the $300 resistance with a positive structure.Tron (TRX) price found support near the $0.0260 level and recently recovered higher.Cardano (ADA) price is slowly moving higher towards the $0.0900 resistance level.The crypto market started a fresh increase, with bullish moves in bitcoin (BTC) and Ethereum (ETH). EOS, BCH, ripple, tron (TRX), ADA, BNB and other altcoins are slowly moving higher.Bitcoin Cash Price AnalysisRecently, we saw a downside correction in bitcoin cash price below the $280 level against the US Dollar. The BCH/USD pair tested the $260 support and recently recovered. It broke the $290 and $300 resistance levels to move back in a positive zone.The price is currently trading with a positive bias and it may continue to rise towards the $305 and $310 resistance levels. If there is another correction, the price might find bids near the $295 or $290 support.EOS, Tron (TRX) and ADA Price AnalysisEOS price recovered nicely after it settled above the $5.25 resistance area. The price gained traction above $5.40 and climbed more than 4%. It is currently trading with a positive angle above the $5.50 level and it may continue to rise towards the $5.60 and $5.65 resistance levels.Tron price corrected lower this past week below the $0.0285 and $0.0290 support levels. TRX price tested the $0.0260 support area, where buyers emerged. Recently, the price recovered and moved above the $0.0270 level. It could gain pace if bulls clear the $0.0275 and $0.0280 resistance levels.Cardano price is currently trading nicely above the $0.0800 support level. ADA price is up around 2% and it moved above the $0.0840 level. The current price action is positive and it seems like the price might climb higher towards the $0.0900 resistance level. The main resistance is at $0.1000, where sellers struggled this past week.Looking at the total cryptocurrency market cap hourly chart, there was a sharp downside correction from the $180.0B area. The market cap declined below the $170.0B support and tested the next key support near the $160.0B level. A swing low was formed at $158.0B and later there was a fresh increase. The current structure is positive since the market cap moved above the $160.0B and $165.0B levels. An immediate resistance is near the $170.0B level, above which the market cap could move higher towards the $174.B level. On the downside, there are many supports near the $160.0B level. Therefore, dips remain supported in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA and other altcoins.
Archives for April 14, 2019
ETH price declined towards the $160 support against the US Dollar, where buyers took a stand.The price recently recovered and traded above the $165 and $166 resistance levels.There was a break above a contracting triangle with resistance at $164 on the hourly chart of ETH/USD (data feed via Kraken).The pair is currently gaining momentum above $165 and it is placed nicely above the 100 hourly SMA.Ethereum price gained traction from the recent lower versus the US Dollar and bitcoin. ETH is trading with a positive bias above $164 and it may continue to rise towards $172 and $174.Ethereum Price AnalysisThis past week, we saw a major downside correction below the $170 support in Ethereum price against the US Dollar. The ETH/USD pair declined below the $165 support and tested the next key support at $160. Buyers appeared and protected further losses below $160. A support base was formed and recently the price recovered above the $165 resistance. There was a break above the 23.6% Fib retracement level of the last decline from the $185 high to $160 low.More importantly, there was a break above a contracting triangle with resistance at $164 on the hourly chart of ETH/USD. The pair also settled above the $165 resistance and the 100 hourly simple moving average. The price tested the $170 level and it is currently placed nicely above the $165 level. An immediate resistance is near the $172 level. It represents the 50% Fib retracement level of the last decline from the $185 high to $160 low. If there are further gains, the price could test the $174 resistance area (the previous support).The current price action is positive and if there is a minor decline, the price could test the $165 support. The 100 hourly SMA and the $165 support area likely to act as a strong buy zone. Below $165, the price could revisit the $160 swing low. On the upside, a clear break above the $174 level is must for a push towards $182 and $185.Looking at the chart, Ethereum price is showing positive signs above the $165 level and the 100 hourly SMA. As long as the price stays above $165, there are chances of more gains above the $172 and $174 resistance levels in the coming sessions. However, there could be a strong selling interest near the $172 or $174 resistance, and the price might correct lower again.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.Hourly RSI – The RSI for ETH/USD is now well above the 60 level, with a bullish angle.Major Support Level – $165Major Resistance Level – $174
Bitcoin’s out-of-the-blue bounce over the $5,000 mark this month has prompted some predictable pontificating from price-obsessed people within and outside the cryptocurrency community.
Investors who are long-cryptocurrencies have gleefully pronounced that the Crypto Winter, which began when bitcoin’s bubble burst at the end of 2017, is now mercifully over. The most optimistic are forecasting a rerun of bitcoin’s fall 2015 bounce from its prior post-bubble collapse, which sent it not only back above its 2013 high of $1,150 but all the way to a December 2017 peak of $19,500.
At the same time, bitcoin skeptics have pointed to the seeming lack of fundamental news behind the price rise and declared it meaningless. Typical of the genre, Matt Novak at Gizmodo penned an angry screed titled “Bitcoin Surges 15% Overnight Because Nobody Learned Their Lesson After the Last Crash.”
One of Novak’s insights: “To be clear, bitcoin is absolutely worthless by any real measure. It’s fake money that’s about as practical to use in the real world as Monopoly bills.”
Readers won’t be surprised to hear that I disagree with Novak’s simplistic rant. But I’m also turned off by the knee-jerk cheerleading from crypto traders whenever bitcoin’s price bounces.
There’s something fundamentally wrong with reducing the measure of bitcoin’s worldwide importance to a price metric that’s denominated in a fiat currency that its advocates hope to replace. It pushes the debate into an inane all-or-nothing binary set of predictions: bitcoin is either going to zero or “to the moon.”
What matters is that 10 years after an unidentified software engineer created it, this decentralized system for recording sequences of transactions continues to do its job, block after block, with no authority in charge, no user able to alter past transactions, and no person or entity able to shut it down.
The more this goes on, the more it reinforces the powerful vision behind bitcoin: a peer-to-peer, disintermediated system for exchanging value around the world. And in that context, we can also think of bitcoin the cryptocurrency – differentiated from bitcoin the system – as a unique, provably scare digital asset that expresses the overall value in that vast potential.
Bitcoin is valuable because it exists
A point that’s lost on critics like Novak is that the longer bitcoin simply survives – in the face of the $90 billion valuation that stands as a de facto bounty for hackers to try to take it down, compromise its security or corrupt it – the more its overall value is confirmed.
Bitcoin is progressively proving itself to be an unstoppable, digital system of global exchange, one that functions outside of the traditional national government-mandated system of currency and banking. That status is what gives bitcoin its value.
Of course, the global impact of the bitcoin value exchange system, and therefore its worth to humanity, will be significantly enhanced if adoption advances to a much wider scale and it is used frequently in the world’s transactions. And, yes, a great deal of development work is still needed if it is to ever reach that point.
(Some recent technological leaps such as the Lightning Network and the emergence of decentralized, non-custodial asset exchange technologies offer hope that this scaling challenge can be achieved, though nothing is guaranteed.)
However, widespread adoption in payments is not necessary for bitcoin to have value. To understand why that’s the case, it’s useful to think about gold, to which bitcoin is often compared.
The power of common belief
Similar to bitcoin, gold is a mutually agreed store of value that, for all intents and purposes, lies outside the control of nation-state governments and banks. It’s not widely used as a day-to-day currency, but it does enjoy a widespread, shared belief in its value.
Where does gold’s value come from? The answer is somewhat tautological: it comes from that same widely held belief, from a shared understanding in gold’s capacity to function as a depoliticized global system of exchange that’s free of manipulation. Sure, we tend to think of gold in terms of its material qualities: that it’s durable and that it’s shiny in a way that connotes beauty. But its lasting worth really derives from the more esoteric notion that human beings have for a long time deeply held a shared belief in its value.
That belief has turned gold into a system for protecting property, a system used through the centuries by refugees, dissidents and investors for moving and storing value and for hedging against lost spending power. That we now have a digital version of this concept, one that’s designed for the borderless, internet-shaped world of the 21st century, is a big deal.
When dealing with debates over bitcoin’s value, it’s also worth going a little way down the rabbit hole of thinking about what money actually is. Not everyone agrees on a definition, but I think it’s useful to think of money as a societally agreed system for storing and exchanging value. The system has to have certain properties for people to reach this agreement – it must fungible, durable, transferable, divisible, etc. – but it’s the agreement itself that gives it its value.
Here, too, is where many of bitcoin’s detractors get lost.
Fixating on the misplaced idea of money as a thing, they exclaim that bitcoin can’t have any value as it isn’t backed by anything. This, of course, also misses the fact that it is backed by the energy and other resources that miners spend to do the computational work needed to secure the bitcoin ledger.
But the bigger point is that bitcoin’s value, as with all forms of money, comes from the existence of a wide agreement in its potential use as a store of value and medium of exchange.
In bitcoin’s case, the agreement is arguably one that involves 35 million people, if Cambridge University’s latest survey of authenticated users is to be believed. This large level of participation is essentially why bitcoin holds a much greater value than the altcoins that are forks of its code.
So, this is why bitcoin at $5,000 is important, not because it’s a sign of that new investors are coming to push up its price again, but because it validates the core proposition of bitcoin’s resilience and promise.
Bitcoin puzzle via Shutterstock
Crypto hedge fund traders were not immune to bitcoin’s downright frigid bear market. Just look at Polychain Capital, whose assets under management (AUM) fell to $591.5 million at year-end 2018, according to a regulatory filing cited in the Wall Street Journal.
Investors Stay Put in Polychain Capital’s Fund
The San Francisco-based crypto hedge fund boasted $1 billion in assets as of February 2018, which in addition to cryptocurrency included unspent cash pledged by investors and equity holdings in companies, Fortune reports.
The value of Polychain’s AUM, however, tumbled nearly 40% between April and December 2018 when the bear market gripped bitcoin. Importantly, Polychain’s AUM shrunk due to a drop in the “value of its holdings,” not because of investor withdrawals, the filing points out. The decline was also less severe than the broader crypto market, whose “aggregate value” narrowed by 70% in the same period.
Crypto Hedge Fund Suffers a Bitcoin Bear Market Casualty
Polychain, which is led by Olaf Carlson-Wee, entered the crypto hedge fund market in 2016. It was one of the earliest funds to invest in cryptocurrency instead of company equity.
The firm oversees five funds: Polychain Ventures, Dfinity Ecosystem Fund, Polychain Master Fund, Polychain Master Fund II, and Polychain Opportunities Fund I.
Meanwhile, Polychain’s weak performance in 2018 didn’t come without any casualties, reportedly costing founding principal Ryan Zurrer his job, according to The Block.
Bitcoin’s Bull Market Could Be a Game-Changer
Polychain Capital’s AUM crash comes at a bad time for a crypto hedge fund industry that’s still in the early stages of growth. An October 2018 report by Crypto Fund Research said that of the 600 hedge funds that were expected to hit the market last year, 20% would focus on cryptocurrencies.
In 2017, 16% of new hedge funds were dedicated to crypto assets, up sharply from 3% in 2016. The report went on to state that there are a total of 303 crypto hedge funds with AUM of less than $4 billion.
It wouldn’t be surprising to see a slowdown in the number of crypto hedge funds launched. Investors might look to traditional investment vehicles to avoid burning their hands if the bears regain their footing.
On the other hand, the bitcoin price has shot up remarkably year-to-date.
Another upside to the bitcoin price rally is that the value of Polychain Capital’s assets could capture some of that upward momentum. All is not lost for this crypto hedge fund despite troubling times last year.
Although in many ways Bitcoin (BTC) and other cryptocurrencies could pose significant competition to PayPal, one member of the company’s board of directors recently laid out a case for where he sees the cryptocurrency heading next, notably saying that he believes there is a good chance Bitcoin succeeds and garners widespread adoption within the next decade.Wences Casares, the CEO Xapo – one of the largest cryptocurrency custodian solutions – and a PayPal board member, laid out this overwhelmingly bullish case for Bitcoin in a recent blog post, noting that its value could surge by as much as 250x in the future.Casares: Bitcoin (BTC) Has At Least a 50% Chance of SucceedingCasares, who has been outspoken about his support for Bitcoin and the crypto markets in the past, shared his thoughts on where he sees the nascent technology heading next in a recent post on the Kana and Katana blog, laying out a strong case for why most portfolios should allocate up to 1% of their holdings to Bitcoin.In this post, he points to growing adoption, a constant influx of new investors, and a significant surge in transaction volume since its inception as just a few reasons why the digital asset has at least a 50% chance of succeeding.“After 10 years of working well without interruption, with more than 60 million holders, adding more than 1 million new holders per month and moving more than $1 billion per day worldwide, it has a good chance of succeeding. In my (subjective) opinion those chances of succeeding are at least 50%,” he explained.Despite this, Casares also explained that despite the strong fundamentals surrounding Bitcoin, he does believe that the chances of it failing are at least 20%.“Bitcoin is a fascinating experiment but it is still just that: an experiment. As such it still has a chance of failing and becoming worthless. In my (subjective) opinion the chances of Bitcoin failing are at least 20%,” he said.If Bitcoin Succeeds, Its Value May Surge to As High as $1 MillionAlthough he remains clear in his assessment that Bitcoin is still in an experimental phase, and as such there remains significant risk in investing in it, Casares also notes that if the cryptocurrency does succeed and reaches its full potential, its value may surge, bringing the price of each BTC to over $1 million within the next decade.“In my (subjective) opinion those chances of succeeding are at least 50%. If Bitcoin does succeed, 1 Bitcoin may be worth more than $1 million in 7 to 10 years,” he noted.Considering this analysis and the massive potential Bitcoin has of garnering widespread adoption and surging in value, embattled investors may take some solace in the strong possibility that BTC will one day surpass its all-time-highs.Featured image from Shutterstock.
As put by countless stakeholders and commentators on Twitter and Reddit, crypto assets are much like sports teams. In other words, investors will stop and nothing to see their favorite projects succeed, whether it be Bitcoin (BTC), Ethereum (ETH), XRP, or what have you.Interestingly, over recent weeks and months, the Ethereum camp has come under pressure across the board. The “World Computer’s” cynics claim that the blockchain’s development is falling well behind schedule. But is this really the case?Related Reading: Crypto Research Claims Ethereum PoS Unsustainable, Vitalik Hits BackEthereum Losing Dominance?In a recent episode of Laura Shin’s “Unchained” podcast, Vitalik Buterin was surprisingly candid about Ethereum, his brainchild. As reported by NewsBTC previously, the Canadian-Russian programmer affirmed that it isn’t out of the realm of possibility that the Ethereum Blockchain sees its traction slip in the years to come.In response to an inquiry on the subject matter, Buterin claimed that “it’s kind of inevitable and unavoidable” that the project sees its hegemony in the smart contracting space slowly dwindle away, specifically as a result of time and development. Buterin is far from the first to have made this claim.Earlier this year, Fred Wilson, the co-founder of crypto-friendly Union Square Ventures, took to his world-renowned blog to claim that he expects to see Ethereum’s space in this ecosystem challenged by new competitors in 2019. This quip was followed by a near-identical comment from Kyle Samani, a partner at industry investment group Multicoin Capital, shortly thereafter. Samani specifically stated that the percentage of total developers work shift from Ethereum to newer platforms, such as Cosmos and Polkadot.Most recently, Tetras Capital’s Alex Sunnarborg took to Forbes to continue this narrative, claiming that the layoffs at ConsenSys, lack of users on Ethereum-based applications like Augur, and the overvaluation of certain ICOs are signs that the project is losing momentum and steam.And this is the thesis that the project’s critics have latched onto, leading to a large influx about the cohesiveness of the Ethereum team. This was only recently cemented by a series of developer debacles. One, in particular, saw prominent Parity developer Afri Schoeden leave his stint to create a project known as Dothereum.Creator Vitalik Buterin Keeps Head HighIn a recent Reddit thread, however, Buterin finally spoke out against “FUD.” The cryptocurrency entrepreneur claimed that the Prysmatic, Lighthouse, Ethereum 2.0 (Serenity), and so on and so forth are “still continuing work right on schedule.” He added that the recent governance concerns and shakeups have had no effect on Ethereum 2.0, not “by even a single day.” Buterin concluded:“State channel and Plasma and ZK rollup devs are similarly steadily moving forward, as are the 1.x rent proposals. The existing 1.0 clients are being tirelessly upgraded to better handle the load of the current chain, with a huge victory a few months ago in dropping uncle rates as well as constant improvements in block propagation. When you’re making a bet on the ethereum ecosystem, it’s those silent armies you are betting on.”Featured Image from Shutterstock
Tech billionaire Elon Musk may be on the fringes of crypto, but he’s no outsider. Many Americans may have heard of bitcoin by now. Only the tribe, however, knows about the legal conflicts that surround the identity of Satoshi Nakamoto. Musk is keenly aware of what’s happening in the crypto ecosystem, and the Tesla CEO just proved it.
King Cobie, the self-proclaimed “founder of crypto Twitter,” attempted to lure Elon Musk into the Satoshi-infused fight on the social media platform. Rather than take the bait, Musk out-tweeted the crypto Twitter master, suggesting that he and bitcoin are united by neutrality and saying:
“Cryptocurrency is my safe word.”
Cryptocurrency is my safe word
— Elon Musk (@elonmusk) April 13, 2019
King Cobie joked that his tweet just got ratioed.
Elon Musk Finds Refuge in Bitcoin
Musk circumvented the battle that’s been unfolding on Twitter, a war that has wrangled in the likes of Binance CEO Changpeng Zhao, who says he typically refrains from engaging in such debates. Musk, who is also the founder of SpaceX, is too busy with things like building rockets to take sides. Nonetheless, the tech entrepreneur has already tipped his hand to his feelings about crypto.
The U.S. SEC is hot on Musk’s tail for allegedly sharing material information about Tesla’s financial future on Twitter, charges that have since been settled. While bitcoin has been deemed similarly controversial by the securities watchdog, Musk seems to find crypto a reprieve from the red tape that he must navigate as Tesla’s defacto marketer in chief. If crypto is his safe place, the car industry must be a minefield.
Elon Musk is no stranger to the perils of social media that have now reared their head on crypto Twitter. It’s no wonder he’s staying out of it.
The crypto controversy surfaced in response to Craig Wright’s claim that he is Satoshi Nakamoto. This angered many on crypto Twitter where the #CraigWrightIsAFraud hashtag took off, fueled by users such as @Hodlonaut. The fraud accusations angered Wright and fellow Bitcoin SV advocate Calvin Ayre, who are looking for a mea culpa from @Hodlonaut, whose identity similar to Satoshi Nakamoto is a secret.
For those not following along, Craig Wright has started sending legal threats to individuals who point out that he backdated and forged documents to support his claim of being Satoshi. CZ threatens in response. Bullies getting bullied. I hate bullies. https://t.co/EXqppCtvSQ
— Ari Paul ⛓️ (@AriDavidPaul) April 12, 2019
@Hodlonaut has since deleted his Twitter account, and Wright has threatened to sue him in a British court, where the case is less likely to be dismissed versus the U.S. The crypto community has rallied around @Hodlonaut, saying there’s no evidence that Wright is the real Satoshi. There is also a crowdfunding effort to raise funds to cover the legal fees that @Hodlonaut must dole out defending himself against Wright. The fund has already surpassed its goal, attracting nearly $30,000.
— elizabeth stark (@starkness) April 12, 2019
It might become tougher for Elon Musk to keep crypto as his safe place.
Bitcoin (BTC) and the crypto markets have continued to express increasing stability and have not yet made any large price movements despite it being a weekend trading session with lower-than-average trading volume.It is important to note that Bitcoin and the aggregated markets have seen continuously declining trading volume over the past seven days, which may signal that the markets are gearing up for a large price swing in the near future.Bitcoin (BTC) Slowly Advances Past $5,100 as Volume DeclinesAt the time of writing, Bitcoin is trading up marginally at its current price of $5,115, up from its 24-hour lows of $5,050. It is important to note that BTC is currently trading at its daily highs, but declining trading volume may jeopardize the strength of any further upwards movements.Bitcoin’s trading volume is currently at under $10 billion, down from its weekly highs of nearly $20 billion. This declining volume may lead to greater levels of volatility in the near future as BTC appears to be forming a consolidation pattern around its current price levels.The overall crypto markets have also witnessed declining trading volume over the past week – dropping to its current levels of just over $30 billion from its seven-day highs of over $60 billion.Analyst: BTC Likely to Continue Leading Crypto Markets in Near TermJosh Rager, a popular cryptocurrency analyst on Twitter, contrasted Bitcoin’s chart and the overall crypto market cap chart in a recent tweet, explaining that he looks towards BTC’s chart over the total market cap chart when assessing possible trades, as it currently dominates the majority of the markets.“Therefore, when it comes to market forecast, I look at the Bitcoin chart first before serious investments & trades (it makes up 50%+ of the MCAP atm.) Then research Ethereum, followed by altcoin charts/volume (ETH chart is relative at times as it can lead Alts but not always,)” Rager explained.Therefore, when it comes to market forecast, I look at the Bitcoin chart first before serious investments & trades (it makes up 50%+ of the MCAP atm)Then research Ethereum, followed by altcoin charts/volume (ETH chart is relative at times as it can lead Alts but not always)— Josh Rager 📈 (@Josh_Rager) April 14, 2019Moreover, Rager later explained that the spike in volume in the total crypto market cap last week does not appear to be bullish, but it does seem to show a renewed interest in the markets from individual investors and traders.“Currently, don’t see the extreme bullishness in Total MCAP setting record volume considering the record number of shit coins in the market along w/ BTC at 54% dominance. But it does show a renewed interest from investors/traders,” he explained.Currently, don’t see the extreme bullishness in Total MCAP setting record volume considering the record number of shit coins in the market along w/ BTC at 54% dominanceBut it does show a renewed interest from investors/tradersSome will disagree & this is solely my opinion— Josh Rager 📈 (@Josh_Rager) April 14, 2019As a fresh trading week kicks into gear, traders and investors will likely gain greater insight into which direction the markets are heading next as the market’s trading volume will likely pick back up.Featured image from Shutterstock.
If you’re wondering if bitcoin will ever attain wide-scale adoption, look no further than France. French insurance companies can soon include cryptocurrencies in life insurance contracts, thanks to a vote by France’s National Assembly.
Pact Act Swings Door Open for Insurance Companies to Invest in Crypto
Deputies overhauled the Insurance Code via the Pact Act, with Article 21 swinging open the door for life insurance contracts to invest in specialized professional funds (SPFs), whose investment parameters have reportedly been “relaxed” as a result of yet another provision. Article 26 gives the SPFs the freedom to invest in blockchain-backed assets. Simmons & Simmons Attorney Emilien Bernard-Alzias told local publication Les Echos:
“With these two provisions, it is written in black and white that SPFs can invest in cryptocurrencies like bitcoin.”
Meanwhile, with no cap on the amount of crypto a life insurance policy can hold, French locals have a chance to bolster the value of their policies in the bitcoin bull market.
Bitcoin Integration More than a Year in the Making
Bitcoin didn’t make its way into France’s life insurance market overnight. Policymakers alongside entrepreneurs and companies worked together for more than a year to make the rule change happen. In the end, investing in crypto is a byproduct of the updated code, not necessarily the intention. Nonetheless, it could set the stage for other jurisdictions to follow suit as France gains a first-mover advantage. Assemblymember Joel Giraud is cited in Les Echos as stating:
“This was not the primary goal of Pact, but insurers will actually be able to offer products based on crypto-assets. They will be able to do so through specialized funds,” stated
Assemblymembers adopted the measure in recent days, with 147 votes in favor, 50 votes against, and 8 abstentions. The vote, however, reflects only about one-third of the 577 seats comprising the Assembly. Economy Minister Bruno Le Maire was pleased with the results.
— Bruno Le Maire (@BrunoLeMaire) April 11, 2019
“Very happy with the adoption of the law PACT! The vote is wide, thank you to the majority for your total support and for all the work that has been done. We are determined to continue transforming our economy,” said Le Maire
Je n’ai pas peur du peuple français. La majorité n’a pas peur du peuple français. Si je ne suis pas plus légitime que certains parlementaires, je ne le suis pas moins non plus. #PACTE pic.twitter.com/jUY84Cv2LF
— Bruno Le Maire (@BrunoLeMaire) April 11, 2019
French Prefer Life Insurance Products for Savings
The inclusion of crypto in the Pact Act, even if indirectly, is kind of a big deal. France’s life insurance market is reportedly comprised of EUR 2.2 trillion in assets, and French residents tend to rely on these products for their investment and retirement savings, too, on account of tax benefits. In fact, insurance policies reflect 40% of financial assets among French households, surpassing that of securities, cash, and other savings products.
French investors have also flocked to insurance products for savings because in recent years returns have trumped those of other savings products. Now that bitcoin has entered the equation, the French haven’t seen anything yet.
Ethereum prices steady below $170A large team working towards Ethereum 2.0, Vitalik updatesVitalik is confident that Ethereum 2.0—a state of perfection reflected by high throughput and a scalable network, is right on track. All the same, prices are back to range-mode, and any break above $170 will signal trend continuation.Ethereum Price AnalysisFundamentalsNo doubt, Ethereum is the king smart contracting. As always, there are benefits that trailblazers or leaders get to enjoy. Because it is a public chain and an improvement of what was a renowned platform in Bitcoin, it was easy for developers to shift and contribute code, pro-bono. Adding this the presence of a figurehead in Vitalik and Ethereum Foundation which is said to be “burning” through $20 million a year, it became easy to engage, deliberate on pressing matters and reach a consensus on the best way to adhere to the project’s roadmap. However, the journey towards Serenity promises to be hard, slow and quite interesting for the neutral.On the one hand the shift towards proof-of-stake, which Vitalik recently rapped about; mean the phasing out of proof-of-work hardware in Ethash. These miners are expensive, and although some are heavily invested in, rewards are low and with ProgPoW garnering support from all quarters, it’s a real possibility that Ethash miners will be phased out.Overly, the objective is a seamless transition from version 1 to Ethereum 2.0 all for the sake of speed, efficiency and complete decentralization as per the mission statement of platform’s whitepaper. Serenity may take months, but Vitalik is assuring supporters that work is in progress as a large team is working towards beating deadlines.Candlestick Arrangement With a market cap of $17,359 million, Ethereum (ETH) is stable but drifting away from $180, our immediate resistance line. If bulls breach this level, traders should be ready for trend continuation towards $250 or higher.As it is, ETH is back to a trading range. Although traders are optimistic that recovering BTC prices will lift participation, driving ETH prices higher, it all depends on how prices react at $170.Before then, if prices find support at spot levels and fail to reverse Apr-2 gains, odds are bulls will reverse recent losses. However, the only assurance is if this rally is at the back of high transaction volumes mirroring Apr-2 and exceeding Apr-11’s bar.Technical IndicatorsRegardless of downturns, buyers are firm, and risk-off traders should be accumulating at spot prices. Confirming trend should be above average volumes above 270k and 336k of Apr-11.Chart courtesy of Trading View