Finder’s Experts Predict Ethereum Will Reach $4.5K This Year, $18K in 2025

Finder’s Experts Predict Ethereum Will Reach $4.5K This Year, $18K in 2025

Ethereum will have a very bullish year, according to a price prediction poll made by Finder. The average price that the second-ranked crypto asset by market capitalization will reach this year is about $4.5K, according to polled experts in the cryptocurrency industry. The panel is also bullish about ethereum long term, expecting a price of about $18K for the year 2025. Experts Bullish About Ethereum in the Short Term Finder, an investing companion app, released its Ethereum price prediction poll results, which reveal a bullish sentiment for the present and future of Ethereum. 27 of 42 experts that gave their opinions in Finder’s poll expect ethereum to be at $4,596 by December 31, 2021. Experts give different reasons for this opinion, but most of them are related to the bullish outlook of the crypto market and to the different changes the chain has vowed to apply to fix its scaling issues in the near future. Allnodes CEO and founder Konstantin Boyko-Romanovsky, who was consulted in the poll, gave a prediction price of $5K for the end of this year. The reason for this above-average prediction, according to him, is the continuous development of Ethereum. He stated: Upgrading to a deflationary type of asset, Level 2 networks, institutional adoption, mass utilization, DeFi, and dapps continuous development and rise — are all contributing factors to Ethereum’s future price appreciation. Ethereum has grown immensely this last year, with the rise of supplementary scaling networks, like Arbitrum and Optimism. Ph.D. candidate of the University of Saskatchewan, Ajay Shrestha, states this is a very important thing for the currency. He stated: The ETH community seems to be the most active of all, and that surely aids in the continuous development further along the road. Bullish Long Term, Too Most of the experts are also bullish regarding ethereum’s long-term performance. The average prediction of the panel signals ethereum will reach $17,810 in 2025. But there are yet people far more bullish on the future of the crypto asset. Trade the Chain cofounder Ryan Gorman believes ethereum will go up to $100,000 by December 2030. He stresses that: DeFi projects and other applications we have not yet even considered will continue to be built on the Ethereum blockchain and see rapid growth.…

Africrypt Bitcoin Heist: Contradicting Reports About the Directors Whereabouts Surface

Africrypt Bitcoin Heist: Contradicting Reports About the Directors Whereabouts Surface

In a new twist to the Africrypt saga, two different reports have made contradicting claims about the whereabouts of Raees and Ameer Cajee, the two directors of the collapse bitcoin investment firm. However, both reports suggest the Cajees brothers had planned their escape prior to the alleged hacking incident in April. Vanuatu or Tanzania In its report, the UK outlet Daily Mail claims to have seen documents suggesting that Raees had purchased Vanuatu citizenship for about $131,000 (£95,000) back in October 2020. About three months later, Ameer would make a similar purchase. The same report quotes Cajees brothers suggesting that their disappearance had been prompted by fears that a criminal gang wanted to harm them. Interestingly, the claims by the brothers that they fled South Africa to avoid being harmed by an organized criminal syndicate appear to be corroborated by a Moneyweb report. In this report, the Cajees brothers are quoted claiming that they had received death threats following the collapse of Africrypt. It is these death threats that Raees uses to justify their joint decision to flee the country. However, in its report, the South African-based Moneyweb appears to contradict the assertion that Raees and his brother are hiding in Vanuatu. Instead, it points to an affidavit signed by Raees which indicates that he may have been in Tanzania when he signed this document. The signing of the affidavit had apparently been prompted by a South African High Court’s decision to grant a provisional liquidation order against Africrypt. Africrypt’s Fightback As the Moneyweb report notes, in the next few months, the High Court is expected to rule on whether to grant the final order or not. However, before this ruling is delivered, interested parties argue their cases hence Raees’ affidavit. Meanwhile, in his affidavit, Raees again dismisses claims that $3.6 billion in investors’ funds have gone missing under the Cajee brothers’ watch. Instead, Raees suggests that the amount in question is closer to $6 million. Also in his affidavit, Raees rejects allegations that Africrypt had a bank account at FNB or the assertions that the investment company had invested in cryptocurrencies. He also repeats Africrypt management’s long-shot argument that the investment firm should not be held liable for the losses. Is liquidation the best…

Institutions continue offloading BTC exposure despite price rebound

Institutions continue offloading BTC exposure despite price rebound

Investments in institutional Bitcoin products have continued to decline this past week.In its July 26 Digital Asset Fund Flows report, CoinShares notes institutional crypto products have experienced outflows for the third consecutive week, with $28 million exiting the sector during the week ending July 23. As such, the week saw a 170% increase in outflows compared to the $10.4 million for the previous seven days.The findings revealed that Bitcoin-based funds saw the largest outflows with $24 million, or 85% of combined outflows from crypto products. Monthly outflows for BTC are now at $49 million, although year-to-date flows remain positive at $4.1 billion. CoinShares stated:“Last week’s outflows suggest negative sentiment still pervades the asset class despite more recent constructive comments from key industry players.”Ether products also saw outflows of $7.3 million over the week, while multi-asset funds bucked the trend with a net inflow totaling $3.1 million. The report added that multi-asset funds are the only class of crypto investment products that have experienced net inflows for every week of 2021 so far.Despite the downturn, leading crypto asset manager, Grayscale, recorded an inflow of $2.5 million for the period. Its latest assets under management bulletin reports total assets under management of $33.6 billion as of July 27.Related: Institutional selling of crypto reaches longest streak since Feb 2018CoinShares concluded that investment product turnover remains low at $1.7 billion for the week — comprising just 22% of May’s weekly average.However, CoinShares’ data was recorded before Monday’s bullish market action that saw Bitcoin gain 15% in less than three hours.

Market Strategist Says Bitcoin’s Best Days Are Ahead, Won’t See Restrictive Fed Policy Anytime Soon

Market Strategist Says Bitcoin’s Best Days Are Ahead, Won’t See Restrictive Fed Policy Anytime Soon

The founder of investment management firm Michael Lee Strategy says that “the best days of bitcoin are definitely ahead of it,” expecting the cryptocurrency to “make all-time new highs.” The strategist further says that it will be a long time “before we see any sort of taper or any sort of restrictive policy from the Fed” or other central banks worldwide. Market Strategist Expects Bitcoin to Make All-Time New Highs Michael Lee, founder of Michael Lee Strategy, shared his outlook for bitcoin in an interview with Fox Business Monday. Michael Lee Strategy offers wealth planning and investment management as an investment adviser representative through Compass Financial. Lee is a former vice president in the Institutional Middle Markets group at Morgan Stanley. Commenting on the price of bitcoin hitting $60,000 earlier this year, Lee said that “it is just a side effect of endless money printing that’s going on.” He dismissed the theory that the BTC price increase Monday resulted from the rumor that Amazon may be accepting bitcoin and other cryptocurrencies for payments. The e-commerce giant published a job posting last week seeking a digital currency and blockchain lead. Lee said that “the best days are ahead for cryptocurrencies, specifically bitcoin.” Noting that “bitcoin is your first mover,” he believes that the cryptocurrency is “going to profit as much or more as any of the other cryptocurrencies.” “I think it’s hard to explain some of these moves, but it’s a very much a momentum asset class,” he continued. “So, as soon as you get a little bit of momentum to the upside, the follow on trades just keep coming and coming and coming. And then all of a sudden you go from $29,000 to almost $40,000 in the span of a little over a week.” Declaring that he is a bitcoin owner, Lee opined, “I think it’s a long time before we see any sort of taper or any sort of restrictive policy from the Fed.” Emphasizing that “it’s not only like that with the Fed, it’s like that with central banks worldwide,” the strategist concluded: That’s why I think bitcoin is likely to make all time new highs, maybe, maybe not in the next few months. But the best days of bitcoin are definitely…

Amazon denies rumored plans for Bitcoin support

Amazon denies rumored plans for Bitcoin support

Amazon has refuted recent speculation it may be readying to support Bitcoin payments, asserting it currently has no plans for BTC.According to a Reuters report on July 27 citing a spokesperson from the firm, Amazon remains interested in the crypto industry but has no specific plans to onboard digital assets for payments just yet:“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true.”However, the spokesperson did not deny that Amazon is researching crypto payments, adding: “We remain focused on exploring what this could look like for customers shopping on Amazon.”On July 22, Amazon posted a job opening for a digital currency and blockchain product lead. Four days later, London’s City A.M. newspaper ran a story citing an “insider” who claimed Amazon was “definitely” preparing to support Bitcoin payments and launch a native token — igniting frenzied anticipation for Amazon’s purported crypto plans.Chinese crypto media outlet, Wu Blockchain, attributed Amazon’s rumored plans to Monday’s surging market action — during which Bitcoin gained roughly 15% in less than three hours amid a violent squeeze that drove more than $110 million in liquidations. In a July 26 tweet, Wu stated:“Bitcoin rose by 12% in one hour, leading the increase. Because [the] Chinese have just gotten up. It is obvious that the price of Bitcoin has started to rise after this rumor about Amazon spread in the Chinese community.”Related: Amazon plans to accept Bitcoin payments this year, claims insiderWith Amazon dismissing its rumored plans to support Bitcoin, BTC prices have started to retreat. At the time of writing, BTC was trading down 4.4% over the past 24 hours at $36,770, according to CoinGecko. On July 23, Cointelegraph reported on the position posted by Amazon’s payments acceptance and experience steam. The product lead will be tasked with developing the company’s strategy of digital currency and blockchain as well as a product roadmap.

Tesla Reveals Bitcoin Holdings Worth $1.3 Billion in Q2, $23 Million BTC Impairment

Tesla Reveals Bitcoin Holdings Worth $1.3 Billion in Q2, $23 Million BTC Impairment

Elon Musk’s electric car company, Tesla, is holding bitcoin worth $1.311 billion. The company did not buy or sell any bitcoin during the second quarter but recorded bitcoin-related impairment of $23 million. Tesla’s action reaffirms Musk’s prior statement that neither he nor Tesla had sold their coins. Tesla’s Q2 Bitcoin Holdings Elon Musk’s Tesla released its second-quarter earnings report Monday. The company’s Q2 2021 unaudited balance sheet shows a net digital asset value of $1.311 billion as of June 30. Tesla’s Q2 unaudited balance sheet showing the company’s net digital assets. Source: Tesla Tesla Neither Purchased Nor Sold Bitcoin in Q2 Tesla did not buy or sell any bitcoin in the second quarter. The company’s Q2 unaudited statement of cash flows still shows that the only cryptocurrency purchase made was the $1.5 billion BTC purchase in Q1. The cash flow statement also shows that the only time Tesla sold its bitcoin was in Q1 for $272 million. Tesla CEO Elon Musk previously explained that the sale was to prove the liquidity of bitcoin, tweeting on June 13: “Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.” Tesla’s Q2 unaudited cash flow statement showing the company’s purchase and sale of bitcoin. Source: Tesla In April, Tesla revealed in a filing with the U.S. Securities and Exchange Commission (SEC) that its bitcoin stash was worth $2.5 billion. $23 Million Bitcoin-Related Impairment Tesla’s Q2 earnings report specifically mentions bitcoin once, under the “profitability” section which highlights items offsetting the company’s operating income, including “bitcoin-related impairment of $23M.” Tesla’s Q2 earnings report. Source: Tesla According to Tesla’s 10-K form filed with the SEC, the company treats digital assets “as indefinite-lived intangible assets in accordance with ASC 350, Intangibles–Goodwill and Other,” elaborating: The digital assets are initially recorded at cost and are subsequently remeasured on the consolidated balance sheet at cost, net of any impairment losses incurred since acquisition. “We will perform an analysis each quarter to identify impairment. If the carrying value of the digital asset exceeds the fair value based on the lowest price quoted in the active exchanges during the period, we will recognize an impairment loss equal to the difference in the consolidated statement of operations,” the company detailed.…

Ternoa to List on AscendEX

Ternoa to List on AscendEX

press release PRESS RELEASE. AscendEX, a global cryptocurrency financial platform with a comprehensive product suite, is excited to announce the Ternoa token (CAPS) listing under the pair USDT/CAPS on July 27 at 1 p.m. UTC. AscendEX and the Ternoa team will jointly launch two limited-time promotional events to celebrate the CAPS listing. The activities will consist of airdrop rewards tasks and a trading competition taking place between July 27, 1:00 a.m. UTC to August 3, 12 a.m. UTC, offering users a chance to win a share of pooled rewards worth 80,000 USDT! Ternoa is an NFT-based decentralized data transfer blockchain protocol. Ternoa provides long-term secure data storage and transfer to third parties. It relies upon the innovative use of NFTs to encrypt, segment, and store data on decentralized storage infrastructures. In addition, oracles allow for automated, programmable data transfers. Ternoa also offers a Software Development Kit (SDK) to facilitate the development of mobile and web applications making the protocol accessible to various use cases. Ternoa’s team built its protocol on three guiding principles. Firstly, they aim to create an infrastructure that exemplifies the essence of blockchain technology: open-source, decentralized, and democratic. Secondly, Ternoa seeks to provide a service that is easily accessible to the general public by focusing on optimized web and mobile application user experiences. Finally, Ternoa provides a token ecosystem and a business model that leverages its native token to offer token holders a clear and fair value creation trajectory for the project’s success. The Ternoa application layer allows users to create “Time Capsules” to encrypt, store, and securely transfer data over long periods of time. These Time Capsules are non-fungible tokens issued on the Ternoa blockchain. The project’s native token (CAPS) rewards the network for minting NFTs and recording information on the blockchain. The Democracy module manages the administration of the general stakeholder vote. Ternoa allows Capsule Coins holders to have decision-making power regarding the governance of developments, partners, protocols, and more on the network.   About AscendEX AscendEX (formerly BitMax) is a global cryptocurrency financial platform with a comprehensive product suite including spot, margin, and futures trading, wallet services, and staking support for over 150 blockchain projects such as bitcoin, ether, and ripple. Launched in 2018, AscendEX services over 1 million…

Thorchain Trolled by Hacker After Two Successful Seven-Figure Exploits

Thorchain Trolled by Hacker After Two Successful Seven-Figure Exploits

Thorchain, a popular defi protocol, has been compromised twice in the last two weeks, resulting in losses of over $10,000,000. The hacker responsible for the latest exploit left behind a message detailing the measures that should be undertaken to protect users. Hacker Returns to the Scene to Lecture on Security In another blow against the Thorchain protocol, the defi network has found itself the victim of another hack after the equivalent of 4,000 ethereum (ETH) was stolen just days earlier. Thorchain, which features an automated market maker (AMM) and decentralized exchange (dex), is known for its liquidity pooling, with total value locked (TVL) currently around $101.75 million. This time, the attack was perpetrated against the ETH Router contract to target the Thorchain Bifrost component, resulting in more than $8 million in losses for the protocol. According to the hacker allegedly behind the move, the vulnerability was known before the latest attack and was entirely preventable. When using Solidity, the Ethereum smart contract coding language used in the protocol, programmers advise developers against using certain coding methods to transfer funds. However, this was allegedly overlooked by the team in charge, leading to an issue within the protocol’s native RUNE token’s contract code. The hacker behind the exploit was not quick to leave the crime scene. Instead, the malicious actor left behind a message effectively trolling the protocol. In tx input data, the hacker pointed out the following: The hacker laid bare all the steps that were required to engage the exploit, highlighting the protocol’s decision not to issue bounties or engage auditors to check code that currently oversees a nine-figure TVL. While the protocol developers initially believed the hack cost them only $800,000 and was the work of a whitehat hacker, the following amounts were actually stolen: 966.620 ACLX 20,866,664.530 XRUNE 1,672,794.010 USDC 56,104.000 SUSHI 6.910 YFI 990,137.460 USDT RUNE tokens have continued their decline after dipping close to 25% following the breach, with tokens currently trending around $4.17. While Thorchain has since issued a recovery plan to restore user funds lost to the attack, the more significant development was the decision to hire security firms to audit the code and defend the defi protocol against future, preventable exploits. What do you think of this “honest…

Bitcoin price drop to $37K has analysts wary of calling a ‘trend change’

Bitcoin price drop to $37K has analysts wary of calling a ‘trend change’

Bull market optimism returned to the cryptocurrency market on July 26 after Bitcoin (BTC) price rallied above the $40,000 level for the first time in over six weeks. Today’s rally to $40,581 was a continuation of the July 25 breakout which saw BTC price rocket to $48,110 at Binance af a short squeeze resulted in nearly $500 million in shorts being liquidated in just two minutes. Data from Cointelegraph Markets Pro and TradingView shows that BTC spiked to an intraday high at $40,581 on Monday before pulling back to $37,500 as bulls look to flip this resistance zone back to support in preparation for a further move higher. BTC/USDT 4-hour chart. Source: TradingViewWhile the move higher has the mark of a trend change and has prompted some analysts to proclaim the bull market is back on track, on-chain data and the perpetual funding rates do not fully concur with this point of view. Especially when one considers that the current breakout may have only been the result of a massive short squeeze. Factors that could reignite the bull marketAccording to Élie Le Rest, partner at digital asset management firm ExoAlpha, the recently denied rumor that Amazon would accept cryptocurrency payments have the potential to have a similar effect as the 2020 revelation from PayPal that it would integrate cryptocurrencies. Le Rest said that if the Amazon news turns out to be true, this “could be the catalyst to ignite a bull run in H2 of 2021.”As Bitcoin price pushed above the $35,000 level on July 25, “more than a billion dollars of shorts got liquidated in the past 24 hours, with the bulk of the liquidation occurring in less than 1 hour” according to Le Rest, who also said, “the current market move could be sustained during the week by volumes coming from players having waited for a more directional trend on Bitcoin since the end of May.” Le Rest said:“To validate this directional trend, Bitcoin has to break out of the $30,000-$40,000 range it has been stuck into for 2 months. Maintaining Bitcoin over the $40,000 level would signal that the “bear market” is over and the bull-run may resume.” If Bitcoin is able to maintain its current momentum, Le Rest said “as many expect,…

Ransomware is a scourge, but eliminating cryptocurrencies won’t make it go away

Ransomware is a scourge, but eliminating cryptocurrencies won’t make it go away

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