Massive Exodus of Bitcoin Continues to Leave Exchanges, Over 87,900 BTC Withdrawn in 30 Days

Despite the bitcoin price high, there continues to be a massive exodus of bitcoin leaving exchanges. Onchain data shows exchanges are being drained like a sieve and during the last 30 days, 87,954 bitcoin was withdrawn from the top crypto trading platforms.

Back in December 2019, it was reported that the San Francisco-based exchange Coinbase held close to 1 million BTC for its users. In fact, in January 2020, Coinbase had around 969,000 BTC and the next month, it was up to its highest point of 973,000 BTC on February 10, 2020.

But all year long, not only from Coinbase, but also a slew of other popular exchanges have seen massive amounts of bitcoin withdrawn. After holding close to a million BTC on February 10, 2020, today the exchange only holds 805,000 BTC.

The top five exchanges, in terms of bitcoin reserves held, have lost a substantial amount of BTC from customer withdrawals. This includes exchanges like Huobi, Binance, Kraken, Okex, Bitfinex, and Bitflyer. During the last 30 days, Coinbase has seen a whopping 84,558 BTC withdrawn, Okex has seen 5,715 BTC withdrawn and Huobi has seen 2,599 BTC leave the exchange.

The largest exchanges, in terms of BTC held on January 3, 2021, includes Coinbase with more than $37 billion worth of BTC, Huobi ($10.8B), Binance ($10.2B), Bitfinex ($8.86B), and Kraken ($6.65B) respectively.

87,954 BTC worth over $2.8 billion using today’s BTC exchange rates has left centralized exchanges during the last 30 days, according to viewbase.com stats. 72,727 BTC left exchanges during the last seven days alone and on Sunday, there’s been an inflow of around 5,885 BTC.

3,457 BTC of that daily inflow was sent to the crypto trading platform Binance on Sunday. Alongside this, approximately 1,070 BTC of the 5,885 BTC was sent to the trading exchange Bitfinex on Sunday as well.

The data suggests that a lot more people are removing funds off of centralized exchanges in order to hold bitcoin in a noncustodial fashion. From this perspective, more people holding coins noncustodially is beneficial for the entire community by leaving fewer funds on exchanges that are susceptible to large bitcoin thefts.

Another theory is that bitcoin whales have adopted a new strategy rather than dumping coins on the market and purchasing bitcoin off weak hands that panic sell. Bitcoin whales may be removing liquidity from exchanges and decimating any type of upper barrier.

What do you think about the number of bitcoin fleeing exchanges during the last year and the 87,954 bitcoin withdrawn during the last 30 days? Let us know what you think about this subject in the comments section below.

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The price of Bitcoin may be due for a deeper correction as the upward momentum is showing weakness.

The price of Bitcoin (BTC) has been seeing a massive run in recent months as it surged by almost 100% from $10,000 to $19,800. However, the all-time high region at $20,000 has been showing significant resistance, causing the price to drop several times including today, as BTC has now fallen below $19,000 on Dec. 4.

The chances of a correction have been slowly increasing amid diminishing volume in recent days. Multiple arguments can be made for a deeper correction, which wouldn’t necessarily be bad for the market in general. 

All-time high region still major resistance

BTC/USD 1-day chart. Source: TradingView

The all-time high region has not been broken yet, as the chart shows. This is not unexpected, however, as many retail investors will have the all-time high of 2017 as a marker for potential profit-taking. It’s the final hurdle before Bitcoin goes into price discovery, which would make the next targets difficult to determine.

Given that Bitcoin’s price reached the all-time high in a nearly vertical manner, a clear-cut breakout above the all-time high doesn’t seem likely to occur at this point.

However, as long as Bitcoin’s price remains in this region, several arguments can be made for a potential correction.

Specifically, the volume is dropping severely on the recent attempt to break $20,000 indicating a potential weakening of momentum. Second, the current all-time high tests open the door for a possible bearish divergence on the daily timeframe.

This bearish divergence isn’t confirmed yet, but it shows some potential signals of a slight trend reversal. In case of a correction, the key areas to watch for support are $16,000 and $14,000.

The 2014 high didn’t break in one go, either

BTC/USD 1-day chart 2016. Source: TradingView

The current price action is comparable to the price action in the previous cycle. The 2014 peak acted as the final resistance, after which a significant correction of 30% took place.

This correction often leads back to the previous resistance, and as the chart shows, this resistance was at $800.

The previous high then flipped for support through that correction, which caused the price of Bitcoin to continue rallying to new all-time highs.

BTC/USD 3-day chart. Source: TradingView

As markets often act the same way in every cycle, a similar correction of 30% would put the price of Bitcoin at $14,000. Additionally, the previous high in June 2019 is also at $14,000, making it a likely target for a potential support/resistance flip.

Such a correction of 30% wouldn’t be unhealthy for the market and is quite common. It may also give latecomers a beautiful entry opportunity to boot.

Levels to watch on the lower timeframes

BTC/USD 1-hour chart. Source: TradingView

The lower timeframes are indicating a potential reversal is in the making. The range is defined, with the support at the green zone around $18,500. This level has to hold for support to sustain the upward momentum.

If it fails to sustain support, the $16,000 area’s retest is very likely. However, if the market wants to maintain bullish momentum, the upper resistance at $19,500 needs to break to warrant further continuation. However, a classic bearish support/resistance flip is occurring here.

The $19,400 used to be resistance, after which a fake breakout occurred. Such a failed breakout often is confirmed through the previous resistance becoming resistance again, as the chart shows.

Therefore, for further upward momentum, the U.S. dollar has to continue showing weakness, and the price of Bitcoin must break through $19,500. If that doesn’t happen, retests of $18,500 and possibly $16,000 are on the table.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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XRP Crash Burns Other Crypto Asset Values, BTC Price Remains Unscathed

Digital currency markets have seen some volatile action this week and during the last 24 hours following the XRP charges, a number of coins shed a great deal of value. At the time of publication, the entire crypto-economy is valued at $629 billion and because XRP lost so much value, bitcoin’s dominance index has risen above the 68% mark.

Just recently, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs Inc. and two of its executives. According to the U.S. regulator’s complaint, Ripple Labs “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.” Since then, the price of XRP fell like a rock, losing nearly 40% during the last 24 hours of trading sessions since the SEC announcement. The XRP plunge has also tugged a number of other crypto-assets down as well during the trading sessions on December 23.

Bitcoin (BTC) on the other hand, has been doing well despite the regulatory action against Ripple Labs. BTC is currently swapping for $23,796 per coin and is up 1.5% during the last day. Seven-day stats show BTC has gained more than 11%, over 29% for the 30-day span, and 120% over the last three months of trading. BTC’s market dominance in comparison to the 7,500+ coins in existence is 68% today, which is higher than it has been in quite some time. Currently, out of the $629 billion crypto-economy market cap, BTC captures $442 billion.

Ethereum (ETH) is trading for $612 per ether and the token is down after taking some losses during the early morning trading sessions on Wednesday. ETH’s market cap is hovering at around $69 billion at the time of publication. Market statistics show that XRP is swapping for $0.33 per unit and is still down 30% since its initial fall. The market capitalization of XRP has plunged to $15.4 billion and the market is now below tether’s (USDT) overall valuation of over $20 billion.

Litecoin (LTC) has been hit far less than most of the other crypto assets in the economy today after the XRP announcement. LTC is swapping for $109 per coin and has a market cap of around $7.25 billion. The crypto asset LTC is still up over 20% during the last seven days of trading. Bitcoin cash (BCH) is down over 6% today and trading for $296 per unit at the time of publication. BCH has an overall market valuation of around $5.52 billion and the crypto asset is up 38% during the last 90 days.

While many analysts have been watching crypto markets very closely and waiting for a big correction or a higher rally. The trader Crediblecrypto told his 87,000 followers that he expects bitcoin (BTC) to climb higher before the next big correction. “I’m bullish on BTC here,” he tweeted. “I don’t think this is THE correction everyone is waiting for. That will come a bit later IMO.”

During the last 24 hours, onchain stats from Cryptoquant and Glassnode show a number of aggregated inflows to exchanges like Binance, Bithumb, and Gemini. Since the XRP announcement happened, Cryptoquant’s beta alerts on Telegram has been flashing the inflow signals.

However, Glassnode’s statistics from the weekly onchain report indicates that BTC’s “Reserve Risk” has been “extremely low despite the price passing its previous all-time high.” Glassnode’s report also discussed the crypto asset’s Entity-Adjusted SOPR downward correction.

BTC’s recent downward correction in Entity-Adjusted SOPR was indeed a signal of an approaching upwards trend,” the report notes. “The downward trend has now reversed, suggesting that BTC’s sideways movement below $20k may be well and truly behind us, with new support levels staying above $23k for the time being.”

Meanwhile, XRP took the brunt of the losses during the last day and the digital currency faces delisting as well. For instance, the Hong Kong trading platform OSL had suspended XRP trading and the U.S. crypto exchange Beaxy is doing so as well. The sale of unregistered securities renders Ripple and the XRP cryptocurrency legally dubious and therefore puts Beaxy’s users at risk,” the exchange said on Wednesday morning. “In a constantly evolving regulatory landscape, Beaxy Exchange strives to adjust to developments as rapidly as possible.”

Beaxy’s Head of Operations, Naeem Master further stated:

The SEC and Ripple Labs have been debating XRP’s legal status for years. So the news of SEC charges against Ripple are not unexpected. That being said, Beaxy Exchange has an obligation to operate with regulatory compliance as a priority. In this case, that means halting all trading of XRP on Beaxy.

While some crypto assets have felt the brunt of the XRP storm, a number of digital currencies have done well. Peerplays (PPY) has gained 198%, zilliqa (ZIL) jumped 16%, and populous (PPT) is up over 14% today. XRP suffered the most losses, but coins like golem (GNT -19%), time new bank (TNB -17%), mossland (MOC -17%), and iot chain (ITC -16%) saw decent percentage losses as well.

What do you think about the recent crypto market action after XRP took some deep losses following the SEC charges? Let us know what you think about this subject in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Glassnode, Twitter, Cryptocredible, markets.Bitcoin.com,

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Skybridge Capital Cofounder Says Gamestop Activity Is 'More Proof That Bitcoin Will Work'

The New York-based Skybridge Capital cofounder, Anthony Scaramucci, recently explained that this week’s Gamestop fiasco is positive for the global cryptocurrency bitcoin. Scaramucci’s statements follow the global investment manager’s recent dive into the crypto economy by gathering exposure to over $300 million worth of the cryptocurrency.

Skybridge Capital Cofounder Says Gamestop Stock Activity Bolsters the Concept of Bitcoin

The recent Gamestop stock saga has shown the world the power of social media and financial technology combined. Meme lords, Redditors, Discord users, Twitter heads, 4chan trolls, and a number of other internet lurkers have caused a major disruption in the traditional finance world.

News.Bitcoin.com recently reported on the Gamestop (GME) shares skyrocketing, and the madness has also leaked over to other stocks like AMC and Nokia. Moreover, a number of popular entrepreneurs like the American-Canadian venture capitalist Chamath Palihapitiya and Tesla’s Elon Musk have also added to the conversation.

This week, Skybridge Capital cofounder Anthony Scaramucci also discussed the Gamestop situation during an interview. Scaramucci said that retail traders have shown the power of decentralized finance and the impact solidifies the leading crypto asset bitcoin (). Scaramucci also served as President Donald Trump’s communications director for 11 days.

.@tferriss and @Scaramucci are saying it. $GME is just the tip of the iceberg — the finance revolution is coming courtesy of crypto and telegram.

It is done with @telegram groups and users are able rage against the algorithms

— Antonio Altamirano (@antonio) January 28, 2021

‘The Age of the Micro Investor’

Scaramucci believes the recent stock market action affirms that the Bitcoin experiment will be successful. Just recently, Scaramucci’s Skybridge Bitcoin Fund debuted when it “initiated a position, valued at approximately $310 million,” at the time of the announcement.

In his recent interview, Scaramucci explained the Skybridge Bitcoin Fund has roughly $60 million while the company has exposure to about $385 million. “It’s the age of the micro investor and you better take it seriously – otherwise you’ll get taken to the cleaners,” Scaramucci said about this week’s GME stock fiasco.

“The activity in Gamestop is more proof of concept that Bitcoin is going to work,” he further said. “How are you going to beat that decentralized crowd? That to me is more affirmation about decentralized finance.”

Meanwhile, as cryptocurrency fans have been cheering on the degenerates at , a number of the subscribers have been discussing the possibility of producing a massive short squeeze with Silver. One thread on r/wallstreetbets suggests the power of the masses could squeeze the price of silver from $25 to $1,000.

“Inflation-adjusted silver should be at $1,000$ instead of $25,” the creator of the post u/jjalaj30 wrote. “Why not squeeze $SLV to real physical price. Think about the gains. If you don’t care about the gains, think about the banks like JP Morgan you’d be destroying along the way,” he added.

What do you think about the Gamestop stock fiasco and Skybridge Capital cofounder Anthony Scaramucci’s statements? Let us know what you think about this subject in the comments section below.

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Bitcoin, that wonderful virtual currency you’ve been hearing so much about, has taken an extraordinary hit to its value.

Following China’s announcement that it was cracking down on Bitcoin miners, the price of a single piece of the cryptocurrency now sits at a little more than £9,000 ($12,335).

That’s still a horrendously high amount, but, according to CNBC, it’s the lowest price recorded in six weeks and an 11 percent drop from yesterday.

Credit: CoinDesk
Credit: CoinDesk

People have been shocked watching Bitcoin’s value go from strength to strength in the latter months of 2017. There were predictions that its value could surge to as much as $100,000, however, other financial experts warned that the bubble would eventually burst.

While that hasn’t officially happened yet, there’s no denying that China’s new crackdown has made a serious dent in the virtual currency.

Forbes says China has the most amount of Bitcoin miners in the world and that’s taking up a serous amount of electricity – roughly four gigawatts which is equivalent to about three nuclear reactors operating at once.

Credit: PA
Credit: PA

Mining bitcoins is an incredibly intense operation and requires a computer with a huge processing power. The difficulty increases every two weeks or so to ensure it takes a user roughly 10 minutes to create a block – which is a set of new transactions.

But for each block to be accepted by the network, the computer has to provide what’s called ‘proof of work’, which is kind of like having to show how you got your answer in your maths homework. To get the proof of work you have to get a specific number.

To put it in perspective of how hard this is, in March 2015, the average number of that specific number a miner had to try before a new block was created was 200.5 quintillion – that’s 200,500,000,000,000,000,000.

Another reason for the Chinese crackdown is the idea that Bitcoin is used for unscrupulous activities like money laundering and fraud.

Bitcoin’s value took another hit last week when South Korea announced it was preparing a bill to ban the trading of the cryptocurrency, citing ‘great concerns’. While the government hasn’t yet decided on the legislation, the news was enough to send Bitcoin’s value south.

While the price has gone up steadily this morning, it appears the currency is incredibly vulnerable to even the slightest bit of bad news. But the question remains whether it will reach some people’s predictions or crash terribly.

Sources: Forbes, CNBC

Featured Image Credit: PA

Topics: NewsWorld news

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(Reuters) – Bitcoin took another large stride toward mainstream acceptance on Monday after billionaire Elon Musk’s electric vehicle company Tesla Inc revealed it had bought $1.5 billion of the cryptocurrency and would soon accept it as a form of payment for cars, sending the cryptocurrency shooting higher.

The announcements, buried deep in Tesla’s 2020 annual report, drove a roughly 20% surge in the world’s most widely held cryptocurrency to over $47,000. At current prices, 0.8 bitcoins would be enough to buy an entry-level Tesla Model 3.

Investors anticipated other companies will soon join a list of firms that invest in or hold bitcoin including BlackRock Inc, the world’s largest asset manager, and payments companies Square and PayPal.

Musk has upended Wall Street over the last year and briefly became the world’s richest person as shares of Tesla surged nearly 500% to become the fifth most-valuable U.S. company, leaving other companies and investors eager to follow in his wake.

“If any lesser mortals had made the decision to put part of their balance sheet in Bitcoin, I don’t think it would have been taken seriously,” said Thomas Hayes, managing member at Great Hill Capital LLC in New York. “But when the richest man in the world does it, everyone has to take a second look.”

The news sparked heavy trading in cryptocurrencies and caused exchanges like Coinbase, Gemini, Binance to experience technical issues, according to Coindesk here.

It also generated discussion on Reddit. While discussions of cryptocurrencies are banned on the WallStreetBets community that fueled the GameStop Corp trading frenzy, users in other subreddits posted “to the moon,” expecting more companies to follow suit after Tesla.

A well-known supporter of cryptocurrencies, Musk has weighed in regularly on the past month’s frenzy in retail investment, also driving up prices of the meme-based digital currency dogecoin and shares of U.S. video game chain GameStop.

Experts said they would not be surprised by a closer look from regulators given Musk’s bumpy past with watchdogs.

The Securities and Exchange Commission sparred with Musk and Tesla several times over his use of Twitter to discuss the company, ultimately resulting in his exit as company chairman and a pair of $20 million fines for Musk and Tesla.

“We’re talking about a billionaire with one of the most valuable companies in the history of the world who has seemingly gotten away with poking the SEC before,” said Tyler Gellasch, head of the Washington-based Healthy Markets Association and former SEC official. Still, Gellasch said that “examination doesn’t mean this is likely to be an enforcement case.”

Tesla said in a filing the decision to move nearly 8% of its reserves into bitcoin was part of its broad investment policy as a company aimed at diversifying and maximizing its returns on cash, including holding gold. The report said it ended 2020 with $19.38 billion in cash and cash equivalents.

“We expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt,” the company said.

Slideshow ( 4 images )

Tesla said it had invested an aggregate $1.5 billion in bitcoin under the changed policy and could “acquire and hold digital assets from time to time or long-term”. (bit.ly/3q53p1m) Shares of the company rose 1.3% Monday.

Gold jumped more than 1% Monday while ethereum, another cryptocurrency, surged to a record high.

Slideshow ( 4 images )

LONG-TERM STORE OF VALUE?

Central banks remain skeptical of digital currencies, but analysts say the more real world uses appear for bitcoin, the more attractive it will prove as a long-term store of value.

Bitcoin has rallied as far as $47,565 after Tesla’s disclosure. The cryptocurrency is up 1135% since March 2020, thanks in part to interest from institutional investors.

“The argument for bitcoin is evolving. It used to be negative (reasons to buy), but suddenly there are positive reasons, and that’s why you see bitcoin at (new highs),” Mohamed El-Erian, chief economic advisor of Allianz, told CNBC.

Tesla is the latest company to add bitcoin to its corporate treasury, following similar moves by Square, the payments company led by Twitter Inc chief Jack Dorsey and U.S. software firm MicroStrategy Inc.

Apple Inc may be the next big company to enter the cryptocurrency market, both by allowing bitcoin to be exchanged on its Apple Wallet service and investing some of its own reserves in units of the cryptocurrency, said Mitch Steves, an analyst at RBC Capital Markets.

“If this becomes a trend in corporate treasuries the downside of staying on the sidelines will only become costlier over time,” said Maya Zehavi, a blockchain consultant.

(GRAPHIC-Bitcoin hits record high on Tesla investment: )

Tesla’s move to put some of its corporate reserves in bitcoin may be a signal that it expects the cryptocurrency will emerge as another store of long-term value alongside the dollar and gold, said Graham Tanaka, president and chief investment officer of Tanaka Capital Management in New York.

“Companies are very careful when it comes down to their reserves,” he said. “This doesn’t appear to be a flash in the pan. It appears to be something that may be a fundamental change.”

Reporting by Subrat Patnaik and Devik Jain in Bengaluru, Thyagaraju Adinarayan and Anna Irrera in London, Chris Prentice, Pete Schroeder, Krystal Hu and April Joyner in New York; Writing by Patrick Graham and David Randall; Editing by Megan Davies, Saumyadeb Chakrabarty, Nick Zieminski and Lisa Shumaker

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Neuromorphic Computing: The Next-Level Artificial Intelligence

Can AI function like a human brain? – Researchers have been asking this question for decades and their long-drawn-out pursuit has invoked doubts, ridicule, scorn, and what not.

But now, armed with Neuromorphic Computing, they are ready to show the world that their dream can change the world for better. As we unearth the benefits, the success of our machine learning and AI quest seem to depend to a great extent on the success of Neuromorphic Computing.

How Neuromorphic Computing Can Help Contemporary AI

The technologies of the future like autonomous vehicles and robots will need access to and utilization of an enormous amount of data and information in real-time. Today, to a limited extent, this is done by machine learning and AI that depend on supercomputer power. But these needs are extending and speed, power, and size are emerging as prime impediments.

Neuromorphic Computing chips can process multiple facts, learn tasks and patterns at high speed. These chips are expected to consume less power (up to 1000 times less) and can work with the efficiency of supercomputers.

Neuromorphic Computing chips, a crucial upgrade in traditional systems, are compact, portable, and energy-efficient. They are the perfect sidekick ML and AI models need.

Researchers know it and so they are leaving no stone unturned. While a few are getting as literal as copying the physical form of the human brain, others are trying to replicate its function. It’s the latter we are optimistic about as they are expected to replace Gordon Moore’s groundbreaking idea of “packing transistors onto substrates”.

Neuromorphic computing involves the production and use of neural networks to function like a human brain, making decisions and also memorizing information and analyzing facts. It “demonstrates an unprecedented low-power computation substrate that can be used in many applications.”- IBM neuromorphic patent application

Recent Developments

Though many innovators are driven to the cause, a few are leading the race. Here’s a look at important developments:

Intel’s Loihi – The Future of GPUs

A 14-nanometer chip with over 2 billion transistors and three managing Lakemont cores. “It contains a programmable microcode engine for on-chip training of asynchronous spiking neural networks (SNNs). Total, it has 128 cores packs. Each core has a built-in learning module and a total of around 131,000 computational “neurons” that communicate with one another, allowing the chip to understand stimuli.”

Loihi can identify ten hazardous materials by smelling them faster than sniffer dogs. It can also detect toxic fumes and diseases around it and can re-wire itself to facilitate different forms of learning.

In the future, it is expected to learn from experiences and make decisions on its own. Icing on the cake, it uses a fragment of energy and is expected to replace GPUs.

IBM’s TrueNorth – The Hercules of Transistor Count

It has 4,096 cores, Samsung’s 28nm process with 5.4 billion transistors. It is IBM’s largest chip in transistor count and uses less than 100Mw of power while simulating complex recurrent neural networks. It has a power density of 20mW / cm2.

TrueNorth’s architecture can address the problems of “vision, audition, and multi-sensory fusion, and has the potential to revolutionize the computer industry by integrating brain-like capability into devices where computation is constrained by power and speed.”

IBM says it can efficiently process “high-dimensional, noisy sensory data in real-time”. TrueNorth consumes less power than a conventional computer.

MIT’s – Brain on A Chip

A chip built from silicon geranium and with “more than 100 trillion synapses that mediate neuron signaling in the brain”. In one simulation it represented human handwriting with 95 percent accuracy. It could be used in making humanoids and autonomous driving technology.

Qualcomm’s – Zeroth processors

Working on three main goals of “biologically inspired learning; enabling devices to see and perceive the world as humans do and; creating and defining Neural Processing Unit—NPU”, Qualcomm is developing new computer architecture that dismantles the traditional mold.

The Road Ahead

Neuromorphic computing can greatly impact the future of machine learning and AI. “These new kind of chips should increase dramatically the use of machine learning, enabling applications to consume less power and at the same time become more responsive.”-Deloitte market analysis

With Neuromorphic Computing at its side, the future of AI sure looks bright.

Trivia:

Did you know?

Neuromorphic Computing is the 5th generation of AI.

The 1st generation AI defined rules and followed classical logic to arrive at conclusions within a specific, narrowly outlined problem domain.

The 2nd generation AI used deep learning networks to analyze the inputs and were focused on sensing and perception.

The 3rd generation AI interpreted and adapted like the human thought process.

The 4th generation AI used a mix of different machine learning algorithms and other forms of Artificial Intelligence algorithms to achieve their goal or mission.

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Ethereum Could Touch $10,500 After Crypto Rises to Record High: Fundstrat Global

Fundstrat Global Advisors strategist David Grider predicts that the price of ethereum could rally to $10,500 per unit after the cryptocurrency set a new all-time high on Tuesday. The estimate implies a near 700% upside on the current ether price hanging above the $1,300 range.

According to Grider, ether (ETH) – the second largest digital asset after bitcoin (BTC) – will continue to benefit from its relationship with decentralized finance (defi) applications, the majority of which are built on the Ethereum blockchain, and have seen massive growth in 2020.

He also premised his prediction on the recent upgrade to the Ethereum network, which is targeting to become a blockchain for an entire financial system. When fully completed, he said, the three-part upgrade would allow the blockchain to process the same number of transactions as those done by the likes of Mastercard Inc. and Visa Inc.

“Ether is the best risk/reward investment play in crypto,” Grider was quoted as saying, adding that “blockchain computing may be the future of the cloud.” Risks may include delays in the network upgrade or the crypto market becoming bearish, said the report.

Ethereum shot 12% to a record high of nearly $1,440 on Tuesday, amid increased buying pressure.

Meanwhile, Luis Cuende, cofounder of the decentralized autonomous organization (DAO) Aragon, commented: “When thinking about what the Web 3.0 vision provides, institutional investors will recognise that although sovereign digital currency (BTC) is central, the importance of a programmable economy (ETH) should not be underestimated.”

He added: “ETH fundamentals are as robust as ever. Ethereum has actually found early product-market fit, and the protocol is making revenue. ETH is definitely maturing as an asset.”

Cuende sees ether bouncing between $2,500 and $7,500. He also believes that Ethereum rivals Polkadot, Cosmos, and NEAR “are well-positioned to capture a meaningful market share” until ETH 2.0 is complete.

What do you think about the Fundstrat Global price prediction on ether? Let us know in the comments section below.

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A San Francisco man who lost the password to a thumb drive with $220 million worth of bitcoin inside says he has “made peace” with the loss.

Stefan Thomas has used 8 of the 10 attempts allowed by a secure thumb drive to reach his 7,002 digital tokens — which are now worth nearly $40,000 apiece and have been minting millionaires left and right — and is no closer to reaching his funds.

In an interview with KGO-TV, Thomas said that he used to be “desperate” to get into his thumb drive, and that a potential loss of that magnitude makes “you sort of question your own self-worth.”

But over the years he has “made peace” with the loss, despite Bitcoin’s value soaring in recent months.

“It was actually a really big milestone in my life where, like, I sort of realized how I was going to define my self-worth going forward,” he said. “It wasn’t going to be about how much money I have in my bank account.”

Thomas, however, isn’t going to the poorhouse any time soon. The crypto enthusiast previously said he managed to hold on to enough Bitcoin “to give him more riches than he knows what to do with.”

One bitcoin was worth $36,477.21 Friday morning.

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