Bitcoin, Ethereum and other major cryptocurrencies have had a strong start to the week, after stock markets surged as traders nervously eyed the details of a long-awaited crypto bill.
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Bitcoin price, which surged over $30,000 per bitcoin last night, snapped its longest weekly losing streak even as crypto industry insiders issued serious warnings of “crypto winter.” ”. Ethereum price has also rebounded but remains below the psychological level of $2,000 per ether.
Now, an investor has released a huge fourth-quarter bitcoin price prediction, though the impending Ethereum upgrade has other crypto market watchers worried.
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“Bitcoin investors have reason to be joyful after the cryptocurrency snapped the longest weekly downtrend in its history,” Nigel Green, chief executive of financial advisory group deVere, said in comments. via email, pointing to Bitcoin’s correlation with the stock market as one of the reasons. for optimism.
The price of bitcoin began to decline late last year after the Federal Reserve announced it would begin scaling back its huge asset purchases and raising interest rates, falling along with many stocks high-risk technologies that had soared during the pandemic era.
“I think we will soon see a bull run that will lead to a significant rebound in the fourth quarter of the year for the world’s leading digital currency. Bitcoin will benefit from a stock market rally as investors return to riskier assets.”
Elsewhere, Ethereum’s long-awaited Merge upgrade, slated for August and which will see Ethereum transition from the energy-intensive proof-of-work consensus mechanism used by Bitcoin to proof-of-stake, has some industry players concerned. of cryptography. The upgrade is also designed to help Ethereum scale and reduce its exorbitant transaction fees.
Staking cryptocurrencies involves engaging them to support a blockchain network and confirm transactions. The Merge upgrade would see Ethereum “miners” replaced by “stakeholders”.
“Ethereum is in trouble and we don’t see a quick way out,” Martin Hiesboeck, head of blockchain and crypto research at trading platform Uphold, said in an email, pointing to the growing number of hacks of the Ethereum. decentralized finance (DeFi) happening. on the Ethereum network as a cause for concern.
“The very idea of staking Ethereum was nonsense from the start, as we pointed out months before the first planned launch date for Merge last year.”
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Meanwhile, the crypto market is gearing up for a potentially game-changing congressional bill expected to be unveiled this week.
“Regulation, which I believe is inevitable, would give more protection and, therefore, more confidence to retail and institutional investors,” Green added.
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