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Ethereum Price Breaks $500 Barrier for First Time Since July 2018

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Ethereum price breaking above the $500 level is a confirmation of the long-awaited bull rally.

The second-largest digital asset by market capitalization Ethereum has surpassed the $500 level for the first time since July 2018. The price of Ethereum (ETH) was around $502.64 at the time of writing having jumped approximately 6.4% in the past 24 hours according to the metrics provided by CoinGecko.

The Ethereum ecosystem is a major project that holds the success of most crypto projects. Particularly in the decentralized finance (DeFi) industry that has experienced a significant demand in the past few months. Although not with notable challenges, the booming DeFi industry has over $20 billion in market capitalization thus guaranteeing the future prospects of the Ethereum ecosystem.

Ethereum (ETH) Price Rally

Apparently, Ethereum price breaking above the $500 level is a confirmation of the long-awaited bull rally. Particularly with Bitcoin that is around 10% shy of its all-time high of $20k, although, Ethereum is 65% shy of its all-time high, $1448.18. According to CoinGecko data analysis, Ethereum has added approximately 36.4% in the last 30 days. In addition, the asset has jumped 20.7% in the past two weeks through Thursday and managed to add 8.6% in value over the past seven days.

Ethereum has a market capitalization of $56,715,317,189 with its past 24 hour trading volume at $13,533,707,018 according to CoinGecko. Notably, its trading volume in the last 24 hours is almost the same as the total market capitalization of XRP. The number of Ethereum in circulating supply stands at 113,502,651 with an infinite market supply. However, with the asset globally traded thus reciprocating to high demand, its value is poised to skyrocket perhaps in a similar version as Bitcoin.

The Bigger Picture

Ethereum developers are working round the clock to meet the deadlines outlined for the phase 0 of Eth 2.0 to be launched. Several testnets have taken place giving varying outcomes although some are yet to be completed.

The Madella mainnet which has been running for the past few months has had issues with the number of validators. Previously, Ben Edgington, the lead product owner at ConsenSys Quorum Protocol Engineering advising on Ethereum 2.0 development across the ConsenSys organization, told the media outlet Cointelegraph that the validator number may vary at the end of the testnet.

“I expect that the pace of deposits will accelerate sharply as the cut-off date nears. There’s little benefit in staking early, so I think people are just taking their time. Whether there will be enough to push us over the threshold in time is hard to judge, but I remain optimistic. If there is a delay to genesis, I expect it to be short,” he said.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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Coinbase CEO Brian Armstrong Shares Concerns on Rumoured New US Crypto Regulation

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Coinbase CEO Brian Armstrong also explained the reverse effects of the rumored regulation.

The CEO of digital currency exchange platform Coinbase Brian Armstrong expressed his opinion on the rumors that the US Treasury may implement unfavorable regulation on the crypto industry. Armstrong highlighted the details of the rumored regulation in a Twitter thread.

Already, the CEO said Coinbase, along with other crypto companies and investors, have contacted the US Treasury regarding the matter.

On the 25th of November, Armstrong shared his concerns on the proposed regulation.

He noted that the new regulation may affect non-custodial wallets which allow crypto holders to store and use their digital assets without relying on a third party. If the rumors are true, the CEO said financial institutions will begin to verify the owner of a self custodial wallet. After then, the institution would need to gather information on the individual. The institution will only approve and send withdrawals after verifying identity of the owner of the self-custodial wallet.

Although the new process appears proper and secured, Armstrong said it is a bad idea practically. He said it is mostly “impractical” for financial institutions, like Coinbase, to garner information on recipient identity in the crypto economy. Stating that several crypto users pay for good and services online using digital currencies, he asked:

“Does it make sense to require customers to help verify the identity of a business before they can buy a product there?”

The CEO highlighted other reasons that make the rumors regulation impractical. He said that some crypto users may not even own any government-issued identification cards or permanent addresses. Hence, it would be difficult to verify their identities.

In addition, he said the new regulation may be intruding on people’s financial privacy. He said the rule may be unfavorable to crypto holders who are limiting the information they disclose on their companies.

Coinbase CEO Explained Possible Effects of US Treasury Rumored Regulation

In his Twitter thread, Brian Armstrong also explained the reverse effects of the rumored regulation, if true. He said if the US Treasury passes the rule, it may result in a reduced number of transactions from crypto financial institutions to self-custodial wallets. Armstrong warned:

“This would be bad for America because it would force U.S. customers to use foreign unregulated crypto companies to get access to these services. And long term, I believe this would put America’s status as a financial hub at risk.”

He added that the rumored crypto regulation would be a terrible legacy with long-lasting adverse effects on the US.

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.





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Facebook-Led Libra Plans Dollar-Pegged Stablecoin Launch in January 2021: Report

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Libra, the Facebook-linked stablecoin targeted continuously by lawmakers, might get off the ground as early as January 2021, albeit in a more limited format than the original multi-currency basket envisioned.

According to a report by the Financial Times on Friday, the Libra stablecoin project might actually see the light of day, according to “three people involved in the initiative,” though it may only launch a single dollar-pegged stablecoin.

The global stablecoin project was initially proposed to be pegged to a basket composed of multiple fiat currencies, but was walked back by project leaders in April as a result of regulatory pressure from lawmakers in the U.S. and abroad.

The project’s leaders announced Libra could launch as a series of stablecoins, each pegged to a fiat currency, rather than one multi-currency basket during that revamp.

Now, Libra’s “global stablecoin” will simply launch as a single coin backed 1:1 by the U.S. dollar, according to the FT, pending approval from the Swiss financial regulator FINMA.

The other currencies within the basket and the composite may still be rolled out at a later time.The dollar-pegged coin could launch as soon as January, according to FT, which did not name its sources.

Facebook unveiled the Libra project in June 2019, announcing its vision for the global stablecoin.

It immediately faced regulatory backlash from lawmakers worldwide, who cited concerns about Libra’s potential to threaten financial stability or enable money laundering.

The social media giant helped form the Libra Association, a governing council for the project, later that year. It now has 27 members.

While its limited form, as a 1:1 peg to the U.S. dollar might placate policymakers, the project still faces a significant uphill battle as regulators seek to clamp down on the digital payments industry and hold senders and receivers to account for their transactions.

Spokespeople for the Libra Association did not immediately return a request for comment.



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BTC Will Not Correct Forever

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On Thursday, November 26th, Bitcoin is correcting after its rally reached a peak this week. It is generally trading at 16,733 USD with a high of 19,490 USD.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

  • Technical analysis of Bitcoin (BTC) price.
  • MicroStrategy earned 350 million USD on BTC.
  • WSJ made a publication with BTC on the front page.

On W1, BTC is correcting from 100.0% Fibo. The aim of the pullback is currently 13,207 USD. The MACD histogram remains positive, providing another signal for the price growth. The signal lines of the indicator are forming a Black Cross, increasing the chances for the ascending dynamics. The Stochastic is heading for the overbought area, suggesting a major correction in the nearest future. Judging by all the factors, the crypto asset is likely to correct and go on with the growth then.

Photo: RoboForex / TradingView

On D1, the tech picture is almost identical to that on W1: the pair keeps correcting. The aim of the decline is the support line of the ascending channel. The MACD histogram is above zero, which promises further growth. The signal lines of the indicator keep growing upon forming a Black Cross, supporting the growth. The indications that the two charts look similar: a correction before the development of the uptrend looks preferable. The aim of the growth after the correction is 19,415 USD.

Photo: RoboForex / TradingView

On H4, the perspectives of further growth after a correction are also bright. The Stochastic remains in the overbought area, supporting a correction before further growth. The aim of the pullback might be on the support line of 16,200 USD. The aim of the growth after the correction is the same as on the longer timeframes – 19,415 USD.

Photo: RoboForex / TradingView

In August-September, MicroStrategy invested 425 million USD in BTC, and by this week, the investment has increased by 305 million USD. The company guessed it well with the investment: its own net profit of the last 3.5 years amounted to just 78 million USD.

Not only MicroStrategy made a profit on the crypto rally. At the beginning of October, Square bought 4,709 BTC, and by now, the investment has grown from 50 million to 90 million USD.

Clearly, the whole issue could have turned out the other way round, but this time risky investors are fortunate.

BTC is the hero of the week (the last eight weeks, to be precise), but it is now that its growth attracted maximum attention. On November 23rd, the Wall Street Journal published an article about the leading cryptocurrency on the front page. In the article, it is noted that this year BTC has found billions of fans and has got noted by institutional investors, which makes its rally so stable.

Neither can we disregard the turmoil going on in the world of fiat money, which pushed investors to find alternatives. This also supports the crypto market.

For this article, we’ve used BTCUSD charts by TradingView.

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Disclaimer: Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

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Kseniia Klichova
Author: Dmitriy Gurkovskiy

Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.



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