Bitcoin, Ethereum, and other major cryptocurrencies got off to a good start this week after the stock market rose, as traders are nervously watching the details of the long-awaited crypto bill.
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Bitcoin’s price jumped above $ 30,000 per bitcoin last night, the longest series of weekly losses to date, despite serious “crypto winter” warnings by crypto industry insiders. I broke. Ethereum prices have also bounced back, but below the psychological $ 2,000 per ether level.
Now, one investor has released a fourth-quarter Bitcoin price forecast, but Ethereum’s upcoming upgrade has raised concerns for other crypto market watchers.
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Nigel Green, chief executive of financial advisory group deVere, points out one of the reasons for the correlation between Bitcoin and the stock market: “Bitcoin investors say that cryptocurrencies are the longest week in their history. After recording the downtrend in the market, there is a reason to get well. ” For bullish.
Bitcoin prices began to fall first at the end of last year, after the Federal Reserve announced that it would begin cutting huge stock purchases and raising interest rates, and many high-risk tech surged throughout the pandemic era. It fell with the stock.
“I think we’ll soon see a bull run leading to a significant backlash in the fourth quarter of this year, the world’s leading digital currency. Bitcoin will benefit from a stock market recovery as investors return to more risky assets. Will get. “
Elsewhere, Ethereum’s long-awaited merge upgrade, set in August to move Ethereum from the energy-intensive proof-of-work consensus mechanism used in Bitcoin to the proof-of-stake, is part of the crypto industry. Is causing concern. Upgrades are also designed to help scale Ethereum and reduce its spectacular transaction fees.
Betting cryptocurrencies involves supporting blockchain networks and committing them to confirm transactions. The merge upgrade replaces the Ethereum “minor” with a “staker”.
“Ethereum is having problems and I don’t think it can be resolved right away,” Martin Hiesboeck, head of blockchain and crypto research at trading platform Uphold, said in an email. (DeFi) He pointed out that the number of hacks is increasing. On the Ethereum network as one source of concern.
“As I pointed out a few months before the first launch date of Merge last year, the whole idea of staking Ethereum didn’t make sense from the beginning.”
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Meanwhile, the crypto market is preparing for a game-changing parliamentary bill that is expected to be announced this week.
“I believe regulation is inevitable, but it will give both private and institutional investors more protection, and thus more trust,” Green added.