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Binance faces SEC lawsuit over alleged trading manipulation By Investing.com – Investing.com

WASHINGTON D.C. - In a pivotal court hearing today, Binance, the world's largest cryptocurrency exchange by trading volume, urged Judge Amy Berman Jackson to dismiss a lawsuit filed by the U.S. Securities and Exchange Commission (SEC). The SEC has accused Binance of several violations, including manipulating trading volumes, facilitating trades in what the SEC deems unregistered securities according to standards set by the Securities Act of 1933 and U.S Supreme Court precedents on investment contracts, and providing misleading information regarding its market surveillance protocols.

The allegations against Binance extend beyond the current lawsuit. The SEC has also accused the exchange of not implementing sufficient measures to prevent U.S. customers from accessing its services. These charges are part of a larger set of fraud claims the regulatory body has brought against Binance.

In a related case, Binance previously reached a settlement with the U.S. Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC), agreeing to pay $4.3 billion for various financial misconduct offenses. Furthermore, Changpeng Zhao, the CEO of Binance, acknowledged the company's failure to comply with anti-money laundering regulations.

As one of its remaining significant legal challenges in the U.S., Binance contests SEC's jurisdiction based on traditional flexible securities laws versus newer common enterprise frameworks amidst claims of market manipulation.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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Ethereum’s Vitalik Buterin Calls for Zero-Knowledge Enhanced Privacy Measures, Highlights Modern Cars as Privacy … – CCN.com

Key Takeaways

Vitalik Buterin, co-founder of Ethereum, has recently expressed concerns about the privacy risks associated with modern automotive technologies.

His remarks come in the wake of a comprehensive report by researchers Jen Caltrider, Misha Rykov, and Zo MacDonald, highlighting the substantial privacy challenges present in contemporary vehicles.

The recent report, highlighted by Ethereum co-founder Vitalik Buterin, reveals serious privacy concerns in modern vehicles, often referred to as computers on wheels.

The study evaluated 25 car brands, all of which received a Privacy Not Included warning, indicating notable privacy deficiencies.

The study claims:

All but two of the 25 car brands we reviewed earned our ding for data control, meaning only two car brands, RenaultandDacia (which are owned by the same parent company) say that all drivers have the right to have their personal data deleted.

Modern computerized vehicles are gathering extensive user data, from personal traits and location to driving habits, which goes beyond vehicle operation and is crucial for business activities like marketing.

The study also found that 56% of these brands share data with government authorities upon request, and 86% reportedly sell or share this information. Alarmingly, 92% of drivers in modern vehicles have no control over the data collected.

The report stated:

Its bad enough for the behemoth corporations that own the car brands to have all that personal information in their possession, to use for their own research, marketing, or the ultra-vague business purposes. But then, most (84%) of the car brands we researched say they can shareyour personal data with service providers, data brokers, and other businesseswe know littleor nothing about. Worse, nineteen (76%) say they cansell your personal data.

Vitalik Buterins recent comments on the privacy implications of modern cars have ignited a debate on social media regarding the trade-off between technological progress and privacy.

Discussions range from enthusiasts considering retrofitting classic cars to bypass contemporary privacy issues, to accusations of Buterin being anti-technology. In response, Buterin has clarified his position, affirming his support for various modern technologies, including certain AI applications.

He emphasizes, however, his critical perspective on specific technologies that jeopardize privacy, underlining, Theres a small-but-important subset of things I worry about!

The research has unveiled a troubling landscape in automotive data privacy. Each brand examined has been collecting more personal data than necessary, utilizing it for purposes beyond vehicle operation and customer relationship management. This issue isnt isolated to the automotive sector; its reminiscent of the privacy challenges in mental health apps, yet the potential for data collection in cars is even more expansive. Vehicles can amass personal information through various channels, ranging from in-car interactions and connected services to external data sources like Sirius XM or Google Maps.

Disturbingly, majority of these brands admit to sharing or selling this data. The depth and complexity of this data collection, including sensitive personal details, raise profound privacy concerns.

This trend suggests that car companies will exploit data privacy to the extent permissible by law. The modern automotive industry, therefore, not only represents a significant privacy risk but also highlights the urgent need for robust privacy regulations to protect consumers in an increasingly data-driven world.

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Ripple (XRP) vs Ethereum (ETH): Comparing Two of Crypto’s Biggest Altcoins – DailyCoin

Ripple and Ethereum are two of the most popular digital assets in the crypto market. Despite both cryptocurrencies promising to reinvent finance across the globe, ETH and XRP tackle this monumental task from completely different angles.

While David Schwartz, Brad Garlinghouse, and the team at Ripple Labs want to facilitate simpler transactions globally, Vitalik Buterin and the wider Ethereum community are reimagining whats possible on the internet.

In this article, well pit two of the blockchain industrys brightest stars against each other to see who comes out on top.

Before plunging into the nuts and bolts of these protocols, its important to understand what Ripple and Ethereum do and why these ecosystems carry so much gravity in the crypto space.

Originally designed by Jed McCaleb as the ultimate Bitcoin (BTC) alternative, Ripple is a cross-border payment protocol that aims to streamline international financial transactions.

With a focus on central banks and other high-powered financial institutions, Ripple Labs envisions a world where lengthy and expensive international payments are executed in seconds, liberating the flow of money worldwide.

The Ripple Labs team has wasted no time building a powerful network of strategic partnerships. Dozens of banks and financial institutions, including Santander and the Commonwealth Bank of Australia, have joined the RippleNet. With XRPs legal dramas mostly behind it, Ripples expansive partnerships are expected to grow.

Ethereum is the second-largest cryptocurrency by market capitalization and is responsible for pioneering many of blockchain technologys greatest innovations.

A fully decentralized, smart contract-capable network, Ethereum reimagined what we knew possible on the internet, giving us remarkable new use cases like decentralized finance (DeFi) and non-fungible tokens (NFTs).

Today, Ethereum boasts the greatest diversity of on-chain technologies and applications seen in the space. Vitalik Buterins network has given millions of people worldwide greater control over their funds, eliminating the need for costly intermediaries in dozens of industries and sectors.

As Im sure you can understand by now, Ripple and Ethereum are fundamentally different on many levels, and each blockchain is better suited to different tasks. What are the main differences to consider when comparing the two blockchains?

Ripple, XRP, and the XRP Ledger are primarily used to transfer funds efficiently across borders. Thats not to say there isnt some semblance of DeFi activity on the network, but the blockchains main focus is to provide services to financial institutions globally.

On the other hand, Ethereum offers a far more diverse range of utilities. While early activity on the network was centered around decentralized finance, Ethereum developers have spread their wings to provide blockchain-based applications in everything from supply chain management and healthcare to legal services and gaming.

The XRP Ledger was designed to eclipse Bitcoins limitations and provide an unrivaled payment system. With blazing-fast transaction speeds, high transaction throughput, and low fees, the XPRL can support vast amounts of users without breaking a sweat or breaking the bank.

In this respect, Ethereum falls short. The network has long suffered from astronomical gas fees, with a simple trade, digital currency transfer, or NFT mint costing upwards of $50. Ethereum is also much slower than Ripple, managing only around 15 transactions per second

However, all is not lost for Ethereum. The network supports dozens of layer 2 scaling solutions that help shoulder some of the burden, providing Ethereums unmatched developer experience on far more scalable platforms.

On top of that, Vitalik Buterin and the Ethereum community are constantly working to improve the network. Plans are underway to alleviate Ethereums issues and help it compete with more modern and performant Layer Ones.

As mentioned earlier, Ripples primary focus is on delivering solutions for some of the worlds largest financial institutions. While most cryptocurrency industry aims to give power and control back to the individual, Ripple is more interested in sticking with the big players.

Beyond that, Ripple faces some centralization issues. While claiming to be fully decentralized, the XRP Ledger is largely operated by Ripple Labs, a private company.

As if that wasnt enough, Ripple Labs holds over 50B XRP tokens in its escrow vaults.

This staggering figure makes up more than half of XRPs total supply, a concept that even Ripple CTO David Schwartz has difficulty supporting.

Meanwhile, Ethereums development and future are firmly held in the hands of its community. On-chain votes manage the protocols governance, and anyone can submit new proposals that might dictate the blockchains path forward.

Like Bitcoin itself, Ethereum champions the original ethos of blockchain technology. The network aims to give everyone on earth greater control of their assets and provide a secure, anonymous, and permissionless platform for all.

Having shaken the legal monkey off its back, Ripple can finally look ahead unburdened. At the same time, Ethereums network effect is growing larger daily, supported by a comprehensive roadmap expected to resolve its issues. What does the future hold for these iconic cryptocurrencies?

While Ripple Labs legal battle with the U.S. Securities and Exchanges Commission is far from over, Judge Analisa Torres declaration that XRP is not a security has been a great boon for the XRP community.

With that out of the way, Ripple Labs can focus more on expanding the RippleNet work towards more partnerships with large financial institutions.

Rumors have been circulating about a potential Ripple IPO. However, Ripple Labs CEO Brad Garlinghouse has denied these claims, suggesting that Ripple is not in any hurry to go public.

Following a successful transition to becoming a more energy-efficient, Proof-of-Stake blockchain in 2022, the next steps of Ethereums roadmap are dedicated to scaling the network.

Co-founder Vitalik Buterin has updated the Ethereum roadmap, painting a picture of what to expect in 2024 (ignoring the typo in his post). The plan ahead follows the 6-step path to newfound scalability, separated into comically named sections.

While it is unlikely that all this will be achieved in 2024 alone, the Ethereum community is largely happy with the proposal, which aims to bring Ethereum to greater heights.

Comparisons between crypto projects are not always a great measure of their value. The reality is that its hard to compare the perks and potential of two fundamentally different protocols with contrasting values and use cases.

On paper, Ripple is a far more efficient and scalable payment processor. However, Ethereums adaptability and scope are far wider, allowing for a more diverse range of utilities and adoption channels.

Ultimately, the question shouldnt be as simple as Which is better?. The question is which blockchain is better suited to your individual needs.

Ripple is undoubtedly the better option if you want to transfer funds quickly at a low cost. For everything else, Ethereum offers a much more diverse range of tools and services that Ripple and the XRP Ledger cannot match.

Ripple and Ethereum are two of the most important digital assets in the crypto market. Its essential to understand what both networks are capable of before making any investment decisions.

Ripple and Ethereum serve different purposes and have different objectives. This makes it hard to say emphatically whether one is better.

While nothing is impossible, it is exceptionally unlikely that Ripple XRP will hit $100. If this were to happen, XRP would have a market capitalization greater than that of Amazon and Apple combined.

You can buy Ripple (XRP) and Ethereum (ETH) on leading crypto exchanges like Binance and Coinbase.

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Vitalik Buterin’s Zuzalu Retreat Spurs Ethereum-Backed ‘Zu-Villages’ – What’s Behind This Mysterious Gathering? – Cryptonews

Last updated: January 22, 2024 03:11 EST | 1 min read

Last year in May, Ethereum co-founder Vitalik Buterin helped organize an exclusive two-month gathering called Zuzalu in Montenegro.

Around 200 invitees discussed topics like cryptography and longevity while enjoying dinners and swims along the Adriatic Sea coastline. Details were scarce, but the hush-hush retreat has now inspired a new initiativespinoff Zu-villages funded by Ethereum grants.

A recent post on the blockchain crowdfunding platform Gitcoin announced quarterly matching pools totaling 250 ETH, around $590,000 at current prices. This has fueled speculation that Zuzalu may reconvene this year.

The stated goals are advancing pop-up city events and supporting technology-driven projects. Recipients can tap into two pools166.5 ETH for events and 83.5 ETH for tech projects.

To qualify for the matched funds, at least one team member must have been invited to Zuzalu last year and participated for a minimum of one week. The blog post does not state if Zuzalu is happening again this year or provide details on timing or location.

Buterin is supposedly contributing a big portion of the ETH grants, although a representative later backtracked, telling CoinDesk there is no record of Buterin committing funds. His precise involvement is unclear as of now.

The Zuzalu retreat itself is shrouded in some secrecy. It was never announced beforehand and details trickled out after the fact via social media posts. Some paint it as a glorified camp discussing esoteric topics, while others reference a Silicon Valley exclusivity.

But it seemingly made an impression on Buterin and other creators who hope to replicate the temporary community under the Zu-village banner. The requirement of at least one core member who attended Zuzalu 2023 hints at an air of exclusivity around the new pop-ups as well.

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Ethereum’s record number of hodlers downgrades Bitcoin to second place – Baltic Times

Comparisons between Bitcoin and Ethereum have made the topic of many crypto debates, leading to many different conclusions. Bitcoin is the holder of many notable records and achievements, including being the first decentralized cryptocurrency established by Satoshi Nakamoto in 2009, the most valuable digital asset and the one that occupies the largest share in the cryptocurrency market. As a result, Ethereum, which was founded in 2015 by Vitalik Buterin, has always lived in Bitcoins shadow, alongside all the other digital currencies that emerged in its wake, forming the altcoin pack.

Historical cryptocurrency data reveals that the two assets have moved in tandem, with the flagship crypto dictating the price trajectory. Judging by the difference between the current Ethereum price and the Bitcoin price, the latter wins by a landslide. Ethereum always seems to be several steps behind Bitcoin, unable to pose a real threat to its dominance and yank it off its throne.

However, if we delve a bit deeper, we can see that the altcoin leader also showcases a series of strong suits and key metrics that place it at the top of the cryptocurrency hierarchy, in front of its longtime rival, and hodler count is one of the areas where Ethereum excels.

Ethereum hits record number of hodlers in 2023

2023 has been a good year for Ethereum for several reasons. The second-ranked crypto has been on an appreciation journey for the better part of the year, with a 20% gain in the last month and a 38% gain over the past 60 days. Apart from the considerable price increase, Ethereum has also seen a significant surge in hodler numbers.

Hodler is a popular crypto slang term that designates long-term holders of a cryptocurrency. These investors buy and hold onto assets regardless of price volatility, trusting their long-term value and their ability to weather market fluctuations.

According to IntoTheBlock data, addresses that have held Ether for more than 12 months currently make up 72% of all Ethereum holders, reaching the highest level since 2018. At the moment, Ethereum counts approximately 73.9 million long-term holders, after a 44.2% increase, while Bitcoins holder figures stand at 33.6 million.

Hodlers play an important role in the health and performance of digital assets. Coins backed by a large number of holders tend to be less susceptible to market volatility and are generally perceived as more resilient and trustworthy. So, the fact that Ethereums holder community is growing is certainly a positive development for the network.

In addition, Ethereum also outclasses Bitcoin in terms of whales, which refers to persons or entities that own a large amount of a single cryptocurrency, between 1000 and 10,000 coins. By the latest count, the number of Ethereum whale addresses has recently reached 5,370, marking a 12% yearly increase, while Bitcoin whale wallets amount to 1,920.

This proves that Bitcoin is not the only coin boasting record-breaking performances in the cryptocurrency ecosystem. Ethereum outshines the original crypto in many ways, so even though theres still a huge price discrepancy between the two, the top altcoin continues to attract an increasing number of investors.

What prompted Ethereums holder increase?

Not too long ago, Bitcoin used to hold supremacy in hodler numbers as well. Whats more, both Bitcoin and Ethereum have had impressive runs this year and recorded increases in their hodler metrics. So, what exactly caused the tables to turn and lead to such a notable disparity between the two assets?

Ethereums surge in long-term holders can be attributed to a series of factors. One of the most likely causes for the increase is the rise in Ethereum staking registered this year. The amount of staked Ether has nearly doubled since the beginning of 2023, with roughly 24% of all Ethereums circulating supply being locked in staking deposits. Since most staked funds remained untouched for more than 12 months, this led to a major rise in the Holder Ratio.

However, there are other factors that have contributed to the phenomenon which have to do with the purpose and the evolution of the two crypto projects. On one hand, Bitcoin has continued to operate as a deflationary store of value and a peer-to-peer form of digital money, so it hasnt strayed away from its original purpose and use cases.

On the other hand, Ethereum has undergone massive transformations since its launch back in 2013. Designed by Vitalik Buterin as a programable blockchain, Ethereum started its journey as a platform that enables the deployment of decentralized apps (dApps). However, over the years and after multiple upgrades and updates, the Ethereum ecosystem expanded considerably, with applications and use cases spanning across many other areas, including gaming, decentralized finance (DeFi), and non-fungible tokens (NFTs).

Bitcoin is clearly more established and mainstream than Ethereum, having a longer track record in the market and being superior in terms of price performance and scalability. Ethereum is in a weaker position from this point of view, but price action is not the only aspect that attracts investors and drives crypto adoption.

The fact that Ethereum boasts a diversity of use cases and represents a hub for innovation in the crypto sphere has caught the eye of stakeholders and that has led to an increase in hodler numbers.

The Ethereum network also seems to respond better to the changing needs and demands of market participants. The Merge and Shapella upgrades, which saw Ethereum switch from a proof-of-work (PoW) consensus protocol to a proof-of-stake (PoS) mechanism, stand as proof of Ethereums adaptability, flexibility and its constant focus on innovation. These attributes have turned it into a decentralized blockchain powerhouse and continue to draw in more investors and holders.

Final thoughts

Ethereums record number of long-term holders might not be enough to steal the leader position from Bitcoin, so its rather premature to make assumptions about a potential flippening in the near future. However, changes in this key metric serve as an indicator of Ethereums strength and potential and are worth taking into account by crypto enthusiasts.

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Geth Ethereum network share falls 5% after fears raised of ‘black swan event’ – Cointelegraph

Ethereum execution client Geth has seen its market share fall after community members raised concerns over the networks diversity, fearing Geths concentration could lead to a black swan event.

On Jan. 23, Geths market share of the Ethereum network execution clients fell 5.2% to 78.8% after reaching 84% the day prior.

Geth is critical in handling transactions and executing smart contracts on Ethereum, but its preference among Ethereum validators has led to an imbalance in execution client diversity on Ethereum, sparking centralization concerns.

Ethereum decentralization advocates, including the founding member of the ETHStaker community, known as Superphiz, stressed in a Jan. 24poston X (formerly Twitter) that a bug in Geth could lead to a more than 80% wipeout of Ether (ETH) staked on the network.

Im not trying to convince you that every execution client is as robust or as mature as Geth. Im just telling you that its a good idea to use less robust clients to prevent a black swan event, he explained in another post.

Lachlan Feeney, founder and CEO of Ethereum infrastructure firm Labrys, suggested in a Jan. 23 blog post that Ethereum validators could risk losing everything.

Probably not, but this is what 84% of the Ethereum stakers are doing today, Feeney added.

As Geths current share exceeds 2/3rds (or 66%), Feeney said a critical bug would instantly stop the chain from finalizing.

In that scenario, Geth validators that go offline would be subject to an inactivity leak, which results in the burning of their staked Ether until the execution recalibrates to a 1/3rd (or 33.3%) share of the network.

Feeney said 90% of a validators staked Ether could be wiped within roughly 40 days.

However, Feeney told Cointelegraph there would be a very small window for validators to exit and limit their losses, as there is a rate-limited queue for how many validators can exit per epoch.

Related: Ethereum devs expect 10x lower rollup costs as Dencun upgrade hits testnets

Nethermind, the second-largest execution client, increased its share from around 8% to 14% on Jan. 23.

Netherminds increased uptake came despite it identifying and fixing a critical bug in several versions of its execution client that caused users to fail to process blocks on Ethereum two days earlier.

Coinbase, one of the largest Ethereum validators running on Geth, announced its plan to transition to a multi-client infrastructure in the coming months.

The exchange explained Geth was the only Ethereum execution client that met its technical requirements since it started Ethereum staking in 2020.

However, the tide is turning, said Coinbase.

Magazine: Ethereum restaking: Blockchain innovation or dangerous house of cards?

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Bitcoin and Ethereum Price Prediction as BTC Rallies 10% From Recent Bottom and ETH Sees $5 Billion Flood In … – Cryptonews

Last updated: January 28, 2024 03:27 EST | 4 min read

In the dynamic world of cryptocurrency, Bitcoins price prediction seems bullish, especially as it experiences a noteworthy upswing, currently trading at $42,220, marking a nearly 1% increase on Sunday.

This positive trend in Bitcoins valuation coincides with a high-ranking representatives praise of BlackRocks Bitcoin ETF, hailing it as a huge success across various metrics.

Simultaneously, the US dollar is witnessing a decline in the wake of recent inflation figures, setting a critical stage for the upcoming Federal Reserve meeting next week. These developments collectively paint a complex but intriguing picture for Bitcoins future in the financial landscape.

Since its recent inception, BlackRocks iShares Bitcoin Trust (IBIT) has seen strong growth, and in an interview with Yahoo Finance, U.S. Head Rachel Aguirre expressed pleasure with the outcome. After receiving permission from the SEC, IBITs trading volume increased to an astounding $3 billion in just two weeks, drawing in $1.6 billion in capital.

Aguirre highlighted BlackRocks dedication to giving investors access to Bitcoin, praising the product for its three USPs: better accessibility, the removal of hassles related to direct Bitcoin ownership, and offering high-caliber support.

Although Aguirre refuted rumors of a spot Ethereum ETF, she praised BlackRock for being ahead of the curve in gauging investor demand. BlackRock currently has 16,361 BTC in order to fund IBIT.

The favorable reaction highlights the increasing interest of institutions in cryptocurrencies, which is probably pushing up the price of Bitcoin.

Friday saw a little decline in the value of the US dollar as December inflation statistics confirmed the markets expectations of a mid-year interest rate drop by the Federal Reserve. Though it might have gained for a fourth week in a row, the dollar index fell 0.1% to 103.41.

In line with expectations, the Personal Consumption Expenditures (PCE) price index increased by 0.2%, preventing annual inflation from rising above 3%. Analysts say there is no reason for the market to be concerned about inflation anytime soon, which lessens the chance of more tightening.

The dollars rise is being restrained by mounting disinflationary pressures globally, even though U.S. rate futures priced in a 47% chance of a rate decrease in March.

The situation with Bitcoin (BTC) is becoming better, and if investors continue to be concerned about inflation, they may become more interested in inflation-resistant assets like cryptocurrencies.

Stay up-to-date with the world of digital assets by exploring our handpicked collection of the best 15 alternative cryptocurrencies and ICO projects to keep an eye on in 2023. Our list has been curated by professionals from Industry Talk and Cryptonews, ensuring expert advice and critical insights for your cryptocurrency investments.

Take advantage of this opportunity to discover the potential of these digital assets and keep yourself informed.

Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication cryptocurrencies are highly volatile investments with considerable risk, always do your own research.

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Ethereum price prediction 2024 – USA TODAY

Key points

After a solid 2023 performance, ethereum prices are back above the psychological $2,000 level and within striking distance of new 52-week highs.

The U.S. Securities and Exchange Commission has continued its crypto market crackdown throughout 2023, but some experts say the implementation of much-needed crypto regulations will open the door for more investors and money to flow into the crypto market.

While bitcoin still reigns supreme, ethereum has maintained its position as king of the altcoins. Together, bitcoin and ethereum now account for roughly two-thirds of the total global crypto market cap.

The biggest crypto market catalyst investors are anticipating in the coming months is the likely SEC approval of the first spot bitcoin exchange-traded fund to trade on a major U.S. exchange. Once the SEC approves the first spot bitcoin ETF, ethereum investors are hoping it wont be long before the first ethereum spot ETF gets the SECs stamp of approval as well.

The leading altcoin could also catch a bid in the first half of 2024 if the Federal Reserve begins cutting interest rates sooner or more aggressively than expected.

Ethereum prices are up more than 60% year to date as of late November, but they have significantly lagged bitcoins 128% gain.

Additional upside in 2024 will likely depend on monetary policy, additional clarity on the crypto regulation front and the ability of ethereum to demonstrate scalability as the number of decentralized applications, known as dApps, on ethereums programmable blockchain continues to grow.

Ethereum is approaching the close of 2023 near its 52-week highs, and much of that recent positive momentum stems from investors anticipating the SEC will soon approve its first spot cryptocurrency ETFs.

In recent years, the SEC has approved several popular cryptocurrency futures ETFs that hold futures contracts rather than cryptocurrency itself.

But the regulator has repeatedly rejected several rounds of applications for spot ETFs that would hold actual cryptocurrencies, such as bitcoin and ethereum. In its past rejections, the SEC cited concerns over investor safety and potential cryptocurrency market manipulation.

However, Grayscale scored a major legal victory over the SEC in August 2023 when a court overturned the SECs rejection of Grayscales application to convert its popular Grayscale Bitcoin Trust into a spot bitcoin ETF.

Grayscales victory is also good news for ethereum investors because the firm filed in October to convert its Grayscale Ethereum Trust into a spot ethereum ETF as well.

Grayscale isnt the only company seeking SEC approval for a spot ethereum ETF in the U.S. ARK Invest and 21Shares jointly applied for the Ark 21Shares Ethereum ETF in September 2023.

BlackRock followed up by applying for approval to convert the iShares Ethereum Trust into a spot ETF in November 2023. Both applications are still awaiting SEC approval. BlackRock previously applied for a spot bitcoin ETF in June.

Given bitcoins position as the gold standard in crypto, its likely the SEC will first rule on several of the spot bitcoin ETF applications before potentially approving the first spot ethereum ETF.

If the regulator approves a spot bitcoin ETF, it wouldnt necessarily guarantee that spot ethereum ETF approval is imminent. But it would certainly be a strong indication that it could be.

ETH investors are hoping the launch of spot crypto ETFs will provide easy access to crypto for a new class of institutional and retail investors, opening the floodgates to a wave of demand that could push crypto prices to new highs.

The SEC stamp of approval would also help reassure skeptical investors that ethereum and other cryptocurrencies are a valid, safe asset class.

In addition to a potential spot ethereum ETF, Jesper Johansen, CEO and founder of Northstake, said scalability will be the biggest topic on ethereum investors minds in 2024.

As user adoption of ethereum grows, the protocol will need to scale its operational capacity to facilitate more network transactions. Projects and integrations that increase the scalability of ethereums protocol will be one of the primary value drivers for ETH in 2024, he said.

The ethereum blockchain first went live in 2015 and spent most of its first few months trading for less than $2.

Ethereum didnt start generating significant price momentum until skyrocketing bitcoin prices gained cryptocurrency mainstream awareness for the first time in late 2017.

ETH prices hit $100 for the first time in May 2017 and continued their meteoric rise to break above $1,000 in January 2018 following the launch of the first bitcoin futures contracts in December 2017.

CME Groups bitcoin futures represented the first crypto-related financial products offered by a mainstream financial institution. CME didnt follow up with ethereum futures contracts until September 2022.

Ethereum prices ultimately peaked above $1,300 in January 2018 before plummeting to under $100 by December 2018. Later, crypto trading became trendy once again during the COVID-19 pandemic. The price of ethereum soared to new all-time highs and reached a peak of $4,891 in November 2021. That was before rising interest rates triggered a sell-off in cryptos and other risk assets in 2022.

The 2022 sell-off created chaos in the crypto market. Luna and its associated stablecoin terra completely collapsed in May 2022. That year, crypto exchange FTX and a handful of other prominent crypto firms and crypto lenders filed for bankruptcy protection.

Amid the crypto winter in 2022, ethereum prices dropped as low as the $1,000 threshold. But ETH made it back above $1,500 by January 2023 and briefly topped $2,000 in April 2023.

In the second half of 2023, investors shifted their focus from 2022s crypto winter to the possibility of the first SEC-approved spot crypto ETFs.

Ethereum investor sentiment is bullish and pricing momentum is positive heading into 2024

That said, longtime crypto investors know gains and losses can go as quickly as they come, and ethereum investors should anticipate more volatility in the year ahead.

Ethereum is notoriously volatile and unpredictable, along with the rest of the crypto market. However, momentum is positive for now, and there are several reasons for investors to believe ETH prices will continue to trend higher in 2024.

Unlike bitcoin, which is primarily used as a store of value and means of value transfer, the ethereum blockchain network has a unique utility for dApp developers. Developers use the ethereum network to develop other cryptocurrencies, trade non-fungible tokens, and create and run smart contracts and other decentralized finance applications.

Bitcoins overall crypto market dominance has been on the rise, but ethereums utility and decentralization have helped it continue to dominate the altcoins. As of October 2023, the ethereum ecosystem had more than 1,800 monthly active developers, three times more than polkadot, which is the second-largest platform for developers.

Ethereum is also the most popular blockchain for NFT sales. The ethereum network nearly doubles the NFT sales of the bitcoin blockchain (including wash sales) and has significantly more NFT sales than any other blockchain, according to CryptoSlam.

Ramani Ramachandran, co-founder and CEO of Router Protocol, said the financial media will likely focus on ethereums price swings in 2024, but long-term investors should instead focus on the platforms innovation and upgrades.

Im looking forward to what 2024 brings. Ethereum has regularly been at the front of smart contract innovation, making them one of the most interesting projects to watch, Ramachandran said.

Finally, ethereums transition away from proof-of-work verification makes the cryptocurrency potentially more scalable and appealing to investors and developers concerned about the environmental impact of cryptocurrency mining.

Besides its utility value, ethereum remains the only cryptocurrency other than bitcoin with futures contracts that trade on the Chicago Mercantile Exchange. Futures contracts are agreements to buy or sell an asset at a specific price at a future date, and they can provide a high degree of leverage that can supercharge investor returns.

Futures trading is particularly popular among institutional investors, and ethereum futures can serve as useful hedges against bitcoin positions.

Average retail investors can also trade ethereum futures contracts, but the inherent volatility of futures creates an additional dimension of risk on top of an already extremely volatile and risky cryptocurrency.

It can be very difficult for even professional financial analysts to determine a true value for ethereum because it doesnt generate cash flow or revenue like a traditional business, nor does it represent ownership of a physical asset or intellectual property.

But analysts at VanEck use estimates of total ethereum network revenue to make long-term price projections for the cryptocurrency. VanEck forecasts ethereum network revenue will climb from $2.6 billion today to roughly $51 billion by 2030.

But the firms bull case projection of $136.7 billion in 2030 revenue represents a best-case scenario ethereum price target of around $51,000.

According to VanEcks methodology, ethereum prices could surpass $50,000 by 2030 in a best-case scenario, but that would include a significant rise in activity on the ethereum blockchain over the next six years. When more apps are running on the blockchain, increased fee revenue is generated.

Kadan Stadelmann, chief technology officer at Komodo Platform, said this type of growth will hinge on the ethereum networks scalability.

If the ethereum network becomes more scalable, ETH could be a good investment alternative to bitcoin. However, reaching $50,000 during the next bull market cycle is possible but unlikely, Stadelmann said.

The ethereum blockchain has emerged as the top blockchain for dApp developers, positioning ethereum to potentially be a key player in the future of finance, NFTs and other industries. The more popular the ethereum network becomes, the more the long-term bull case for the cryptocurrency makes sense.

But there is no guarantee ethereum will maintain its position as the top dApp blockchain over the long term. Ethereum has been an excellent long-term investment up to this point, and it has more than doubled the return of bitcoin over the past three years. Unfortunately, ethereum prices have always been extremely volatile and prone to extreme sell-offs.

Ethereums all-time intraday high was $4,865 in November 2021.

Ethereum may be an appropriate investment for short-term market speculators and traders who have high risk tolerance and are looking for an extremely volatile asset.

But ethereum has an unproven long-term track record compared to assets such as gold, stocks or bonds, and long-term investors shouldnt assume ethereums strong past performance is a guarantee of future returns.

Its extremely difficult to accurately predict the price of cryptocurrency given fluctuations in the crypto market are based largely on investor sentiment. However, VanEck has forecast ethereum prices will reach around $11,800 by 2030 based on current network revenue trajectories.

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Polygon Nearly Matches Ethereum In User Acquisition in 2023, Adds 2.8 Million Users This January – NullTX

In 2023, Polygon, a Layer-2 scaling network for Ethereum, came close to rivaling Ethereum in crypto user acquisition, as per data from blockchain analytics firm Flipside.

The gap between Polygon and Ethereum was narrow, with Polygon gaining an impressive 15.24 million users compared to Ethereums 15.4 million.

Flipside defines an acquired user as someone who has completed at least two transactions on a specific blockchain, with at least one occurring in 2023.

Interestingly, Polygons user acquisition peaked in the first half of 2023, though Ethereum surpassed Polygon in the latter half of the year.

January saw Polygon leading the way with 2.8 million new users, representing over 40% of all new users added to the network throughout the year.

Despite a consistent decline in monthly user acquisition rates, Polygon outperformed many other networks.

Bitcoin, with 10.65 million new users, secured the third position, while Solana and Arbitrum rounded out the top five.

Despite Ethereums longstanding dominance, Polygons impressive performance signals a growing interest and adoption of Layer-2 scaling solutions within the crypto community.

The significant uptick in user acquisition for Polygon underscores its appeal as a scalable and efficient platform for decentralized applications (DApps) and transactions.

As the crypto landscape continues to evolve, the competition among blockchain networks intensifies, with each vying to attract and retain users in a rapidly expanding ecosystem.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Polygon Nearly Matches Ethereum In User Acquisition in 2023, Adds 2.8 Million Users This January - NullTX

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Ethereum’s (ETH) 14% price drop overshadows improvements in investor interest: Report – Cointelegraph

The price of Ether (ETH)rallied 77% in the lead-up to the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States, setting a year-to-date high at $2,715. But in the weeks since, ETH price has turned soft alongside the rest of the market.

The latest data from on-chain analytics firm Glassnode shows that despite the current downturn, Ether has outperformed Bitcoin(BTC)in multiple areas.

Glassnodes latest The Week Onchain report highlights ETHs outperformance of Bitcoin on a quarterly, monthly, and weekly basis.

Analyst Alice Kohn points to a significant surge of over 20% in Ethers value against Bitcoin, a trend that aligns with similar activity in the ETH derivatives market.

Glassnode notes that this performance coincides with a rebound in ETHs market dominance. According to the chart below, ETH has gained 2.9% in market cap dominance compared with Bitcoin since the spot BTC ETF approval.

Ether may be trading 14% lower over the last week, but market sentiment around the cryptocurrency remains positive. This is evidenced by the volume of net profits locked in by ETH investors, which has reached a new multiyear high, signaling significant changes in investor profitability.

Kohn said:

Perhaps the most significant indicator supporting Ethers positive sentiment is the net unrealized profit/loss (NUPL) metric for short-term tokenholders.

NUPL gauges the potential profit or loss of investors holding an asset based on the price at which they acquired their coins.

This metric has crossed above 0.25 for the first time since the November 2021 all-time high, indicating increasing optimism among holders.

According to Kohn, this could mean either a level of positive market sentiment is creeping in for ETH or that markets tend to take a pause and digest profit taking distribution pressure.

Related: Socket protocol recovers two-thirds of stolen ETH from hack

Expressing this optimism, trader Ken spotted a manual stop, saying that the ETH/BTC confluence was nearing a breakout with Ethers price above $2,240.

The recent resurgence in Ethers market performance, as highlighted in Glassnodes report, suggests a potential shift in capital flows within the crypto market. A closer look at derivatives data reveals that Bitcoins perpetual swaps accounted for 55% of open interest in January 2022, which has since risen to 66.2%.

In comparison, ETH open interest dominance decreased from 45% to 33.8% between 2022 and 2024, according to Glassnode.

However, ETH regained some market share, with its dominance rebounding to approximately 40% by this metric following the ETF approval.

Ethers recent market performance has sparked increased speculation among investors about the possible introduction of a spot Ether ETF.

According to Yield App chief investment officer Lucas Kiely, now that there is clarity after the Bitcoin ETFs along with seven deadlines between May and August Ether ETFs may come sooner than expected.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Ethereum's (ETH) 14% price drop overshadows improvements in investor interest: Report - Cointelegraph

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