© Reuters. Crypto Analyst Predicts a $14,000 Extreme Bull Run For Ethereum in Q4 2021
- records new highs.
- Crypto analyst says Ethereum is just getting started.
- ETH could reach $14,000+ soon if it follows the 2017 trend.
As the year is nearing its end, many analysts are already drawing a picture of what may or may not happen this 4th quarter. They are also speculating what 2022 holds for the crypto community. On that note, crypto technical and on-chain data analyst — Mathew Hyland, is very optimistic about Ethereum and we are here for it.
According to the hodler and trader, Ethereum is just getting started. Well, seeing the way the crypto market is rallying for most of these altcoins, we can expect to see ETH break more barriers. Be it as it may, everyone has their varying opinion about the crypto market at the moment.
While many are predicting a big swing, some are feeling the bullish market will eventually dive into a deep plunge that the crypto community may never recover from.
Coming back, Hyland believes ETH’s extreme move is coming. More so, he envisions ETH moving to $14,000+. For instance, in 2017 Ethereum topped at $1.272 to $1,290, and as such, if it repeats in 2021, then the price will pump.
#Ethereum is just getting started…
The extreme move is coming
— Matthew Hyland (@Parabolic_Matt) November 1, 2021
The tweet got people talking about Ethereum. Some are with him on his opinion, with one comment saying that “all you guys doubting, act like it never happened before. Until now everything repeated so the rest must have a different outcome than your POV [point of view].” He continues by saying that he is with Hyland on his prediction.
Another says he has a $40,000-$50,000 target in mind but he won’t really believe it unless a 2013-2014 bull style run with two major peaks happens. Additionally, one visionalist opines that Metaverse ‘Meta’ is using ETH currencies. In addition, ETF’s launching for Ethereum (ETH) next year will make the price go parabolic.
Meanwhile, others feel there are better Layer 1 alternatives out there, and so, Ethereum may not reach such a target. Likewise, another observer presumes the chart is too positive, though, he is happy the ETH/USDT pair is doing great, but he only foresees a $6-$7 high.
Over the past 24 hours, the price of Ethereum broke past its previous all-time high of $4,400 to surge to $4,591.84. Similarly, the trading volume rose 23.27%. To conclude, the volatility of the market makes it difficult for anyone to be certain about their predictions. Thus, everyone can only observe closely to see the outcome.
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Poloniex rolled back support for stablecoins on Binance Smart Chain (BNB Chain)
Crypto exchange Poloniex (one of the key investors of which is the creator of the ecosystem TRON Justin Sun) stopped supporting stablecoins on Binance Smart Chain (today – BNB Chain). Poloniex tech support announced this in a tweet.
Tech support later deleted the tweet, but it is still viewable on the websites that linked to it. When trying to open an announcement about the termination of support for Binance Smart Chain stablecoin, the exchange’s website takes you to an authorization form.
According to the saved copy of the announcement, the exchange stopped supporting USDT, USDC, TUSD and BUSD based on the BEP20 protocol back on November 24. However, support for other BNB Chain-based tokens remained in place.
The exchange said that it stops not only deposits but also withdrawals of stablecoins on BEP20, but is ready to convert assets to their counterpart on other networks: Ethereum (ERC20) or TRON (TRC20). It is not clear what exactly caused the change. At the same time, Poloniex representatives on Telegram ignore users’ questions about the reasons for stablecoin support stopping on BEP20, but note that users can still deposit tokens on BEP20.
Earlier, we reported that MakerDAO will exclude renBTC from DAI stablecoin reserves due to the drop in renBTC price.
Binance Launches Proof-of-Reserves System
Binance has released a Proof-of-Reserves system based on Merkle Tree, an algorithm for verifying crypto exchange reserves. The Proof-of-Reserves system proves that the company holds user funds in full. When a user deposits one bitcoin, the exchange’s reserves increase by one bitcoin in real time, proving the transparency of balances and the safety of funds.
The first version of Proof-of-Reserves is available for bitcoin (BTC). Similar functionality will soon be available for ETH, USDT, USDC, BUSD and BNB. Binance will also bring in an independent third-party auditor to verify the data.
“Given recent events, it is clear that the community will demand more from crypto exchanges than what is currently required of traditional financial institutions. That’s why we are excited to provide our users with this newest feature to verify crypto exchange reserves,” said Binance CEO Changpeng Zhao.
He added that Binance’s community is larger than that of any other crypto exchange. Therefore, it will take several weeks to get data for most assets.
“We are working to get the next update out as quickly as possible. As much as possible to meet community expectations,” Zhao noted.
Right now, users can check funds in two ways: through the Binance website or by copying the source code into a Python application and cross-referencing.
Also, the ZK-SNARK tool will soon be introduced, providing privacy and simplicity for confirming reserves. The service will help audit users’ balances and confirm that they have assets to cover collateral.
Earlier, we reported that New York City restricted the cryptocurrency mining business.
Polkadot offers money for fighting crypto fraudsters
Blockchain project Polkadot has launched Anti-Scam Bounty, an anti-crypto fraudsters program to improve the security of its ecosystem. As part of the new program, Polkadot will pay users cash rewards for helping them fight crypto fraudsters.
Users are required to find fraudulent websites, fake social media profiles and phishing apps that masquerade as Polkadot. They also need to protect Discord servers from hacker attacks. The tasks include creating training materials for users, as well as developing a special Anti-Scam toolbar to protect against fraud in the company’s ecosystem.
“Decentralizing anti-cryptocurrency scammer list efforts and moving them online is no easy task, mainly because most of the anti-scamming happens in Web2,” Polkadot said in a statement.
Each task is overseen by members of the Polkadot community. They will interact with implementers and suggest their own initiatives to better achieve results. Users will receive USD Coin (USDC) awards for helping to fight fraud. The program is now run by three mentors from the Polkadot community and two employees from the Web3 Foundation.
“The threat to Polkadot’s brand development is real, but that’s not our only concern. We don’t want Polkadot to be a free ecosystem. We want it to be a secure ecosystem where users don’t have to constantly worry about getting caught and scammers should think twice before casting their nets,” Polkadot said.
Polkadot concluded by reaching out to scammers, promising that they will have a tough time in the ecosystem.
“So pack your bags and go for it. Or better yet, get a job and stop stealing from people!” the authors of the release concluded.
We previously reported on why the collapse of FTX won’t kill the crypto industry.
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