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ETH is up 20% for the week. Is this a bull trap?

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Ethereum gained 20% over the past week and continued to build on the gains this morning, hitting $1,412. Euphoria over the impending move to Proof-of-Stake or a bull trap?

As of this morning’s writing, Ethereum was well ahead of bitcoin regarding growth. Meanwhile, a popular crypto analyst and trader nicknamed Bluntz noted that ETH has recovered above its 200-week moving average. This could be a signal that the coin has hit bottom.

Recall that the growth rate of ETH picked up towards the end of last week after it became known that the Ethereum blockchain may move to a new Proof-of-Stake algorithm as early as September 19. This was announced by one of the developers of the project. Against this background, the exchange rate of ETH immediately jumped more than 12% to $1,300.

The developers plan to complete all of the updates to the test networks before the main network moves. For example, the Goerli test network has yet to “merge” (go through the Merge phase) with the new algorithm on August 11.

However, it’s too early to celebrate the victory. ETH is still trading 71% below its all-time high of November, and the crypto market continues to be dominated by gloomy sentiment.

Many industry analysts still expect a final surrender triggered by further interest rate hikes by the US Federal Reserve and gloomy news on the recession and inflation. In that case, bitcoin could head back under the $20,000 mark, and Ethereum would surely follow it southward as well.

If that’s the case, the 3-day ETH pummeling might just be a bull trap, since the coin has been in a downtrend for the past 8 months, and bear markets don’t usually end that quickly.

The number of ETH on the steaming blockchain is on the rise

Investors, however, continue to consistently accumulate ETH stocks. According to CoinShares, capital inflows from institutional investors into Ethereum-based products and funds have started to increase again, although investors’ positions on bitcoin have remained mostly short.

On July 18, analyst firm Glassnode reported that the number of addresses with more than 32 ETH on their balance sheet hit a 16-month high of 116,895, breaking the previous day’s record.

As a reminder, 32 is the smallest number of tokens to have on their balance validator nodes. However, many exchanges now offer various staking services, so in fact, an investor can engage in staking even with a smaller number of coins. 

According to Beacon Chain, there are currently 13,089,105 ETH in staking. At current prices, this is equivalent to about $18.3 billion and represents nearly 11% of the total number of coins in circulation.

Speculation periodically starts creeping around the market that a powerful wave of Ethereum sales should be expected after the Merge phase. However, developers have repeatedly confirmed that the coins will not be unlocked in an “all at once” format to maintain the security and performance of the network. 


Cryptocurrency

The Balance: Bitcoin bearish trend hasn’t stopped Americans from investing more in cryptocurrencies

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bitcoin bearish trend

Analytical resource The Balance posted a report stating that 39% of U.S. investors have become more invested in cryptocurrencies, despite the bitcoin bearish trend. 

According to the report’s author, these Americans are looking for new investment avenues to preserve their savings amid economic uncertainty.

Meanwhile, 41% of survey participants said they invested more in stocks, and about a third of them invested more in exchange-traded funds and exchange-traded index funds amid market uncertainty. Thirty-four percent of investors reported no change in their investment habits.

Slightly more than a quarter of investors surveyed admitted to investing less in assets. Nearly 20% of those surveyed admitted to investing less in cryptocurrencies this year. The report’s author argues that investing in cryptocurrency in times of uncertainty is more popular among young people.

Nearly half of millennials and Generation Z investors (age 41 and younger) said they prefer cryptocurrency – as opposed to just under a third of Generation X investors and older. The online survey was conducted from June 30 to July 9, 2022, and surveyed 1,200 Americans over the age of 18 who at least partially manage their finances.

However, according to Bank Of America, the number of active cryptocurrency users is down more than 50 percent from its peak last November.

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Cumberland: institutional investors give bitcoin growth predictions as high as $32,000 as early as 2022

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bitcoin growth prediction

US market maker Cumberland conducted a survey of institutional investors and found that most respondents were making bitcoin growth predictions as early as this year.

It is worth emphasizing that most of those surveyed are convinced that the crypto market will continue its decline in the near future. Analysts stress that the value of the main coin in the world of cryptocurrencies can fall to 16000 dollars. After that, Bitcoin should quickly recover the lost positions. At the end of the year, the value of BTC could reach $32,000. Cumberland experts point out that investors remain bullish. 

“Even with the current bearish trend, these results are not surprising. After all, those surveyed are trading cryptocurrencies, which means they believe in bitcoin. If they didn’t have this attitude toward BTC, they would continue to trade forex,” Cumberland analysts said.

Respondents do not expect any success in the stock market, despite the significant correlation between the stock and markets in recent months. According to institutional investors, the crypto market, at least in the near term, will depend significantly on the U.S. Federal Reserve’s decisions on prime rates and “other Fed moves.”

Cumberland analysts have previously said that the recovery of the market will be determined by the rate at which assets move from insolvent to solvent companies.





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Is dogecoin a good investment? Elon Musk: Dogecoin is much faster than the Bitcoin network

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is dogecoin a good investment

Is dogecoin a good investment? The CEO of Tesla again spoke out in support of Dogecoin. He stressed that the “meme cryptocurrency” network can process significantly more transactions than the Bitcoin network.

During a conversation with a podcast host, the head of Tesla and SpaceX said that the popularization of DOGE is paying off. The coin is increasingly being used as a full-fledged means of payment. As you know, coins can be used to buy goods and pay for various services of several large companies. The most important advantage is the high speed of transactions. Usually it takes no more than a minute to process a transaction online.

“To be honest, I mostly support DOGE because this cryptocurrency has memes, dogs, the developers have a sense of humor, they don’t take the project too seriously. And with all that being said, it’s strange that though DOGE was invented just as a joke, the actual throughput of the Dogecoin network is much higher than Bitcoin blockchain,” said Tesla’s CEO.

Ilon Musk also reminded that Dogecoin’s inflation model allows it to issue 5 billion coins annually, while Bitcoin’s number is limited to 21 million. And this makes DOGE much more suitable for use as a payment currency.

Recall that Tesla sold most of its bitcoin holdings amid falling cryptocurrency markets.



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