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Ethereum above $1,600: reasons for growth and what’s next

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Ethereum showed excellent upward movement in the second half of July 2022 on the back of the network’s upcoming move from PoW to PoS algorithm. We decided to find out how long Ethereum will keep growing and what will happen to the price of the cryptocurrency.

Reasons for Ethereum growth

Right now, it’s not Ethereum specifically that’s growing, but the entire market. News about Ethereum’s transition to PoS has been published regularly for many months and it couldn’t come as a surprise to the market. Especially since the ETH2.0 deposit contract already hosts 10% of the entire issue.

Investors should consider the latest bounce above $1,500 as part of the correction after the strong collapse of the entire market since May 2022.

The Ethereum market is still in a full bearish trend, and there is no reason to change to a bullish one yet. Ethereum’s price could momentarily fall to $400 before a new bullish rally.

If Ethereum developers successfully test the testnet on the main network, price growth could really accelerate.

There is an opinion that the second most capitalized cryptocurrency will return to $1,400 – the upper boundary of the monthly daily price channel, and may head towards $1,100 – the lower boundary. Despite the recent 25 percent rise, the market is still weak.

Bitcoin’s situation is similar to Ethereum – the difference is that bitcoin has not only broken through the upper boundary, but has also managed to go back and is quite likely to make a $19,500 retest. There is a strong market fatigue from the prolonged correction, but not enough to change the market position.

One should not take Ethereum’s growth seriously, because with the weak US and European economies, such upward movement will not last long. Fundamentally, things are pretty worrisome in the financial market, and even more so in the cryptocurrency market.

Miners will get rid of Ethereum in light of the recent news about the transition to PoS, and this may have a negative impact on the price of the cryptocurrency.

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

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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? 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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Voyager Digital is restructuring and preparing for sale

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Cryptocurrency broker Voyager Digital said it is preparing a plan to restructure and resume cash withdrawals from the platform

According to Voyager Digital, the company has developed a plan that includes its potential sale. Unnamed sources at Voyager say the company has received several buyout offers that were “higher and better” than the earlier FTX offer.

Judicial authorities have agreed to a submitted restructuring plan, and approved bidding procedures, should a sale of Voyager crypto assets be considered appropriate. In doing so, the court set an Oct. 3 date as the deadline for filing claims against Voyager. The company’s next hearing date is set for Sept. 8.

Additionally, Voyager said it plans to “restore access” to deposits and cash withdrawals, which would be another step for the company to restructure and regain customer confidence:

“Yesterday, the court approved our proposal and restored access to cash held in accounts at Metropolitan Commercial Bank. We realize how important it is to have access to our funds. Access to the Voyager app to withdraw cash in U.S. dollars is expected to resume on Aug. 11. The daily limit per user will be $100,000.”

Recall that cryptocurrency broker Voyager Digital received approval from the New York District Court to pay customers some of the funds from the $350 million blocked earlier in the bankruptcy case.



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