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Ethereum market cap equals Paypal as coin hits new ATH

TL;DR Breakdown; ETH price surge to new ATH Factors behind ETH price surge The price of number one altcoin and number two cryptocurrency, Ethereum has hit another All-Time High Price at $2,700, today, Wednesday. The move added 7 percent on the day to the price of Ethereum which has since pulled back to the $2,640 […]

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TL;DR Breakdown;

  • ETH price surge to new ATH
  • Factors behind ETH price surge

The price of number one altcoin and number two cryptocurrency, Ethereum has hit another All-Time High Price at $2,700, today, Wednesday.

The move added 7 percent on the day to the price of Ethereum which has since pulled back to the $2,640 level. The new ATH has also pushed the coin market capitalization above $310 billion which brings its equal to the worth of global payment firm, PayPal.

ETH has been one impressive coin in 2021 and has gained 258 percent more than its value at the beginning of the year. Unlike ETH, BTC has surged just 90 percent above its value at the beginning of the year.

Factors behind Ethereum price surge

The recent surge experienced by the number one altcoin follows announcement by the European Investment Bank about plans to launch a digital bond sale on the Ethereum network.

The digital bond worth about $121 million USD would be led by Goldman Sachs, Banco Santander, and Societe Generale Bloomberg reports. The backing from these banks have given the altcoin a boost alongside other momentum driving the surge behind the cryptocurrency.

DeFi is another factor pushing the price of ETH as the ecosystem has surged hitting a record of 2 million users. Other bullish on-chain factors include a decline in the amount of ETH being held on exchanges which indicates that holders are not preparing to sell. ETH also channeled to other earning portals like DeFihas also hit a record of 11 million ETH locked up according to Defipulse.

Lastly, institutional investors are beginning to pay attention to ETH investment as a potential hedge against inflation, or simply as a way to diversify portfolios, which is becoming more common among firms.

Chinese app company Meitu recently announced a purchase of roughly $50 million worth of ETH. And, in Canada, three Ethereum ETFs launched by Purpose Investments, Evolve ETFs, and CI Global Asset Management began trading last week.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptopolitan.com/ethereum-market-cap-hits-new-ath/

Blockchain

XRP, Dogecoin, Cardano Price Analysis: 12 May

With Bitcoin, the world’s largest cryptocurrency, still holding a position below $60k and ETH surging past the $4,300-mark at press time, the rest of the market’s altcoins had two directions to choose

The post XRP, Dogecoin, Cardano Price Analysis: 12 May appeared first on AMBCrypto.

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With Bitcoin, the world’s largest cryptocurrency, still holding a position below $60k and ETH surging past the $4,300-mark at press time, the rest of the market’s altcoins had two directions to choose from for their own price actions. While the likes of XRP and Dogecoin seemed to be losing steam, others like Cardano noted some resurgence on the price charts.

XRP

Source: XRP/USD on TradingView

After weeks of bullish movement on the back of positive developments in the SEC v. Ripple Labs case, the past 10 days or so have seen XRP depreciate on the charts once again. In fact, a 50-day window alone saw the crypto fall by over 14.5% before some gains followed. At the time of writing, XRP was trading at a level that was well away from its local top. What’s more, the alt was 56.25% away from its ATH.

As can be observed on XRP’s daily charts, the mouth of Bollinger Bands has closed over the past few weeks thanks to falling volatility. Further, the past few trading sessions also saw MACD line dip below the Signal line as bearishness took over the crypto market.

As mentioned, positive developments have indeed helped in pushing the altcoin’s price north. However, some concerns persist, concerns that may have precipitated corrections for XRP.

For instance, many in the community remain worried about the likelihood of the SEC coming after them with sanctions.

Dogecoin  [DOGE]

Source: DOGE/USD on TradingView

Dogecoin, the crypto-market’s premier meme-coin, like Bitcoin and Ethereum, has been one of the cryptos to grab the attention of mainstream media over the past few months thanks to its extraordinary performance on the price charts. Its price action in the month of May itself was a case in point, with DOGE climbing by almost 85% in 5 days, before falling by over 35%.

Here, it’s worth noting that the uptick came on the back of anticipation associated with Elon Musk’s SNL appearance, an appearance which turned out to be a damp squib. News of Barry Silbert shorting DOGE didn’t help either.

It wasn’t all bad news, however. While Parabolic SAR’s dotted markers had switched trends to take the bearish side, the Chaikin Money Flow remained healthy and was above zero.

According to some analysts, this could be an opportunity to “buy the dip.”

Cardano [ADA]

Source: ADA/USD on TradingView

Cardano, now the sixth-largest cryptocurrency in the market, like XRP and Dogecoin, has had a good 2021 with YTD returns of 918%, at press time. While the price action of ADA was fairly stable in the months of March and April, the last few days have seen the altcoin climb up the charts again. On the back of a weekly hike of almost 40%, ADA surged to a new ATH of $1.82 a few hours ago.

Bollinger Bands were diverging, at the time of writing, a sign of the crypto’s price candles making room for incoming price volatility. With Awesome Oscillator’s histogram picturing an uptick in positive market momentum, ADA’s near-term price action was likely to be northbound.

Cardano was in the news recently after Charles Hoskinson took issue with some claiming that it is a “blatant scam.”


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Source: https://ambcrypto.com/xrp-dogecoin-cardano-price-analysis-12-may

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Blockchain

Binance Coin, Polkadot, MATIC Price Analysis: 12 May

While Ethereum, the world’s largest altcoin, may be breaching one ATH after the other, the same cannot be said for the rest of the market’s altcoins, including the likes of Binance Coin and Polkadot.

The post Binance Coin, Polkadot, MATIC Price Analysis: 12 May appeared first on AMBCrypto.

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While Ethereum, the world’s largest altcoin, may be breaching one ATH after the other, the same cannot be said for the rest of the market’s altcoins, including the likes of Binance Coin and Polkadot. Others like MATIC, however, were quick to take ETH’s lead, with the former recording significant gains of its own over the last week.

Binance Coin [BNB]

Source: BNB/USD on TradingView

The crypto-market’s premier exchange token, Binance Coin has been one of the year’s best performers with YTD returns of 1675%, at press time. The last 10 days or so, however, have seen the altcoin’s uptrend stall somewhat, with the crypto continuing to trade around the $650-price level. In fact, at the time of writing, BNB was just less than 5% away from its ATH on the charts.

Despite BNB choosing to consolidate its position instead of hiking, the altcoin’s technical indicators were continuing to flash bullish cues.

While Parabolic SAR’s dotted markers were under the price candles and underlined the bullish nature of the BNB market, the Relative Strength Index was skirting the overbought zone. With room available towards the north, RSI can be expected to head towards the overbought zone once the price of the crypto climbs once again.

Here, it’s worth noting that BNB’s price action this year has fueled expectations that the alt might touch $1000 before the end of the year.

Polkadot [DOT]

Source: DOT/USD on TradingView

Thanks to Polkadot’s inconsistent movement over the past few months, DOT’s position on CoinMarketCap had been usurped somewhat, at press time, with the likes of Dogecoin and ICP trading well ahead of it. Over the said period, DOT’s movement has followed the crest and trough pattern, with the alt being unable to register a sustained trend in any direction.

In the last week alone, DOT fell by over 12% in 3 days, with the crypto climbing the charts again soon after.

The mouth of Bollinger Bands was widening to highlight the likelihood of incoming price volatility. MACD line was hovering above the Signal line, but only just, suggesting that the possibility of a bearish crossover in the near term was high.

The aforementioned findings were in line with those underlined by a recent analysis, with the same predicting that the MACD can also be projected to fall below the histogram soon.

MATIC

Source: MATIC/USD on TradingView

MATIC was one of the few alts to hike in correspondence with Ethereum’s own hike, with the crypto climbing by over 50% in just 5 days. In fact, at press time, the crypto had climbed to yet another ATH on the charts, with the alt’s bullish momentum looking set to continue for a longer while, at least until ETH’s surge loses momentum.

Interestingly, MATIC’s latest uptick, in opposition to its late-April surge, wasn’t accompanied by a consistent spike in trading volume.

While the Awesome Oscillator’s histogram pictured the market momentum rising across the board, the Chaikin Money Flow was heading towards 0.20 on the back of growing capital inflows.

With MATIC’s supply nearly wiped off of exchanges, it’s worth noting what a retail trader might expect from the crypto in the near future.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/binance-coin-polkadot-matic-price-analysis-12-may

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Tesla stops taking bitcoin for car purchases, citing ‘great cost to the environment’

Elon Musk tweeted out a statement on Wednesday night explaining why the electric carmaker has stopped taking bitcoin as payment for its cars.

The post Tesla stops taking bitcoin for car purchases, citing ‘great cost to the environment’ appeared first on The Block.

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Tesla CEO Elon Musk posted a tweet Wednesday evening announcing that Tesla will suspend vehicle purchases using bitcoin due to concerns over the environmental impact of the cryptocurrency.

“We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” read the statement.

The electric car maker began taking bitcoin for payment in March, just over a month after it disclosed in an SEC filing that revealed a purchase of $1.5 billion worth of bitcoin. Last month, its earnings report for the first quarter of 2021 revealed that Tesla had sold $272 million worth of its bitcoin holdings.

“Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy,” the new statement reads. “We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”

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Source: https://www.theblockcrypto.com/linked/104720/tesla-stops-taking-bitcoin-payments?utm_source=rss&utm_medium=rss

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Craig Wright Allowed to Serve 16 Bitcoin Developers Over $4B of Stolen BTC

After getting approval by the Business and Property Courts of the High Court in London, Wright will go after Bitcoin developers over stolen BTC worth $4B.

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Craig Wright’s legal attempts to sue a dozen developers working on the networks of Bitcoin, Bitcoin Cash, Bitcoin Cash ABC, and Bitcoin SV have been approved. By tapping a law firm called ONTIER, the self-proclaimed Satoshi Nakamoto will go after the developers to make them recover over $4 billion of BTC supposedly stolen from his computer last year.

CSW Granted Permission to Go After Bitcoin Developers

CryptoPotato reported in late February when Wright and ONTIER announced plans to pursue legal action against the developers of Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), and Bitcoin Cash ABC (BCH ABC).

The firm acted on behalf of Tulip Trading Limited (TTL) – a Seychelles-based entity with Wright being the primary beneficial owner. In the statement, both parties claimed that Wright’s computer was hacked in 2020, and the perpetrators somehow stole his private keys to two addresses, which held over $4 billion in bitcoin.

Consequently, the law firm requested that the developers “enable TTL to regain access to and control of its bitcoins on the grounds that they owe Bitcoin owners both tortious and fiduciary duties under English law.”

Although their claims seemed a bit controversial, to say the least, the firm has been allowed to go forward and serve the developers, according to a statement made by ONTIER on May 12th.


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It reads that the firm has “commenced the process of serving legal proceedings on 16 Bitcoin developers.” The company was granted permission to serve them out of the jurisdiction by the Business and Property Courts of the High Court in London after 145-page application submission.

The statement highlighted once again that “Dr. Wright is the inventor of Bitcoin” and described TTL as the real victim in this case.

“Tulip Trading is, purely and simply, a victim of theft. The hacking was first reported to the police in February last year. TTL has not been granted permission to seek recovery of its access to and control of its digital assets from those in a position to remedy its loss. The fact that someone has stolen TTL’s digitally-held, encrypted private Bitcoin keys does not prevent developers from deploying code to enable the rightful owner to regain control of its bitcoin.”

To Help the Masses

As with the first statement in February, ONTIER and Wright asserted that if this case succeeds, it could help numerous others victims that have been hacked in the past.

“In what may prove to be a huge relief to many, a ruling in Tulip Trading’s favor would have considerable implications for those who have lost access to their Bitcoin or had coins stolen.”

This is far from being Wright’s first controversial legal endeavor related to the cryptocurrency industry. After claiming, without conclusive evidence, though, that he is indeed Satoshi Nakamoto, his lawyers recently warned two bitcoin-related websites to remove the asset’s whitepaper as he supposedly owns legal rights to the document and the Bitcoin name.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/craig-wright-allowed-to-serve-16-bitcoin-developers-over-4b-of-stolen-btc/

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