The world’s largest cryptocurrency Bitcoin (BTC) has been struggling under the $50,000 levels. After Tesla dropping BTC payments earlier this week, BTC registered more than a 15% price crash and is currently trading 3.64% down at $48,703 with a market cap of $911 billion.
On the other hand, Bitcoin (BTC) whale transactions have been ascending steeply. As per on-chain data provider Santiment, the Bitcoin whale transactions over $1 million are approaching another all-time high.
🐳 #Bitcoin is still dancing around the $50k psychological support, and traders are reacting to the potential of trading in the $40k’s once again this weekend. Our data indicates that the amount of whale transactions over $1m is staying historically high. https://t.co/gkaG8cFFHS pic.twitter.com/FLnHohNfag
— Santiment (@santimentfeed) May 15, 2021
CryptoQuant CEO Ki-Young Ju recently noted that long-term Bitcoin investors don’t need to worry since most of the institutional investors in the U.S. have purchased it above $50,000 levels. However, he noted that derivative traders have to be careful in the short term since the number of whale deposits on the exchange has been increasing.
If you’re a long-term $BTC investor, don’t worry. Your portfolio is the same as institutional investors in the States.
If you’re a derivative trader, be careful in the short term. (Relatively speaking) whales are depositing $BTC to exchanges.
— Ki Young Ju 주기영 (@ki_young_ju) May 14, 2021
Earlier today, Chinese crypto analyst Wu Blockchain noted that Bitcoin’s dominance in the overall crypto space has dropped to under 40% for the very first time in three years. This happens as altcoins continue to gain strength over the world’s largest crypto.
— Wu Blockchain (@WuBlockchain) May 15, 2021
A Look Into the Institutional Positions In Bitcoin (BTC)
Over the last few months, institutional buying in Bitcoin has continued mostly at levels around $55,000. As Wu Blockchain notes institutions that have purchased Bitcoin after March are currently under losses with the recent BTC price crash. However, one Chinese firm Meitu has managed to offset these losses by purchasing a good quantity in Ethereum (ETH).
In March 2021, Meitu announced the purchase of an additional 16,000 $ETH for $28.4 million and 386 $BTC for $21.6 million. This makes Meitu the first public listed firm to invest heavily in Ethereum (ETH). Wu Blockchain writes:
“Institutions that bought Bitcoin after March have suffered losses due to the recent sharp drop. However, the Chinese listed company Meitu took out more funds to invest in Ethereum in April, so it gained 3x the income, offsetting the losses caused by Bitcoin”.
What is Phemex’s all-new Learn and Earn program?
A decade ago, Bitcoin was merely a philosophical research paper for a new type of digital currency. Today, there is no major technology or financial publication or news portal with no cryptocurrency stories or blockchain news.
From being ridiculed as magic internet money backed by thin air to narratives of the wild west, nerdy money, get-rich-quick schemes, and gaining mainstream consciousness as we settle into 2021, the crypto industry has indeed seen it all.
Since Bitcoin’s inception over ten years ago, things have changed considerably. Industries across the world have embraced its underlying blockchain technology. Its main characteristics include decentralization, transparency, immutability, and automation that has the potential to create a multitude of use cases and replace legacy frameworks.
The digital asset industry has not been that lucky. The narrative of “Blockchain, not Bitcoin,” is still very much prevalent in several regions. Countries struggling with political instability and hyperinflation, such as Venezuela, and Argentina have witnessed a formidable interest in cryptocurrencies. The sentiment resembled the nations that have a massive unbanked local population.
Today, the great dream of cryptocurrency is still very much alive despite all its struggles. The cryptocurrency industry has not only unlocked access to financial services for users around the globe it has also opened avenues for new applications. The remittance, for one, can be a nightmare for many living in developing countries. Crypto and blockchain technology aims to settle transactions instantly with significantly lower or even negligible fees.
The main objective behind asset-backed tokens, on the other hand, is to grant ownership to assets like real estate and precious metals. In addition, stablecoins have their own use cases and have seen unprecedented growth because they trade uniformly with fiat. The list does not end there.
While pessimism has dwindled, there is still plenty of skepticism around the entire asset class.
What’s impeding crypto adoption?
There are numerous reasons for the hindrance. But one that stands out is the lack of education. It is a daunting issue that plagues the cryptocurrency industry even today, in this day and age when everything is just one click away. Many people don’t understand the industry. It is as simple as that.
The digital asset realm is a complex one. While there are plenty of resources to fall back on, there need to be better and more accessible vehicles, one that is perfectly curated for the newbies – simple and easy-to-follow lessons on everything crypto and blockchain. And what’s better than earning a reward for learning this groundbreaking technology? Seems far-fetched? Not anymore. Pemex’s newly launched program dubbed ‘Learn and Earn’ aims to do just that.
Singapore-based cryptocurrency exchange Phemex is one of the most prominent platforms in the world. Just two years since it was first launched, Phemex has already emerged as one of the most trustworthy exchanges in the industry. Its user base exploded quickly to over a million traders, thanks to user-friendly platforms and unique offerings.
It has recently rolled out an all-new educational program called “Learn and Earn,” which aims to provide users with simplified concepts on different cryptocurrency and blockchain-related concepts. This program includes an in-depth course structure coupled with intuitive lessons and interactive videos that offer a unique and fun learning process. But it does not end there.
Phemex plans to reward its users via Learn and Earn after the completion of each lesson. How? Users will have to take a short quiz to test their knowledge, and if all the answers are correct, they will be incentivized.
It is one of the most beginner-friendly and fun ways to learn more about the new financial world. Learn and Earn is put together into a few fundamental courses, each comprising its own set of sub-lessons. These cover introductory passages, explainer videos, and a final quiz for users to test their knowledge. Upon answering all questions correctly, Phemex offers a reward in the form of trading bonuses and cryptocurrencies.
Lean and Earn’s first set of courses proceed with the platform’s essential features. This program encompasses some core concepts about the workings of cryptocurrencies and the process of buying, trading, and selling them on an exchange. Rewards will be in the form of trading bonuses that participants can use with perpetual contracts on Phemex to exercise their proficiency on the subject matter.
In the days to come, Phemex also plans to broaden its course material and reward users directly in cryptocurrency assets. However, in order to receive rewards, the users are required to complete KYC protocols. As of now, the program is not widely available, but the team behind the project is working on expanding the Lean and Earn initiative on a global scale.
In short, Learn And Earn aims to cater to mainly the beginner but is also available for experienced crypto enthusiasts who seek to know more about the industry and how to trade digital assets seamlessly. This program is essentially for everyone who wants clarity and eventually wants to foray into the trading space of cryptocurrencies but does not know where to begin. It is open to anyone who wants to build a passive income stream by just learning about cryptocurrencies.
Incentivising users for learning about the technology, what a great way to spur adoption as well as trading activity! This will help more and more individuals dispel myths and filter out FUDs and FOMOs that are often endorsed by the critics and the flag bearers of centralized financial infrastructure.
Ethereum to $20,000? Factors Behind The Bold Call
Ethereum could reach $20,000 by 2025 according to a Finder’s panel.
Ethereum has since been gaining momentum, starting out at $1,000 at the beginning of the year and reaching an all time high of $4,196.63, according to Coin Metrics. Before losing steam and dropping down to its current price at $2,400. Clocking an average growth rate of 197.4% in 2021.
This massive run has given the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin a lot of popularity. Ethereum currently ranks as the second most popular » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin behind Bitcoin.
Related Reading | Billionaire Tim Draper: Bitcoin Will Reach $250,000 By The End Of 2022
With so much support pouring out for the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin, investors in the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin have been very bullish on it. Lots of analysts believe that Ethereum is poised to overtake Bitcoin as the most popular » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin in the market. So much technological advancements are being carried out on the blockchain that its use cases seem to be endless.
Impact Of DeFi and NFTs
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About 70 percent of the panel agreed that with DeFi and NFTs, Ethereum now has more use cases than Bitcoin.
John Hawkins, senior lecturer at the University of Canberra, went against the grain to say more use cases would not necessarily benefit the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin. He expanded on this by saying that Ethereum will most likely get dragged down with Bitcoin. Despite having more use cases.
Ethereum price sits below $2,5000 | Source: ETHUSD on TradingView.com
With staking and yield farming with DeFi, investors have found another way to put their investments to work, while at the same time benefiting the network.
With Ethereum 2.0 on the horizon, developers are looking to replace the existing Ethereum blockchain with a new one. This will help to solve the current bottlenecks of the network. It will also increase the number of transactions being made on the network. Hopefully helping to reduce the exorbitant fees being charged for transactions when network traffic is high.
Ethereum Predictions By Finder’s Panelists
The Finder’s panel consisted of a number of prominent panelists. Present were Dr. Iwa Salami from the University of East London. COO of BitBull Capital, Sarah Bergstrand. Vishal Shah, CEO of Alpha5. Head Economist at ConsenSys, Lex Sokolin. Amongst others.
A good number of the panel seemed to agree that while the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin might not have much further to run this year, the next four years is going to see a massive run.
CEO Vishal Shah was on the more conservative side. He predicted that the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin would not be worth much more than it is now. Putting it at just $4,000 by 2025. Shah believes that Ethereum will continue to perform. But that the unlimited supply of the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin is a demerit to it. He also added that Ethereum was in a race with other protocols for the its usability profile. And that there are other faster and cheaper chains that will rival the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin in the future.
Related Reading | TA: Ethereum Price Holds Strong, Why Dips Remain Limited Below $1,850
Others did not see this as a befitting forecast. Citing the upgrades being done on the network, Sarah Bergstrand, Chief Operations Officer at BitBull, gave a price prediction of $100,000 per ETH by the end of 2025. A staggering forecast.
She believes that mass adoption of Bitcoin will be followed by mass adoption of Ethereum. Also that the upgrades being carried out on the network will help to push the price higher.
Dr. Paul Ennis put his prediction at $10,000 by the end of 2025. Stating that Ethereum is currently undervalued.
Dr. Salami went on to give the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin a $20,000 forecast by 2025.
This brought the average of the panel’s predictions to $19,842 per ETH by 2025.
Featured image from Blockchain News, chart from TradingView.com