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Ethereum could go to $10K in 2021 and outperform Bitcoin, says veteran trader

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Ethereum is likely to outperform Bitcoin, at least in the short term, said veteran trader Scott Melker in an exclusive interview with Cointelegraph

Alt szn is upon us

Melker sees this period of Bitcoin’s price consolidation as particularly bullish for the second largest cryptocurrency, that recently reached new all time highs. Melker sees Ether’s outstanding performance as the main catalyst of the recent altcoin market bull run.

He also revealed he has been largely switching his dollar-cost averaging strategy from Bitcoin to Ether in the last few months, in order to take advantage of Ethereum’s “tremendous upside potential”.

“It’s like investing in the Internet in the early 1990s to me.”, Melker said.

According to Melker, Etherum could reach the $10K price target within the end of 2021.

“ I don’t see why that’s crazy. It’s basically just under a five X from here. […] Bitcoin did almost three times that last year.”

To find out about Melker’s outlook on Ether, XRP and other large-cap altcoins, watch the full interview on our YouTube channel and don’t forget to subscribe!

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/ethereum-could-go-to-10k-in-2021-and-outperform-bitcoin-says-veteran-trader

Blockchain

Bitcoin Cash price jumps 68%: Looming hard fork to boost BCH user base?

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Bitcoin Cash (BCH) burst back into the market capitalization top 10 rankings on Thursday after a 36% overnight surge compounded 68% growth for the week. The per coin valuation of BCH climbed from $1,068 to $1,462 in under 24 hours leading into May 6, adding to a notable increase from its weekly low in the $800 range.

The resurgence of what was once a mainstay of the top-10 lineup comes just over a week ahead of Bitcoin Cash’s scheduled bi-annual hard fork on May 15, which will introduce two small, but not insignificant tweaks to the network.

One sees the removal of Bitcoin Cash’s unconfirmed transaction chain limit, allowing for more micro-transactions to be broadcasted without having to wait for a block confirmation.

Blocks are mined every 10 minutes on Bitcoin Cash, and the old unconfirmed chain limit was capped at 50 transactions. This allowed for high-volume applications to make 50 near-instant transactions before requiring confirmation in a block. This cap will be removed entirely in the upcoming hard fork.

The other major change scheduled for May 15 will see the introduction of multiple “OP_RETURN” outputs. Put simply, the Bitcoin Cash blockchain currently allows for the insertion of miscellaneous data into a transaction, such as text, images and other data types. At present, only one “OP_RETURN” output can be included in a transaction, i.e., one image, text, etc. The upcoming network upgrade will allow for multiple pieces of miscellaneous data to be included in a single transaction.

Both changes feasibly open up Bitcoin Cash to higher volume usage, as well as making it more amenable to current and popular applications such as NFTs. Businesses and app developers stated they specifically wanted to see the changes introduced to expand the blockchain’s capabilities with nonfungible tokens in particular, as noted in the upgrade’s documentation.

Bitcoin Cash’s market price has been on the rise since the start of the year along with the rest of the cryptocurrency sphere. So too has its overall usage according to on-chain data from Bitinfocharts.

The number of daily Bitcoin Cash transactions rose from 20,000 in December to over 150,000 at the time of publication — a 650% increase. Between February and April, Bitcoin Cash regularly processed more transactions on a daily basis than Bitcoin (BTC), peaking at 414,000 to Bitcoin’s 229,000 on March 21.

However, the same data source shows less growth in the number of transactions coming from unique addresses, which only increased 25% from 40,000 to 50,000 — a figure one-fifth of that seen on Bitcoin.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/bitcoin-cash-price-jumps-68-looming-hard-fork-to-boost-bch-user-base

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Blockchain

Kazakhstan opens public consultation for central bank digital currency

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Kazakhstan’s central bank is planning to examine the potential benefits and risks of adopting a state-backed digital currency.

The National Bank of Kazakhstan, or NBRK, published Wednesday a report on a digital tenge pilot project and opened a public consultation on the potential central bank digital currency, or CBDC.

According to the report, the digital tenge would be a new form of money issued by the NBRK to enable the “further development of the national payment system and reduce reliance on cash settlement using unique technical features.” The bank emphasized that the CBDC is not intended to replace either cash or cashless payments, but would rather be an alternative used in parallel with existing payment solutions.

The NBRK noted that the digital tenge would improve competitiveness in the payment market, strengthen the stability of the financial system, as well as contribute to increasing public trust in state-backed payments. “The technology will meet the highest cybersecurity standards. […] The bank will pay special attention to consumer protection and the privacy of digital tenge users,” the NBRK stated.

The bank will first conduct a comprehensive study of benefits and risks related to a potential CBDC. In collaboration with financial market players and global partners, the NBRK also plans to define the digital tenge’s objectives, issuance and distribution methods, the applied technology, and the potential impact on monetary policy, financial stability and the payment ecosystem.

As previously reported, Kazakhstan authorities initially announced that the government started considering a national digital currency in July 2020 alongside plans to increase investment in cryptocurrency mining. Local officials subsequently pointed out the digital tenge’s potential to become a crucial tool in fighting corruption in Kazakhstan.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/kazakhstan-opens-public-consultation-for-central-bank-digital-currency

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Blockchain

South Korean regulators tell banks to open the books on cryptocurrency exchanges

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Financial regulators in South Korea have asked banks to provide information on their dealings with cryptocurrency firms, a local outlet reported on Wednesday, as authorities seek to determine how many cryptocurrency exchanges operate within the country’s borders.

An unnamed regulatory body has requested that banks reveal the corporate accounts of cryptocurrency exchanges that haven’t already implemented real-name accounts for its cryptocurrency customers. Only the four largest exchanges in South Korea have thus far set up real-name accounts, while the rest have until now been operating under the radar.

“Currently, cryptocurrency exchanges can operate without permission from the government, which is why it is difficult to identify the exact number of cryptocurrency exchanges. One way to find out is to track corporate bank accounts that collect customers’ funds,” an anonymous exchange official explained to The Korea Herald.

Estimates suggest there are between 100–200 cryptocurrency exchanges that remain outside the purview of the government. Any businesses which still haven’t registered their activities by Sept. 24 will be liable to fall foul of the revised Act on Reporting and Using Specified Financial Transaction Information, and could face up to five years in prison.

The revised law will require cryptocurrency exchanges to establish appropriate security management systems, form transparent partnerships with local banks, and lodge reports with government authorities.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/south-korean-regulators-tell-banks-to-open-the-books-on-cryptocurrency-exchanges

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