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Strategist: Bitcoin more likely to be successful ‘in the long run’ than Ethereum

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One reason strategist and investment guru Lyn Alden isn’t invested in Ether is she considers the Ethereum network an “unfinished product” when compared with Bitcoin.

Alden’s economic analysis of Ethereum released today compares the smart contract network to the Concorde jet: functional as it has “a ton of smart developers working on it,” but unlikely to become an economically sustainable project in the long run. She ran down some of Ethereum’s main features as evidence of her assertion, calling the use-case of many decentralized apps “circular and speculative.”

In addition, she said the network’s nodes are more likely to be at risk of a centralized attack “if there were to be some government crackdown on third-party node services.” Alden said regulators wouldn’t “necessarily bring down Ethereum” but could effectively threaten the use-case by making the apps harder to run.

Alden summarized her thoughts on Twitter:

“Ethereum could indeed do very well over the next year in terms of price, but as long as it’s transforming its base layer, it remains a speculation in alpha development, rather than a finished/stable product.”

On the other hand, the investment guru said that Bitcoin (BTC), with its fixed supply of 21 million coins, didn’t have the “arbitrary monetary policy” of Ethereum in addition to saying there was a “cultural divide” between the two networks.

“Ethereum attracts more of a gamer culture, and more experimentation,” said Alden, pointing out that some of the projects built on the network had resulted in failure. “Maybe in another 5 years when Ethereum 2.0 is in place and functioning for a while, with consistent monetary policy for that whole time, it can be considered largely a finished project like Bitcoin. Until then, it’s experimental.”

Last year, Alden said she became “quite bullish” on Bitcoin given its scarcity, halving, and potential of the crypto asset to act as a backdrop to inflation. She added in her analysis of Ethereum that she preferred Bitcoin for its “risk/reward opportunity” claiming that for all the coin’s price volatility, there was an “upside potential.”

“[Bitcoin] doesn’t move fast and break things like many altcoins do, but it moves slowly and has a tendency to get things right,” she said. “The more ideas and innovations that pop up in the broader digital asset industry, the more Bitcoin developers have to work with for their protocol and ecosystem.”

Source: https://cointelegraph.com/news/strategist-bitcoin-more-likely-to-be-successful-in-the-long-run-than-ethereum

Blockchain

Blockchain Group to Meet With US Treasury Department Executives Over Brewing Regulations

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A change in the administration of the world’s most dominant economy potentially spells a new era for nascent technologies like blockchain and cryptocurrency.

Incoming regulations and policies can either accelerate growth or impede progress. Fully aware of this, America’s leading blockchain group is taking the bull by the horn. It is taking the plunge to make the Biden administration understand the value of cryptocurrencies.

Crypto Trade Group Urges Treasury Secretary To Look Beyond The Negatives

Worried by looming regulations, Blockchain Association is trying to influence key members of the Biden administration to adopt a positive stance on digital assets. The body told Fox News that it had already met staffers in the Treasury Department but was attempting to meet more prominent members of the new cabinet.

As digital currencies continue to gain mainstream attention and adoption, governments and central banks worldwide have amplified calls for regulation. The primary reason being bitcoin’s role in facilitating crime. Blockchain Association is encouraging the Biden administration to adopt an open-minded approach towards the topic. The group is now looking to infiltrate the inner chambers of the United States Treasury Department. It says it is working towards scheduling meetings with the US Secretary of the treasury, Janet Yellen, and nominated Deputy Secretary Wally Adeyemo.

Blockchain Association’s Executive Director, Kristin Smith, said:

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“Our number one priority is helping Yellen understand crypto goes beyond the financing of criminal enterprises. We want her to understand the value of crypto networks.”

Top-Tier Tussle

Frayed nerves of cryptocurrency enthusiasts were calmed when news emanated that Gary Gensler might succeed Clayton as the chairman of the US Securities and Exchange Commission (SEC). The body has recently clamped down on cryptocurrency heavyweights, most notably its high-profile lawsuit against Ripple.

Gensler is said to have made remarks in the past that suggest a softer stance towards bitcoin regulations. In a 2018 congressional testimony, Gensler said :

“Blockchain technology has real potential to transform the world of finance. Though there are many technical and commercial challenges yet to overcome, I’m an optimist and want to see this new technology succeed. It could lower costs, risks and economic rents in the financial system.”

In Tuesday’s hearing before the Senate Banking Committee, Gensler said that “Bitcoin and other cryptocurrencies have brought new thinking to financial planning and investor inclusion.”

The United States Treasury Department seems to be more heavy-handed towards cryptocurrency. Janet Yallen once said that bitcoin is an “extremely inefficient way of conducting transactions.”  She further expressed concerns that the foremost digital currency is mostly used for “illicit finance.”

The stance and decisions of these cabinet members will undoubtedly play a role in the future of cryptocurrencies. A lot will unfold in the coming months, and industry stakeholders cannot but hope for a favorable outcome.

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Source: https://cryptopotato.com/blockchain-group-to-meet-with-us-treasury-department-executives-over-brewing-regulations/

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Blockchain

Hong Kong-listed Meitu Bought $40M Worth of Bitcoin and Ethereum

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Chinese tech company Meitu has announced a massive purchase of 380 BTC and 15,000 ETH, representing an entry of about 40M USD, as of writing these lines, into the cryptocurrency market.

This came just one month after tech mogul Elon Musk, the founder of Tesla, announced that the company would be purchasing 1.5B USD worth of Bitcoin.

Although a large Hong Kong-listed firm publicly buying Bitcoin is undoubtedly noteworthy in and of itself, it’s interesting to note Meitu founder Cai Wensheng’s previous interest in the cryptocurrency. Wensheng has revealed that he “saw the future of Bitcoin” long ago, and that he owned 10,000 BTC ($504M) in 2018.

The New Norm: Companies Buying Bitcoin Around The World

Companies across the US have started dipping their toes into the cryptocurrency market, including MicroStrategy with their $10M Bitcoin purchase just 2 days ago, adding to their already large position.

This announcement from Meitu signals a potential shift of interest expanding outwards from just the United States, instead, encapsulating the global market.

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China has some of the largest global companies such as Baidu and Alibaba — a large Chinese firm publicizing and legitimizing the purchase of cryptocurrencies could pave the way for even bigger players like Jack Ma to become officially involved through company funds.

Tesla’s purchase may have served to act as the first domino in a chain of rippling events across the traditional finance system, and several leaders in the industry have started to take note. Some theorize that this point, not owning a small portion of cryptocurrency in one’s portfolio may serve as a much larger risk than owning some, simply because of its properties as a hedge against inflation and global instability.

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Source: https://cryptopotato.com/hong-kong-listed-meitu-bought-40m-worth-of-bitcoin-and-ethereum/

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Blockchain

Cardano, EOS, Synthetix Price Analysis: 07 March

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Cardano moved deeper into the red zone but the bulls held on to the crucial 61.8% Fibonacci retracement level. EOS presented an added upside from the $4 mark but needed to break out from its tight channel. Lastly, SNX could face an uphill battle to rise above its 200-SMA on muted trading volumes.

Cardano [ADA]

Source: ADA/USD, TradingView

Cardano traded in the red territory at press time as a sell-off phase continued post its ATH over a week ago. In fact, losses of over 5% made ADA the biggest weekly loser among the top 10 coins by market cap. Recent losses also dethroned ADA from the third spot in the crypto rankings. The downtrend was evident on the 4-hour timeframe as the bulls conceded multiple Fibonacci retracement levels to the sellers, the latest one being the 50% level. However, the bulls still held on to the 61.8% level or the ‘golden ratio’ which lent some optimism in the market.

Further optimism was driven by a bullish crossover in the MACD, and the CMF, which showed strong capital inflows for ADA. Successfully defending the 61.8% Fibonacci level from the bears could fuel a bullish bounce back in the short-term.

EOS

Source: EOS/USD, TradingView

Resistance at $4.04 has proven to be a formidable barrier as EOS failed to rise above the upper ceiling despite several attempts in a span of nearly two weeks. The scarcity of buyers in the market was one of the factors why the upwards breakout failed to culminate on the charts. The On Balance Volume attested to the bearish sentiment as the index failed pickup post EOS’ drop to $3.6 support.

Moreover, Bollinger Bands remained constricted and showed low volatility at the time of writing, which disallowed for large price swings in the coming sessions. Once the consolidation ends, a rise above the overhead resistance mark could spur some additional buying.

Synthetix [SNX]

Source: SNX/USD, TradingView

The ADX Indicator pointed south from the 10-mark as Synthetix moved between the channel $22.26 and $20.19. However, the appearance of short green candlesticks on the 4-hour chart showed that the bulls met with minimal selling pressure as the price inched closer to its 200-SMA. The Parabolic SAR’s dotted markers moved beneath the candlesticks and highlighted the change of trend.

For a breakout above the long-term moving average, the 24-hour trading volumes could be monitored over the coming sessions. In the event of a bullish outcome, resistance at $24.7 could be tested.


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Source: https://ambcrypto.com/cardano-eos-synthetix-price-analysis-07-march

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