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Ethereum to Maintain Uptrend | Analysts Predict $300

Following Bitcoin’s rally in recent weeks, there has been a tremendous upward momentum for major cryptocurrencies such as Ethereum that have gained significantly from their yearly lows to the current prices.

Ethereum Headed to $300

Analysts indicate that Ethereum is likely to maintain the current momentum and thus extending its rally towards $300 mark in the near term.

Currently, Ethereum is up about 2% from its $245 daily low and it trading at $251. When considering Ethereum’s price action over time the digital currency has significantly gained from its lows in 2018 of just below $90 and further up the 90-day lows of about $130.  The recent momentum of Ethereum is a result of Bitcoin’s recent rally that saw the price of Bitcoin surge to almost $8400 from lows of around $3000.

The upward surge of Ethereum has allowed it to establish some kind of bullish technical formations which will enable it to surge even higher in the future. The most remarkable formation being sought-after is “golden cross” which will lead to Ethereum surging even further.

In a tweet, Etherdamus confirmed to his over 10,000 followers that Ethereum’s golden cross had been confirmed and in the near future it is expected to show some bullish signs.

Analysts believe Ethereum will maintain upward momentum

Ethereum is thus destined for great highs following this momentum and one analyst holds that there is a potential of the cryptocurrency testing $270 and a break above this mark likely to lead to significant new highs.

Another popular analyst on Twitter, The Cryptomist set a price target of around $269 in the near term from the current support region of $249.

The upward movement of Ethereum and other Altcoins in the near term depends on whether BTC will continue rallying to new highs or it finds resistance and consolidates at its present price levels. A pullback is likely to effects the current market momentum of cryptocurrencies.

Analysts and traders will soon understand where Bitcoin and crypto markets are headed next.

Featured Image: Depositphotos/ akulamatiau

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Bitcoin Price | Brian Kelly Tells CNBC Watch for Rising Price

Bitcoin enthusiast and crypto fund manager Brian Kelly has told CNBC that Bitcoin price could rise further in the coming months.

His prediction isn’t unfounded; there is an impending supply cut on the horizon and this should help to push prices higher.

Brian Kelly Predicts Bitcoin Price will Rise

In an interview on CNBC’s Fast Money program yesterday, May 21st, Kelly explained that “the halvening,” which is due to take place in 2020, will cut mining rewards in half.

As such, he expects miners to begin hoarding BTC if they aren’t already doing so. This increased demand should see Bitcoin price rise as the supply becomes lessened.

Further, the coin is being spurred on by increased industrial adoption and use in retail.

Kelly described the four-year cycle that leads up to “the halvening,” saying:

“You generally have a rally a year into it, and a year out of it. And so we’re just at the beginning of that stage […] a supply cut is generally bullish.”

The fund manager goes on to say that investors should dedicate between 1% to 5% of their portfolio to cryptocurrency while prices remain stagnated around the current levels of $7,900.

Brian Kelly Predictions

Kelly has been a guest on Fast Money several times where he has made predictions for the future of Bitcoin and cryptocurrency.

Recently, the crypto-analyst stated that an approval for a Bitcoin Exchange-traded fund (ETF) was most likely to come in February 2019. We are still waiting on that one, however.

Other analysts believe there are several reasons for BTC’s recent surge. One idea suggests the United States and China trade war could be a reason. Another impetus could be the increased adoption of the mainstream. For example, Ebay recently caused a stir when photos of its banners at the Consensus conference in New York, leaked onto the web.

Saying: “Virtual Currency. it’s happening on Ebay”, the banners made many believe that the e-retailing giant is about to enter the cryptocurrency space. Ebay has yet to confirm anything, however.

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Bitcoin SV

Bitcoin SV Soars 80% | Wright Files “Proof” That He’s Nakamoto

The top ten cryptocurrencies are all in green boasting moderate gains. For example, Ethereum is up 2% and Bitcoin Cash up 4.38%. Leading coin by market value, Bitcoin, is 1.75% in the green, nearing $8,000 USD per coin—much to the excitement of the bulls. However, its hard to ignore the not-so-moderate gains that Bitcoin SV is sporting just outside the top ten.

In eleventh place in terms of market cap, the hard-fork of a hard-fork is up a whopping 79.57%.

The rise is attributed to Bitcoin SV’s founder, Craig Wright, and a poignant move he just made to “prove” he is Satoshi Nakamoto—the original Bitcoin creator.

Bitcoin SV Is Up 80%

Earlier today the controversial figure filed copyright registrations for the Bitcoin whitepaper and the early Bitcoin code with the US Copyright Office.

But his move has already been lambasted, with many in the community considering another fraudulent claim.

For example, Jerry Brito of CoinCenter, pointed out on Twitter, that anyone can register a copyright claim. Doing so still isn’t proof of ownership and neither is recognition by the US Copyright Office itself.

He goes on to say:

The Copyright Office does not investigate the validity of the claim; they just register it. Unfortunately there is no official way to challenge a registration. If there are competing claims, the Office will just register all of them.

Wright has been claiming since 2015 that he is the creator of the world’s largest cryptocurrency. He has, however, been continuously unable to provide hard evidence that confirms it.

As such, he has been slammed across the industry with names such as “fraud” and “Faketoshi”. In response, he has launched a series of lawsuits against those who have doubted him or publicly denied his claims.

However, this caused further industry backlash and led Binance CEO Changpeng Zhao to delist Bitcoin SV from his exchange platform.

Industry Speculation

The debacle will continue and all the while, we still remain unsure who is the real person or persons behind the pseudonym, Satoshi Nakamoto.

>>Bitcoin Price Jumps Again, Now Above $8K Mark

Is he telling the truth? Who could possibly know?

What do you think about Wright’s filing? Do you believe him? Are you shocked to see Bitcoin SV up 80% in response?

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VanEck Bitcoin ETF

VanEck Bitcoin ETF | SEC Postpones Decision for Another 90 Days

The United States Securities Exchange Commission has postponed its decision regarding VanEck Bitcoin ETF proposal for 90 days moving the deadline to August 19th, 2019.

VanEck Bitcoin ETF 

The SEC gave a 35 day period for collecting information as well as more insight on the proposal that was initially filed last year by the Chicago Board Options Exchange. Early this year when the US government shutdown reduced the operational abilities of the SEC, CBOE withdrew its request for a rule change. However, on January 31st it subsequently reapplied following the resolution of the government shutdown.

The news of VanEck Bitcoin ETF did not shock the cryptocurrency community although the bitcoin price has modestly retreated since Sunday’s 2019 new high. Even with this pullback in the price of bitcoin the market has witnessed several catalysts this year that are expected to continue fueling the bull market. Equally, the securities exchange will not focus on Bitcoin forever.

In the SEC filing, there are 14 questions posed to the public regarding the proposal from which its responses and arguments will help in reaching a decision. The issues raised generally concern the protection of public interest and investors from any form of fraud or exploitation.

Bitcoin ETF Issued by Bitwise Delayed

Another bitcoin ETF that is issued by Bitwise was delayed last week by the SEC. the decision not to say anything about VanEck at the time left many speculating the fate of this high profile ETF as the May 21 deadline approaches.  In a tweet attorney Jake Chervinsky indicated that the SEC may have needed more time to make a decision on the VanEck ETF because of semantics.

Although the SEC chose to put on hold both bitcoin ETFs, they nonetheless did not reject them altogether. It is likely that they are buying time until there is a necessary regulatory framework to govern the crypto industry.

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Bitcoin Cash Hard Fork

Bitcoin Cash Hard Fork | Segwit Recovery & Schnorr Signatures

A Bitcoin Cash hard fork was implemented earlier today as of block 58268. Although the network-split initially met with a hiccup, the upgrade has now successfully completed.

Bitcoin Cash Hard Fork

The hard fork sees the Bitcoin Cash network implement two new features. They are Segwit recovery and Schnorr signatures.

The Segwit recovery means network participants can now recover funds that were sent accidentally to Segwit addresses.

Before today, this was impossible due to the “enforcement of the new CLEANSTACK rule” which was implemented in the last upgrade in November.

The second new feature is the Schnorr Signatures. This is a digital signature scheme that allows for complex signing abilities.

According to news.Bitcoin.com:

“the basics of Schnorr signatures can slash roughly 4% off current transaction storage. In the future, after another Schnorr related upgrade, the scheme could provide for public signature aggregation and more complex sign-to-contract concepts”.

Segwit Recovery & Schnorr Signatures

Invented by Claus Schnorr, the signature scheme was patented for years and that patent has only recently expired. Now Bitcoin Cash developers have added the preliminary basics of it to the main chain.

The Schnorr scheme means multiple parties can transact with simple multi-party “aggregation schemes”. At 64 bytes, Schnorr signatures are smaller than the traditional ECDSA signatures which run at 70 bytes in size. The overall scalability of the network will be enhanced when further upgrades and the
“implementation of public signature aggregation” are enabled. Predictions suggest the network’s scaling abilites could be improved by reducing blockchain storage and bandwidth by 20-25%.

NewsBitcoin.com explains further:

“When Schnorr is combined with concepts like pay-to-public-key-hash (P2PKH) addresses and the recently added opcode OP_CHECKSIG, other benefits can be added to transactions like privacy and decision-based smart contracts”. 

>HTC’s Blockchain Phone Exodus | Adds In-Wallet Crypto Swaps

Bitcoin Cash 

With a market capitalization of over $6 billion USD, Bitcoin Cash is the fourth largest cryptocurrency in the world.

Are you a Bitcoin Cash holder? Are you excited by the upgrade to the network?

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