The idea of a cryptocurrency based credit card is one that gets a lot of investors very excited. In order for the adoption across the globe of cryptocurrencies like Ethereum and Bitcoin to truly take place, we need to have a way of making cryptocurrency normal, to do that, it needs to be as accessible as FIAT currency. One of the perks of FIAT currency is that you can attach your accounts to a physical credit card, which can be used in stores and banks across the globe – with this, there’s no need for cash and no need to actually handle money.
Cryptocurrency works off the same basis, although as it stands, real bank backed cryptocurrency credit cards don’t exist, simply because Ethereum and Bitcoin haven’t become a part of the ‘norm’ yet. One expert however believes that such cards, issued by real world banks will be available within the next two years, suggesting that soon enough we are about to see an uptake in interest around cryptocurrencies from major banks, an interest that should soon make cryptocurrency far more accessible to retail level banking customers.
According to the Express, famed crypto enthusiast Mike Novogratz, the founder of Galaxy Digital has spoken out about the matter, referring to a surge in interest around cryptocurrencies from payment service providers Visa and Mastercard:
“Banks will lift the ban on buying cryptocurrency with credit cards before 2022, claims a tech billionaire. Mike Novogratz, the founder of crypto firm Galaxy Digital, told Bloomberg that major players like Visa and Mastercard will soon allow crypto enthusiasts to invest in coins on their cards. Just last week tech giant Apple announced its new Apple Card cannot be used to buy cash equivalents such as bitcoin. But Novogratz says this ban will disappear as crypto becomes more and more mainstream and regulation becomes tighter.”
Novogratz has said:
“You have got exchanges that are regulated. There are the real players in the game. You are getting more and more pipes – ways for people to participate. I bet that in the next two years, Mastercard and Visa will accept bitcoin with their credit cards.”
Many experts also believe that the roll out of Libra, Facebook’s cryptocurrency will also have a big impact in this area, with many expecting that mainstream banks will also want a slice of the action should Facebook’s roll out of Libra prove to be a success.
Ethereum Completes Istanbul Hard Fork, but Buyers Aren’t Too Excited
Ethereum’s price action has been closely correlated to Bitcoin’s over the past several weeks, leading ETH’s price to dip into the lower-$150 region, which is where it has been able to find some levels of support.
Ethereum’s much-anticipated Istanbul hard fork has come about concurrently with ETH’s ongoing downtrend, and it appears that investors are not too enthused with this latest development, as sellers remain firmly in control of the cryptocurrency.
Ethereum Struggles to Gain Upwards Momentum Despite Istanbul Hard Fork
At the time of writing, Ethereum is trading up over 1% at its current price of $151, which marks a slight climb from its recent lows of $146 that were visited on multiple occasions over the past week.
It is important to note that Ethereum did face some resistance at $152, which appears to be a strong level of resistance for the cryptocurrency. It is important to note that ETH has incurred some upwards momentum today as Bitcoin begins moving towards its near-term resistance level at $8,000.
Ethereum has been caught within a firm bout of sideways trading ever since it faced a massive drop to lows of $135 in late-November, which appears to be an incredibly strong support level for the cryptocurrency.
One event that some investors had been looking towards as a potential bullish catalyst is Ethereum’s Istanbul hard fork, which was successfully implemented today.
Teddy, a popular cryptocurrency analyst on Twitter, spoke about this much delayed hard fork in a recent tweet, saying:
“After 950 delays #Ethereum finally completed its hard fork – Istanbul,” he noted.
Will Strong Multi-Year Resistance Force ETH Lower?
It is important to note that Ethereum has been stuck beneath one strong descending resistance level for two years, and it has shown few signs of having enough strength to break above this level.
Teddy also spoke about this resistance in a tweet, noting that it spells trouble for the future price action of the cryptocurrency.
“#ETHEREUM | $ETH: Unless Istanbul, the latest hard fork can generate a new wave of interest – this bad boy: – is hitting lower support levels and thus cover those gaps burning my eyes – look at that 2 year long resistance, NOT a scratch,” he said while pointing to the chart seen below.
Although Istanbul is unlikely to have any sway on Ethereum’s near-term price action, it is highly probable that ETH will only break above its strong resistance if Bitcoin gains some notable upwards momentum.
Ethereum 2.0 gets a Sapphire Testnet explorer on Etherscan
Etherscan and Prysmatic Labs have released their Beacon Chain Ethereum 2.0 Testnet explorer. According to the company’s announcement, the explorer will allow users to view the Sapphire Testnet, a public network developed by Prystmatic Labs that implements the Ethereum 2.0 Phase 0 protocol.
New testnet explorer means Ethereum 2.0 could see the light of day
After the Ethereum community suffered a loss of faith due to the slow development process of the network’s second iteration, it seems that Ethereum 2.0 could see the light of day earlier than expected.
Earlier in October, during the annual Devcon conference, Vitalik Buterin, the co-founder of Ethereum, said that Ethreum’s layer two solutions are proceeding “slower than expected,” despite nine teams working on the upcoming blockchain.
The lack of optimism regarding the project was partly caused by comments made by Ethereum Foundation developer Jamie Pitts. While speaking at a panel, Pitts said that there was a clear lack of strategy and coordination among teams that could cause delays with the project.
However, recent developments showed that Ethereum 2.0 is still very much alive. On Dec. 5, Etherscan, one of the most popular blockchain explorers for the Ethereum network, announced that it has released an explorer for Ethereum’s new testnet.
The Beacon Chain Ethereum 2.0 Testnet explorer will be running on Prysmatic Labs’ Eth 2.0 node implementation called Prysm. The Sapphire testnet created by the company implements the Ethereum 2.0 Phase 0 protocol.
Blockchain explorer makes testnet participation accessible to everyone
Prysmatic labs said that the proof-of-stake blockchain will enable anyone holding ETH on the Goerli testnet to join and participate. The launch of the Sapphire Testnet in July followed the launch of the Nimbus and Lighthouse testnets in March and April.
The company said that those who join the testnet will act as validators and be able to participate in proposing and voting on blocks in the protocol. Network participant’s behavior will be subjected to rewards and penalties in order to facilitate a natural environment on the testnet.
Prysmatic Labs allows anyone to participate in the network, saying:
“TO PARTICIPATE IN THE NETWORK, ANYONE CAN SEND 3.2 ETH FROM THE GOERLI ETH1.0 TESTNET INTO A VALIDATOR DEPOSIT CONTRACT, WHICH WILL QUEUE IN THE USER AS A VALIDATOR IN THE SYSTEM.”
According to the Beacon Chain testnet explorer, there are 517 active and 213 inactive validators on the network at press time. Validators that remain dormant for a particular period are set to have their stake removed from the testnet, but the explorer shows that none of the stakers have been penalized yet.
Around 940 out of the 1,650 eligible ETH has been voted, the explorer showed.
Ethereum Forecast and Analysis December 9 — 13, 2019
Ethereum ETH/USD closes the trading week at 145.38 and continues to move as part of the fall and the bearish channel. Moving averages indicate a bearish trend for ETH/USD. At the moment, we should expect an attempt to continue to decline and test the support level near the area of 125.05. Where again we should expect a rebound and continued growth of the Ethereum rate with a potential target above the level of 295.05.
Ethereum Forecast and Analysis December 9 — 13, 2019
An additional signal in favor of raising the ETH/USD quotes for the current trading week December 9 — 13, 2019 will be a test of the rising support line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the downward channel. The cancellation of the growth option will be a fall and a breakdown of the level of 85.05. This will indicate a breakdown of the support area and a continued fall of ETH/USD with a potential target below 60.55. A confirmation of the growth of the Ethereum cryptocurrency will be a breakdown of the upper border of the downward channel and closing quotes above the level of 195.05.
Ethereum Forecast and Analysis December 9 — 13, 2019 suggests an attempt to test the support area near the level of 125.05. Where can we expect a rebound and continued growth of the cryptocurrency in the region below the level of 295.05. An additional signal in favor of the rise in the Ethereum course will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the area of 85.05. In this case, we should expect continued decline with the target below 60.55.