Ethereum Price Should Have Been $5000 Till Now!
The Ethereum price rally failed to break the strong resistance recently and ever since then the price is trading within the same range. On the other hand, Chainlink price is also experiencing multiple prolonged consolidation phase. Therefore hindering the actual bull run that may have escorted the asset’s price to unimaginable heights.
Many assets went parabolic, surging by multiplying 10x or 20x, etc, yet the ETH price and the LINK price grew just 2.5x. Therefore, a strong sense of suppressing the price so that the whales and the institutions accumulate the asset arises.
As per the thread put up by a popular Crypto Youtuber Young and Investing, the institutions like Grayscale use their services to keep the price low.
I was listening to a podcast recently (can't remember which one) in which they talked about using market makers to suppress the price of $ETH in order to accumulate. I'm talking about big institutions or funds like Grayscale. They are using their services to keep prices low.
— Quinten François (@QuintenFrancois) March 12, 2021
According to the YouTuber, the institutions use the Market Makers(MM) to suppress the price. And hence the institutions accumulate, which is termed as a common practice. The MM make sure the prices do not pick up momentum and FOMO by immediately dumping the price once it moves up a little. Therefore the Youtuber also said that the ETH price should have been $5000 and LINK Price $100.
Is the Altcoin Season 2021 Begun?
Most of the Altcoins in the crypto space have been rallying hard for quite a long time. Therefore one can surely term the current phase as the initiation of an Altcoin Season yet not fully. The bitcoin bull rally appears to have not lost any momentum and hence heading strongly towards its ATH.
However, according to a scientist and a crypto analyst, Jai, the current bitcoin bubble will burst anytime from now and all the money will flow into other altcoins. Therefore the upcoming Altcoin Season would be much stronger than ever
Bitcoin bubble will burst any time now. Capitulation is imminent. Money will bleed out to altcoins and trigger a massive altcoin season.
— jai (@nanashemefan) March 11, 2021
Collectively as rightly pointed out by the analyst, the crypto asset without institutional interest like Polkadot, Matic, Enjin Coin, etc are surging like a giant. Whereas, the assets like Ethereum Price, Chainlink price, despite a slight rally, gets pulled back easily and trends within a narrow range frequently. Without any unnatural practises, ETH price and LINK price would have had a mega monster bull rally.
Will Smith’s Son, Rapper and Actor Jaden Smith, Posts Mysterious “ETH” Tweet
Jaden Smith joins the crypto-celebrity list with two tweets in a row
The “Icon” author, rapper, Hollywood actor and mega-star, Will Smith’s son Jaden Smith, has posted a mysterious “ETH” tweet that followed a “Web3” publication shortly after.
The purpose behind the two tweets has not been disclosed, but it is most likely tied to the rising popularity of the two industries. Previously, Ethereum’s price has reached the new ATH, which might have caught the famous rapper’s attention.
ETH— Jaden (@jaden) October 22, 2021
Both crypto-related tweets have been warmly welcomed by the audience, collecting approximately 8,000 likes and more than 1,000 retweets on Twitter. In the comment section of the Web3 tweet, Jaden said that he actually owns an NFT just like his industry partner Snoop Dog.
With the rapid price increase of the Bitcoin, DeFi and NFT industries, more celebrities are exploring cryptocurrencies and blockchain technologies. In addition to giving significant investment returns, digital assets technologies may potentially change the banking, finance and art industries in the future.
Ripple CEO Says the SEC Helped Ethereum to Surpass XRP as No.2 Crypto
- Ripple CEO aired his opinion on the crypto market and regulations.
- Brad Garlinghouse said the US SEC granted Ethereum regulatory green light.
At the DC Fintech Week virtual conference on October 21, Ripple CEO Brad Garlinghounse aired his thoughts on the state of the crypto market and regulations. Besides, he holds a grudge over the financial regulator’s approach to Ethereum.
In addition, Garlinghouse declared that the US Security and Exchange Commission (SEC) granted Ethereum regulatory green light that enabled it to surpass his firm’s XRP token.
Likewise, the Ripple boss feels that his firm has been played out. But, at the same time, Ethereum’s subsequent success is at least in part down to more favorable treatment by the US SEC. Also, Garlinghouse stated that it is affecting its market. He said,
“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has exploded, and that clarity has helped.”
To clarify, XRP was the second-largest crypto asset by market cap in late December 2017. But, currently, it has dropped to seventh place while Ethereum has kept the second spot ever since.
Furthermore, the reason why XRP dropped is the US SEC pursuing Ripple over claims that XRP is unregistered security. In fact, in January, Ripple filed a Freedom of Information Act request with the US SEC demanding to know why it didn’t consider ETH security.
As a result, later in July, a district judge allowed the firm to depose a former official who declared in 2018 that ETH was not a security.
Ripple CEO reinstates SEC bias towards ETH, claiming XRP could’ve been No.2
It is not news that the ongoing XRP lawsuit has got the better of Ripple’s XRP token. Ripple CEO, Brad Garlinghouse recently questioned the SEC’s bias towards Ethereum, claiming that XRP would’ve been at the No. 2 position instead of ETH if it weren’t for the commission’s partial crackdown. Garlinghouse spoke at the DC Fintech Week virtual conference yesterday, arguing that the U.S. Securities and Exchange Commission alleged Ripple’s XRP as unregistered security while granting Ethereum a regulatory free pass, which in turn helped ETH shoot through the roof.
“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded and that clarity has helped.”
XRP secured the position of the second-largest crypto asset by market capitalization during the latter half of 2017. However, the token has dropped down to seventh place while Ethereum stands strong as No. 2. Furthermore, Garlinghouse claims that the SEC’s exclusively aggressive anti-crypto stance to allegedly protect the consumers is in fact anti-investors. Referring to the XRP lawsuit, Ripple CEO emphasizes that “nearly 50,000 U.S. people who hold XRP who are trying to sue the SEC for ‘protecting them’”.
XRP Holders left with bearish and frozen funds
Earlier this week, Attorney Deaton Filed a Letter Motion on behalf of the XRP Holders (Movants) that contended SEC’s extension request, with the main argument concerning the XRP holders’ frozen funds because of the consistent postponement of the lawsuit’s final verdict. During the ongoing bull run, XRP remains considerably bear because of the regulatory crackdown on Ripple. However, the court has overlooked the community’s concern and granted the extension explaining that in lieu of pending motions, extra time will only facilitate both parties to complete pending fact discovery and thoroughly prepare for upcoming expert depositions.
“The lack of liquidity within the United States, coupled with the mass de-listings prevents XRP Holders from trading, selling, transferring, or converting their XRP. It is because of this de facto in place seizure of their property that XRP Holders took the extraordinary step to seek intervention as defendants… Any delay in the underlying action marks yet another day XRP Holders do not have access to their funds.”, wrote Deaton.