Ethereum Be About To ‘Flip’ Bitcoin?

“What ethereum has done is look at something that already exists—bitcoin—and made it better,” said Sabanov. “It has an extremely vibrant developer community and that means that the ecosystem is growing at astonishing speed.”

Ethereum bulls point to the network recently overtaking bitcoin in a number of closely watched metrics and its price performance relative to bitcoin over the last year as justification of their predictions. Ethereum has soared 600% over the last 12 months, compared to bitcoin's 250% increase.

“The crypto giant recently surpassed bitcoin in the total number of active daily addresses, and that momentum shows no signs of slowing as the network continue to power key DeFi and NFT trends,” Sabanov added.

Decentralized finance (DeFi), using crypto technology to reinvent traditional financial products like loans and insurance without the need for banks, and non-fungible tokens (NFTs), unique digital crypto tokens tied to online media, have both become multibillion dollar markets over the last couple of years. Almost all DeFi funds and NFTs are currently based and traded on ethereum's blockchain.

Ethereum's upgrade will also see some ethereum tokens destroyed, or “burned”—limiting new tokens coming onto the market and, in theory, making the tokens scarcer. Earlier this week, Dan Morehead, the founder of $2.8 billion crypto focused investment fund Pantera Capital, reportedly predicted ethereum would eventually flip bitcoin despite expecting the bitcoin price to hit a whopping $700,000 per bitcoin in just ten years.

“You’ll see a transition of people who want to store wealth, doing it in ether rather than just bitcoin,” Morehead told the Reuters Global Markets Forum on Monday, it was reported by Coin telegraph. In June, the chief investment officer at $100 million digital asset investment manager Two Prime, Nathan Cox forecast ethereum will eventually “flip” bitcoin.

“In the long, long, multiyear timeline, yes, ethereum will flip bitcoin,” said Two Prime's Nathan Cox. “It's just now starting to be understood by the second tier adopters. Ethereum's utility alone will outstrip anything else.”

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GULAGToken: The Cryptocurrency to Change the Crowdfunding Space

GULAGToken is a community based DeFi project which was fair launched in July 2021 on the Binance Smart Chain. GULAGToken provides all participants the power to govern major decisions regarding the token and its development.

GULAGToken generates value for holders with 11% static reflections on all buy sell or send transactions. GULAGTeam are working to create a unique, decentralized crowdfunding application where you can create and contribute to campaigns set out by new companies, new cryptocurrencies, and individuals.

Advantages of GULAGToken

• Fair: 100% Community Owned • Safe: RugProof • Secure: Verified Contract and Fully Audited by Dessert. Finance • Tokenomics: 15% Tax – 11% Holder Reflection and 4% to LP • Value: 11% Static Reflection Among Highest in Industry, Strong CostValue for 15% Tax • Developer wallets

The development team had to purchase their own tokens during fair launch with all other investors, and the only wallets which have been set aside were locked wallets for the following purposes:

• Charity: 2.5% (Only Unlocked for Livestream Donations) • Token Development: 2.5% • Marketing: 2.5%

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Top Cryptocurrency Prices Today

For instance, the Ethereum based live peer protocol offers a marketplace for video infrastructure providers and streaming applications, while File coin and The Graph provide decentralized file storage and data management networks.

Helium uses blockchains and tokens to incentivize consumers and small businesses to provide and validate wireless coverage and transfer device data over the network.

While the Web 3.0 tokens have outperformed bitcoin and other major coins by a big margin this year, the sector is yet to witness the euphoria or mainstream attention that Bitcoin, Ethereum, DeFi, NFT, and even Ethereum layer 2 projects have received since October 2020.

“Web 3 is not quite as easy as DeFi is to understand, and it’s probably 12 months behind DeFi in terms of mainstream awareness,” Kyle Samani, cofounder and managing partner at Multi coin Capital, said.

“We expect this to change as consumer facing applications based on NFTs, social tokens and creator monetization grows over the next 12 months such as Audius, Mirror, and many others.”

The DeFi boom began a year ago and has remained intact to date. That sector’s market cap has grown from roughly $5 billion in early 2020 to over $50 billion at press time.

Samani is confident that Web 3.0 tokens will play catch up as DeFi sometimes gets a bad rep; however, there is no negativity associated yet with the idea of a decentralized internet. Recently, Commodity Futures Trading Commission (CFTC) Commissioner Dan Berkovitz said that DeFi derivatives might be illegal in the U.S.

“No one really says that The Graph, an indexing protocol for querying networks like Ethereum and Solana and IPFS, is bad, whereas a lot of people in the existing financial system say that DeFi is bad,” Samani said. “So as the awareness of Web 3 grows, it’s hard to see anything but general support and enthusiasm.”

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Cryptocurrency exchange Binance halts new Hong Kong futures accounts

Binance Holdings Ltd. will no longer allow users from Hong Kong to open new futures accounts. The largest crypto exchange by reported turnover said in a Twitter post that the move is effective immediately.

“We will be restricting Hong Kong users in respect of derivatives products (including all futures, options, margin products and leveraged tokens) in line with our commitment to compliance,” Binance said in a post on its website.

The former British colony has tightened its oversight on cryptocurrency trading and requires all platforms to register with a local watchdog, and be subject to anti money laundering and counterterrorism financing rules.

They can only serve professional investors, not retail traders, according to a government announcement in late May. Binance, which has come under scrutiny in recent months from regulators in countries including the U.S., U.K., Malaysia and Thailand, said late last month in a press conference,

That it’s changing its mindset from that of a tech startup to acting as a financial institution, with all related licensing and compliance procedures in place. The exchange is going to apply for licenses “everywhere,” Chief Executive Officer Champing “CZ” Zhao said at the time.

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Chinese Cryptocurrency Addresses Sent $2.2 Billion to Scams, Darknet in 20192021: Report

Chinese cryptocurrency addresses sent more than $2.2 billion (roughly Rs. 16,300 crores) worth of digital tokens to addresses tied to illegal activity such as scams and dark net operations between April 2019 and June 2021, according to a report from blockchain data platform Chainalysis released on Tuesday.

These addresses received $2 billion (roughly Rs. 14,820 crores) in cryptocurrency from illicit sources as well, making China a large player in digital currency related crime, it added. The report analyses China’s cryptocurrency activity amid government crackdowns.

However, China’s transaction volume with illicit addresses has fallen drastically over the two year period in terms of absolute value and relative to other countries, Chainalysis said. The big reason is the absence of large scale Ponzi schemes such as the 2019 scam involving crypto wallet and exchange Plus Token that originated in China, it noted.

Users and customers lost an estimated $3 billion (roughly Rs. 22,230 crores) to $4 billion (roughly Rs. 29,650 crores) from the Plus Token scam. The vast majority of China’s illegal fund movements in crypto has been related to scams, although that has declined as well, the Chainalysis report said.

“This is most likely because of both the awareness raised by PlusToken, as well as the crackdowns in the area,” said Gurvais Grigg, global public sector chief technology officer at Chainalysis, in an email to Reuters.

The report also cited trafficking out of China in fentanyl, a very potent narcotic pain medication prescribed for severe pain or pain after surgery. Chainalysis described China as the hub of the global fentanyl trade, with many Chinese producers of the drug using cryptocurrency to carry out transactions.

Money laundering is another notable form of crypto based crime disproportionately carried out in China, Chainalysis said. Most cryptocurrency based money laundering involves mainstream digital currency exchanges, often through over the counter desks whose businesses are built on top of these platforms.

Chainalysis noted that China appears to be taking action against businesses and individuals facilitating this activity. It cited Zhao Dong, founder of several Chinese OTC businesses, pleading guilty in May to money laundering charges after being arrested last year.

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New Bitcoin Tax Plans Could Stifle Greener Blockchain Tech

Ongoing efforts to pass a bipartisan infrastructure bill could reshape the cryptocurrency world, as lawmaker’s debate new tax reporting requirements on various parts of the blockchain system. The Washington Post is reporting that, on Thursday, Treasury Secretary Janet Yellen directly lobbied lawmakers to keep stronger cryptocurrency tax provisions in the infrastructure bill.

It’s a sign of how committed the White House is to bringing cryptocurrency into the broader tax reporting system, even as the details of the new requirements threaten to upset the delicate political balance of the infrastructure plan.

From the beginning, the drafters of the bipartisan infrastructure framework hoped to offset the rush of new spending with $28 billion in new cryptocurrency taxes (levied over 10 years). Broadly, the tax proposals have been uncontroversial but the details of who will bear the burden of reporting transactions have been maddeningly difficult to agree upon.

The initial bill text released on Saturday placed a broad new requirement on cryptocurrency brokers to report transactions as part of their tax returns, similar to existing requirements for trading conventional assets. But the original text left the definition of a “broker” vague, potentially extending to wallet developers or miners.

An amendment from Sens. Ron Wyden (DOR), Cynthia Lummis (RWY), and Pat Toomey (RPA) would explicitly exempt miners from any reporting requirements, but the amendment has yet to pass. More recently, a group of lawmakers led by Sen. Mark Warner (DVA) has offered a slightly harsher compromise, which has gained more support in Congress but left many cryptocurrency advocates uncomfortable.

In particular, advocates are concerned that the uneven reporting requirements in the Warner amendment could lead to a lasting split between different blockchain technologies. Most cryptocurrency still relies on proof of work blockchains like Bitcoin, which require energy intensive mining to certify new entries on the blockchain.

But a new model of blockchain would allow miners to certify blocks by staking a certain amount of currency (hence “proof of stake”), thus allowing for faster and more complex transactions. Proof of stake blockchains is still less popular, but some larger coins (most notably Zcash) are actively considering a switch to the new mode. Ethereum is in the process of launching its own staked blockchain, called Ethereum 2.0 or ETH2.

The Warner amendment defines “broker” to include proof of stake miners but not proof of work miners, due to the additional complexity and financial flexibility of proofofstake mining. But cryptocurrency groups worry that the additional regulatory burden will drive coins away from proofofstake systems, stifling the new innovation before it has a chance to take hold.

“The language in the new amendment enshrines one of many competing technologies in law,” Coin Center’s Neeraj Agrawal told The Verge. “It is the government picking a winner on an otherwise competitive field. And worst of all, tech policy of this magnitude is being done as last minute tax provision buried in a massive must pass infrastructure bill. This is no way to make policy.”

The split is particularly divisive given the intense energy demands of proof of work mining, a longstanding sore point for cryptocurrency that many had hoped proofofstake systems would address. In a tweet Thursday night, Sen. Wyden criticized the Warner amendment through the lens of climate policy, calling it “a government sanctioned safe harbor for the most climate damaging form of crypto tech.”

Most Bitcoin groups, including Coin Center, are now pushing for the Wyden amendment as the least damaging option, despite the White House’s lobbying. “This will not happen without your elected reps hearing from you,” said Coinbase CEO Brian Armstrong on Twitter. “Please contact your senators and ask them to support the amendment.”

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Upgrades, ESG, DeFi usage to help ether outpace bitcoin: Pantera Capital

The Ethereum platform’s potential applications, lower environmental impact and technical upgrades are likely to help the ether token continue to outperform bitcoin, Pantera Capital CEO Dan Morehead said.

As a more recent token, ether has further to run than bitcoin, Morehead told the Reuters Global Markets Forum on Monday, adding that the latest Ethereum Improvement Proposal (EIP) 1559 upgrade will help it trade more like a fixed asset.

“You’ll see a transition of people who want to store wealth, doing it in (ether) rather than just bitcoin,” he added. Migration to the upgraded “Ethereum 2.0” will reduce ether’s mining energy use compared with bitcoin’s large carbon footprint, Morehead said.

The blockchain’s use in decentralized finance (DeFi) applications will also support prices, he added. Ether, the world’s second largest cryptocurrency, has more than doubled its price in 2021 to its Monday close of $2,608, compared with bitcoin’s rise of 46% to $39,166.

Ether’s market capitalization was around $306 billion on Monday, less than half of bitcoin’s $737 billion, according to tracker Coin Gecko. Morehead sees bitcoin ending 2021 between $80,000 and $90,000, and rising above $120,000 within a year. Increased mainstream adoption could push it as high as $700,000 in the next decade, he said.

Despite recent volatility that left bitcoin 40% below its April all time high of $64,895, Morehead said Pantera Capital’s funds have attracted institutional investors who are less “momentum “oriented than retail investors, and see current prices as a buying opportunity.

He also sees increased regulatory scrutiny, such as a global crackdown on cryptocurrency exchange Binance, as a “transition” phase. Pantera, which manages $2.8 billion in blockchain related assets, has invested in several crypto exchanges including Bitstamp, Coinbase, (COIN.O), and regional exchanges such as Mexico based Bitso.

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Rising Ether Bitcoin Price Ratio Shows Crypto Risk Appetite

Crypto investors have thrown caution to the wind, as evidenced by the recent rise in the ether–bitcoin (ETH/BTC) price ratio, and the trend looks set to continue. “ETH/BTC shows a bullish breakout, and that’s a sign of market wide riskon where alternative cryptocurrencies tend to outperform BTC,” Katie Stockton, founder and managing partner at Fairlead Strategies, said.

Some crypto investors see bitcoin, the biggest cryptocurrency by market value, and stable coins as safe haven assets within cryptocurrency markets – a goto place during times of stress similar to Japanese yen, Swiss franc, or U.S. Treasury’s in traditional markets. After all, bitcoin is the biggest cryptocurrency by market value and most liquid market in the digital asset space along with stable coins like tether.

Binance Smart Chain Beats Ethereum by Some Metrics Thanks to Latest Craze Meanwhile, ether and alternative cryptocurrencies are seen as relatively risky bets similar to growth sensitive assets like copper, gold, stock markets, Australian dollar.

So a rising ETH/BTC could reflect improved risk appetite in crypto markets. That has been the case in the past and in recent weeks. For example, bitcoin rallied 12% last week but underperformed almost all crypto subsectors, including non-fungible tokens and Web 3.0 tokens. During the same timeframe, ETH/BTC rose over 3%.

A similar action was seen from the mid April to mid May period. On Thursday, etherbitcoin jumped to a two month high of 0.073, confirming a descending triangle breakout on the daily chart. Bitcoin Returns Above $40K; Faces Resistance at $45K$50K the breakout indicates that the consolidation has ended, and the bigger Bull Run from March lows near 0.03 has resumed.

“ETH/BTC has broken out of a two month consolidation given recent strength in ether,” chartered market technician and Coin Desk reporter Dominick Dante’s said. “It’s a bullish continuation pattern. Next resistance is seen around 0.8.” Story continues In other words, ether and other alt coins could continue to outshine bitcoin in the near term.

The technical picture gels well with the narrative that the crypto market is evolving, with investors beginning to bypass bitcoin and going directly into other industry subsectors. The path of least resistance for ether bitcoin appears to be on the higher side in the wake of the London hard fork implemented on Thursday.

“The notion of ether becoming a deflationary cryptocurrency in the future is now tangible, and the effects on Ethereum’s valuation could be profound,” Martin Gaspar, research analyst at Cross Tower told Coin Desk.

With the hard fork implemented, Ethereum now burns a portion of the fees paid to miners, thereby causing a net reduction in the issuance. For example, the blockchain has already burnt or destroyed more than 5,000 ETH since the upgrade took effect Thursday, offsetting about 40% of the 12,000plus coins mined during the period.

“Ethereum will likely become the favored crypto trade on Wall Street and could see limited resistance towards the $3,000 level,” Edward Moya, senior market analyst for the Americas at brokerage firm Oanda, wrote Friday in an email.

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