Benoit Coeure Says Global Regulators Will Not Allow Facebook to Launch Libra Coin Unless Satisfied

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July 22, 2019

Facebook’s digital coin ‘Libra’ is expected to release at the beginning of 2020 as per the official Facebook statement. Facebook might be scaling up its development process, but global regulators have raised few concerns and should be resolved by Facebook before launching its global coin.

A person informed Reuters that global regulators will not allow Facebook to launch its digital currency ‘Libra coin’ unless their issues are addressed, relating to money laundering and financial stability issues. To resolve the concerns, a long discussion should take place.

Facebook officially revealed its Libra project in June, before this lot was speculated. They said that the stablecoin will be supported by a basket of legal currencies, namely the US dollar, the euro, the British pound, and the yen. Libra coin can be used by millions of its users across the world. Facebook is planning to release the coin in early 2020.

The European Central Bank executive member, Benoit Coeure who heads an international working group on Libra project mentioned Facebook to offer crypto service globally, and the currency needs to be safe ‘from day one’ not only for its users but also for the financial system and officials battling crime.

Coeure told in an interview during the G7 Summit at France in Chantilly. The cryptocurrency needs to be safe, resilient, and robust from the start. It’s not a learning technique; it may work or may not work.

He further mentioned Facebook’s Libra currency will not be released unless global regulators are happy.

The existing design of Libra coin might allow users to exchange money using a code name that might be used for money laundering or to fund terrorism.

The global regulators also want to know the safety measures taken by Facebook and other 27 Libra Association members to guarantee that the privacy and ownership rights of users are secured.

Coeure stated Facebook and regulators need to have a ‘prolonged discussion’ on how to modify the existing national and international policy to cover Libra coin.

He told,

“Down the road, we might find that there are gaps or inconsistencies that would require a prolonged discussion by regulators on how to do it differently.”

Coeure further added regulators are not going to allow such projects to be implemented unless they are satisfied with the answers and before they develop an appropriate regulatory framework.

Digital currencies throughout the world are exposed to irregular rules and the emerging technology widely remains uncontrolled.

Few smaller nations such as Belarus and Malta have created a unique rule; leading economies have considered applying existing financial policy.

However, Facebook responded on its launch, saying it will not go ahead with its launch plan unless it resolves all regulatory issues.

Meanwhile, Coeure mentioned that his G7 working group on Libra coin will continue working on the issue till October the day of International Monetary Fund’s annual session, after that it will provide the matter to the Financial Stability Board of global financial regulators.

In July, Coeure asked global regulators for quick action with regards to Libra coin. The ECB authorities mentioned that permitting a new cryptocurrency such as Libra to release on a large scale, without correct regulations and safety, might be unsafe.

Understanding the Concept of Hard Fork

By

Robert Hill

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July 18, 2019

There are many technical terms associated with the world of cryptocurrency and blockchain technology. A hard fork is one of the prominent terms that is often used by experts and crypto developers and the term is quite interesting in its logic and usability. To understand what a hard fork is, we must know what a fork stands for.

Fork and Hard Fork

A fork can be defined as an event in the world of cryptocurrency that goes on to split the protocol followed by the existing software into two different co-existing versions. These forks are often planned by developers, but some of the forks may also happen accidentally. The good thing is that most of the time, these forks do not have any destabilizing effect on the blockchain network. The requirement of forks arises when the developer wants to add some new features to the existing blockchain to make it more user-friendly or advanced in operating procedures.

A hard fork can be defined as an event when a cryptocurrency splits into two different parts. The developers change the existing codes of the cryptocurrency, which essentially results in two versions of the coin – new version and old version. While in the soft fork, the emphasis is to make two versions of the coin compatible, the hard fork does just the opposite thing. The hard fork makes the two existing versions of the software incompatible to each other.

Real-World Examples

Take, for instance, Bitcoin Cash, which is a hard fork of the Bitcoin. Bitcoin Cash was created as a result of a hard fork after which two different assets – Bitcoin and Bitcoin Cash – came into existence. These two have their own value and are totally different right from their activation blocks to asset values. This essentially means that one cannot send Bitcoin Cash on the blockchain of Bitcoin and vice-versa. This is because the blockchain-related to Bitcoin Cash and Bitcoin are completely different as developers have added different codes in both of the blockchains to make them incompatible to each other, the event which is termed as a hard fork.

It is also important to notice that not every hard fork result in a new digital asset or a coin. Some hard forks are meant only to make software incompatible. For example, the hard fork of ethereum known by the name Byzantium has been created to make software incompatible rather than creating a new version of ethereum coin. Byzantium came as an essential upgrade for the software and once it is installed, the older versions of the blockchain became incompatible to the digital asset. But note that even after Byzantium, only ethereum is in existence as a digital asset which contrasts sharply to the case of Bitcoin where hard fork resulted in two digital assets – Bitcoin Cash and Bitcoin. In sum, a hard fork is related to the software and ultimately, it boils down to the codes used by the developer that define the direction and result of the hard fork.

An Overview of Cryptocurrency Mining – Explained!

By

David Pender

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July 18, 2019

Cryptomining or Cryptocurrency mining is a procedure wherein transactions for different types of cryptocurrency are added and checked to the blockchain digital ledger. It is also known as altcoin mining, crypto-coin mining, Bitcoin mining, for the most well-known type of cryptocurrency Bitcoin. Digital currency mining has expanded both as an activity and topic as digital currency utilization itself has developed rapidly in recent years.

Working of Cryptocurrency Mining

Crypto mining began in 2009, with CPUs of the standard PC being utilized to hash. However similar to the case with any new market, things moved especially quickly in the mining part, with the mining business seeing a move far from the standard CPUs to GPU (Graphics processing units), which had the option to hash worked out the cryptographic problems at a quicker rate. The rate of resolving the crypto problems is denoted as the Hashrate.
Whenever a cryptocurrency transaction is carried out, a cryptocurrency miner is accountable for the guaranteeing the authenticity of data and updating the blockchain with the exchange. The mining procedure itself includes competing with different crypto miners to take care of problematic mathematical issues with cryptographic hash works that are related with a block containing the transaction information.
Moreover, the first cryptocurrency miner to decipher the code is rewarded by having the option to approve the transaction, and as a return for the service the miner gave, cryptominers earn minimal amounts of cryptocurrency for themselves. However, to compete with different cryptominers, a cryptocurrency miner needs a PC with more specialized hardware.
Further, the blockchain has a record of each exchange, similar to that each network client or node. When a node is revealed of a new transaction, they need to perform several validation checks to ensure the exchange is genuine. These incorporate checking the unique cryptographic signature joined to the trade, which was created when the procedure is started, to be made sure that it is an authentic signature.
Every miner is expected to approve 1MB worth of these exchanges, looking for a chance of verifying new bitcoin. The subsequent step is to effectively take care of a numeric issue, known as ‘proof-of-work.’ Any user who can effectively produce a 64-digit hexadecimal number called as a ‘hash,’ that is either not precisely, or equivalent to the target hash related with the block is rewarded with bitcoin.
This is the place where the high computing expenses of mining become an essential factor. The user who has a chance of speculating a hash first, they need to have a high hash rate or hash-per-second. The more powerful the arrangement, the more hashes can be filtered through.

Cloud Mining

Cloud mining, which is also denoted as cloud hashing, enables the client to purchase the output of cryptocurrency mining hardware, which are situated in remote data centers, where the mining is done remotely, clearing the issues encountered by the miners utilizing powerful platforms, including substantial power usage, insulation, heat, and maintenance.

Limitations

Even though the miners were once ready to mine their very own cryptocurrencies utilizing a standard PC, this is not practical anymore; the quantity and quality of equipment they have to mine adequately increases by the volume of individuals mining. This in due course has seen a prerequisites jump from a sensibly powerful processor to a top of the line GPU, to a many GPUs working in an association, to latest specialized chips explicitly configured for crypto mining.
Anybody with a PC and a net connection can turn into a miner. Moreover, it is significant that mining is not always profitable. Depending upon a few variables, like which cryptocurrency the miner is mining, how fast the PC is, and the expense of power in the area, the miner, may wind up spending more on mining than he earns in cryptocurrency.

Wrap up

Furthermore, as a miner, the most secure approach to mine cryptocurrencies would be by obtaining the essential equipment in the beginning stage to build their cryptocurrency hashing framework. However, they are expenses related, with the setup and ongoing costs, including considerable power costs and the need to update software and hardware, which would likewise require selling when the hardware needs to be upgraded.

Japan will create SWIFT-like network for digital currencies

By

Ray Buckler

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July 18, 2019

The Japanese government is trying to develop an international payment network for digital currencies very similar to SWIFT to combat money laundering. Reuters reported the news on Thursday.

As per the anonymous source familiar with the report, said the platform would be overseen by FATF team, inter-governmental body and the government of the island nation is planning to launch the network within next few years. Plan for the new system is approved by FATF in June this year. It was proposed by FSA and the Finance Ministry of Japan.

Japan is trying to confirm the safety of digital currencies to push the economic growth and development of the fintech industry. Japan became the leading nation of the world in 2017 to regulate digital currencies at the national level. They are the first country of the globe to welcome Bitcoin as a lawful tender. When it is about cryptocurrencies Japan has always shown a progressive mentality.

SWIFT is utilized by financial organizations everywhere in the globe to send sensitive financial information and transactions. On the contrary, cryptocurrencies can be directed to anyone around the globe by merely knowing the receiver’s wallet address. It remains indistinct how digital currencies will work in the network like SWIFT. How the decentralized blockchain network gets implemented into the highly monitored system remains a matter of interest.

It remains a matter of speculation how users will react to this kind of monitored network after experiencing the decentralized system of cryptocurrencies. Cryptocurrencies have become widely accepted across various sectors. It is very important to select a reliable and trustworthy platform like Bitcoin Loophole Trading Platform. To know more about this promising platform traders should go through Bitcoin Loophole Trading Platform Review, before investing.

Although this lack of regulation is the main reason or worries for the banks and the central government. After the massive hacking attack at cryptocurrency exchange Coincheck, the Japanese government has tightened the security guidelines for the trading platform and has issued a notice to many exchanges for the security breakdown.

The companies willing to offer trading services for the residents of the nation have to acquire a license from FSA. More than 100 companies have applied for a permit to start a trading platform in Japan. So far, the agency has approved a license for three exchanges.

In the G7 meeting of Finance Ministers in France this week digital currencies are most likely to remain a topic.

Trinidad and Tobago MP Complains About Unfair Foreign Exchange Distribution

By

Felicia Learned

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July 17, 2019

When it comes to emerging economies, foreign investment, and effective distribution of foreign exchange to different corners of the economy is regarded as one of the most important aspects of policymaking. However, if a Member of Parliament in Trinidad and Tobago is to be believed, then that is not happening in the country. In a new development, the MP in question has now made a complaint against commercial bank about the unfairness of the foreign exchange distribution process. Dr. Surujrattan Rambachan, who is the MP from Tabaquite, has stated that the commercial banks in the country, are unfair with their distribution of foreign exchange.

He went on to state that he became aware of the issue after coming across a notice that had been published by the First Citizens Bank, which is owned by the state. According to the notice issued by the First Citizens Bank, limits have imposed on how much foreign exchange an individual can purchase. If an individual is a customer of FCB, then he can buy at most $300 worth of foreign exchange, while for noncustomers that limit has been revised to only $150 and if the individual in question is a foreign national, then he can only buy $50. Needless to say, this issue caused a stir with many, and soon enough, Dr. Rambachan took up the issue. In this regard, it is also important to add that many individuals on social media had also criticized these new limits.

The MP stated that such limits are an affront to many citizens in the country who are going to go on overseas holidays. However, he went on to add that while the banks have placed such limits on all citizens, there are other sets of influential citizens in Trinidad and Tobago who are able to get as much foreign exchange that they had demanded. He added that such practices could also result in the creation of an unregulated black market for foreign exchange, and that could only be a damaging development for the country at large.

When it comes to emerging economies, foreign investment, and effective distribution of foreign exchange to different corners of the economy is regarded as one of the most important aspects of policymaking. However, if a Member of Parliament in Trinidad and Tobago is to be believed, then that is not happening in the country. In a new development, the MP in question has now made a complaint against commercial bank about the unfairness of the foreign exchange distribution process. Dr. Surujrattan Rambachan, who is the MP from Tabaquite, has stated that the commercial banks in the country, are unfair with their distribution of foreign exchange.

He went on to state that he became aware of the issue after coming across a notice that had been published by the First Citizens Bank, which is owned by the state. According to the notice issued by the First Citizens Bank, limits have imposed on how much foreign exchange an individual can purchase. If an individual is a customer of FCB, then he can buy at most $300 worth of foreign exchange, while for noncustomers that limit has been revised to only $150 and if the individual in question is a foreign national, then he can only buy $50. Needless to say, this issue caused a stir with many, and soon enough, Dr. Rambachan took up the issue. In this regard, it is also important to add that many individuals on social media had also criticized these new limits.

The MP stated that such limits are an affront to many citizens in the country who are going to go on overseas holidays. However, he went on to add that while the banks have placed such limits on all citizens, there are other sets of influential citizens in Trinidad and Tobago who are able to get as much foreign exchange that they had demanded. He added that such practices could also result in the creation of an unregulated black market for foreign exchange, and that could only be a damaging development for the country at large.

Binance plans to extend its services to South Korea; To Launch New Exchange

By

Timmy Murphy

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July 17, 2019

Binance, Malta-based largest cryptocurrency exchange of the world by trading volume plans to offer its services in South Korea by launching a new exchange.

The development news was recently revealed by the top crypto exchange firm, Binance.

CEO of Binance, Changpeng Zhao unveiled its exchange plan to extend its services into a new market and to simplify the process it is currently collaborating with local associates, local news outlet, Block In-Press mentioned about the news on Tuesday.

Binance CEO Zhao stated,

“We do not know the details related to the establishment of the Korean branch. We are working with local partners, but we do not know the details.”

Later Binance spokesperson informed that Binance exchange is thinking of working with a blockchain FinTech company, BxB and is discussing with the firm, it has not taken any particular decision on it. We have not considered whether to establish a branch in South Korea or not.

Zhao told that the exchange firm is doesn’t know about the establishment details of its new headquarter in South Korea.

Binance Exchange is working on its plan

One of the crypto sources reported that the top cryptocurrency exchange of the world has set up Binance LLC, the local entity in South Korea. Binance crypto exchange has recruited Jiho Kang of BXB, as the director of the new Binance office. BXB is a fintech company that provides Korean won-backed stablecoin.

Spokesperson of Binance spoke to Block In Press and said that the exchange is speaking with BXB fintech firm, but the proper decision has not been taken.

Earlier Zhao indicated significant expansion of its services in South Korea, during the Blockchain Partners Summit held at Seoul in July last year. During the summit, Zhao emphasized on the significance of the South Korean market. He also mentioned that the exchange will invest in helping its cryptocurrency exchange to scale.

Binance seeking to hire a compliance officer

On the other side, the cryptocurrency exchange is seeking a compliance officer in South Korea. This indicates the firm’s possibility of launching a new office in South Korea.

The new job post was mentioned on Binance’s website, that reads as follows,

“We are seeking a Compliance Officer to support our expansion into all global frontiers, including KYC, Client Onboarding, and AML/CFT. The role is based in Seoul, South Korea.”

The candidate applying for the post should meet the qualification criteria and should have additional qualities; the exchange stated the additional qualities,

“Good knowledge on provisions of local laws, directives, regulations, and otherwise standards applicable to subject persons and knowledge of upcoming regulation of virtual currency policies is a strong plus.”

Binance’s other developments

Binance is expanding its services to other parts of the country. In June, Binance successfully launched its crypto exchange platform in Singapore. It further continued with its development plan by launching similar kind of fiat-based services in Uganda and Jersey.

Earlier, the news was circulating that Binance is planning to open a crypto-based trading platform in the peninsular nation; however, the report was declined by the exchange spokesperson.

Addition to this development, Binance is working to include new services to its crypto trading platform. Binance is also considering joining the crypto futures market with a fresh platform.

Nigeria’s I&E Forex Window Brings in $18.7 Billion in Just Seven Months So Far

By

Robert Hill

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July 16, 2019

For almost all developing nations, foreign investment is regarded as the best ticket to economic growth, and for investors, placing bets on emerging economies is universally regarded as the best way to generate hefty returns. As far as economic prospects in Africa are concerned, then no other nation quite comes close to Nigeria, because of the country’s oil reserves and mineral deposits. It can prove to be one of the most attractive investments for investors from all over the globe. Although millions of dollars have flooded into the country’s economy over the years, Nigeria made another concerted effort to attract even more foreign investment by establishing the Investors and Exporters (I&E) Foreign Exchange window.

While many thought that it was going to end up being a success, no one really thought that it would end up attracting as much as $18.7 billion in just seven months since it was first launched. It not only shows that the initiative is an unqualified success but also demonstrates the fact that Nigeria remains one of the most attractive investment opportunities for global investors. Although it is true that no official figures have been revealed, the figure was published by a study that had been conducted by research analysts at the Coronation Merchant Bank.

The function of the I&E Forex window has proven to be a huge benefit for foreign investors and exporters. Godwin Emefiele, who is the head of the Coronation Merchant Bank, stated that the goal of the exchange was to allow exporters and investors to buy and sell foreign exchange at the current rates. The report states that as much as 65.40% of the inflows into the exchange have come in from overseas sources. However, Emefiele stated that he is hopeful that the exchange will also attract substantial inflows from domestic investors in the near future. He said, “In this regard, the Federal Government budgets were readjusted to adequately address priority infrastructure needs that would support improved investments by the private sector. This was complemented by various Presidential initiatives on improving the ease of doing business in Nigeria, dismantling regulatory bottlenecks, enhancing competitiveness and industrialization.”

Wells Fargo Does Not Allow Customers to Purchase Bitcoin

By

David Pender

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July 15, 2019

Most financial institutions have started developing a positive stance towards emerging technologies such as cryptocurrency and blockchain. Some have even started implementing these technologies within their organizations to offer advanced services to customers while allowing them to trade with cryptocurrencies.

While on the other hand, a popular traditional bank Wells Fargo, established in 1852 has a different view towards Bitcoin and other cryptocurrencies. Wells Fargo offers banking related services to its customers. It also offers mail delivery service via the Pony Express. Recently, Wells Fargo shared its stance by mentioning that the traditional bank will not allow its customers to buy Bitcoin by using their own cash.

The decision of Wells Fargo is different from other popular financial institutions. More and more banking institutions are trying to use crypto-based technology. For instance, CEO of Nasdaq, Adena Friedman trusts digital currency value and also claims that Bitcoin, the top cryptocurrency in the world, will become the ‘global currency of the future.’

CEO of JPMorgan Chase, Jamie Dimon for years did not have a positive approach towards Bitcoin and strongly criticized it. He even attributed digital currencies as a scam. But his perspective regarding cryptocurrency seems to have changed. Interestingly, JPMorgan Chase is now preparing itself to release its first digital currency.

Back in December 2017, when the CME Group began trading with Bitcoin futures contracts, it noticed the promise of Bitcoin.

Wells Fargo, however, seemed to be moving in the other direction. Wells Fargo shared its anti-Bitcoin view of not permitting its customers to transact with digital currencies on Twitter. It replied to a customer’s question saying,

“Thanks for contacting us. Wells Fargo does not permit transactions relating to cryptocurrency.”

The ban imposed by Wells Fargo is different from its vision, which says, “Customers can be better served when they have a relationship with a trusted provider that knows them well, provides reliable guidance, and can serve their full range of financial needs.”

By prohibiting its customers from purchasing Bitcoin, Wells Fargo is restricting its customers from a wide range of the needed financial services.

Bitcoin and other digital currencies are unsafe

Wells Fargo decided to impose a ban on buying Bitcoin and other cryptocurrencies back in June 2018. Customers were prohibited to purchase Bitcoin with its credit cards.

Bank’s spokesperson responded over the ban in a statement saying,

“Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency. We’re doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment. This decision is in line with the overall industry.”

Wells Fargo believes Bitcoin and other crypto assets are dangerous and variable. Wells Fargo earlier experienced several financial scams, but the US taxpayers had saved the bank.

Wells Fargo became the foremost traditional bank to receive bailout funds- huge amount given in one shot: $25 billion US tax dollars.

In order to fulfill the requirements of its customers, Wells Fargo should change its approach and join with other leading financial institutions over the new economic model to offer decentralized, fast and secure services to its customers.

IMF Approves $5.4 billion to Argentina after completing Fourth review of Standby Credit Deal

By

Ray Buckler

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July 13, 2019

The International Monetary Fund (IMF) executive board successfully completed the fourth examination of Argentina’s economic performance within the Stand-By Arrangement (SBA) of 3 years that was sanctioned on June 20^th, last year.

This completion of the fourth review will allow officials to ship around $5.4 billion to Argentina through a loan program that will help secure the economy of Argentina.

On Friday, the IMF mentioned that it would release SDR 3.9 billion in cash to the country.

Earlier, in June 2018 IMF financing contract sanctioned around $57 billion and this new installment is part of it.

Managing Director of IMF, David Lipton in a statement mentioned, “The Argentine authorities continue to show a strong commitment to their economic policy program, meeting all applicable targets under the Fund-supported program.” Adding: “While it has taken time, these policy efforts are starting to bear fruit. Financial markets have stabilized, the fiscal and external positions are improving, and the economy is beginning a gradual recovery from last year’s recession. The Fund is strongly supportive of these important policy efforts.”

The new installment might help President of Argentina, Mauricio Macri to embattle as he aims to cool markets and increase investors trust before the first round of presidential elections, scheduled in October. Macri is looking for the second term as President.

He further mentioned the economy is starting to recover from the 2018s recession.

The government of Argentina has regularly shown its dedication towards fiscal and has overcome its fiscal targets of March and June. He stated:

“The officials have asked the IMF to support raising the end-September primary balance targets as a signal of their priority of ensuring that Argentina’s debt-to-GDP ratio is placed decisively on a downward path.”

Lipton added, the Argentine government managed to fulfill its fiscal targets, simultaneously safeguarded social programs and used fiscal tools to protect the most unprotected from the recession impacts. The officials have also asked the IMF to help in promoting social spending floor to include assistance programs meant for adults having no children and women having less income. These efforts will boost the scope of social safety and promote gender equality.

Argentina President Macri has been under immense pressure for economic failure and was forced to implement tough steps as officials faced difficulties in stabilizing the currency and check inflation to guarantee IMF funding access.

The consumer inflation in May reached at 3:1 percent and has increased by 19 percent till July 2019. In 2018, unemployment reached more than 9 percent, and the poverty rate increased to 32 percent.

The present government of Argentina hopes inflation to end in 2019 within 40.3 percent. In May the inflation reached at 57 percent.

Moody- American based credit rating agency on Friday changed the view of Argentina from steady to negative.

Moody’s decision was according to growing uncertainty that the country would introduce policies that would balance its currency and economy, in a statement Moody mentioned.

Lipton stated more measures are required to restructure tax system, to grow competition within local markets, and in-depth measure to improve governance, and address corruption. Such amendments will have significant potential to increase the growth potential of Argentina, create more employment, decrease poverty, and enhance the living standard of all people across Argentina.

Ethereum Price Analysis: Will Bear Momentum Bring Ethereum (ETH) Price Further Down?

By

Robert Hill

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July 13, 2019

Ethereum is a blockchain platform which can be used by developers to build different applications. It is the largest and the most active community on the blockchain network. The price of Ethereum has been on a downslide for the past days due to the bear sentiment looming large over the crypto market. The last 24-hours was also not good for Ethereum, and the price was fluctuating in the range of $266 -$278 showing that though Ethereum is trying to get its price on the upward trend, the bears are continually pulling it down.

Latest Statistics of Ethereum

As on July 13, 2019 at 2:39:35 UTC, current statistics are as below:

ETH price is trading at $274.144
Current market cap is around $29,359,941,903
24 h volume is at $29,359,941,903
ROI is > 9000%
Circulating supply is at 106,875,375 ETH

ETH to USD Price Comparison

Over the past 24 hours, the price of Ethereum has fluctuated mostly in the downward range. Ethereum price was trading at $274.513 during early hours of July 12, but within 3h 30m, the price went on a downslide to 266.236 indicating a slide of 2.99%. The ETH price managed to gain an upsurge within 6h 18m, the movement being to the extent of 4.61%. Again, in 4h 51m, the price went downhill to $271.503 to the extent of 2.49%. It found some respite when the price went up to $278.395 upward movement was to the extent of 2.54%. Today, the price of ETH coin is trading at $274.144, which is lower to the tune of 1.53%.

Ethereum Price Prediction

The price of Ethereum has been fluctuating over the past few days due to continuous market volatility. It had gone as high as $315 on July 09, but then the bear momentum set in and brought the price down to today’s price of $274, which is lower by 13.01%. It looks like bears have decided to make hay for some more time. Even with this market sentiment, analysts predict the Ethereum price should target around $480 – $500 by the year-end.

Conclusion

Investors are advised to have a cautious outlook and not invest in the current market sentiment. Nothing can be predicted at this time as to which direction the prices will be headed.