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🚀 Bloomberg Strategist Predicts ETH Will Help BTC Reach $100,000
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| | | Another day, another attempt to keep tabs with what analysts are saying about Bitcoin. Shortly before the entire crypto market witnessed the latest flash crash, Bloomberg Senior Commodity Strategist Mike McGlone predicted that Bitcoin may be on its way towards hitting the $100,000 price mark. The premier cryptocurrency cannot attain this historic price mark on its own, and according to McGlone, Bitcoin's price will benefit from the growth activities happening on the Ethereum network. Two fundamental events in the Ethereum network has been identified as important factors to help drive the BTC price growth. The first is DeFi, as there are historical records that shows growth correlations between Bitcoin and DeFi tokens. Also, Bitcoin can benefit from the proposed launch of Ethereum 2.0, as Ethereum miners will move over to sustain their mining revenues with Bitcoin. Besides Ethereum, other important factors that can influence Bitcoin's price growth includes regulations and the role of industry heavyweights such as Elon Musk. To learn more about the future prospects of Bitcoin to chart a new price growth curve for itself, we highly recommend checking out this article on Blockdesk. |
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Enjoyed the story above and want to read more? We've got you covered; check below to find the latest news of the cryptocurrency industry. |
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Hong Kong Securities Official Proposes Stricter Oversight of Crypto Trading. – This time, Hong Kong's Securities and Futures Commission (SFC) financial watchdog proposed stricter rules to combat cryptocurrency-related fraud. In May, Hong Kong's Financial Services and the Treasury Bureau (FSTB) announced that it plans to prohibit crypto investments for those with less than $1 million in assets (roughly 93% of the population). However, this rule hasn't been passed yet.
Could ETH 2.0 Make Layer 2 Tokens Obsolete? – Ethereum's network has been experiencing quite some progress lately. While layer 2 scalability solutions are deployed on top of the main blockchain, the smart contract platform is getting ready to roll out the long-awaited ETH 2.0 upgrade. Since both solutions are expected to improve the network throughput, it leaves many wondering whether ETH 2.0 will render Layer 2 tokens obsolete. Is Elon Musk Good or Bad for Crypto – An Unbiased Perspective – Tesla and SpaceX chief Elon Musk is probably one of the most controversial figures in crypto. While he has been a long-time advocate for digital assets and specifically DOGE, he halted BTC payments for Tesla cars, criticizing Bitcoin's increased energy usage and its impacts on the environment. |
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| That's all for today. Don't forget to check your inbox tomorrow, as we will return with more exciting crypto stories. See you then! |
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Cheers,
The Blockster Team |
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