Surging prices, anticipation, and steady coin interest round out today’s headlines.
Bitcoin Rallying on Weak Inflation Readings, BTC/USD bulls Aiming at $60k
Weaker headline inflation readings on Mar 10 and the $1.9 trillion stimulus package’s approval by the U.S. Senate combined to pump the Bitcoin price above $55k to a new 2021 highs.
As of writing on Mar 10, the BTC/USD price is trading above $57k, adding 14 percent week-to-date, less than three weeks after dumping to below $44k.
Coinciding with the Bitcoin revival is news of Digital Currency Group (DCG), the parent company of Grayscale Investments, announcement that it will purchase $250 million worth of Grayscale Bitcoin Trust (GBTC) shares using its cash reserves.
Although they are not obliged to commit and may suspend purchase at any time, this will depend on the availability of cash, prevailing market conditions, the price.
Analyst: Ethereum Revenue in 2021 could grow 14X to $9 billion
Fundstrat analyst, David Grider, predicts Ethereum’s revenue for the financial year 2021 to grow 1,400 percent to $9 billion. He made projections based on the $1.75 billion the network has generated year-to-date.
David explains that ETH may be undervalued. He cites the three percent of all coins that the Eth2 Beacon Chain locks and the expected activation of EIP-1559.
The controversial proposal, set for activation via the London hard fork, introduces a BASE FEE burning mechanism. In his assessment, this mops out the supply of ETH, making the coin even more valuable. In turn, the network’s staking yield would likely rise above average.
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