- Goldman Sachs dismisses Bitcoin
- Ethereum’s Serenity may be bigger on price than Bitcoin Halving
- Trezor and Ledger databases were not hacked
Bitcoin, Ethereum, Ledger and Trezor Market Roundup
The price roller-coaster continues and crypto valuations are heavily fluctuating. In general, in the last day, the total market cap added $5 billion while the total trading volumes shot up by $7 billion (an 11 percent increase). There is confidence and traders/investors seem to be readying to capitalize on a possible Bitcoin rally.
Sparking discourse has been the re-evaluation of Goldman Sachs on Bitcoin. The Wall Street Investment bank with trillions of assets under management held a client-facing call on May 27, 2020 to discuss the effects the current monetary policy had on inflation, gold, and Bitcoin.
The last two are safe haven assets heavily influenced by inflation trajectories. Goldman Sachs concluded that Bitcoin is a speculative asset that is not worthy of investment. Interestingly, news of this “derision” sparked a rally, thrusting BTC prices back above the $9,100 mark.
Meanwhile, Ether (ETH) prices are tethered around the $200 level. However, argument from crypto investment circles (mostly made up of ardent Ethereum fanatics), is bullish of ETH 2.0. Their reasoning is that a smooth transition to Serenity will be enough to pump ETH and the platform’s tokens prices more than Bitcoin Halving would have had.
The Beacon Chain mainnet—which forms the foundation of a Proof-of-Stake consensus algorithm, is set for launch in a tentative time in H2 2020. Already, the beta release of the Raiden Network, a Layer-2 solution that competes with Sharding which is also expected to resolve scalability, has been announced and deployed on the Ethereum mainnet.
Rumors of a Shopify Exploit that was claimed to have resulted in a breach of Ledger and Trezor databases thereby compromising clients’ personal details have been proved to be false by both hardware wallet providers.
Their internal assessments revealed that the screen shots which were paraded by a monitoring portal, Under the Breach, weren’t consistent with their real database. This assurance was enough to calm jittery holders so accustomed to high level breaches of hot wallets.
In a Twitter post, Ledger said:
“As promised we want to keep you regularly updated regarding the supposed data breach of our ecommerce database. We haven’t found any proof that this claim is legitimate. Our security and e-commerce teams are still investigating.”
Ethereum (ETH) Price Analysis
Week-to-date, ETH prices are stable and hovering around the $200 level. It is up five percent in the last month.
In the daily chart, the three-month support trend line is the immediate support level. Any breach below this mark and $190 could see ETH fall to $180 or $150. If bears press harder, odds of a capitulation to March 2020 cannot be discounted.
Advising this is the inability of buyers to reverse losses of May 10. Technically, from an Effort-versus-Results point of view, sellers have the upper hand. For this to be broken, not only must buyers take charge and close above $210 but the accompanying trading volumes should preferably exceed 180k of May 10 (data streams for Trading View—Coinbase).
This may prompt aggressive buyers into action. However, ideally, ETH will be bullish and open doors for Feb 2020 highs of $280 if there is a firm close above $230.
Disclosure: This is not trading or investment advice but the opinions of the author. Do your due diligence.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.