Opinions against predictions

In the spotlight of the week: Binance has found its treasure island, Bitcoin is under the question while Ethereum has several drivers for surging.

Binance is planning to create its own global legal security center in Bermuda within the upcoming months based off blockchain technology

Despite Binance’s Asian roots, Bermuda is the ideal choice to set up their security center. Their official language is English and the islands, an offshore financial center and self-governed British overseas territory, offer a legal system similar to that which exists in other Commonwealth countries, such as Australia and Canada.

The local government has implemented policies that provide a conducive environment for cryptocurrency firms to conduct business. Also, the British House of Commons just passed the Virtual Currency Business Act of 2018, a law regulating virtual currencies in Bermuda, which is designed to help develop the local cryptocurrency industry.

This step shows that Binance has definitely gone out of its way to avoid some possible issues they may face in Asia while setting themselves up for success elsewhere.

Warren Buffett: Bitcoin is Not an Investment

The billionaire has added that he doesn't necessarily see anything bad in purchasing digital money, but according to him, it is important to distinguish investment from gambling.

In the past, he has repeatedly said that bitcoin is a financial bubble. The investor hasn't worked with cryptocurrency because he doesn't understand it, however he has expressed that he is sure that cryptocurrency 'will come to a bad ending'.

It is remarkable that Buffett remains one of the few famous people and investors who still holds a negative opinion on cryptocurrencies and, in particular, Bitcoin.

John Soros, whose fund has recently begun to trade cryptocurrencies, also expressed a similar opinion to Buffett, calling Bitcoin a 'typical financial bubble'.

Perhaps at some point, Buffett will decide to look into the technology and overall market of cryptocurrencies and become an active player of the market. Or perhaps his words were said with some sort of premeditated intention, as his opinion carries quite a bit of influence.

We’ll just have to wait a bit longer.

The head of deVere named the three drivers of Ethereum price growth

The forecast is based on a number of factors. First, according to the CEO of deVere Group, an increasing number of platforms will use the Ethereum network to simplify trading, smart-contracts and the decentralization of cloud calculations.

Also, Nigel Green said that he expects more solid regulation of the crypto industry. He considers that it is inevitable and will bring about a long-term confidence in the market and greater investor protection.

Developers from around the world use Ethereum to create projects. Some of these projects that have come out recently are DAI (competitor of Tether), a stable coin which has received great interest from venture capitalists and has so far collected more than 133 million dollars, and Amazon Web Services (AWS), which has recently presented a new blockchain service based off of the Ethereum network. Now users can create decentralized applications based on Ethereum.

Such support from one of the largest players in the technology industry will most definitely affect the future of the Ethereum project.


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Binance Chief CZ: Bitcoin (BTC) Is Oversold, Crypto Still Growing

Bitcoin (BTC) Is Oversold  The most-anticipated crypto-centric event of early-2018, the Binance Blockchain Week in Bitcoin capital Singapore, has arrived, and this nascent community is buzzing. As the event is a Binance-led initiative, the upstart’s C-suiters and foremost executives have made appearances at the conference, coupled with the subsequent hackathon. While talks from Wei Zhou, Binance’s chief financial officer, and his peers were appreciated, Changpeng “CZ” Zhao himself sat down on the conference stage to give a keynote. And as normal, Zhao, one of the crypto sector’s golden children, did his best to prove why this industry is still popping, so to speak. According to an exclusive from Micky, an up-and-coming crypto media outlet, Zhao, formerly an executive at OkEX and Blockchain.com, reminisced about 2017’s monumental rally, coupled with the subsequent collapse. Echoing sentiment touted by his fellow industry executives, the Binance chief executive noted that late-2017 saw the Bitcoin (BTC) market “overshoot” itself, with asset valuations quickly becoming well-overextended. He quipped that much of the bull sentiment could be chalked up to the abundance of hype, touching on the FOMO that consumers experienced, along with the mass of questionable projects. Murad Mahmudov, a Princeton graduate with ambitions to launch a crypto-focused hedge fund, recently touched on this subject matter. Speaking with Tone Vays, a former institutional investor turned Bitcoin diehard, Mahmudov took Zhao’s comments one step further, noting that a majority of altcoins, including Ethereum, EOS, XRP, were overvalued in 2017’s parabolic surge. Mahmudov’s remarks aside, Zhao purportedly went on to say that cryptocurrencies are currently dramatically oversold, and could be in for an eventual recovery. Speaking in a keynote, the industry insider explained that the current bear market has been “overshot,” indicating that he believes assets have fallen too far from their peaks. Backing his claim, CZ, a former Bloomberg employee, noted that there’s more talent in this industry than ever before, adding that the growing number of bonafide conferences and blockchain events is comforting. Likely referring the array of truly innovative blockchain projects coming to life, along with forays from Wall Street and household names, Zhao then added that “the builders are building, [so] we are seeing a lot more development in this space.” And with all that in mind, Zhao came to the conclusion: So I actually think that we’re probably overshooting on the lower side, but again I could be wrong, this is mass technology. However, many aren’t in agreement with Zhao’s statement on the broader market. Per previous reports from Ethereum World News, Mahmudov recently stated that if history rhymes, BTC could fall to as low as $1,700 before another jaw-dropping run. “I Can Go Weeks Without Looking At Crypto Prices” While the Binance head had remarks about the value of cryptocurrencies, he went on to stress that his sole focus isn’t on markets, but rather, this industry’s underlying fabric. He claimed that he’s “very comfortable” with not checking Coin Market Cap or similar sites, even adding that he has and may continue to “go on for weeks without looking at the [Bitcoin] price.” Zhao attributed his disconnected attitude towards wherewithals to Binance’s “focus on building,” and visions that this sector will swell over time. Title Image Courtesy of Marco Verch Via Flickr The post Binance Chief CZ: Bitcoin (BTC) Is Oversold, Crypto Still Growing appeared first on Ethereum World News.
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Bitcoin (BTC) Price Analysis: Will This Wedge Support Hold?

Bitcoin has formed lower highs and slightly lower lows to create a falling wedge formation on its 4-hour time frame. Support is holding for now but it looks like bears are trying to go for a break lower. The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse. Also, the gap between the moving averages is widening to reflect stronger selling pressure. Price is below both moving averages to signal the presence of selling pressure also. RSI already dipped to the oversold region to signal exhaustion among sellers and appears to be pulling back up to indicate that buyers might return. In that case, bitcoin could still bounce off support and test the top of the wedge at the $3,800 area again. This lines up with the 200 SMA dynamic inflection point to add to its strength as a ceiling. Stochastic has just reached the oversold region to reflect slower selling pressure and might also be due to turn higher soon. A shallow bullish divergence can be seen as price made lower lows while the oscillator had slightly higher lows since mid-January. Still, a break below support could spur a slide that’s the same size as the wedge formation. This spans $3,600 to around $4,400 so the resulting downtrend could last by at least $800. Similarly a break above the wedge top could spur a rally of the same height. Bitcoin has had a rough couple of weeks as traders appeared to turn their optimism down a notch. As it is, the industry has yet to report positive developments that could sustain the rallies from the start of the year, but the lack of bullish interest despite upside breakouts suggests caution. The post Bitcoin (BTC) Price Analysis: Will This Wedge Support Hold? appeared first on Ethereum World News.
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