It seems like a lifetime ago when Ethereum founder Vitalik Buterin was in Moscow, wining and dining the Russian elite. He sat on stage next to President Vladimir Putin and forged relationships with government agencies. All seemed well.
That is, until yesterday.
On Tuesday, Putin warned against the growing influence of cryptocurrencies. He cited “opportunities to launder funds acquired through criminal activities, tax evasion, even terrorism financing, as well as the spread of fraud schemes” as his main concerns.
But there were even harsher words from his.
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Daily Ethereum Price Forecast – ETH Above $300 Despite Russia Concerns
Bitcoin’s ascent to $5,000 was put on hold yesterday as investors priced in harsh comments from Russian authorities. Based on those comments—some of them from President Vladimir Putin himself—it seems as if the Kremlin is turning bearish on cryptocurrencies.
The Ethereum to USD exchange rate slipped ever so slightly on Monday, falling 0.46% to $303.14. However, the fall against Bitcoin was of a different magnitude.
It’s hard to accept when you’re looking at a trading screen that’s flashing red, but the current slump in Litecoin prices has nothing to do with Litecoin.
On Monday, Ripple prices traded as high as $0.278758 before an intra-cryptocurrency rotation diverted the momentum towards Bitcoin. The result was an 11.36% depreciation of XRP against BTC.
For what seems like the hundredth time in the last month, ETH prices crossed back above $300.00. The random flips between bullish and bearish behavior have stalled the Ethereum price prediction around this level.
Initial coin offerings (ICOs) are shining brightly at the moment, but that may not be helping the Ethereum price forecast. For one thing, ICO regulations are extremely murky and can change at the drop of a hat.
Two days ago, Ripple CEO Brad Garlinghouse held a Q&A on Quora (the popular Internet forum that syndicates the answers to major news outlets). Today, that Ripple news managed to send XRP prices up 9.99% while Bitcoin, Ethereum, and Litecoin all dropped.
Yesterday, I wrote that Ripple appeared to be stuck around the $0.20 handle and that something extraordinary could help it break free. Well, that event is almost here: SWELL.
The entire cryptocurrency market took a dive around 9:00 am (UTC), with Bitcoin leading the downward move. However, LTC prices managed to rebound faster and more sharply than most, adding critical support to the beleaguered currency and our Litecoin price forecast.
Just one day after we heard reports of Goldman Sachs Group Inc (NYSE: GS) getting into Bitcoin services, the company’s CEO, Lloyd Blankfein, took to Twitter to clear the air.
In the last week, XRP prices have crossed the $0.20 handle 12 different times. Half on the way up, half on the way down. Did Ripple news really fluctuate that much day to day? Of course not.
Bitcoin’s share of the overall cryptocurrency market rose again on Monday, getting ever closer to the dangerous halfway mark.
Although BTC slipped 3.74% on Monday, there is more than enough Bitcoin news to reenergize the price.
Bitcoin Price Forecast