Cryptocurrencies Price Prediction: Ripple, Bitcoin & Ethereum.– European Wrap 15 August
|XRP price spikes with increase in capital inflow from institutional investors
Ripple investment products have witnessed an increase in the inflow of capital from institutional investors. While the crypto market remains largely Bitcoin dominant, XRP funds have seen $0.5 million in inflows this week, marking nearly four consecutive months of inflows in Ripple-based investment products.
Capital injection by institutional investors is typically considered bullish for an asset. Ripple’s partial win against the US Securities & Exchange Commission (SEC) emerged as a bullish catalyst for the asset and related funds. Based on data from cryptocurrency Exchange Traded Products (ETP) company CoinShares, institutional investors moved $29 million into digital asset investment products last week. CoinShares analysts say this move is likely due to the recent US inflation data coming in below market expectations.
Bitcoin and US stock market correlation shoots up: Is BTC at Fed’s mercy again?
Bitcoin (BTC) price action remains boring, but certain elements that directly or indirectly affect it are changing slowly. Previous publications have already discussed the slump in Bitcoin price action, the recent surge in Open Interest (OI), and the drop in volatility to all-time lows.
This article will take a closer look at the rising correlation between Bitcoin price and US tech stocks. It will also discuss the potential reasons behind this uptick and the impact of macroeconomic events on BTC price should this correlation remain high.
Vitalik Buterin admits all Layer 2s have a backdoor on Ethereum—ARB, OP may never be 100% decentralized
Vitalik Buterin, the Ethereum co-founder, made headlines as he explained that all Layer 2 projects and rollups like Arbitrum and Optimism have a backdoor on Ethereum. Scaling solutions are, therefore, unlikely to be sufficiently decentralized.
Buterin’s statements support Chris Blec, a crypto and DeFi analyst, whose argument that Layer 2 projects are banking 2.0 and thus likely to face regulation soon. Ethereum Layer 2 solutions Arbitrum and Optimism have catalyzed an increase in the total volume of assets locked in the ETH ecosystem. While Layer 2 projects have gained popularity for their efficiency and lower transaction costs, Ethereum’s Vitalik Buterin revealed that these projects have a backdoor.
Vitalik acknowledges that all Ethereum L2s have “backdoors”.
— Chris Blec (@ChrisBlec) August 14, 2023
I’ve obviously been saying this for years.
These L2s are run by large corps and they’ll eventually face regulation.
They’ll never be sufficiently decentralized.
It’s big banking 2.0.
pic.twitter.com/eYpZB7ER6N
Vitalik acknowledges that all Ethereum L2s have “backdoors”.
— Chris Blec (@ChrisBlec) August 14, 2023
I’ve obviously been saying this for years.
These L2s are run by large corps and they’ll eventually face regulation.
They’ll never be sufficiently decentralized.
It’s big banking 2.0.
pic.twitter.com/eYpZB7ER6N
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