Crypto Brief 08/06: Bitcoin may hit the $125,000 mark by the end of this year along with news about Ethereum, Ronin, WIF, Shiba Inu, Gemholic

According to the analysis, Bitcoin could rise by an additional 94% in the next six months as a whale moves 15,200 ETH to Kraken. Here are some highlights in the crypto market.

Bitcoin News

Mike Belshe, CEO of digital asset surveillance company BitGo, believes that Bitcoin (BTC) could increase by another 94% in the next six months.

Belshe said in a recent interview with Kitco News that Bitcoin will be around $125,000 to $135,000 by the end of this year.

According to the CEO of BitGo, one of the catalysts that will push Bitcoin to six figures is the high national debt of the United States.

“The macroeconomic context continuously verifies the argument for Bitcoin price increase. The US national debt is no longer controllable... and that further reinforces the idea that Bitcoin is the next digital gold”.

Belshe said that the weaponization of the USD and the emergence of developing economies building alternative payment systems are other catalysts for Bitcoin price increases.

No single global reserve currency is strong enough to replace. Clearly, the BRICS group of emerging economies is trying to replace the USD by conducting more transactions using currencies other than the greenback. So far, the scale of that is relatively small but will continue to grow.... BRICS is providing alternative payment systems... That is the story explaining why Bitcoin exists.

Ethereum News

A whale address (0xa0…4409) that received 67,000 ETH from the Ethereum Foundation in 2015 has transferred 15,200 ETH (about $56.47 million USD) to Kraken today.

This address has received 200,000 ETH (possibly from participating in the ICO) in the Ethereum Genesis block. It currently still holds 41,000 ETH (approximately 151 million USD).

Source: Etherscan

Ronin News

The Norwegian government has successfully frozen and returned $5.7 million related to a serious attack on the Ronin network, an essential Ethereum side chain in the web3 game, Axie Infinity.

This action emphasizes international commitment to addressing cybercrime, even in the cryptocurrency space. The funds have been recovered as part of the collaborative efforts between various law enforcement and legal authorities.

Ronin network was exploited in March 2022, resulting in over 600 million USD in damages, the largest DeFi exploit to date.

The incident was believed to have been carried out by the notorious Lazarus Group, linked to North Korea. The successful recovery of stolen assets was made possible by the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim), with contributions from the FBI in the United States and various blockchain forensic companies such as Chainalysis.

WIF News

Dogwifat price has created 4 higher peaks and 4 lower lows since April 14, leading to the formation of an expanding wedge pattern. Friday's price drop tested the lower limit of this wedge pattern, but short-term recovery pushed WIF up to $2.83.

In the future, investors predict that WIF will break the pattern of expanding towards the downside and touch the support level of $2.32. How WIF reacts to this level is the key to determining the position of memecoin in the future.

A follow-up scan is a recovery scan that will be the first sign that WIF is ready to increase. Beyond this level, WIF needs to recover above the lower limit of the expanding wedge pattern. If these two conditions are met, the memecoin may retest the $3.25 level.

WIF/USDT Chart - 1 day | Source: TradingView

Regardless of how the recovery potential is, if WIF violates the $2.32 support level, it will create a lower bottom and invalidate the bullish argument. This move could cause the token to drop another 14% to touch the psychological level of $2.

Shiba Inu News

Lucie, the communications specialist of the Shiba Inu development team, has issued a statement to warn the SHIB Army, quoting the words of scientist Albert Einstein.

Lucie's tweet recommends SHIB fans and Shibarium developers to "stay away from negative people, as they always see problems in every solution".

Recently, SHIB's marketing team leader, Lucie, and other members have regularly issued various important warnings to the global Shiba Inu community.

Those statements are mainly to warn the SHIB Army about the danger of scams in the crypto space, including new scam forms that have recently emerged and are targeting non-young and inexperienced investor communities.

Gemholic News

The funding of the zkSync project, Gemholic, has been locked due to a bug in the purchase contract over a year ago.

Yesterday, zkSync completed the v24 upgrade, allowing for the recovery of locked funds.

The Gemholic project has withdrawn 921 ETH from the contract and transferred it to Ethereum, which is suspected to be a rug pull action.

Source: zkSync

Other News

COPA requests court to allow Craig Wright to pay 85% of legal costs

On Friday, legal representatives from the Cryptocurrency Open Patent Alliance (COPA) asked Judge James Mellor to allow Craig Wright to pay 85% of the costs that the group incurred during the litigation.

COPA filed a lawsuit against Wright in the UK court in February to investigate whether he is the creator of Bitcoin, known as Satoshi Nakamoto or not.

The UK court ruled in favor of COPA in March that Wright is not the creator of Bitcoin and not the author of the Bitcoin whitepaper.

Jonathan Hough, one of COPA's legal representatives, has requested a civil restraint order against Wright to prevent him from pursuing any other legal proceedings in court, as "Wright has made threats". COPA also proposed to send a list of online posts that Wright must take down.

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