Ethereum News Update
Earlier in the week, I predicted that Ethereum prices might soar in response to the Commodity Futures Trading Commission’s (CFTC) panels on virtual currencies. They did.
ETH prices advanced 6.29% in the last 24 hours, bringing the Ethereum to USD rate to $923.16. This upward momentum puts Ethereum within reach of $1,000, which is a crucial level of support for the second-biggest crypto.
Feeling a little lost? Here’s a recap:
- The CFTC held back-to-back panels on Wednesday, February 14, 2018.
- The panels brought together blockchain professionals and financial regulators.
- Most of the event sounded like a carefully crafted PR setup, but a few moments stood out. For example, Brian Quintenz suggested that oversight should come from the private sector. He claims that self-regulation is the way forward.
- Most panelists stressed the need for more regulation. A few disagreed.
- Overall, regulators seemed informed and friendly toward blockchain.
- Two subcommittees were formed: one for blockchain and one specifically for finance-related blockchain.
That’s the gist of what happened. Markets loved the comments, which is obvious by the sudden burst of optimism, but I can’t understand why investors didn’t see it coming ahead of time. It seemed obvious enough given what transpired the week before.
Ethereum Price Chart
After all, Ethereum’s first upward movement in weeks came after CFTC Chairman J. Christopher Giancarlo gave positive testimony to the U.S. Senate Banking Committee. His statements almost single-handedly reversed the ETH price crash.
Naturally, further cooperation from the CFTC might lead to higher prices, simply by clarifying the U.S.’s regulatory outlook.
Volatility will likely continue through the next few weeks, given that higher-than-expected inflation is roiling investment decisions across all sectors. However, we still expect ETH prices to reach $1,500 by the end of Q2. That Ethereum price forecast remains unchanged.