Ethereum exceeds $ 3,000 up 12% in 24 hours – crypto enters ‘new bull market’

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The world’s second largest cryptocurrency by market cap has just experienced a major upgrade which came into play on August 5, 2021. Now the Ethereum London Fork upgrade is live on the Ethereum mainnet. The updates will lead to lower Ethereum gas fees, faster transaction speeds, and lead to a more energy-efficient ‘proof of stake’ consensus mechanism.

Any updates agreed to at the London Fork will make Ethereum much more attractive in the long run as the world’s leading decentralized financial network, a prospect that has sparked interest from global financial institutions.

Cointelegraph crypto contributor Michael van de Poppe has now tweeted: “Ethereum is making a massive rebound here from the critical level at $ 2,535.”

Yesterday on his popular podcast, Mr van de Poppe added: “Ethereum was continuing towards its upper resistance.”

He added that going beyond this upper level of confidence “will ensure a new upward momentum.”

READ MORE: Bitcoin price: expert predicts crypto ‘will end the year on a high’

“I think Ethereum will surpass $ 3,000 in valuation by the end of August, provided we don’t see drastic government intervention in the form of cryptocurrency bans or tough rules and regulations.”

However, Mr Anissimov said the entire cryptocurrency industry could be affected by the $ 550 billion bipartisan infrastructure bill that could be passed in the United States.

The Executive Director said, “If the bill passes, profits from Bitcoin and cryptocurrency will be taxed and used to fund US infrastructure.

“Cryptocurrency exchanges and wallets will need to collect more user data.

“In my opinion, it is impossible to ensure compliance and the industry as a whole could be affected by this bill, if passed. “

The news comes as bitcoin moves closer to its 200-day moving average, showing a long-term uptrend for the world’s largest cryptocurrency.

Bitcoin is now priced at $ 43,552, with a daily high of $ 43,904.

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