Latest news with #EthereumClassic
Yahoo
11 hours ago
- Business
- Yahoo
Cantor Fitzgerald Remains Bullish on Hive Digital (HIVE) With a $5 PT
Hive Digital Technologies Ltd. (NASDAQ:HIVE) is one of the 13 Crypto Stocks with the Highest Upside Potential. In a report released on June 6, Brett Knoblauch from Cantor Fitzgerald maintained a Buy rating on Hive Digital Technologies Ltd. (NASDAQ:HIVE) with a price target of $5.00. The same day, the company announced a significant operational milestone, stating that it surpassed 10 exahash per second (EH/s) in global Bitcoin mining capacity, up from 6 EH/s at the end of the March quarter. Hive Digital Technologies Ltd. (NASDAQ:HIVE) also announced that its peak hash rate rose 58% month-over-month from 6.6 EH/s in April to 10.4 EH/s in May. A close-up of hands typing code to facilitate the exchange of Ethereum and Ethereum Classic. This rapid scaling was attributed to the successful energization of the company's 100 MW hydro-powered facility located in Paraguay. The milestone supports Hive Digital Technologies Ltd.'s (NASDAQ:HIVE) global position as a leading energy-efficient and fast-growing Bitcoin miner. It mined 139 Bitcoin in May, averaging 4.5 BTC per day with an average mining efficiency of 8.5 EH/s that attained a peak of 10.4 EH/s. Based in Canada, Hive Digital Technologies Ltd. (NASDAQ:HIVE) is a cryptocurrency mining company focused on sustainable green energy. It operates green energy-powered data center facilities in Iceland, Sweden, and Canada. While we acknowledge the potential of HIVE as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None.
Yahoo
02-06-2025
- Business
- Yahoo
Ethereum Classic Price Prediction - What could affect ETC''s future price?
Ethereum Classic's price faces mixed signals from technicals and network upgrades, with bullish catalysts like EIP-1559 adoption and bearish risks from miner dynamics. Neutral in the short term, bullish long term. - Olympia Upgrade (May 2025) introduced fee burning and DAO governance, adding deflationary pressure. - Technical breakout above $19.65 support could signal a bullish trend reversal. - Mining shifts post-Ethereum's PoS transition strengthen ETC's security but hinge on profitability. The Olympia Upgrade (May 2025) introduced EIP-1559, burning a portion of transaction fees to reduce ETC's supply growth. Combined with the launch of a decentralized treasury and governance DAO, this aims to attract developers and stabilize long-term funding. Historical parallels (e.g., Ethereum's EIP-1559 in 2021) suggest such upgrades can boost sentiment, though short-term price reactions may lag adoption. ETC's position as the largest PoW smart contracts blockchain post-Ethereum's Merge (2022) attracts miners, but competition from Bitcoin, Dogecoin, and Litecoin pressures its hash rate dominance. The recent altcoin season (May 2025) driven by Ethereum's rally has lifted ETC's monthly gains to 23.84%, though Bitcoin's 63.7% market dominance still limits upside. Key levels: Immediate support at $16.76 (78.6% Fibonacci retracement), resistance at $19.70 (23.6%). Indicators: RSI at 41.84 (neutral), MACD histogram negative but narrowing, suggesting weakening bearish momentum. Bull case: A sustained break above the 50-day SMA ($17.47) could retest $24–$28, aligning with analysts' 510% surge targets. ETC's price hinges on the Olympia Upgrade's adoption, Bitcoin's market dominance trends, and mining economics. While technicals hint at consolidation, network upgrades and deflationary mechanics could drive long-term revaluation. Will ETC's emphasis on immutability outweigh scalability concerns in a PoS-dominated market? Ethereum Classic (ETC) is drawing mixed but cautiously optimistic sentiment, with bullish technical forecasts and network upgrades offset by concerns over miner centralization and ETF outflows. - Bullish momentum from May's Olympia Upgrade (EIP-1559, DAO governance) and a technical breakout targeting $127.65. - Miner interest surges post-Ethereum's Merge, but profitability challenges persist. - ETF outflows ($12M from Grayscale's ETHE) signal institutional caution despite retail enthusiasm. The community is divided:- Optimists highlight ETC's May 2025 Olympia Upgrade, which introduced fee burning (deflationary pressure) and decentralized governance via a DAO. Technical analysts like Javon Marks point to a multi-year breakout pattern with a $127.65 target (+510%), supported by the 150-day EMA holding at $19.65 as new support.- Skeptics note overbought RSI/MACD signals and a Fear & Greed Index at 70 (extreme greed), suggesting short-term correction risks. Grayscale's ETHE trust saw $12M outflows on May 1, reflecting institutional hesitancy. Proof-of-Work Revival: ETC has absorbed Ethereum's former miners post-Merge, but rising network difficulty and energy costs threaten small-scale operations. Altcoin Season Linkage: Ethereum's May rally boosted ETC (+23% monthly), though Bitcoin dominance (63.7%) limits sustained altcoin momentum. Regulatory Risks: As a PoW chain, ETC faces scrutiny over energy use, contrasting with Ethereum's staking-driven model. Twitter/X: Traders focus on the $19.50–$19.65 support zone and $24–$28 near-term targets. Telegram/Discord: Developers debate DAO governance efficacy and treasury fund allocation transparency. Reddit: Retail investors question long-term viability against Ethereum's ecosystem dominance. ETC's narrative hinges on balancing technical upgrades with macroeconomic and miner dynamics. While the Olympia DAO and deflationary mechanics attract builders, Bitcoin's market dominance and regulatory headwinds for PoW chains pose hurdles. What catalyst could shift ETC from a "miner's hedge" to a sustainable smart-contract platform? To get the latest update on BONK, visit our Ethereum Classic currency page. Content created: 02 June 2025Disclaimer: Content generated by CMC AI. CMC AI can make mistakes, please DYOR. Not financial advice. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-02-2025
- Business
- Yahoo
Ethereum 'Roll Back' Suggestion Has Sparked Criticism. Here's Why It Won't Happen
On Friday, cryptocurrency exchange Bybit was allegedly hacked by North Korea's Lazarus group, which drained nearly $1.4 billion in ether (ETH) from the exchange. Following the hack, Arthur Hayes, BitMEX co-founder and claiming to be a major ether (ETH) holder, wrote a post on X to Ethereum co-founder Vitalik Buterin on whether he will 'advocate to roll back the chain to help @Bybit_Official.' Meanwhile, in an X spaces session, Bybit's CEO Ben Zhou revealed that his team had also reached out to the Ethereum Foundation to see if it was something the network would consider, noting that such a decision should be based on what the network's community wants. Hayes's post immediately provoked a fierce reaction from the Ethereum community, which was firm in its belief that it wouldn't happen. Some even questioned whether the BitMEX founder was joking. CoinDesk reached out to Hayes over X to clarify his comments. Ethereum members, like the core developer teams, are vastly against 'rolling back' the network because it would override core elements of decentralization. If Buterin decided on his own that it would happen, then that would be seen as the end of Ethereum's ethos, which heavily involves various developer teams and other community members when it comes to the health and state of the blockchain. 'Rolling back the chain would give ETH no purpose. What's the point if you can just change rules,' said user @the_weso in a post on X. Some outside the Ethereum community pointed to the 2016 DAO hack as an example when $60 million in ETH was stolen. The network went forward with a hard fork, splitting the old network into two, and the new chain continued on as Ethereum. That hard fork was not a 'rollback,' though; it was known as an 'irregular state transition.' Ethereum technically can't 'roll back' the network because it relies on an account model, where accounts hold users' ETH. At the time of the hack, developers upgraded their nodes to a new client or software. Those who didn't upgrade their nodes were still on the old chain, which became known as Ethereum Classic. When the nodes upgraded to the new software, the stolen ETH could move from one Ethereum account address to the next. 'The 'irregular state change' that they implemented at the time of the DAO hard fork was this: they airlifted all the ETH in the DAO smart contracts out to a refund contract that would send you 1 ETH for every 100 DAO tokens you sent in,' wrote Laura Shin of Unchained in a post on X. Read more: Arthur Hayes Floats the Idea of Rolling Back Ethereum Network to Negate $1.4B Bybit Hack, Drawing Community Ire
