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Prominent crypto analyst Benjamin Cowen has recently suggested that a single event could trigger a significant drop in Ethereums (ETH) value relative to Bitcoin (BTC).

According to a report by The Daily Hodl published earlier today, in a recent discussion with Crypto Banter host Ran Neuner, Cowen speculated that the ETH/BTC pair could experience a drop of over 50% from its current value of 0.063 BTC, equivalent to $1,828.

Cowens prediction is based on his observation that the ETH/BTC pair appears to form a bearish double-top pattern on the monthly chart. This pattern suggests that investors will likely trade their ETH for BTC during any rally. Cowen described the current situation as a massive distribution phase, similar to patterns observed in previous cycles.

Cowen notes that historically the ETH/BTC pair has shown a tendency to decline from June through December. Cowen anticipates a potential drop to as low as 0.03 BTC ($871):

So what I would think is going to happen is that Ether/Bitcoin could plummet to around that 0.03 (BTC) to 0.04 (BTC) level and once the Ethereum/Bitcoin valuation gets there, I think that it could mark the end of the altcoin reckoning.

According to Cowen, the catalyst for this significant ETH/BTC decline could be a retracement in the stock market. He drew parallels with the late 2017 scenario when the ETH/BTC pair dropped to .022 BTC. A second drop to this level in 2018 marked the end of many altcoins reckoning. Cowen suggests that a similar pattern could be unfolding now, with a secondary drop to the level of 0.049 BTC potentially on the horizon.

However, Cowen also cautioned that even after reaching this level, the ETH/BTC pair could experience further drops before finding a bottom. He believes that a potential seasonal correction in the S&P 500 could be the trigger for this scenario.

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Ethereum Could See 50% Drop Against Bitcoin: Crypto Analyst Benjamin Cowen's Forecast - CryptoGlobe

As it continues to grow, liquid staking brings considerable risks to the space and needs better decentralization, according to a report published by digital asset firm HashKey Capital.

According to the report, the overall liquid staking derivatives (LSD) market has surged to more than $22 billion in total value locked in 2023. In addition, the market capitalization of LSD projects has reached $18 billion.

While the growth of LSD protocols may be good for their respective communities and tokenholders, it also could be a double-edged sword. According to the report, it could harm the Ethereum ecosystem in various ways.

As the table above shows, many LSD protocols rely on a small number of node operators that centralize a large number of validator nodes. According to the report, the number of node operators should be a point of concern for centralization.

Related: Liquid staking claims top spot in DeFi: Binance report

The report notes that centralization in liquid staking can have several harmful effects on the ecosystem, such as reduced competition and increased risk of censorship. According to the report:

In addition, as it gets further centralized, there are risks of decreased security, as big staking players can make it easier for attackers to carry out 51% attacks. Moreover, theres also an increased risk of collusion.

Centralized stakers can collude to carry out actions that go against the decentralization ethos and against the users, such as malevolent MEV extraction and frontrunning, the report reads.

While there are centralization risks, HashKey also recognizes that most protocols are very recent and have made plans to decentralize and add distributed validator technology to their protocols for better decentralization and resiliency.

Magazine: SEC reviews Ripple ruling, US bill seeks control over DeFi, and more: Hodlers Digest, July 16-22

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How liquid staking can potentially harm the Ethereum ecosystem: HashKey report - Cointelegraph

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Following our recent update, in line with a Forbes report, The cryptocurrency market, particularly focusing on Ethereum and Bitcoin, has been a rollercoaster ride lately. As these major cryptocurrencies face dramatic swings, investors are turning their eyes to promising opportunities like Borroes $ROE presale, considered by crypto analysts, and as cited by Forbes, to be a venture with over 100x growth potential.

While Ethereum and Bitcoins recent unpredictability leaves investors on edge, Borroes $ROE presale shines as a lucrative investment opportunity. This AI-powered funding marketplace stands out in stark contrast to the wild ride of major cryptocurrencies, offering a promising venture at a time when the crypto landscape is riddled with uncertainty.

The complex and ever-changing dynamics of the cryptocurrency market are brought to the forefront by the erratic behaviors of Ethereum and Bitcoin. This uncertainty is paving the way for innovative projects like Borroes $ROE presale, luring investors with the promise of stability and significant growth.

In a time when the crypto market is hungry for reliable and innovative investment avenues, Borroes $ROE presale provides a glimpse into a new era of tech-driven financing. Amid the turbulent swings of Ethereum and Bitcoin, investors are increasingly drawn to fresh, groundbreaking projects that offer potential for substantial returns.

These recent developments illustrate the multifaceted nature of the crypto world. The unpredictable ride of Ethereum and Bitcoin is giving way to new opportunities like Borroe, reflecting an evolving landscape where innovation and adaptability are key to navigating the thrilling yet tumultuous world of cryptocurrency investing.

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Ethereum and Bitcoin's Wild Ride: An Inside Look at the Recent ... - Crypto News Flash

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Base, the Ethereum L2 (layer 2) scaling layer backed by Coinbase, has revealed an important milestone in its mission to bring more users and builders onchain. Also, Base declared that it has opened bridging for selected Ethereum assets and will launch its mainnet on August 9, offering unrestricted access for developers to deploy their applications Read more

Base, the Ethereum L2 (layer 2) scaling layer backed by Coinbase, has revealed an important milestone in its mission to bring more users and builders onchain. Also, Base declared that it has opened bridging for selected Ethereum assets and will launch its mainnet on August 9, offering unrestricted access for developers to deploy their applications on the platform.

This launch will include bridging of Ethereum, Coinbase staked Ethereum, dai, and USDC to Base, with withdrawals of the same assets to Ethereum also enabled. While initially limited to these options, there are indications that more may be added in the future. Since opening the Ethereum bridge, Bases total value locked (TVL) reached its peak value, registering more than $92 million.

According to L2beat, a protocol aggregator, Base ranks within the top ten scaling solutions based on value locked. The recent initiation of Ethereum bridging escalated Base to its apex value, documenting over $92 million in total value locked (TVL). An intriguing spike in TVL was observed with the issue of the meme token bald on June 30. The tokens valuation skyrocketed by 40,000% within a mere 48 hours, although it did retrace to its inception levels soon after.

Commemorating the momentous occasion of its L2 chain launch, Base is championing Onchain Summer. As detailed by Base, this initiative is a month-long onchain festival orchestrated by a diverse ensemble of 50 illustrious builders, brands, products, artists, and creators. The festivity aims to offer many on-chain activities spotlighting art, music, gaming, advocacy, and more. The entire roster of collaborators for this event remains under wraps, slated for revelation on August 9. However, teasers include notable names such as Coca-Cola, Atari, Opensea, Pixelmon, and Optimism.

To catalyze innovation on its platform, Base is earmarking 100 ETH to disburse as grants to prospective builders and creators. These grants are being facilitated in collaboration with Prop House, a pioneering infrastructure platform capacitating capital allocation to creators. The grants are tailored to stimulate a spectrum of Base-related endeavors, from creating art and advanced applications to spearheading crypto advocacy and championing sensible legislation.

The upcoming Base initiatives, including the Onchain Summer and grants for developers, mark a pivotal chapter in the L2 solutions journey. With its mainnet launch imminent, Base is poised to become a formidable player in the Ethereum ecosystem, ushering in a new era of onchain innovation.

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Ethereum layer 2 scaling solution Base announces major onchain ... - Cryptopolitan

The rise of cryptocurrencies was pioneered by the birth of Bitcoin. The digital asset was developed by Satoshi Nakamoto to offer an antithesis of traditional monetary systems such as fractional reserve banking. Ever since the technology has become one of the largest investment hubs that enterprising individuals use as a vehicle against inflation as well as for its impeccable capital gains. Some of the top projects investors are looking into for potentially high returns include Bitcoin Spark and Ethereum.

Ethereum is a decentralized smart contract platform that powers the development of decentralized applications (dApps). The DeFi project was developed by Vitalik Buterin, who had a vision of making the blockchain more scalable than Bitcoin. Ethereum uses a Proof of Stake consensus mechanism to validate and verify transactions on its network. Validators lock their Ethereum (ETH) in exchange for rights to approve transactions and the addition of new blocks to get tokenized ETH rewards.

While Bitcoin and Ethereum are the largest crypto projects in existence, they typically have small returns on investment. For this reason, investors switch to upcoming projects like Bitcoin Spark, which have the tendency to produce massive gains as they grow their market cap and gain massive adoption.

Bitcoin Spark is aimed at inhibiting the advantages of the Bitcoin network and the Ethereum mainnet. Bitcoin Spark uses a proof-of-process consensus mechanism which incorporates both Proof of Work and Proof of Stake methods alongside a rare mathematical algorithm. The network has both miners and validators manning transactions and adding new blocks to the blockchain. Earnings are controlled by the algorithm, which standardizes returns from both miners and validators.

Bitcoin Sparks tokenomics resemble that of Bitcoin. However, Bitcoin Spark has allocated more tokens to rewarding its network participants. The native token of Bitcoin Spark is BTCS. There are 21 million BTCS tokens that are currently powered by the Ethereum mainnet. From this supply, 4.55 million tokens have been dedicated to the launch supply, to which 4 million tokens will be sold to early investors during the incoming ICO. The ICO is expected to commence on the 1st of August, giving investors a chance to collect BTCS tokens at a discounted rate of as low as $1.50. During the ICO phases, Bitcoin Spark Team will issue frequent bonuses to award early adopters for their participation.

Unlike Bitcoin and Ethereum, Bitcoin Spark will have two streams of income that will allow the community members to earn passive income. First, Bitcoin Sparks mining participants will lend out processing power to individuals, groups, and organizations for organized virtual infrastructure development activities. These activities include video rendering and resource-hungry simulations.

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The platform will also have advertisement slots on the Bitcoin Spark website and mobile applications that will be actively managed by the community members. Ads will be voted in or out and priced differently depending on the demand. Anyone holding BTCS tokens will be allowed to vote. Ads that will violate the communitys guidelines will be voted out, and 85% of the amount paid will be refunded to the advertisers. The remaining 15% will be distributed to wallets that voted the ad out.

Bitcoin Spark is slowly showcasing its intentions to shape the crypto industry. Like Bitcoin, it is a first market mover and hence bears a lot of potential as far as its market upside is concerned.

Website: https://bitcoinspark.org/

Crypto News Flash Disclaimer: This publication is sponsored. Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should conduct their own research before taking any actions related to the company. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.

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Learn How To Create Generational Wealth With Ethereum and ... - Crypto News Flash