The past week has been uneventful for Bitcoin and Ethereum, but did see bring a fair bit of volatility, as both coins struggled to breach their respective resistances. Bitcoin price was stuck at trying to go beyond $51k, while Ethereum pushed against $1,600
Fundamental analysis: What is driving the prices?
As mentioned, the past week did not see significant moves for BTC and ETH prices. With that said, there were a few events that may have helped investors gain renewed confidence in the market.
One of them is a Bitcoin forecast based on the coin’s stock-to-flow model, which indicated that BTC could not only reach $100,000 per coin by the end of the year, but also exceed it. According to the forecast, published by Plan B on Twitter, BTC price could go anywhere from $100k to $288k before the year ends.
A few weeks ago, the Federal Reserve appointed a pro-Bitcoin Chief Innovation Officer, Sunayna Tuteja. However, this was not the last pro-crypto individual to take up a notable position; President Biden’s SEC chair pick, Gary Gensler, also has a positive stance towards cryptocurrencies. Gensler is an MIT professor who teaches about cryptocurrencies and is a former CFTC chairman. If he were to become the SEC chairman, he would likely have a major impact on the development of the crypto sector in the future period.
While Ethereum is clearly following Bitcoin’s lead — the two coins have near-identical charts — ETH did see some important development on its end, as well. Namely, Amazon-managed blockchain, which has been teasing support for Ether for over two years now, finally came through and added support for the coin. Now Ethereum has a powerful new use case, while AWS customers can
