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Ether at $17,000, $56M for BitConnect Victims, Post-KYC Binance: GetBlock’s Day in Crypto #9



November 18, 2021

3 min read

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Prominent economist and investor Raoul Pal, founder of Real Vision financial media outlet, shares his prediction on ETH rally prospects for December, 2021.

ETH might add 300% by the end of 2021: Economist Raoul Pal

Mr. Paul has taken to Twitter to state that Ether, a second cryptocurrency, has all chances to surge 100-300% from its current levels. The chart shared by him is based on the performance of ETH/BTC pair registered in the 2017 run.

According to him, this chart can predict the top of Ethereum (ETH) price rally ‘to the day’. At the same time, Mr. Paul reiterates that no indicator can predict tops and bottoms accurately based on past performance solely.

Should this indicator work for the ongoing cryptocurrencies markets rally, crypto enthusiasts should fasten their seat belts and be ready for 100-300% rally. That said, Ether price may reach its top in $8,440 -$17,000 waters.

At press time, Ether is changing hands at $4,221 on major spot platforms. Second cryptocurrency is down 2,43% in the last 24 hours as all major cryptos are in the red zone.

Crypto capitalization erased all its November gains as the U.S. President Joe Biden didn’t mention cryptocurrency in the new infrastructure law. Thus, Pres. Biden failed to make the legal status of crypto in the U.S. clear.

Binance lost 3% of users after mandatory verification

In Q2, 2021, world-leading centralized cryptocurrency exchange Binance (BNB) made headlines by implementing mandatory verification for all accounts. Previously, the operations below $20,000 used to be approved with no KYC (‘know your customer’) procedures.

By the way, as stated by Binance CEO and founder Changpeng ‘CZ’ Zhao, only 3% of users decided to leave Binance and migrated to decentralized cryptocurrency exchanges (DEXes) with no KYC checks:

There is a small group of people who do not like to do know-your-customer rules, get verified etc. It’s a free market. There are other platforms they could use.

Starting from Q2, 2021, all users of Binance (BNB) are obliged to upload the scanned versions of their IDs and to share the details of residence, occupation and primary income sources.

U.S. DoJ sells $56 mln worth of crypto to compensate BitConnect victims

According to the official announcement shared by the U.S. Justice Department (DoJ), its officers are going to liquidate $56 million in seized cryptocurrency to pay compensations to the victims of BitConnect.

BitConnect is one of the most infamous Ponzi schemes in the history of the cryptocurrencies scene. It guaranteed the eye-watering rewards of invested money thanks to ‘unique’ proprietary AI-driven trading bot.

In fact, no trading bot ever existed: BitConnect used to be a Ponzi scheme from the very beginning. It stole billions of dollars from investors. BitConnect's BCC exploded onto Top-20 of cryptos per market capitalization.

The currency for sale was seized from Glenn Arcaro who pleaded guilty to participating in a $2 billion conspiracy to defraud BitConnect scheme participants. In total, DoJ seized more than $240 mln in Bitcoin (BTC) and major altcoins from BitConnect ‘top execs’.



November 18, 2021

3 min read