Ethereum Price Prediction as Bulls Target 30% Move – Pump Incoming?
The Ethereum price is currently in the red, along with the wider crypto markets, as the market continues to deal with the knock-on effects of the FTX collapse. However, recent price action suggests that bulls are looking for a 30% move to the upside.
The House Financial Services Committee has called upon Sam Bankman-Fried (SBF) and Binance to appear before it in December amid investigations into what caused the demise of one of the largest cryptocurrency exchanges.
Rep. Maxine Waters (D-Calif.), the chair of the House Financial Services Committee and Rep. Patrick McHenry (R-N.C.), a renowned member of the Financial Services Committee, hinted on Wednesday that the hearing would seek to determine what triggered the sudden implosion of FTX, and related firm Alameda among others. The House Committee will also look to unearth the “broader consequences for the digital asset ecosystem.” The official statement reads,
“The fall of FTX has posed tremendous harm to over one million users, many of whom were everyday people who invested their hard-earned savings into the FTX cryptocurrency exchange, only to watch it all disappear within a matter of seconds,”
Binance, the largest exchange by daily traded volume, will also be grilled by the House Committee. Questions are arising about whether Binance contributed to the liquidity crisis at FTX when it announced via Twitter the decision to liquidate up to $580 million in FTT (the token native of FTX).
The United States and Bahamas authorities have launched investigations into FTX and related companies for the part they could have played in one of the crypto market’s worst crashes that saw investors lose billions of dollars.
The Ethereum price exchanges hands at $1,212 after bowing to selling
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