The price of Ethereum (CCC:ETH-USD) is taking a beating today and it’s all thanks to the recent Colonial Pipeline hack.
This hack saw Colonial Pipeline paying out a ransom of $4.4 million to the group behind it. While that money was thought lost, the U.S. Department of Justice was actually successful in recovering the funds for the company.
So what does this have to do with crypto and the price of Ethereum today? The ransom was paid using Bitcoin (CCC:BTC-USD). The fact that the government was able to recover those funds has some crypto traders worried.
In the mind of crypto investors, the digital assets aren’t supposed to be touched by the governments and regulators of the world. That has this recent news rattling traders. As a result, the price of Bitcoin and other cryptos, such as Ethereum, are falling today.
However, not all hope is lost for crypto traders. One analyst believes that cryptos are about to see a massive wave that will increase their prices. Among the ones they list out in their price predictions are Bitcoin, Cardano (CCC:ADA-USD), Polkadot (CCC:DOT-USD), and Ethereum.
So just how high does this one analyst think ETH will go. They expect the cryptocurrency to surge to $10,000 by the end of the year. You can check out their other crypto price predictions at this link.
The price of Ethereum isn’t doing so hot today with all this news. As of this writing, it’s down roughly 14.5% over a 24-hour period. On the bright side, ETH is still up 218.2% since the start of the year.
Investors that are curious about more major crypto stories today should keep scrolling.
There’s plenty of crypto coverage to go over today for interested traders. That includes the latest concerning BitTorrent (CCC:BTT-USD), Cardano, and Holo (CCC:HOT-USD). You can find all of that information at the following links!
More Tuesday Crypto News
- BitTorrent Could Break the Penny Barrier Despite Its Legacy
- Be Part of a Historic Crypto Moment With Cardano
- Holo Has a Great Future, but It Is Way Too Volatile to Jump In Now
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.