Belfort said that massive regulations in the cryptocurrency space would prove beneficial for Bitcoin, Ether and stablecoins alike. He added that the fears of regulations were misguided. He gave an example of a junk bond market that the regulators tamed, and pointed to the growth of the bond market after that happened. According to Belfort’s latest predictions, the BTC will trade between $45,000 and $70,000 by the end of this year, whereas, for Ethereum, the trader expects ETH to reach a range between $3,700 and $4,500 in the same period. After these predictions, the Ethereum prices went up, and ETH/USD rose for the 9th consecutive session.

The rise in ETH/USD prices could also be attributed to the prevailing weakness of the US dollar. The greenback was lower on Thursday, declining for the 4th consecutive session, due to Fed Chairman Jerome Powell’s continued dovish stance on the monetary policy. He said that interest rates would not be raised until substantial progress had been made towards reaching the goals relating to inflation and employment, that have been set by the central bank.

Powell upheld his refusal to talk about tapering of asset purchases, to the tune of $120 billion per month, saying that it was not the right time for this discussion. Such dovish comments by Fed officials weighed heavily on the US dollar, and the weak greenback pushed the ETH/USD prices forward, due to the negative correlation between the two currencies.