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Ethereum News

An “Ethereum Whale” Apparently Moved 20,000+ ETH To Bitfinex

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The second largest cryptocurrency by market cap is apparently being pushed by a so-called “Ethereum whale” who is actually an anonymous investor who received more than 314,000 ETH from the network’s Genesis block as a result of their investment when Ethereum was an initial coin offering (ICO).

According to rumors, this same “Ethereum whale” this week only funneled approximately 20,000 ETH to the exchange Bitfinex, which was worth approximately $5.5 million at the time of writing.

The movement was first noticed by the California-based attorney Zoe Dolan, who is focused on monitoring the wallets in the Ethereum Genesis block for the evidence of “capitulation”.

Still, while the 20,000 in ETH is a small portion of the initial balance of the wallet, it is still millions of US dollars we are talking about. In May, the wallet funneled more than 116,000 ETH which was worth $65 million at the time – and most of these funds ended up at the exchange in a series of transactions that were made over the past couple of months.

The move was also planned so that the Ethereum price can move in the positive. According to some analysis, it has declined by more than 50% since the wallet first began moving its funds to Bitfinex, falling from $573 (May 2018) to the current price of $275.

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Ethereum News

ETH Nosedives 15%, Crypto Market Value Drops To $28 Billion

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eth nosedives
ETH nosedives by 15 percent while the entire value of the crypto market dropped by $28 billion so in the coming altcoin news we take a closer look at the price movements of the crypto assets. Litecoin and Ethereum also dropped in the range of 11 to 15 percent during the night. The analysts believe that the correction was mainly made due to the technical move with the 200 percent year-to-date gain of Bitcoin since the beginning of the year. The market looks like it entered an oversold area so can it recover? The market analyst Alex Kruger stated on July 12 that while the long term trend of bitcoin is still bullish, the drop in the price of the number one cryptocurrency below $11,300 which serves as a key support level could lead to a drop below $10,000:
 “Mid/long term bullish; Short term bullish above 11500/11600, bearish below 11300; R: 11800, 12000, 12300, 12500; Key level above for bears to defend is 12300; if price moves below 11300, 10000-9650 is first larger target area. 50 DMA stands at 9760.’’
Kruger cited that the remark of the U.S. President Donald Trump on bitcoin dismissing the cryptocurrency as an asset class, has potential short term bear signals:
 “Many have interpreted Powell’s testimonies & Trump’s bitcoin remarks as short term bearish. The long-term impact could be seen as either bullish (awareness) or bearish (increased regulatory tail risk). Coupled with a lower high, the balance has shifted slightly to the downside.’’
Despite the downside movement of the number one cryptocurrency and the rest of the cryptocurrency market was technical and many executives considered the first remark on bitcoin by the US President as a positive indicator. The regarded trader Cred stated that the $10,900 to $11,000 range is a very important support level and he stated:
 “$10,900-$11,100 has been support. A strong daily close through that level would be good evidence that sellers are in control. Losing $10,500 would support that idea. Weekly chart looks heavy with price being accepted below $11,700 area. Bullish bias only above major S/R.’’
As noted in the latest cryptocurrency news, other technical analysts Josh Rager explained how eth nosedives and how the bears made a comeback in the past week citing a $10,500 as an important level for bitcoin.
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Ethereum News

Ethereum Based Augur Enhancement App Veil Shuts Down Its Shop

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The Ethereum based predictions platform named Veil is shutting down, as an official Medium post published on July 11 shows. The latest cryptocurrency news show that as of July 11, no new markets will be added to the Veil platform and trading will be disabled entirely on July 24. The co-founder of the Ethereum based platform, Paul Fletcher Hill, recently recommended that users should redeem their open positions, withdraw their positions from the active markets and withdraw Veil Ether and convert it to Ether. For those of you who don't follow our altcoin news, Veil was a type of extension to the Ethereum based predictions market Augur. Meanwhile, Augur is a prediction market (which still exists) and which uses smart contracts  to let users create and bet on the outcome of any event with the Ethereum cryptocurrency. For example, the top three bets listed on the Augur market right now (as shown on many best cryptocurrency news sites) are: “Will Novak Djokovic be the 2019 Wimbledon Men's Singles winner?,” “Who will Win the The First Democratic Primary Debate?,” and “Will Serena Williams be the 2019 Wimbledon Women's Singles winner?” Before the Ethereum based predictions platform closed, Augur also added the option to use the stablecoin by MakerDAO, DAI, on its platform. As the website showed, Veil was intended to "bring Augur to the mainstream" and improve the user experience by speeding up its transaction processes. Veil reportedly lets users trade on the Augur marketplace faster through the 0x protocol - and provided instant settlement by allowing users to sell their shares to Veil before the native finalization of Augur transactions on the blockchain. When discussing the reasons why the Ethereum based platform Veil did not meet its success goals, Fletcher Hill noted a number of issues - one of which is the possibility that the platform may not have been friendly enough to crypto novices.
“We didn’t offer a good onboarding experience. Crypto as a user base is still early, and we didn’t make it easy enough for users without crypto or a wallet to get started," the statement said.
Some of the other areas of concern he noted included not being decentralized, not being regulated and perhaps trying to offer too many options as a broad scale predictions marketplace.
“… ultimately we failed to find a good fit between what we were building and the market as it exists today. … But today the community of users is small, and we think there are higher impact products and services we can build for the immediate future," Fletcher-Hill wrote in the altcoin news.
 
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Analysis

Ether Is Consolidating The Losses Against Bitcoin

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The coming altcoin news show that the price of Ether is consolidating after declining heavily below the key $300 support area against the US dollar. The price of Ethereum traded close to the $260 support level but is currently consolidating the losses and making a new push towards the $280 mark. It all started yesterday, when the altcoin news showed that Ethereum, Ripple and other major altcoins fell against the US dollar after the massive drop in Bitcoin was made. ETH/USD declined heavily below the key $300 support area and even broke the $285 support. Right now, Ether is consolidating but the price before this consolidation period traded close to the $262 level and bled a lot. Many best cryptocurrency news sites show that traders are concerned about the performance of Ethereum (ETH). The fact that Ether is consolidating is backing up their beliefs. The bad news is that there is a short term bearish trend line forming with resistance near $274 on the hourly chart of ETH/USD. The 50% Fib retracement level of the recent decline from $290 to $262 swing low is also acting as a major resistance. The latest cryptocurrency news show that the price of Ether is consolidating but also forming a support base above $275. If it manages to clear the trend line, the next stop for the bulls could be near the $280 and $282 zone. The $61.8 Fibonacci retracement level of the recent decline from the $290 high to the $262 swing low is also likely to act as a major resistance. In order to initiate a fresh increase, however, ETH must settle above the $285 resistance. In that manner, if there is no upside break above $275 and $280 while Ether is consolidating, the price could continue its losses. The initial support is right now set near the $262 level below which the price will likely break the $260 support level. In such case, the next major support will be set near the $250 level. When looking at the chart, the Ethereum price seems to be improving and consolidating losses above $262. There are signals of potential correction higher which is why ETH is very likely to face resistance near the $280 or $285 level in the near term.  
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Ethereum News

Ethereum’s Biggest Threat Could Be Binance According To Analysts

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Ethereums Biggest
Ethereum’s biggest threat is a totally unexpected entity assaulted on a different front and that is-Binance. The cryptocurrency is under constant attacks over the past few months so in the altcoin news today we find out more about its newest threat. The binance cryptocurrency exchange now refuses to list tokens against ETH on the trading platform so there were few cases that ended up removing ETH trading pairs. However, the Binance Chain continues to entice the ethereum-based projects in order to migrate to the blockchain with the promise of a listing on the exchange they would otherwise not have. The official announcement from Binance details new coin listings that go way back in the past few months. During that time, many coins have been added to the exchange and some of those were launched on the Binance Chain while others moved there from ethereum. The latest example that we have is the listing of Ontology Gas on February 15th which was the announcement that ONG/BNB and ONG/BTC trading pairs were launched. However, there is no sign of Etherem despite being the second most traded cryptocurrency in the world. Binance was not the only platform to decline ETH trading for the newly listed coins. Red Pulse Phoenix also migrated to the Binance Chain and removed the ETH pairs. It remains that Ethereum’s biggest threat could really be Binance. The founder and CEO Changpeng Zhao denies that the delisting was on purpose. He stated publicly that he wants to see Ethereum and Binance ‘’grow together.’’ He has been ringing the alarm about the overwhelming centralization of power by the crypto exchanges but according to all measures, Binance is one. Buterin pointed out:
 “They’ve asked for big listing fees. They influence which coins win and lose by deciding which trading pairs they have – so it’s weird to criticize that one decision (the delisting) without looking at all their others.”
As noted in the latest cryptocurrency news, Buterin is one of the very few people to criticize exchange listing fees but Binance was not named directly. He added:
 “We can really take away this stupid king making power that these centralized exchanges have where they have this ability to just decide which tokens become big by deciding to list them and then charging these crazy $10 million to $15 million listing fees. The more we can get away from that world and into something which actually satisfies the blockchain values of openness and transparency the better.”
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