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Ethereum News

Crypto Wallet And Exchange Abra Adds Support For Ethereum (ETH)

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In the latest crypto news, we have the digital currency wallet named Abra, which recently added support for Ethereum and its native token, ETH. As an official blog post on the website published on March 12, users are now able to receive, hold, sell and buy ETH directly from Abra’s wallet – and use the altcoin as a bridge to invest in other Abra-listed crypto and fiat currencies.

There are over 30 cryptocurrencies and more than 50 fiat currencies listed on Abra now, including the recently-listed BIT10 Index token by Abra which tracks the ten largest cryptocurrencies by market capitalization.

As the post outlines, Abra had only supported Ethereum as a so-called “synthetic asset” or an investment mechanism that creates crypto-collateralized contracts so that users could gain exposure to the altcoin and its price movements – without holding the coin itself.

The CEO of Abra, Bill Barhydt, gave a statement in which he said that the Ethereum support “sets the stage for Abra to launch the native ERC-20 support” and specifically a whole bunch of ERC20-based stablecoins that “everyone is excited about.”

Barhydt has also said that even as the Abra wallet gains traction as another popular investment platform, the company is yet to conquer the crypto sphere by enabling consumer cross-border payments and remittance services at scale.

In February 2019, Barhydt also expressed his beliefs about private – or permissioned – blockchain networks and their potential to “fail miserably” comparing them with the (now-defunct) concept of the private extranet which was popular in the 1990s and in a similar way restricted access to an authorized set of users.

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Altcoin News

Cryptopia Hackers Are Moving The Funds In At Least Four Wallets

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Last week, we wrote that the hacked exchange Cryptopia officially goes into liquidation - something that was published by many best cryptocurrency news sites. However, it seems like the Cryptopia hackers are tracked and appear to have begun moving the stolen Ethereum into multiple wallets. As the reports show, the Cryptopia thieves cleared more than $16 million and started moving the stolen cryptocurrency into multiple wallets. In January, Cryptopia went offline before announcing that it had “suffered a security breach which resulted in significant losses.” Even though the company never disclosed the amount, analytics firms estimated that a hacker or a group of hackers made off with more than $16 million in Ethereum as well as other tokens. The Cryptopia hackers apparently made the exchange shut down - as it published on May 15 in a statement which was featured in the altcoin news - posting a message regarding its liquidation which said:
“Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was, in the best interests of customers, staff and other stakeholders. […] Given the complexities involved we expect the investigation to take months rather than weeks.”
As the new analysis by CoinFirm notes, the hackers are moving the cash into separate wallets including the two CoinDesk which found that were directly connected to Huobi. “The Cryptopia hacker moved 30,790 ETH (~$7.67M) from the last red address to the yellow one which is a new address of the hacker as of May 20, 2019 at 01:43:57 AM +UTC. The yellow address still has got 29,770 ETH,” said CoinFirm’s Grant Blaisdell in a statement that went viral in the coming altcoin news. Two other addresses were also reported by many best cryptocurrency news sites - showing that they received a combined 1010 ETH while another 10 ETH landed in what appears to be a Huobi deposit address and a Huobi hot wallet. This means that the Cryptopia hackers are preparing to pull cash out through these exchanges. Even though there is no telling what is exactly happening to this Ether as it moves from one wallet to another, it is certain that the $16 million is not going to sit still for long.
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Ethereum News

Ethereum Price Analysis: ETH Is Weak But Could Start Upswing Soon

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In today's altcoin news, we are focusing on a deep Ethereum price analysis which shows how ETH climbed above $231 and traded towards $265 - as well as its current price levels. What you should know is that Ethereum rebounded from the $231 low in 2019 to a high of $264.99. As of recently, there was a break below a short term asecnding channel with support at $257 on the 30-minute chart. Right now, however, the Ethereum price remains well bid on the downside and trades around $249. As Bitcoin surged above $8,000, Ethereum retraced too and the ETH price climbed above the $238 and $246 resistance levels. The Ethereum price analysis shows that ETH even broke $260 and traded to a new weekly high at $264.99, which demonstrates a strong rebound from the $231.10 swing low. The latest cryptocurrency news show the Ethereum price correcting lower below the $260 level. Its 23.6% Fibonacci retracement level shows that there is some support but that the gains are quite independent. The ETH price is currently trading below the $255 level and the 25 simple moving average (30-min). Any further declines could push ETH towards the $231 swing low which still remains as a level, according to our Ethereum price analysis. When it comes to the current price action, it is definitely going from neutral to bearish but as we see ETH above $242, it is likely to bounce back above $260. In the coming altcoin news, analysts expect Ethereum to stabilize and potentially mimic another rally sparked by Bitcoin and its solid price performance. In the long run, the Ethereum price analysis shows that there is room for a lot of improvement. The second largest digital asset could open up to the $260 levels psychologically. On the upside, the coin needs to regain the $270 barrier which is crucial in its development towards the $300 margin. As many best cryptocurrency news sites have showed, the upside is likely to gain traction and the next focus is expected on the critical $300 margin. As we can see from this Ethereum price analysis, the second largest digital asset has a market value of $27 billion and an average daily trading volume of $11 billion, gaining 1.4% on the day since Sunday but still being down 2.5% since the beginning of Monday.
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Ethereum News

Ethereum Possession: 376 People Own 33% Of All ETH

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A new report by Chainalysis is in the latest cryptocurrency news, indicating that a third of all Ether (ETH) is owned by just 376 whales as of May 1 this year. The blockchain analysis startup Chainalysis has published a study on Ethereum possession, indicating that a third of ETH is controlled by 376 individuals. What's also interesting is that this number is actually down from the 2016 and 2017 levels, meaning that the Ethereum possession is declining in terms of the number of users holding the cryptocurrency. The study by Chainalysis is in the altcoin news today - finding that these whales have "no meaningful" impact on the ETH price despite controlling a third of it. However, they have the ability to increase the intraday volatility in the crypto market with the large sell-offs, mainly due to their big Ethereum possession. According to Chainalysis, whales are the top 500 holders of cryptocurrency (excluding services) who store their holdings off exchanges. Ether whales, as the coming altcoin news show, currently account for just 7% of all transaction activity. The study also found that the majority of whales with Ethereum possession are not active traders - but instead hold their assets and are not regularly trading on cryptocurrency exchanges. In other words, this means that these whales ar consistently holding 25% to 40% of the supply as their Ethereum possession and account for only 5% to 18% of the transaction volume, as Chainalysis said. By using a vector autoregression (VAR) model, which is commonly used in financial time series analysis, Chainalysis found that the Ethereum possession and prices follow Bitcoin (BTC) prices. On average, a 1% increase in BTC leads to a 1.1% increase in the ETH prices, which is something many best cryptocurrency news sites found interesting and worth reporting. Besides the Ethereum possession, this study also analyzed the impact of whales sending and receiving funds to and from exchanges using the VAR model. It found that funds sent do impact the volatility but not the price - while the funds received have no impact on prices or intraday volatility.
“These preliminary findings are consistent with the literature on stock market prices and volatility,” the report on Ethereum possession concluded. “Academics have found that large anomalous fluctuations in traded volumes of particular stocks, notably the S&P 500, tend to impact volatility and not price levels.”
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Ethereum News

Ethereum (ETH) Price Surges By 9% Following The BTC Rally

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Ethereum (ETH) price increased by up to nine percent against the US dollar over the past day, following the 30-day rally of Bitcoin which increased up to 40 percent. The coming altcoin news will provide you with a more detailed analysis. The recovery of ETH was expected among the traders since the cryptocurrency manifested a great performance during the first quarter of 2019. While the price of the largest cryptocurrency recorded a whopping 110 percent gain against the US dollar to this year, Ethereum managed to increase up to 51 percent from the previous $136 to $206 position. Bitcoin was struggling over the past three months and tried to escape the $4,000 resistance level at the beginning of 2019. However, in less than a month, the bitcoin price skyrocketed from $5,000 to $8,000. It even managed to break out of the key resistance level from $6,000. Some expect for the cryptocurrency to get back in the near-term since both technical indicators and momentum remain bullish. According to a crypto trader:
 “After breaking the much anticipated 6000 level BTC still looks amazing. Trend, momentum and sentiment are all clearly bullish. That said it’s at resistance and a pullback would make sense. I’d much rather be a buyer at support than a seller at resistance.’’
The best cryptocurrency news sites reported on the sentiment around bitcoin and the rest of the crypto market. It seems that the community is generally optimistic. The analysts can predict that the major cryptocurrencies will sustain the momentum in the medium term just as the Ethereum (ETH) price managed to do so. The co-founder of Ethereum Joseph Lubin declared back in 2018 that the bottom of the crypto market is here just when the price of the largest cryptocurrency reached $3,150. Lubin stated that the fear is intensifying about the future of crypto and noted:
‘’I am calling the cryptobottom of 2018. This bottom is marked by an epic amount of fear, uncertainty, and doubt from our friends in the 4th and crypto-5th estates. What I’ve witnessed among the chattering class the past few weeks in response to ConsenSys 2.0 is a rather typical tune: the alarmed, the eulogistic, and the gleeful.’’
Since then, the Etehreum (ETH) price surged by 70 percent year-to-date.
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