Crypto bloodbaths are more than a thing in 2018, especially when the prices of some of the top cryptocurrencies drop. This time, Ethereum is in the focus.
Known as one of the favorites among the market, Ethereum’s position has been always changing. However, the cryptocurrency has had a solid market cap, which is how and why it managed to sustain the pressure from the other altcoins (below) and maintain the second position at the list of cryptocurrencies with highest market cap.
Now, Ethereum is in a bad position. After falling to nearly $260 in only one day, the new position caused a bloodbath online. While some Ethereum fans are defending the current position and say that ‘new highs will come’, others are fed up with the drop and say that this is just too much in the series of ‘flash crashes’ (small drops).
Still, the drop happening today is because of several reasons. Ether, which is the token associated with the Ethereum foundation – has been on a downward spiral – even though it is the preferred platform of choice for most developers building on the blockchain. Currently, Ether is down 17% in only one day – marking the first time ever that the price of an Ether fell below its valuation over one year.
So, which side are you on?
Are you still backing Ethereum and are optimistic about its future? If you are this type, then it is definitely time to buy ETH at low prices – right?
Or are you maybe ready to sell – and invest in other altcoins – or even Bitcoin? If this is you, there is always this possibility and the Fear of Missing Out (FOMO).
Let us know in the comments!
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"We still think it’s the bottom of the first inning."The Winklevoss twins first invested in bitcoin back in 2013 and they said that at first bitcoin didn’t sound like a good idea but after a few tequila shots it started making sense. Now, they have about 1 percent of all bitcoin outstanding. The twins reportedly plowed millions from their settlement with Facebook into bitcoin of course. After they saw that the investment balloon will be estimated for billions of dollars, they claim to have taken away the sting from having Facebook kidnapped from them. The Wall Street Journal apparently asked them what happens when the twins meet with Zuckerberg at a crypto conference and the twins answered:
“Welcome to the party, what took you so long?”Regarding Libra, Facebook’s cryptocurrency is looking less as a cryptocurrency. David Marcus who works at the development center for Libra reportedly wrote to the lawmakers:
"We want, and need, governments, central banks, regulators, non-profits, and other stakeholders at the table and value all of the feedback we have received.”Meanwhile, the policymakers have a hard time to understand and to find a way how to handle Libra but they can’t stop bitcoin at least not anymore. Cameron and Tyler Winklevoss noted:
"To shut down bitcoin you have to shut down the internet...like North Korea. Countries will have to play with it."As per the coming altcoin news, the twins see future where Zcash and Ethereum will have a very important role mainly because of their privacy features. As for Gemini, the competitive landscape is only warming up. Poloniex, for example, allowed purchasing cryptocurrency by using credit and debit cards, Binance is coming to the United States and CEX.io also opened a new US office.
ECB Official Warns: Libra Could Be Very Dangerous Without Rules
‘’It’s out of the question to allow them to develop in a regulatory void for their financial service activities, because it’s just too dangerous. We have to move more quickly than we’ve been able to do up until now.’’The entire ECB executive board believes that digital currencies will represent the ‘’wake-up call’’ for regulators around the world. He believes that this could result in regulatory entities making improvements in their operations. Facebook’s plan is to launch a digital currency which will trigger central banks and all policymakers across the world. The U.S. congressional committee asked the social media giant to stop the operations regarding Libra. Also, the House Financial Services Committee noted issues that touch the security nature of the cryptocurrency and Facebook’s troubled past regarding data privacy:
‘’Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action.’’The House Financial Services Committee also warned that if Facebook decides and launches Libra prior to the legislative solutions, the result will be a new ‘’Swiss-based financial system that is too big to fail.’’ The committee also stated that it will further hold public hearings on crypto-related matters next week. As noted in the latest cryptocurrency news, the Reserve Bank Of Australia Governor Philip Lowe indicated there are a lot of regulatory issues regarding Libra. In Asia, the Bank of Japan also warned that Libra poses a huge threat to the current financial systems.
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