Earlier today, the price of Ethereum which is the second largest cryptocurrency by market cap dropped and fell to its yearly low of $185. The decrease shocked many traders who were keeping an eye on the latest Ethereum news at the time – but a quick correction was expected.
A couple of hours later, we now have Ethereum (ETH) trading at $202 and rebounding above the $200 mark – in line with Bitcoin’s recent recovery which took the price from $6,190 to $6,450.
However, there is still a lot of room for development and improvement for Ethereum (and Bitcoin too). The price of ETH is now about 80% lower than its all-time high of $1,500. The creator of the Ethereum token is also not sharing any positive news or excitement about a potential new surge.
On the other hand, Vitalik Buterin, who is known for his controversial statements and his sold Ethereum, believes that the awareness of cryptocurrencies and blockchain already achieved its high point during December 2017. As he told Bloomberg:
“The blockchain space is getting to the point where there’s a ceiling in sight. If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore,”
Buterin also explained that the strategy of promoting blockchain technology and cryptocurrencies is hitting a dead-end and that it is time to improve the infrastructure of decentralized systems and decentralized applications (dApps) as well as protocols all in order to ensure commitment towards blockchain-based platforms.
“Go from just people being interested to real applications of real economic activity,” he stated, adding “that strategy [promoting the blockchain to the broader consumer base]is getting close to hitting a dead end,” Buterin said.
The simple shift from cash to cryptocurrencies is definitely a big piece of pie right now. In order to reach true mainstream adoption, the crypto world must be ‘taken’ by the developers of dApps who will contribute to the new innovation making the decentralized systems seamless, risk-free and efficient.
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Cameron And Tyler Winklevoss: It’s Bitcoin’s Bottom Of The First Inning
"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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