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Ethereum’s co-founder has this to say about regulators playing catch-up with Musk, Dorsey

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Cryptocurrencies are over a decade old now. Despite noteworthy growth, however, the lack of regulations has been detrimental to the space. In fact, across several nations, the first reaction from most regulators has been panic.

The war between regulators and crypto 

Regulators around the world were quick to pay attention to the crypto-market’s rally after May 2020. In the United States, the SEC filed a lawsuit against Ripple and its two executives alleging the sale of over $1.3 billion through unregistered securities.

While this paved the way for the crypto-industry to demand more clarity in regulations, regulators instead focused on pulling up businesses that did not comply with existing norms for traditional finance.

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Coinbase, for instance, has been hit with a securities lawsuit over misleading claims during its debut on Nasdaq. Although it is difficult to say exactly how many lawsuits are ongoing between regulators and crypto-businesses worldwide, the frequency of these lawsuits has definitely increased. So, were the regulators slow to catch the crypto-train?

Crypto-regulations – “a double-edged sword”

According to Ethereum co-founder Anthony Di Iorio, regulators playing catch-up with entrepreneurs must strike a fine balance. He called it a “double-edged sword,” adding that the strict actions of regulators have forced many out of the field, including Di Iorio.

The Ethereum co-founder announced his exit from the space earlier this week, mainly due to personal safety concerns. Even so, Di Iorio believes that governments, regulators should work closely with industry leaders, entrepreneurs on the question of cryptocurrencies. Today, most in the community share this sentiment.

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Di Iorio added,

“It’s different country to country, but the ones that understand [crypto] and know where things are going will be the ones who come out of this better. The countries that figure that out are the ones that are going to improve their economies, get more jobs.”

The tale of two entrepreneurs

Interestingly, regulators aren’t the only ones taking note of crypto. Technology leaders like Elon Musk and Jack Dorsey are popular promoters too. Dorsey has been an active proponent of Bitcoin for a long time, with Square Inc. now building a decentralized finance [DeFi] business using BTC.

Meanwhile, Musk isn’t far behind, holding Bitcoin despite environmental “concerns.” In fact, Tesla also disclosed the purchase of Bitcoin worth $1.5 billion and as per its latest earnings call, the company is still holding on to this sum.

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After publicly citing the environmental cost of mining Bitcoin, Musk recently stated that he’ll support Bitcoin again when these concerns are addressed. Di Iorio, referencing Musk’s recent actions, said,

“A number of people potentially have the ability to create massive amounts of change. I’m just really wishing that their energy is going to be focused around educating people, and not having fun with something that’s so important.”

Although Dorsey has supported Bitcoin, his efforts to educate the masses have been lacking. Similarly, Tesla’s CEO has somewhat abandoned the cause of Bitcoin, while sticking to Dogecoin [DOGE]. In fact, Musk has also been accused of pumping and dumping in the past.

So, who’s to blame?

While it will be easier to pin the blame on regulators and move on, it still doesn’t solve the problem. Education still plays a key role in the adoption and regulation of cryptocurrencies. Industry leaders like Musk and Dorsey will play an important role in that respect.

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Ethereum

Ethereum Price Prediction: ETH bears contemplate a drop to $2450

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  • ETH price is building up downside pressure while clinging to the 200-SMA support.
  • RSI remains flat below the midline, keeping the sellers cheerful.
  • A drop towards $2450 remains in the offing if the 200-SMA caves in.

Ethereum, the no.2 widely traded digital asset, remains under pressure for the second straight day, consolidating Friday’s steep losses.

ETH price snapped its two-day rebound from monthly lows of $2651, as it got sold-off into the latest Chinese crackdown.

The People’s Bank of China (PBOC) on Friday declared all cryptocurrency transactions as illegal, imposing a ban, which saw over $400 million worth of tokens liquidated within 24 hours. Ethereum lost as much as $420 at one point before recovering to $2930.61 at the close.

At the press time, ETH/USD is trading almost unchanged on the day around $2900, having bounced off from daily lows at $2800.

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Ethereum price defending 200-SMA but for how long?

Ethereum’s 12-hour chart shows that the price is wavering in a narrow range, remaining in close vicinity of the daily troughs, as ETH price is not out of the woods yet.

Having witnessed good two-way volatility recently, ETH price maintains its range play, with the bearish 21-Simple Moving Average (SMA) at $3185 capping the upside.

Meanwhile, the 200-SMA at $2734 continues to offer support to ETH bulls. However, with the Relative Strength Index (RSI) still holding below the midline and bear cross in play, the path of least resistance appears to the downside.  

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Note that the 21-SMA breached the 100-SMA from above, confirming a bear cross on the said time frame on Thursday.

Once the 200-SMA gives way, a test of the horizontal trendline support at $2450 cannot be ruled out. The $2400 round number would be next on the sellers’ radars.

ETH/USD: 12-hour chart

On the upside, immediate resistance is placed at the 21-SMA, above which the horizontal 100-SMA at $3305 will be put to test.

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ETH buyers will seek fresh entries above the latter, paving the way towards the downward-pointing 50-SMA at $3418.

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ETH Locked in DeFi on Historic Highs: Details

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Total number of Ethers utilized in various decentralized finance protocols spiked over 7.3 million

After a massive plunge in TVL, a decentralized finance ecosystem has recovered to observe some breathtaking metrics.

7,830,000 Ethers locked in DeFi

The net number of Ethers locked in various decentralized finance protocols spiked 12% in the past ten days. On Sept. 15, 2021, this indicator bottomed at a two-month low of about 6.95 million Ethers.

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More than 7.8M Ethers are locked in DeFi segment
Image by DeFi Pulse

As displayed by mainstream decentralized finances segment tracker DeFi Pulse, the total quantity of Ethers in all indexed protocols nets 7.8 million Ethers.

Aave Finance (AAVE), Compound Finance (COMP), Instadapp, Uniswap (UNI), Curve Finance (CRV) are the most popular protocols in terms of TVL.

The five leading DeFis are responsible for almost 6.9 million Ethers, or 85% of net TVL, tracked by DeFi Pulse.

Yearn.Finance (YFI), Rari Capital (RGT) are on fire

In the last 24 hours, two DeFi protocols, Yearn.Finance (YFI) and Rari Capital (RGT), registered double-digit gains.

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At the same time, the Ethereum 2.0 deposit contract targets almost the same numbers. As of Sept. 25, 2021, it has amassed 7.77 million Ethers.

Amid the current Ethereum (ETH) price dip, this massive amount of value is equal to $22.7 billion. To provide context, this sum can be compared to the market capitalization of Telenor, Credit Suisse, Suzuki and Warner Music Group.

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Ethereum Network Activity is Stagnant while ETH Price Hovers Below $3k Level!

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Ethereum price fell amid a broad selloff in the cryptocurrency market, fueled by fears of a brewing property bubble collapse in China. 

There’s a lot of fear and uncertainty in the crypto market right now. With news that China has officially declared all cryptocurrency transactions illegal, the Ethereum price, like the rest of the market, is under attack.

Ethereum Price Analysis:

The Major altcoin has lost 5.76% in the last 24 hours. Although it is now seeking to construct a firm support base at $3000. ETH Price had a tumultuous start, rising to an intraday high of $3,114 in the early morning before reversing course. 

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To reach the first big resistance level at $3,149, Ethereum would have to break past the $2,942 pivot. Support from the larger market, on the other hand, would be required for Ethereum to reclaim the $3,100 barrier. Unless there is a sustained crypto rally, the first significant resistance level and Friday’s high of $3,160.48 will likely act as a ceiling on the upside.

Network Activity is Stagnant

According to Santiment, most speculators are shifting away from Ethereum (ETH) in pursuit of better options with larger returns on investment. 

Exchanges are seeing an influx of Ethereum, implying that people are selling their holdings in response to the recent marketwide crypto slump. 

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Santiment claims that network growth has been static for several months before the price of ETH fell.

This is attributed to growth in other Layer-1 initiatives like Avalanche (AVAX), Fantom (FTM), and Cosmos (ATOM), as well as decreased speculation in the non-fungible token (NFT) market.

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