Ethereum Turning to Be a Big Fiasco
The cryptocurrency industry has shown oscillations in past 24 hours ending with a declining slope in all crypto denominations recording. The worst-hit of this downfall is Ethereum, whose value depreciated by over 20% in a just a single day and gas hit the lowest exchange value in the past 12 months.
Ethereum seems to be the victim of an industry-wide fall to be the first flush by Bitcoin, which has also been bleeding since the arrival of 2018.
Bitcoin is down nearly 3.5 percent following the sun, having failed to grip the $6,500 provision, with its price dampening by almost $200 within five hours. At press time, the major cryptocurrency is dealing at $6,283.
The Conservative MP Nicky Morgan, the chair of the committee, said the current situation was unsustainable.
“Bitcoin and other crypto-assets exist in the wild west industry of crypto-assets. This unregulated industry leaves investors facing numerous risks,” Morgan said. “Given the high price volatility, the hacking vulnerability of exchanges and the potential role in money laundering, the Treasury committee strongly believes that regulation should be introduced.”
Currently, Ethereum is trading at $212.60, which is the bottommost recorded exchange value of Ethereum since August 2017.
Ethereum’s idea was to give users the control rather than letting one organization has control over the user’s data on an app or transaction and it works on a blockchain based platform. Not delivering such promises lead to a decline in the price of the company.
Total market cap again downturned below $200 billion, presently amounting to $192 billion after an intraday high over $204 billion.
As per scenario, prediction says more red days are expected for the cryptocurrency market as we have seen failure to break the minor resistance at the global chart.