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The Ethics market crashed after an observation by Vitalik Buterin was misinterpreted as a pessimist about the future growth prospects of Ethereum and cryptographic space.
Ethereum (ETH) remains trapped in a downward trend, with several short-term and long-term factors depressing the price. ETH hit the lows of $ 180.60 on September 11 and continued to slide closer to $ 170. Starting at 9:00 UTC on Wednesday, the asset is trading for $ 171.73.
Due to incomplete statistics, not all trades are taken into account in the Ethereum trading data. However, there are indications that Bitmex trading contributes to tanking of ETH through short positions. Coinmarketcap currently does not reflect Bitmex statistics, but CryptoCompare shows that over 16% of ETH trading is done on "Other" exchanges.
https://twitter.com/CDCryptoInvest/status/1039744016106115072 [19659004] The greatest speculation of the ETH and the sell-off take place in positions denominated in dollars, with a subsequent fall against Bitcoin ( BTC). Given that ETH is seen in dollar price terms, its value could enter a new phase of price discovery, defining what the new value of the Ethereum ecosystem would be.
In addition to decay prices, Ethereum mining has also seen a slowdown in recent weeks. Mining decreased from around 295 TH / s on 26 August to 255 TH / s as the slide accelerated in recent days. Ethereum is slowly preparing to become a stake currency, which will make mining extraction unattractive. The sliding market price is also pushing miners to cut costs and cease operations.
However, there is a silver coating for Ethereum: the current lower values may allow more buyers to accumulate ETH to bet when Casper's update materializes finally. The minimum amount for stakeout is 32 ETH, which involves an annual premium of around 3% depending on the other participants in the network. It is possible that depressed Ethereum prices serve to decentralize the network more by making stakeout more accessible.
The minimum of 32 ETHs will be allowed for the experimental partition system while the main network still requires 1,000 ETHs per quota, which is a serious initial cost even at currently deflated prices.
For others, the weakness of Ethereum is not unique at the moment and has been observed in the past, when ETH prices continued to recover. Ethereum has been criticized as a non-viable and overdone project, but development continues, and this enterprise remains an important and important part of the crypto ecosystem.
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