ETH market prices declined over the weekend due to a mix of negative sentiment and ongoing sales pressure from ICO projects.
Ethereum (ETH) sank to levels unseen since May 2017, when the cryptocurrency took off significantly for the first time. Now, ETH retreated below the $ 200 range, finally finding some support around the $ 190 level. During the bull market, ETH was under $ 200, before May, then in mid-July 2017, but the price rose later, touching over $ 1,400 at its all-time high.
Nouriel Roubini, the economist known as Dr Doom, also commented on the sadness, citing Ponzi schemes, casino games, nobody uses DEX and the lack of useful Dapps as the reason for the decline of Ether.
ETH crashed below $ 200 within three hours, between 5pm and 8pm UTC of September 8, and continued to drift near the low range. Starting at 9:00 UTC on September 9th, ETH was trading at $ 191.76. The fall is particularly dramatic, since ETH has wiped out 35% in the last seven trading days. At the beginning of September, ETH was around $ 300. The declining ETH price will have reverberations throughout the cryptographic market, since many pawns are traded against ETH and denominated only in ETH prices. .
Because ETH is seen as an important asset, there have also been suggestions for turning the asset into a fixed value -price stablecoin. However, WhalePanda, a Bitcoin supporter, has shown his usual skepticism:
Now, ETH prices also threaten to fall below 0.03 BTC, losing more than 50% in the BTC name in the last three months. While ETH was initially seen as the "Bitcoin killer", ultimately the network failures have become more apparent. The governance problems and the lack of clarity around the regularly scheduled hard forks have made Ethereum a more centralized aspect.
Yet perhaps the greatest immediate pressure on the ETH price are ICO projects seeking to recover at least part of their initial capital. In the last 30 days, DigixDAO has sold 139,400 ETH, one of the largest liquidations. Other ICOs sold smaller amounts, but the sale increased and put pressure on the market.
The cryptic community noted that ICOs could actually cause a further drop in ETH prices, due to the sale of panic. Much of the ICO fundraising took place in the months when ETH prices were higher, leaving projects with funds below their expectations. Even the legendary loot of EOS, estimated at $ 4 billion, is now worth much less.
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