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Will The Ethereum Crash Continue?

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Ethereum crash
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At the moment of writing this, the crypto markets are experiencing the usual decline as we transition from the weekend into the week. The weekends are historically known for low trade volume, therefore, it was a surprise when Ethereum (ETH) managed to dig itself out of a hole from its Wednesday levels of $171. The weekend should have caused ETH to fall further. But it survived the weekend only to start declining yesterday, Monday the 17th of September.

The King of Smart contracts is currently valued at $199 and looks once again to retest more levels below $200 with the additional FUD that ICOs were cashing out on their funds due to a bear market. The latter rumor might be true but the ICOs cannot be blamed for wanting to pay employee salaries, pay operation costs and even perhaps buy some office coffee. These are the regular costs of running a startup. As a matter of fact, Ethereum should be thriving if they are paying for their expenses using the digital asset. Many employees in the crypto-space actually prefer being paid in crypto.

But we are digressing. The first evidence that the Ethereum crash might continue is the fact that it has lost all the massive gains it had achieved last week and leading into the weekend. At one time, we all thought $250 was a possibility.

There could be hope around the corner for its network congestion issues might be a thing of the past with the first demonstration of sharding in Berlin this past week. Sharding is a concept of dividing the processing of transactions amongst shards or groups of nodes in the blockchain network. This then means that a transaction need not be validated by the entire network to process thus increasing the throughput of the Ethereum network.

Vlad Zamfir, the Ethereum core developer who demonstrated sharding on the network at the EthBerlin event last week, had this to say about the development:

We’re still working on the integration but check back in a week and it should be something where we have instructions and you can follow the instructions and get it running on your computer.

Why Is Sharding Important

We need to remember that the chief reason many traders were shorting Ethereum in the markets and expecting it to fall, is the fact that it is slowly being eclipsed by faster networks such as those of EOS, Tron and Zilliqa. The reported transactions per second (tps) – or throughput – of these networks are as follows:

Ethereum is clearly lagging behind. And with more and more DApps being created for the finance and gaming industry, we get to understand why faster transaction time is relevant. With sharding on Ethereum, HODLers and traders can once again reignite their bullish sentiments about ETH.

Another reason why the Ethereum crash will likely continue is the fact that the recent comments by many crypto-experts who confidently stated that the recent decline of Bitcoin to $6,200, was the final one before a total market recovery, might just be wrong.  One such analyst and expert is the ex-fund manager and Billionaire investor, Michael Novogratz, who had this to say in a September 13th tweet:

I think we put in a low yesterday. retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble… markets like to retrace to the breakout..we retraced the whole of the bubble.

Looking at the charts once again, BTC is currently valued at $6,290 and looks ready to sink some more as we approach the September 30th SEC deadline for the CBOE sponsored Bitcoin ETF. If history is to go by, the chances of the SEC approving it are slim and we could be headed for tough times that will include Ethereum dropping some more in the markets.

Check out the latest video from our Editor In Chief on the Crypto Rich show!

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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