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Ethereum (ETH) Price Dips: EOS (EOS) Event Responsible for the Drop

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Ethereum
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Ethereum has just had an obliterating experience in the market when ETH tanked in the last 48 hours. It all began with the EOS main net being launched. The team behind EOS decided to give up their ETH stash, so they went on with selling all of their ETH units out. The mass selloff was organized on Bitfinex, which is one of the biggest exchanges in the market, The mentioned ETH units were sold in the course of only a day. The mass selloff made some Ethereum holders more than disappointed.

What Happened to Ethereum?

Ethereum managed with breaking the price of 800$ per one unit once again almost a month ago, which was at the same time the best price that Ethereum has had in the market for the past couple of months.

However, we can now see the second-best crypto in a different light as ETH dipped against the dollar in the last 48 hours for over -8% while trading in the red.

That means that Ethereum started to drop against the dollar despite the market trend that was active over two days ago when all the currencies were trading in the green while trying to bounce off during this short period of time.

The reason for this notorious dip wasn’t another rough market current bringing dips and price cuts.

According to several0 financial analysts and TrustNodes, which is a prominent site focused on technology, EOS is to blame for the latest dip of Ethereum.

Apparently, to celebrate the release of its own main net, the team behind EOS decided to organize a massive selloff where they managed to sell the units of ETH they were holding.

The sale was organized on Bitfinex where a great portion of ETH units owned by EOS was sold as a part of a massive selloff in the spirit of releasing their own main net.

According to TrustNodes, EOS has purchased over 900 million dollars in ETH units, which is information collected from a data feed analyst web spot called Santiment. Santiment provided the information about the initial purchase of ETH tokens while also stating that the purchase occurred around the beginning of May.

Celebrating the launching of their main net, EOS decided to organize a major sell-off of these tokens, which immediately resulted in having Ethereum significantly dropping, in addition to dropping against the dollar due to the latest market trends.

As a result of the major selloff, the trading volume of Ethereum went 9 times higher on Bitfinex but has lowered its price as a consequence.

In addition to having a major drop of over -8% against the dollar, ETH was already struggling due to the sluggish state in the market, so we could see ETH dropping from being traded at the price of around 700$ to being available at the price of 549$ which is currently the case.

One of the analysts following up with this case noted that the public seemed to have underestimated the effects of ICOs on Ethereum – there startup companies with their ICOs will eventually want to cash in on their investments, so they would be able to finance their projects further towards the mass adoption in the real world.

Ethereum just ended up at the bad end of the rope, that’s all.

How is Ethereum doing at the Current Moment?

It seems that we haven’t seen any particular progress in the market for ETH in the past 30 days as ETH seems to be trading in the red on all charts except for the 60-day chart.

On the day of the massive selloff, ETH went down by over -8%, while we can still see it dropping almost three days later, although at a lower rate.

Following the latest change in the market that took place in the last 24 hours, ETH is still seen while dropping against the dollar, going down by -2.49%.

After the most recent change in its price, ETH can be traded at the price of 549$ per one unit.

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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. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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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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coins
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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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