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Ethereum losses 7 percent of its value in hours during a market crash: Is it time to buy?

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Ethereum

The last 24 hours have seen most of the crypto coins perform terribly with the overall market recording a staggering loss of over $17 billion. The bears in the market have practically been having a festival as prices in the market declined by an estimated 10 percent.

The low market performance has, in fact, hit historic lows with analysts predicting Bitcoin’s price to possibly go even lower to the $4,000 to $5,000 range. Apart from the top coins, some other altcoins that have taken the hit include EOS and Cardano. Ethereum has shed over 7 percent of its value to change hands at $472 according to data from CoinMarketCap as of this writing.

What’s brought about the flash sale?

To explain the recent market crash, most reports indicate that the bear cycle that has been trending in the market since highs of January this year is initiating a corrective rally. Just a few days ago, the crypto market was stable with little volatility. However, with news of Bithumb getting hacked, not to mention the regulatory uncertainty in Japan and South Korea, traders seem to have pulled out of the market due to panic.

In fact, Bitcoin and Ethereum have led the decline with an unexpected decrease amid news of exchanges getting attacked and regulators issuing administrative penalties to various exchange platforms.   As of now, a considerable number of Bitcoin and Ethereum whales are selling off coins fast.

One of the events that might have triggered the massive sell-off is the hack on Bithumb that saw the crypto firm lose over $30 million in crypto. Bithumb is one of the biggest crypto exchanges in South Korea yet the attack on its platform only saw a mild market reaction when it happened. Since the hack, Bithumb moved quickly to not only confirm the attack but to also declare to reimburse all affected traders and investors.

Another possible cause for the sell-off could be the panic of investors after exchange platforms in Japan were hit with a new set of requirements for exchanges to improve their anti-money laundering practices. As a result of Japan’s Financial Service Agency (FSA), has led BitFlyer (one of Japans largest exchange) to suspend account creation of new users at the moment.

How has Ethereum faired on

Well, even with a dip in the market and its price falling by more than 10 percent, Ethereum has actually indicated some neutral zones. According to analysts, the fact that its relative strength index (RSI) sits at 40.5 means that it’s a good signal for those who are looking to buy the dip. After all, Blockchain experts like Spencer Bogart are predicting an impending bull run. According to Bogart, it’s a good idea to sell most of the altcoins but hold on to Ethereum while buying more Bitcoin.

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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

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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