Connect with us

Ethereum

$30 million worth Ethereum [ETH] sold by ICOs in the last week

Priya

Published

on

$30 million worth Ethereum [ETH] sold by ICOs in the last week
Source: Unsplash

ICOs saw a boom in the market in the year 2017 and the beginning of this year. The surge drew a lot of attention from major market players including the mainstream media. The rise of the ICOs was one of the reasons for the glorious days of the Ethereum [ETH] platform.

Ethereum, the second biggest cryptocurrency in the market at present, became the smart contract which led to the rise of several projects. This includes EOS and Tron [TRX] which have now launched their own MainNet with the aim of surpassing Ethereum.

However, along with the advantage of being the first mover and preferred smart contract platform by the developers, it has its own disadvantages. The bear’s grip which has taken a toll on the whole market has had an adverse effect on Ethereum, especially.

Ethereum [ETH] has seen a constant drop this year, with the price looming below the $200 mark. The dip in ETH’s value turned out to be the most shocking outcome in the cryptocurrency space. Reports have emerged that the price taking the downward slope was because of the ICOs.

Some projects which have raised millions of tokens in the market through Initial Coin Offerings have started to shill in the market, according to reports. The main reason is believed to be either the effect of the bearish market or the failure of their projects.

Moreover, it has been pointed out that almost $30 million worth of Ethereum was sold during the past few days in the market, by Kevin Rooke, a Twitterati. He tweeted:

“ICOs have spent over $30 million worth of ETH this week (153,500 ETH). This is more than any week since March 2018. The scary part? These ICOs still have over $600,000,000 worth of treasury ETH in their accounts (3,000,000+ ETH). Will they sell? Will they hold?”

ETH spent by ICOs over the past few months | Source: Twitter

ETH spent by ICOs over the past few months | Source: Twitter

This could have resulted in Ethereum plunging below the $200 mark and the reason it was amongst one of the coins which were affected the most in this bearish market.

According to CoinMarketCap, at press time, Ethereum [ETH] was trading at $194 with a market cap of $19.86 billion. The coin has seen a significant dip of more than 32% in the past 7 days.

El Novato, a Twitterati said:

“Of course they will sell. What will they do HODLING? They have to buy their Lambo’s, Islands and plan retirement packages..”

CryptoBitfolio, another Twitterati said:



“There is still a lot of selling to happen… And we haven’t seen the bottom yet this year”

Nuno Bispo, a cryptocurrency investor and trader said:

“Talking about selling your crypto low… No wonder! It’s not their own invested money in the first place..”

In addition, recently over $5.5 million was transferred to Bitfinex wallet from one of the genesis blocks. This was around 93,750 ETH and the transfer did not show any significant impact on the price of Ethereum at the time of transfer.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Ethereum

Ethereum [ETH]: Samsung planning to create its own ETH-based blockchain; may issue own token soon

Akash Anand

Published

on

Ethereum [ETH]: Samsung in the works to create its own ETH-based blockchain, may issue own token soon
Source: Pixabay

The mainstream adoption of cryptocurrencies and blockchain technology has come a long way, with many financial and non-financial institutions now entering the mix. Technology giant, Samsung, is not new to the field, as the South Korean organization previously blew up the cryptosphere by meshing crypto with the launch of the company’s latest flagship device, the Galaxy S10.

Latest reports now suggest that Samsung is getting more serious about virtual assets, as the company might be on its way to create its own Ethereum [ETH]-based blockchain network, with the prospect of launching its own cryptocurrency token in the near future. An anonymous official from the organization stated,



“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid—that is, a combination of public and private blockchains.”

Sources from within the company added that blockchain technology is being developed by the wireless technology division of Samsung. Despite the fact that it has not been confirmed as to what devices will provide support for the blockchain, a company official revealed that “some models are being tested for it.”

Samsung’s tryst with Ethereum has been ongoing for quite some time now, with previous developments suggesting that Ethereum could be vulnerable on the S10 device. This was evidenced by a video put out by a user ‘darkshark’ on Imgur, in which it was shown how easy it was to crack the phone. Darkshark stated,

“This brings up a lot of ethics questions and concerns. There’s nothing stopping me from stealing your fingerprints without you ever knowing, then printing gloves with your fingerprints built into them and going and committing a crime.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending