Cryptocurrencies are under pressure again today, but there’s still plenty of good news.
Look at Ethereum (ETH) for example. Granted, since hitting a high of $1,432 earlier this year, it sank 74% to $367. Though, don’t count it out just yet.
After being dragged down by the rest of the market, it still has plenty of signs of life.
For one, its acceptance is still growing, as evidenced in Washington, D.C.
Chair of the House Judiciary Committee, Bob Goodlatte, owns between $17,000 and $80,000 in cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), and Ether (ETH).
Even 2020 U.S. Presidential candidate, Andrew Yang just announced his campaign will accept Bitcoin and Ethereum. According to the announcement, individuals interested in backing Yang may now send a maximum of $2,500 in cryptocurrency.
ETH could Triple this Year
Plus, Ethereum co-creator Steven Nerayoff believes the Ether coin could triple by the end of 2018.
“What you’re seeing with Ethereum is exponential increase in the number of projects — there are billions of dollars being poured into the ecosystem right now — maybe 10 times more projects this year than last year, which could easily lead to a doubling, probably a tripling in price by the end of the year,” Nerayoff told CNBC.
That’s because of ETH’s ability to carry out cheap and quicker transactions, as compared to rivals. Plus, unlike many of its competitors, ETH smart contracts allow developers to write their own programs. Smart contracts can function as ‘multi-signature’ accounts for example, and manage accounts between users.
U.S. SEC Declares ETH is not a Security
“Putting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions,” William Hinman, director of the SEC’s division of corporation finance said, as quoted by Reuters. “And, as with Bitcoin, applying the disclosure regime of the federal securities laws to current transactions in Ether would seem to add little value.”
If it were deemed a security, sites that offer trading would need a license from federal regulators. That means investors can now buy ETH without worrying about regulatory news, thereby decreasing overall volatility.
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