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Ethereum price free falls, next target $350

The Ethereum price is on a free fall, dropping from Aug highs to spot levels. Despite the slip, DeFi dominates and participants are confident.

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Nothing can be taken away from Ethereum as an ecosystem. The Ethereum price is a tad bit shaky but there is so much more going on behind the scenes. 

At the moment though, the focus is on the high cost of gas and the ramification it has on the ecosystem. Ethereum draws users because of its distribution. 

Subsequently, the high participation rate translates to a high utility which goes on to prop ETH prices.

Smart contracts count spike to new highs

Reflective of demand, Ethereum’s smart contracting activity is at an all-time high according to GlassNode. This primarily stems from the sharp increase in DeFi activity. Notably, the expansion of Uniswap as a leading DEX is impressive. 

This week, the daily trading volumes of the AMM-pinned swapping protocol surpassed those of Coinbase Pro.

The growth of DeFi is shaping, a main highlight in the crypto scene. Solely because of open finance activity have we seen ETH prices pump because of the above rate yields proposed by DeFi dApps for incentivization. 

The high fees could be a deterrent but the innovation sparking the flow of funds from traditional portals to crypto could just be the beginning of something great.

DeFi is new, users should be cautious

Nonetheless, the co-founder of Ethereum, Vitalik Buterin is cautious

Describing himself as not DeFi savvy but comparing the role of automated market-making pools to central banks who are incessantly printing money, he calls for caution.

Considering the nascence of DeFi and more pronounced smart contracts blip arising from the lack of professional audits, millions of funds have been lost. 

There is room for improvement required but in the days ahead, the revolution triggered by these trustless protocols could found a profound paradigm shift.

Ethereum price analysis

Ethereum price free falls, next target $350 1
Technical Chart: Trading View

The Ethereum price is under pressure. After losing over $100 in three days, the path of least resistance is southwards. 

According to trackers, the ETH price is down six percent against the greenback in the last week of trading. Encouragingly, it is outperforming BTC which took a hit, losing over $1,500 within the same period.

From the daily chart, the rejection of Sep 2 was with high trading volumes. Subsequently, losses were also accompanied by above-rate participation pointing to flowing sellers. Losses of Sep 2 confirmed a double bar bear reversal pattern. The aftermath saw gains of the previous week reversed as the Ethereum price slid towards the main support at $350. 

As it is, $350 is the main support level. Since prices are trending below the 20-day moving average, every high is technically a selling opportunity.

A break below $350 could spark another wave of liquidations with targets at June 2020 highs of $250.

Disclaimer. All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Cryptopolitan strongly recommends that you perform your own independent research and/or speak with a qualified professional before making any investment decision. Source: https://www.cryptopolitan.com/ethereum-price-free-falls-next-target-350/

Blockchain

Members of WallStreetBets Forum Alleged in Telegram Crypto Scam Stealing $2M in BNB and ETH

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Members of the popular WallStreetBets Reddit forum were suspected of a presumable cryptocurrency fraud that could have caused losses of no less than $2 million. By creating a designated Telegram group, they duped investors by guaranteeing remarkable returns through capitalizing on the recent crypto market rally.

The Core of the Hoax

Per a report by Bloomberg, alleged members of the WallStreetBets Reddit Forum used the Telegram messaging service to execute a blatant scam. A particular account by the name of ”WallStreetBets – Crypto Pumps” presented users the chance to purchase a new token certified as WSB Finance before it was listed on crypto exchanges. The operation is known as a pre-mine sale.

The essence of the fraud was connected to the recent cryptocurrency boom as bitcoin and most altcoins skyrocketed in value lately. With some of the digital assets reaching 1,000% gains, the targeted WSB members conned investors into sending money without asking questions and with the potential of netting huge profits.

The notorious account also urged users to transfer popular cryptocurrencies such as Binance Coin (BNB) and Ethereum (ETH) to a designated crypto wallet and then to reach its ”token bot” to gain WSB Finance coins.

However, the perpetrators never dispatched those coins. Furthermore, another message on Telegram revealed that the people who had already issued a payment had to send an equivalent amount again or they would risk losing their initial investment.


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The Aftermath

After executing the hoax, more than 3,451 Binance Coins were withdrawn on Tuesday (May, 4th) from the wallet inside the Crypto Pumps messages.

Since the price of BNB at that point was approximately $625, the fraud caused losses of more than $2.1 million. Following the scam, thousands of people expressed their frustration and tried to expose the individuals behind the account. Moreover, the quantity of the other cryptocurrency – ether – still remains a mystery.

Two weeks ago WSB admins warned about offers that might try to take advantage of the forum’s name in order to allure the crypto audience. The ”WallStreetBets – Crypto Pumps” account has been removed from Telegram but whoever managed it left a message that might stun the affected victims:

”Buying Lambo now.”

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Source: https://cryptopotato.com/members-of-wallstreetbets-forum-alleged-in-telegram-crypto-scam-stealing-2m-in-bnb-and-eth/

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Blockchain

South Korean Crypto Exchange Accused Of $1.5 Billion Scam

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The South Korean cryptocurrency exchange platform V Global was accused of luring 40,000 people into illicit multi-level deceit. The entire scheme amounts to more than 1.7 million won, which equals $1.5 billion.

The Investigation

As reported by the Korean officials, the police raided many places in the country related to a virtual cryptocurrency exchange, and its notorious CEO – known as LEE – alleged to fundraising without regulatory permission. The authorities blocked the exchange’s cash deposits as a part of the investigation.

In total, the Gyeonggy Nambu Police Agency reported that it searched the exchange’s headquarters in southern Seoul along with 21 other places and froze more than $214 million left in the account.

Another report from today shed more light on the developments. According to Yonhap News, the name of the organization is V Global. The Korean police are examining the accusations against them for fraud under the Certain Economic Crimes Weighted Penalty Act, the Similar Receiving Act, and the door-to-door sales business.

The main accusation against the exchange is gaining a deposit of 1.7 trillion won ($1.5 billion) from 40,000 members in the period between August 2020 and January 2021. The announcement revealed that most of the people were elderly or housewives with no experience in cryptocurrency trading.


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Too Good To Be True

The investigation revealed that the exchange urged investors to entrust their funds to an account and lured the members that the expected return would be three times higher than the initial investment. According to the authorities, there was a pyramid element in the scam as the exchange promised to grant an introduction fee of 1.2 million won ($1,065) for every newly recruited member.

The report affirmed that the trading venue paid some members in the form of a block. Therefore, people who signed up earlier received funds from individuals who entered the exchange later.

Moreover, the Korean police seem confident to deal with the fraud case as it revealed its intention to confiscate 240 billion won ($214 million) left in the V Global account as of the 15th last month, even before the prosecution process.

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Source: https://cryptopotato.com/south-korean-crypto-exchange-accused-of-1-5-billion-scam/

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Blockchain

Georgia’s central bank is exploring ‘Digital Gel’ CBDC

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The National Bank of Georgia said that it is considering launching a central bank digital currency.

In an announcement today, the central bank hinted at the issuance of a central bank digital currency, or CBDC, in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The National Bank of Georgia, or NBG, said it would be inviting fintech firms and other financial institutions to participate in the project, named Digital Gel after the symbol for the country’s fiat currency, the lari.

“CBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society,” said the announcement. “The introduction of CBDC could increase financial intermediation efficiency, help introduce new financial technologies, facilitate financial inclusion, and reach previously unbanked populations.”

However, the bank mentioned the possibility of risks in the launch of a CBDC in the Republic of Georgia given the “new and potentially disruptive technology.” The NBG said it may conduct extensive testing of the CBDC in a controlled environment to ensure a smooth rollout, but did not provide any details regarding a timeline for launch.

With a population of roughly 4 million and a gross domestic product of approximately $15 billion, a nation like Georgia falls at the smaller end of countries exploring CBDCs. The Bahamas officially rolled out its Sand Dollar central bank digital currency in October, while China has been piloting its digital yuan in select cities prior to a full-scale launch. In the United States, Fortune 500 company Accenture announced this week it would be partnering with the Digital Dollar Foundation to conduct CBDC trials.

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Source: https://cointelegraph.com/news/georgia-s-central-bank-is-exploring-digital-gel-cbdc

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