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Whale Alert: 30000 ETH moved for selling

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30,000 ETH have just been moved to WrappedEther from an unknown wallet probably some Initial Coin Offering wanting to sell their Ethereum holding.

Ethereum Market Crash

Ethereum has been on a downfall since the cryptocurrency market crash with ETH price falling down from around $200 to $100. A whooping downfall has led to panic selling across the market.

30,000 ETH have just been moved to WrappedEther from an unknown wallet probably some Initial Coin Offering wanting to sell their Ethereum holding after being a HODLER for a long time. The transaction was made with 60 GWEI and a transactional cost of $0.18. Here are the transaction details:

https://etherscan.io/tx/0x3d8c08de1ccc6688e9a1430b788efaf61654e64084fe5bb592436e5b32823c36

 

Ethereum likely to fall up to $60

 

ETHUSD 24 hour chart

ETHUSD 24 hour chart

 

The major support of $120 was broken recently with price sliding down to less than $110. Now the only support left for ETH is at $100 and after that, the major support lies at $60. Analysts predict that ETH will start to correct only after reaching to this major support level. Also, a lot of major ICO sell-off is predicted below the $100 range as most Initial Coin Offerings have been accepting Ethereum for their sale of tokens and now its high time for them to start selling off before the situation gets even worse.

What do you feel about the current market situation and the future of Ethereum? Tell us in the comments section below.

#Ethereum

ETH Updates: Ethereum 2.0, Louis Vuitton, Chainlink and Price Analysis

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Joseph Lunbin recently commented on Ethereum 2.0 stating that we will see Ethereum become a 1000 times more scalable within 24 months.

Ethereum is showing a lot of strength currently doubling in price since March. At the time of publication, Ethereum is trading around $250. If the momentum continues, ETH might soon reach the $300 mark too however, the resistance around $280 where the price got rejected earlier is quite tough and may require a few tests before ETH is actually able to break through it.

ETHUSD Price Chart 20th May

ETH/USD Price Chart 20th May

A report came out a few days back that Ethereum Whales hold 1/3rd of all ETH in comparison to Bitcoin where the whales control 1/5th of it. Just 376 people have more than 30% of all Ether. The research did exclude all exchanges. So these 376 people are responsible for a relatively small volume of transactions which is approximately 7% and therefore don’t actually have a strong influence on the price of ETH. However, when these addresses do activate to sell off large amounts, they can actually have large effects on the cryptocurrency markets.

 

Ethereum 2.0 TestNet:

Joseph Lunbin recently commented on Ethereum 2.0 stating that we will see Ethereum become a 1000 times more scalable within 24 months. The time seems longer when we realize how many other blockchains are faster and cheaper than Ethereum and are in one way or another working today but Ethereum does maintain a very strong network effect with massive partnerships, a huge developer community, and various large projects.

The testnet for Ethereum 2.0 has been launched just a couple of weeks ago by Prysmatic Labs with staking implemented. It is just a testnet but it is worth remembering that Ethereum 2.0 is a multi-year effort to create a fully decentralized permissionless platform from programable cryptocurrency and that the move away from Proof of Work must be done correctly as billions of dollars in value are at stake here and retaining high security and decentralization must be adhered to.

 

The key pieces of the Ethereum 2.0 upgrade are as follows:

  • The Proof of Stake switching how Ethereum is mined, how the network is secured and how new coins are created.
  • Sharding: In order to increase scalability and transaction speed by splitting the large database into smaller and more manageable parts.
  • Ewasm: This allows for codes to execute faster among other things as well as expanding coding options and the capabilities for the Ethereum virtual machine.
  • Plasma: This is an extra layer that sits on top of the network that can essentially handle massive amounts of transactions. This is being approached by various teams at the moment. Scaling could be happening way sooner than we expected via Plasma.

All these are just a tip on the iceberg in terms of what’s actually happening in the background right now in terms of building Ethereum 2.0 and there is a lot more happening than these things.

 

Louis Vuitton and Christian Dior to use Ethereum:

In a recent announcement, Louis Vuitton and Christian Dior revealed that Ethereum will be used to verify luxury goods for the fashion giants. ConsenSys has teamed up with the fashion houses and Microsoft in order to build a blockchain powered platform that allows customers to verify the authenticity of their luxury goods. The project is being called Aura.

 

It is based on the Ethereum blockchain & utilized Microsoft Azure and has been designed to serve the entire luxury industry with powerful product tracking and tracing services, and will also offer ethical and environmental information as well as for instructions related to product care and warranty services.

 

Chainlink Update: Oracles to go live

The decentralized oracles are scheduled to go live on the Ethereum mainnet this month. The decentralized oracles are designed to help smart contracts interact with real-world data. A key feature for many smart contracts which are being built that intend to have that crossover into the real world and require that real-world data. This is an important move for both Ethereum and Chainlink as it will be the largest and most reputable

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The Reason for Ethereum Price Surge: CFTC ETH Futures?

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Ethereum increased 12% in the last 24 hours rising above $180. According to a recent publication, CFTC is considering to launch Ethereum Futures Contract.

Ethereum saw a tremendous 12% increase in the last 24 hours rising above $180 level with other major cryptocurrencies such as bitcoin showing only a proportionate increase. According to a recent publication by CoinDesk, CFTC is considering to launch Ethereum Futures Contract.

 

CFTC Ethereum Futures

A recent publication on CoinDesk suggests that the United States Commodity and Futures Trading Commission, also known as CFTC is all set for considering an Ethereum Futures Contract provided that the same meet the companies criteria.

 

Previously, when Bitcoin Futures were granted permission in the ending month of 2017, both the Chicago Mercantile Exchange (CME) and US Commodities and Futures Exchange (CFTC) were flooded with demands. Similarly, Ethereum futures would also attract a lot of institutional investors even though the investment in futures is not a direct investment and only a betting on the future price of the commodity or asset.

 

ETH price has seen a major crash since last year when the coin was trading at more than $800. Since the last many months, ETH has been trading below the $200 range and even fell below $100 sometime back. The recent rise in the price of ETH might be because of the CFTC taking interest in the cryptocurrency.

 

CFTC’s interest in ETH started in late 2018 when they issued a Request for input to seek more details on Ethereum’s technology and its model (consensus).

 

Ethereum Price Surge:

As soon as the publication went live, the price of Ethereum saw a tremendous surge, rising more than 12% in a matter of hours from around $160 to around $180. Not only the price but also the daily trading volumes increased to more than $8 billion.

ETHUSD Price Chart- Coinbase

ETH/USD Price Chart- Coinbase

Currently, Ethereum is trading around $177 as it corrected a few points lower after rising to more than $180. If ETH is able to close well above the $180 resistance level, there are high chances that ETH will rise above this level soon to move towards $200 range if the buyers stay strong.

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Alert: Ethereum at risk of theft, Save your wallets.

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The so-called Blockchain Bandit has been exploiting weak Ethereum private keys and has so far managed to accumulate a fortune of 45000 Ethereum.

A shocking report came out on Wired that shows how one bandit has been stealing millions of dollars in Ethereum.

 

Ethereum Bandit:

The so-called Blockchain Bandit has been exploiting weak Ethereum private keys and has so far managed to accumulate a fortune of 45000 Ethereum. The hackers are devoting a lot of computing resources to scanning the Ethereum blockchain, watching for new wallets and when they have the keys, stealing the cryptocurrency.

 

The hackers have been able to exploit these addresses due to surprisingly weak private keys which have been generated. The odds of guessing a randomly generated Ethereum private key is 1 in 115 quattuorvigintillion. According to the specialist who discovered this theft that was happening, the task of identifying a random Ethereum key is like trying to choose a grain of sand on a beach and then later asking a friend to find that same grain of sand among a billion gazillion beaches. However, Ethereum was stolen despite these wild odds and 45,000 Ethereum is quite a lot of money.

 

How did it happen?

It specifically happened with Ethereum wallets that did things like cut off keys at just a fraction of their intended length. Either due to things like hoarding errors or other activities or wallets that included malicious codes, basically corrupting the randomization process to make the keys easier to guess.

 

Out of the 34 billion blockchain addresses that the researchers scanned, they found 732 addresses with easily guessable keys which basically means that only a small fraction of the total amount of keys are likely to be easily guessable. Most of the work seems to be done already though as the thieves seem to have a wast pre-generated list of keys as was evidenced by the researcher placing a dollar worth of Ethereum into a previously unused address which had a weak key and that Ethereum was immediately stolen by the bandit’s bots.

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