When crypto markets plunge towards another monthly low some assets will fare better than others. As usual big daddy Bitcoin has led the way and when it shed 14% over night the outlook for all others appeared grimmer. Ethereum has fared badly this time falling harder and faster than usual.
Ethereum, which usually fares well during major downturns, has taken a particularly painful slide over the past couple of days. This could well be a result of the ICO and crypto advertising bans by internet monopolies Facebook and Google. ETH has also become the second cryptocurrency of choice for trading altcoins after Bitcoin so when panic selling on altcoins overwhelms the markets, Ethereum will suffer.
Ethereum ICO Boost Slows
Ethereum has been the platform of choice for the majority of ICOs over the past year. When they are heavily regulated Ethereum takes a beating, likewise if avenues of advertising are closed off to startups looking for exposure for their blockchain projects. ICOs have come under heavy scrutiny from regulators across the globe, principally due to their methods of raising capital.
Fusion, the foundation that focuses on creating a cryptofinance platform to break down the barriers hindering widespread use of blockchain in finance, has completed its crowdsale by raising more than 126,000 ETH ($109 million at time of writing).
This ‘crowdsale’, where tokens are offered to early buyers through Initial Coin Offerings (ICOs), hit its cap in the first 24 hours and has concluded the ICO with an oversubscription of 2.5 times of its hard cap.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Fusion is creating a system that can connect a variety of cryptocurrency tokens enabling complete financial functionalities that have not yet been explored using blockchain.
The Fusion Foundation has a strong commitment to support and foster its community by what the company calls a new ICO mechanism.
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After Bitcoin made these huge, quick gains until December 2017, more and more people were asking the question “Is Bitcoin a Bubble?“. Quickly after that Bitcoin fell from $19,783.21 on December 17th, to under $7500 in February 2018. That’s more than a 65% fall in just one month.
At the end of January the Tokyo-based Exchange Coincheck was hacked and coins worth $533 million were stolen. That was the biggest hack in the history of the blockchain – even bigger than the Mt. Gox hack in 2014 when $340 million worth were lost.
Every day new promising Crypto Currencies come out of the woodwork. We already have over 1,500 different coins currently listed on coinmarketcap.
More and more people are now asking themselves:
- Has the Bitcoin bubble burst already and are we back to “normal” or is there still big potential for further downwards trends?
- Is Bitcoin still the Go-to thing or will Bitcoin continue to lose market share and will a massive shift to other crypto currencies such as Ethereum, Litecoin, Monero, Cardano, Ripple, etc. happen in 2018?
- How should we deal with these horror stories regarding hacked exchanges? How can I protect my purchased coins?
- Are all the new coins just scams? How can I gauge if a project is legitimate?
- What are the impacts of these questions on the whole Blockchain-Technology?
Come and learn how to identify real compaines before investing or buying into tokens.