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Ethereum (ETH) Posts Significant Gains on Value Buying



Ethereum has been leading the crypto rally over the past week after the slump in the first half of 2019.

Over the past few years, Bitcoin has firmly established itself as the biggest cryptocurrency in the world by market cap, and it is the only coin that can actually move markets one way or another. Over the past few years, the second-biggest cryptocurrency in the world, Ethereum, was regarded as the only viable challenger to Bitcoin.

Ethereum Leads

Although Ethereum never overtook Bitcoin, as some believed it might, it is important to note that ETH is now gaining significant ground and has done so since Friday of last week. On Tuesday, Ethereum managed to have a better day than Bitcoin, and it goes without saying that it is a significant event.

Throughout the course of Bitcoin’s remarkable rally this year, Ethereum remained a disappointment, but it seems it is now making a serious move. According to the latest report by Delphi Digital, Ethereum managed to gain 11% on Tuesday, and that came at a time when Bitcoin had been generally tepid in its performance.

It needs to be kept in mind that most altcoins are now having a bit of a surge this week and among those, the gains made by Ethereum has been noticed the most.

>> Bitcoin Mutual Fund will Help Asian Investors to Trade Cryptos

Although it is true that altcoins have enjoyed a good run over recent days and seem to have turned a corner after having been beaten down for some time, it does not necessarily indicate that these tokens are set to go on a rally. Both 2018 and 2019 so far have been forgettable years for most altcoins.

Ethereum was one of the worst performers of the year so far but the gains made by the coin over the past few days have given rise to a lot of optimism among its investors. Many believe that Ethereum could touch $240 soon.

What do you think?

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Ethereum (ETH) Slumps 50% From Highs in 2019: What to Do Now?



Over the past few years, Ethereum (ETH) has firmly established itself as the second biggest cryptocurrency in the world, and although many have predicted that it might one day topple Bitcoin, it has never come close to doing so. 2019 has not been a particularly great time for the token, and despite the fact that the wider crypto space has managed to generate impressive gains, ETH has lagged behind somewhat.

Moreover, it has taken a bit of a pounding over the past two days, and its price has now gone below the psychologically important level of $200. It goes without saying that this piles on the pressure on ETH at a time when Bitcoin is on the verge of another rally.

Analyst Views

According to analysts who study the price action in Ethereum, there has been nothing positive about it at all for the past two months, and currently, no momentum is in sight. In addition to that, the 50-day moving average dropped below its 200-day average this week, certainly not a good sign with regards to the immediate future of the cryptocurrency. Bitcoin went on a remarkable rally yesterday as the bulls won out and returned the cryptocurrency to five figures once again. The rise in Bitcoin, naturally, put some wind in the sail of Ethereum and the token rose by 3%.

>> Ripple Escrow Wallet Transfers Another 500 Million XRP to Company

That being said, the rise did not even see it touch $180, and it should come as a cause for concern for many investors. Ethereum had reached a high of $360 in 2019, but since reaching those heights, it has had a miserable time of it and declined by as much as 87% in the meantime.

The complete absence of any kind of momentum or positivity has seen many in the crypto community criticizing Ethereum in hard terms. It remains to be seen whether the token can gain any momentum soon.

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Ethereum Network Overcomes Malicious New Year’s Eve Attack



The Ethereum Network was the target of a coordinated attack in recent days, affecting client platform Parity, which threatened to cause significant downtime.

Malicious Attack to Undermine Ethereum Network

The attack began on December 30 when invalid blocks were sent to the network, which caused node operators using the Parity client, which handles over $50 billion USD in assets and underpins some of the most ambitious projects on the Ethereum blockchain. The invalid blocks caused the node operators using the Parity client to lose sync with the network.

Sergio Demian Lerner, a cryptocurrency security consultant, explained the nature of the Ethereum attack on Twitter: “The attack is simple: you send to a Parity node a block with invalid transactions, but valid header (borrowed from another block) The node will mark the block header as invalid and ban this block header forever but the header is still valid.” Parity Technology was quick to react to the attack and subsequently issued a series of network upgrades to protect against it.

While the source of the attack and the attacker’s motives remain unclear, it would appear as though it was an attempt to undermine the credibility of Ethereum and its Parity client. Unlike most crypto attacks that attempt to exploit digital assets in order to profit financially, this attack was on the network itself and did not carry a profit. Notably, the attack came less than two weeks after Parity said it would no longer support the Ethereum client and was in the process of delegating maintenance to a distributed autonomous organization.

>> Bitcoin Fell in Q4: Here are Key Factors to Watch in Q1

Google Lifts Ethereum Extension Play Store Ban

In other Ethereum news, Google has lifted its Play Store ban on browser extension MetaMask, which includes a built-in crypto wallet enabling Chrome to run Ethereum-based decentralized applications, or dApps, without needing to operate a full Ethereum node. Google banned MetaMask in December after reportedly mistaking it for a mining app. The news coincides with Binance.US’s announcement that it was opening beta testing of its iOS app.

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Ethereum SKALE Network’s Funding Round Raises $17.1 Million

SKALE Network

SKALE Network

Ethereum’s scaling platform, SKALE Network, has reportedly raised $17.1 million in a recent funding round for the launch of its mainnet. The company has indicated that this is Ethereum’s best chance of beating other smart contract platforms.

SKALE Adds More Investors

Backed by US-based SKALE Labs and NODE Foundation of Licheinstein, the platform now has around 40 investors. The investors are from different parts of the globe, which include the US, EU, Korea, Hong Kong, Singapore, and Japan. The financing round consists of $10 million from SKALE Labs as well as its recent financing of $7 million. Other investment firms involved in the funding round include Arrington XRP Capital, Winklevoss Capital, ConsenSys Labs, Blockchange, Multicoin Capital, Hashkey, Hashed, and Recruit Holdings.

SKALE Labs’ contribution is mainly from its recent financing through a Simple Agreement for Future Tokens sale worth around $10 million. In these kinds of sales, investors do not receive tokens but instead, get access to projects during launch by signing an investment contract. The round also included a financing round of $8.68 million led by Multicoin Capital, as well as another $785,000 funding from investors in 2018.

Launch of Mainnet in Q4

This capital will speed up the building of the mainnet expected to launch in Q4 or early Q1. SKALE CEO Jack O’Holleran stated that more details of the launch will be available at the end of this month or early next month. The CEO added that they will use the capital to stabilize the platform’s proof-of-stake network and also enhance security.

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Multicoin Capital managing partner, Kyle Samani, indicated that the platform has tremendously grown in the last one year in virtually all aspects. He added that there is a lot to like about SKALE and that they are pleased with the capability of setting strategy, designing specifications, and executing.

The SKALE Network is an effort to enhance the scalability of Ethereum. It will allow dApps to perform several transactions per second at half the cost of what is possible currently.

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Ethereum Underperforms Against Bitcoin | What Next for Altcoins?



As everyone knows, the price of Bitcoin has a profound effect on the entire crypto market, and as the price of the world’s biggest cryptocurrency rose steadily over the first half of 2019, the entire crypto market profited. However, since July, Bitcoin has definitely entered choppier waters, and now the momentum has gone out of its sails. That being said, it is Ethereum, long considered to be the only possible rival to Bitcoin, which has found itself in the middle of a free fall.

Will Ethereum Recover?

More importantly, Ethereum (ETH) has declined at an alarming rate when its price is correlated to that of Bitcoin, and experts believe that it could prove to be a bad development for the many altcoins.

Ethereum had long been regarded as the main alternative to Bitcoin, but that is clearly no longer the case, and experts now believe that holders of other altcoins might not have to brace for further losses in their portfolios. Since the bull run that took place from January through to June was primarily fuelled by Bitcoin, it is only natural that BTC has become far more important in the world of crypto than it has ever been. Consequently, more money has been taken out of cryptos like Ethereum and other altcoins to be invested in Bitcoin.

>> Crypto Criminals Take in $4.3 Billion in 2019, CipherTrace Reports

The weakness in the altcoin market can be best demonstrated by each coin’s respective performance in July. Although it is true that Bitcoin faced a lot of challenges due to the announcement of Facebook’s Libra and comments from powerful regulators, its price did not drop as much as that of many altcoins. Bitcoin ultimately dropped by 6.8% during the course of the month. However, the situation was totally different for altcoins like Ethereum as they gave up as much as 20% through the course of July. If such a trend continues, then it is almost certain that more losses are in store for altcoins.

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As Ethereum Price Drops, DAI Holds Well Against USD



After the Bitcoin rally subsided back in 2018, there was a lot of talk that the world’s second-biggest cryptocurrency, Ethereum, had the potential to eventually upstage BTC. It did not seem like the most unrealistic claim at the time, but over the past months, it has become abundantly clear that this is unlikely to happen anytime soon.

Over the course of the past few days, ETH has had a disappointing time, and the price of the token has continued dropping. However, it was the weakness shown by the stablecoin DAI that was the true revelation during the ETH drop.

About DAI

Unlike other stablecoins, which are backed up by fiat currencies in some ration, DAI is a decentralized stablecoin that is collateralized with Ethereum and developed by MakerDAO. As the price of ETH continued to slip, DAI managed to hold its own against the United States Dollar for some time. The slip in ETH has been quite dramatic over the course of the week so far, and at one point on Tuesday, it lost as much as 18% within a matter of two hours. The price slumped to $152 from a high of $199. Eventually, it seemed to have settled at a price point of $171.

>> Bitcoin Extends Decline as Altcoins Stabilize Following This Week’s Slump

There has been a lot of issues with regards to the Ethereum network over the past few days, and that also resulted in trouble with executing Collateralized Debt Position (CDP) on the DeFi Saver. It is another indication of the sort of disruption that can hit any stablecoin network if the collateral in question is in any kind of trouble. At this point in time, MakerDAO has no other option but to depend on the Ethereum network.

However, the company has stated that it is going to go for other assets to serve as collateral in the future. Until that happens, DAI will continue to have to depend on the Ethereum network for its stability and well being.

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Ethereum (ETH) Gains Momentum Ahead of ‘ETH 2.0’ Upgrade



The crypto space has been quite volatile over the past weeks, but holders of Ethereum (ETH) are, no doubt, quite pleased with the latest turn of events. Ether, the actual cryptocurrency of the network, has recorded its biggest jump in 20 days, and it seems likely that there is going to be a lot of excitement about the token in the coming hours. Experts believe that confidence over the Ethereum platform is growing steadily, and that could well be one of the reasons for the gains recorded by ETH over the past 24 hours.

All Eyes on ETH 2.0 Upgrade

Over the past 24-hour period, ETH has recorded gains of 17%, which makes up its highest gains in a single day since March 13. Crypto experts have stated that the growing confidence in the Ethereum network could be due to the upgrade that is going to take place in the system at some point in July this year. The system is going to be upgraded to ETH 2.0, which could be the major reason behind the latest rally in the token.

There are certain concrete reasons why there is more confidence about the Ethereum network owing to the ETH 2.0 upgrade. The upgrade is going to facilitate a higher number of transactions, and in addition to that, a new security protocol is going to be put in place. The security protocol is known as proof of stake or PoS. It is interesting to note that this particular upgrade to the network has been in the works since as far back as 2015.

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Initially, Ethereum didn’t follow through with a proof of stake protocol, as it requires a high degree of technical skill and expertise. Ethereum’s progression into ETH 2.0 marks a major development for the network, but it remains to be seen how the price of the ETH token reacts in the coming days.

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Santander Launches First Ever End-to-End Bond on Ethereum Blockchain



Spanish banking giant Santander (NYSE:SAN) has announced today that it has become the first bank to use blockchain to manage a bond issue.

The bank reportedly issued $20 million USD worth of bonds on the Ethereum blockchain, where it will remain until the end of its one-year maturity. As part of the transaction, Santander used an ERC-20 token to represent the value of the bond, which it issued on Ethereum’s blockchain network. This ERC-20 token was then bought by one of Santander’s companies, Santander Corporate and Investment Banking (CIB), for the token’s market price and the funds were subsequently transferred via the blockchain.

Other institutions have made similar issuances using blockchain technology; for example, the World Bank issued a similar bond on a private version of Ethereum, which raised $110 million AUD in August 2018. In April, French lender Societe Generale Group issued $112 million USD worth of bonds to itself, also on Ethereum. Santander is claiming bragging rights as being the first bank to have all aspects of the bond issue managed by blockchain.

Santander launched this bond as a result of increasing demand from clients to provide the best technological advancements for improving their capital-raising efforts. John Whelan, Head of Digital Investment at Santander, described the initiative as “an evolutionary step.” The bond issue is an important step forward for institutional activities in crypto, as previously when a security had been issued on the blockchain, the cash side of the trade was processed via traditional analog methods that significantly slowed the whole process.

>> Bitcoin Continues to Face Tough Hurdle on Trade War Concerns

Santander used Nivaura, a digital investment banking service that it has invested in, to coordinate the bond issue. Nivaura CEO Avtar Sehra was keen to emphasize that, rather than digitizing a bond, what this project actually did was digitize the process of issuing bonds. “The Santander execution is the first truly digital front to back execution process, which securely uses relevant data to tokenize both the assets and cash to enable on-chain settlement and coupon payments,” he said.

It looks like blockchain’s role in the future of banking is getting bigger and bigger, with Santander recently expanding its use of Ripple’s xCurrent software. What do you think?

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Ethereum Plunges 10% in 48 hours



The price of Ethereum (ETH) dropped to $123 from $142 in the last 48 hours, which is more than a 10% drop against the dollar. At the start of the year, the coin was trading at $130 across all cryptocurrency exchanges. The latest drop leaves the coin in the net negative this year, in contrast to Bitcoin’s 70% performance in 2019.

The worst part is that the coin is still 91% down from its record high of $1,450. The coin reached this peak during the initial coin offering (ICO) craze between 2017 and 2018. Since then, bears have hit Ethereum harder compared to Bitcoin.

Why ETH Has Been Declining

The main reason why ETH has suffered is because of the underperformance of altcoins as Bitcoin continues to dominate the market. So far this year, BTC accounts for 72% of the crypto market, up from 33%. Since ETH is the largest altcoin, it has been the most affected in this Bitcoin-centric market.

Equally, the coin also experienced significant selling pressure resulting from the PlusToken Wallet crypto scam. A report from blockchain analytics company Chainalysis indicates that scammers have been liquidating several millions worth of ETH and BTC in recent months. Although authorities have apprehended most of this, the issue has been pushing prices lower. The situation worsened because ETH is a more liquid market compared to BTC, and, therefore, the PlusToken liquidations contributed to the decline.

>> Bitcoin (BTC) Suddenly Tumbles Below $7K Mark: Time to Panic?

There is Still Hope for ETH

Even though the coin has experienced declining prices, some are of the opinion that its fundamental trend is still positive. According to reports, ReaIT, a real estate platform that works with blockchains and Ethereum, has sold its first-ever tokenized property on Ethereum. Also, decentralized finance has been growing rapidly and as a result, derivatives and the opportunity to get decentralized financial services are attracting more users.

Equally, Fidelity Investments recently indicated that it will add support for Ethereum services via its crypto branch, Fidelity Digital Assets. Tom Jessop, the president of Fidelity Digital Assets, stated that they are planning to add support for the asset sometime next year.

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Ethereum (ETH) Falls 86% Relative to Bitcoin Since the 2017 Build-Up



In 2017, during the cryptocurrency bubble, a number of projects launched tokens for a wide range of payments. It was easy because what was needed to raise millions of dollars through an initial coin offering was just an idea. During the period, Ethereum and its native token Ether (ETH) reached a record high because of frenzy around trend words like “smart contract” and “ICO.”

Hype on ETH Waned Because of Scams and Bad Ideas

The flurry witnessed eventually waned and the price of ETH, which hit a record high against the US dollar at the beginning of last year, has dropped significantly by 86% since. Comparable against Bitcoin, Ether, which reached its record high in June 2017, is down more than 85% against Bitcoin since 2017.

There was optimism that ETH would at some stage overtake BTC, but the flippening hype has since waned because most of the tokens that were launched on Ethereum platform in 2017 turned out to be scams or bad ideas. Equally, it was not clear why a project that had its own crypto built on the platform would lead to an increase in the value of ETH.

>> Bitcoin Falls to hold 10K Mark on Political Uncertainty

At the beginning of this year, most ICO projects shed ETH onto the market each month, and this means a considerable amount of ETH was being removed from the market and put into ICO vaults. And once the hysteria stopped, so the demand for ETH also declined.

DeFi: The New Talking Point Among Ethereum Enthusiasts

For Ethereum enthusiasts currently, the main talking point is Decentralized Finance (DeFi), but it appears that it has not managed to compensate for the supply side increase resulting from ICO projects that are dumping their ETH. There are lingering hopes, however, that ETH will likely outperform BTC when the next Bitcoin rally begins, even though Bitcoin has almost tripled its price in 2019.

Despite ETH performing poorly against Bitcoin in recent times, some of the tokens built on the platform, such as Link, have edged Bitcoin in the past few months.

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