Ethereum (ETH) Remains Strong Despite Panicked Market

It’s been a tough day on the cryptocurrency market, as rumors flew of yet another “ban” on cryptocurrency. Various news outlets claimed early this morning that India’s Finance Minister, Arun Jaitley, said that the country would be banning all cryptocurrency assets. However, that was not the case but it seems like a group of investors have believed the sources without doing any sort of research of their own. In a budget meaning this morning the minister said:

“The Government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payment system. The Government will explore the use of blockchain technology proactively for ushering in the digital economy.”

>> Will Ethereum Pass Bitcoin?

How the news media could twist this, is beyond me but it did not bode well for the entire cryptocurrency market. The market has dropped around $50 billion USD, in just 24 hours as investors began panic selling once more. India currently holds 10 percent of all bitcoin transactions, and why the market was spooked is beyond me.

Source: CoinMarketCap

As you can see from the chart above, the top ten cryptocurrencies are taking a major beating today. However, Ethereum seems to be the strongest out of the group with it being just under the -10% mark. Ethereum’s team of developers are currently working on implementing a protocol desperately needed for the scalability of the Ethereum blockchain. Ethereum’s Founder, Vitalik Buterin, said that its final stage of the new protocol is just about finished and the test net should be ready to go shortly.

That is exciting news for ETH holders. If its team of developers can get fix its scalability issues before Bitcoin’s, the cryptocurrency could become the largest by market cap for the very first time. Currently, it’s only around $50 billion away from passing the original cryptocurrency.

Despite major selloffs across the board, it seems that a group of Ethereum loyalists are sticking behind the project and holding tight to their ETH. Ethereum is the altcoin to watch in the near future, as it just might pass the long-standing leader.

Thoughts? Leave them in the comment box below!

>> Ethereum’s CryptoKitties Latest News

Featured Image: NewsBTC

  • Hey
    guys… i m sorry i m new here but i have a serious problem and i am
    reaching out to all the crypto communities in hope somone understands my

    Last year i lost my job, could find anotherone and my
    gf got pregnant. Then with all the hype i got greedy and bought a few
    days before crash, put pretty much all i had into a few coins. Now you
    can imagine where this is going. I had to sell in the dip just to keep a
    roof over my head, but i m still hodl a tiny amount in hopes i get a
    break once in my life. And now my gf is due in two weeks and i have no
    idea how i am gonna pay rent next week.

    So if anyone can help just
    a tiny bit so can get throu the next month. Sorry and i feel emberrased
    about it but i dont know what else to do.

    My ETH adress is: 0x0CcCf37e33164A788624113d7B564cAe32FAB8F6

    you anything and everything is appreciated…

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