Ethereum (ETH) Down to Double Digits After CoinbasePro Flash Crash
Cryptovest
Published Dec 07, 2018 03:34AM ET
Updated Dec 07, 2018 04:41AM ET
Ethereum (ETH) Down to Double Digits After CoinbasePro Flash Crash
Ethereum (ETH) quickly broke below $100 in the latest market sell-off. ETH sank to $85.83 as of 5:00 UTC on Friday, when massive selling lifted 24-hour volumes to the equivalent of $2 billion. ETH is down more than 15% in the past day alone.
While the entire market lost, ETH was a special case, showing greater price weakness and seeing its influence weakened. The almost negligible number of distributed app users was pointed out as a reason, as well as the crash in ICO sales that required ETH.
While the price dropped, the Ethereum network also saw slower mining that dropped faster in November. The lowered block reward of 2 ETH was one of the factors, but the general weakness of the crypto market also played a role.
The other problem was the wider awareness of the Infura hosted node cluster, a tool created by ConsenSys. The crypto community noticed that any dApps created would depend on this node cluster, and its failure would break down the Ethereum ecosyste...
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