The Crypto Market Will Not Collapse, Ethereum Cofounder Claims
Joseph Lubin, the co-creator of Ethereum recently sort to assure participants of the crypto market. He said that the market was not on verge of collapse. This was during an interview with CNBC, which was meant to offer some insight into the crypto market.
Details of the Interview
Lubin said that in the past decade, the crypto ecosystem had seen highs and lows. However, he said that the market was at its strongest since it was founded. For instance, he pointed at the ongoing projects within the ecosystem and the number of people within it. He added that the foundation for the ecosystem was being built right now.
On this, Lubin was right. The crypto base is developing. For instance, Bitcoin has a developed groundwork. The wallet exists, as with most crypto. There are also numerous exchanges and ATMs in various nations that support Bitcoin. Right now, it is quite easy to make purchases with Bitcoin using just a smartphone. Something that was not possible when crypto began about a decade ago.
Lubin on Regulation
On this issue, Lubin said that there was still uncertainty from the regulators. He then went on to talk about how the blockchain was going to decentralize the existing systems. He talked about finance, trade, and tokenized custody as some of the places where the blockchain was taking root. He also added that regulatory compliance was no longer an issue in various regions.
Ether is Crypto Fuel
Lubin also went on to discuss what differentiated Ether from the rest. He said that Bitcoin was crypto. However, ETH was a hybrid of crypto. Lubin said that is was a fuel. He also noted that Ethereum was a platform for various decentralized applications. According to him, such platforms would never fall under the control of regulatory bodies. In his closing statement, he said that the focus should be on regulating the use of technology. The focus should not be regulation of technology.
The Current Market Conditions for ETH/USD
Right now, price behavior offers a very narrow trading range. This is mainly due to the suppression of the entire market. Trading volumes hit the lowest they have been in 2018 a few days ago. In the last few days, the range has been just 8 dollars. The high was at $210 and the low was $202.
The price change has been minimal. This suggests that traders can expect a price breakout. If the bull manages to break past the $210 barrier, it could be a very first shift towards $250. There has been a lot of support to keep the price above $200. However, if it goes below this, it could spell disaster for the entire market. After that, it might rest between $180 and $160.
Everyone in the crypto market can agree that the crypto ecosystem is too strong to collapse. However, it is worth noting that the bull run that was seen in December 2017 might not happen. Even if there is a bull run, it will not be as huge as the one of December 2017.