In the latest twist in an already bizarre case of an exchange’s failure to act fast enough, the price of ether-traded crypto-currency ETH has plunged sharply after a number of news outlets claimed that it had been “too little too late” for a dramatic crash.
While ETH fell by less than $1, its trading volume is still far below the $6.7bn it was trading at on January 3, and the number of trading pairs is far fewer than those of many other altcoins.
As such, the company said it would not be selling more tokens for its own customers, but would be “relying on the market for support” as a “first step”.
As a result, many users on ETH-trading platforms are not buying tokens.
“We are going to be waiting for the market to settle and the market is not moving,” the company stated.
Ethereum-traders have been waiting for months for a price collapse, and after weeks of anticipation, it looks like the price may be on the brink.
The exchange’s website, which is not live, showed that its token sale for its ether-based tokens (ETHLTC) had raised almost $1.7m in the last 24 hours, which amounts to $11m of ETH at current prices.
For the past two weeks, there has been speculation that the price could go much higher, which was fueled by the company’s announcement that it would be launching a “crypto-asset” to counter a major bitcoin price decline.
In the end, however, it was a relatively small number of ETH-buyers who have made the most money.
That said, it is still not clear what the cryptocurrency’s future holds, as there has not been a public announcement about the ICO or its ICO sale.
What is Ethereum?
ETH is an open-source platform that uses smart contracts to manage digital assets, such as bitcoin, ether, or ether-related digital assets (the most recent example is ether-USD).
There are currently around 40 million ETH-based token tokens on the platform, which are currently trading for around $20 per token.
There is no price for ETH itself, as it is not a digital asset.
ETH is traded on exchanges like ShapeShift, where it is traded under the symbol ETH.
The platform has over 4,000 developers, and a number that is constantly growing.