Not since November 27 has there been a nadir in Ethereum's pricing, until now. With continued trading uncertainty, Ether is falling even further than its previous $387 stopping point.
According to trading data from this afternoon, the price has receded from about $416 earlier this week, to about $382 at press time, after recovering from the $360 mark. Throughout trading over the last few days, ongoing disputes over cybersecurity and global trade have struck the markets.
Controversy and Regulations Put Ether In The Red
Ethereum's major update, dubbed 'Casper' has caused division between users. Moreover, on April 3, Bitmain revealed its new Ethereum ASIC cryptocurrency miner, dubbed 'Antminer E3', and it's proving to be controversial as it would give miners who use the ASIC an edge over GPU miners. Its processing speed for extracting cryptos has caused many concerns to emerge.
According to a Twitter poll conducted by an Ethereum developer, the cryptocurrency’s community would support a hard fork to render the E3 obsolete. For many, this is preferred as major mining would affect Ethereum's decentralized position. This news has led many to call for the update to be brought forward.
Ongoing regulatory uncertainties over cryptocurrencies and ICOs are throwing Ether, among others, into the red. It's expected, however, that cryptos will experience some reprieve as US tax season approaches. As Wall Street analyst Tom Lee pointed out, the current bearish trend may be partly being caused by a whopping $25 billion capital gains hit. As covered, he stated:
A measured approach from the likes of Australia and Japan offer some middle ground between countries and cryptos.