Ethereum Still Sub-$400 as ASIC Controversy and Disputes Settle in

  • Ethereum has fallen to lows of $363 before gaining some ground
  • This week marks its worst performance since November 2017

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.

Coldplay’s Guy Berryman Backs Crypto Startup Zumo

Michael LaVere
  • Coldplay's star bassist Guy Berryman is backing Scottish cryptocurrency start-up Zumo.
  • The Edinburgh-based company recently launched an app for buying and sending bitcoin and ethereum. 

Coldplay’s star bassist Guy Berryman is backing the Scottish cryptocurrency startup Zumo, which recently launched its new smartphone app. 

According to a report by Yahoo Finance, the Edinburgh-based cryptocurrency startup has recently launched a new application for transferring and spending cryptocurrency. The Zumo wallet allows users to store and send bitcoin and ether, in addition to purchasing BTC directly. The wallet also claims to be fully decentralized, giving users control over their private keys. 

Nick Jones, CEO and founder of Zumo, told Yahoo Finance, 

Covid-19 has fast forwarded the move to a cashless society and for safe and easy ways to invest in new forms of currency that are more resilient to crises such as this one.

Jones continued, saying that Zumo was created for everyone, including those without bank accounts. He highlighted the importance of “ordinary people” having control over their money, particularly in light of the global economic crisis created by the COVID-19 pandemic. 

In addition to Coldplay’s Guy Berryman, the start-up has attracted investment from Murray Capital and the Scottish Investment Bank. 

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