ETH essay
ETH, the second-largest cryptocurrency in circulation, has taken a significant turn in recent years. According to Vitalik Buterin, the Ethereum foundation could sell 70,000 ETH in the last two years when its value peaked, thereby resulting in a $100 million liquidity. They were assumed to get sold at $1400 mark. He was in a chat show program with Eric Weinstein, Thiel Capital’s managing director.
He collaborated with the ETH rally to earn some assets for himself and sold a 30,000 ETH, worth $22 million during the last year. This has arisen questions about EF’s motives as people have the prenotion that this is done since they had spent all of their reserves. But Buterin negated all these claims and told that this action was just in regards to policy decision and not due to lack of funds.
According to him, the crypto industry has not reached a stage to deserve a value of half a trillion dollars, and there he is relieved to see prices going down in the market. He convinced the EF to sell quite a lot of ETH, even though he never shorted. Litecoin’s founder Charlie Lee was also criticized for a similar move. Sarcastically there were believed that he might even dump the coins for some unknowledgeable reason.
Lee tweeted that it is more of a conflict of interest for him to hold onto LTC. Taking the fact that he has much influence in the digital world into consideration, any motive to praise the scheme might have seen as a malicious attempt to increase his assets. Therefore, now, with no leftover over LTC in his wallet, he is entirely free to express his opinions on the project without facing any accusations.
In the case of Ethereum, the coin’s value is presently below $1400 peak, which was $144.09 at the time of its initiation. However, Ethereum continues to be the leading cryptocurrency exchange platform with the integration of new products such as new dApps, smart contracts, on it. Its current market cap has reached $15.6 billion, while at $7.35 billion, the trading volume of ETH is approximately half of that value.