The Ethereum crypto market cap slides below the $2,000 level on Tuesday, July 12, as environmental and regulatory pressure hurts the crypto industry.
As environmental issues erupt over the crypto market, Ethereum 2.0 will help to save energy and save the environment, say analysts.
Ethereum co-founder Anthony Di Iorio is out of the crypto market, saying he is not a crypto maker but a problem solver.
Ethereum Drops Below Crucial $2,000 Support Levels
Top cryptocurrencies Bitcoin and Ether were trading below major support levels.
On Tuesday, July 12, 2021, Ethereum slid below the crucial support level at $2,000. It continues to trade below this rate for almost a week.
On the same day, Bitcoin went below $30,000 but recovered the very next day. BTC/USD took support at $28,800, and this is the next level to watch out for if Bitcoin continues to show weakness. Else, we can expect a relief rally.
Ethereum 2.0 to Address Power Issues
Ethereum is the first crypto token to address the environmental issue regarding the high energy consumption in crypto mining. It will lower the overall requirement of power in the crypto sector, says Vitalik Buterin, another founder of the Ethereum network.
Ethereum 2.0 is the new Blockchain platform that will address the environmental issue and the consumption of power that the crypto industry faces. Buterin says, “The platform will lower energy consumption by 99% and solve environmental issues”.
Energy consumption is the latest issue against the crypto industry. Crypto mining requires a lot of energy for mining and crypto miners face high environmental issues for consuming too much power. China has banned the supply of electricity for crypto mining, and the miners are looking for other places like North America and Kyrgyzstan to set up their mines.
Environmentalists protest against the high energy consumption by the crypto mines. Famous personalities like Bill Gates and Elon Musk have also shared their concern over the high energy usage by crypto miners.
Apart from China, Iran has brought a ban on cryptocurrency mining for four months. There were regular blackouts in the country due to power shortage, as the cryptos consumed a lot of energy.
Regulatory Issues Plagues Crypto Industry
The crypto industry faces regulatory concerns from countries like China, the UK, and the US. However, countries like El Salvador have accepted cryptocurrency in their country for transactions.
The crypto market cap has dropped to $1.21 trillion after a decline in crypto market volume. The market slumped with high panic selling as investors tried to safeguard their investments.
Bitcoin went below $30,000 and Ethereum slipped to $1,720 levels during trading hours on Tuesday.
Now that cryptocurrency prices are on the decline, it invites new entries into the crypto market. New investors can use portfolio trackers like Crypto watch to track the cryptocurrency movement in the market. Crypto watch, owned by Kraken Crypto, supports trading and portfolio tracking. It serves as a single trading interface for new crypto investors. Kraken crypto exchange helps users to buy, sell, and trade crypto.
Ethereum Prices Attractive to New Investors
Ether ranks second after Bitcoin as one of the top traded cryptocurrencies. It operates with the Ether token. You can choose one of the top forex trading platforms to trade in Ethereum. Some of the foreign trading platforms are Coinbase, Kraken, and Binance.
Investors prefer to invest in the top three largest cryptocurrencies, such as Ethereum. It is one of the best cryptos to invest in at an affordable rate. Users can easily trade Ethereum on fiat exchanges.
Defi crypto is reshaping the crypto world and is closely associated with Ethereum. The Defi crypto helps to execute complex tasks through its decentralized network. With Ethereum decentralized financial apps, users can trade without identity checks.
Some analysts predict that Ethereum crypto prices may touch $50,000 by June 2022. The Ethereum crypto market cap is at $206 billion, while the Bitcoin crypto market cap is at $557 billion, which is the largest cryptocurrency in the world.
Users prefer to use the Reddit crypto forum, which is a social news website. Reddit crypto users can go through content submitted by other users to decide on what cryptocurrency to invest in.
Ethereum co-Founder Di Iorio, A Problem Solver
Ethereum was co-founded by eight people in 2014, as an open-source Blockchain-based platform, with the second-largest market cap, after Bitcoin. One of the founders, Anthony Di Iorio, has announced that he is quitting the crypto industry. He says, “I don’t want to be a crypto person, but a problem solver”. He has also said that it is for personal security reasons that he is leaving the crypto ecosystem. Ethereum 2.0 will be a complete overhaul that will bring down energy consumption. It will make Ethereum 2.0 environmentally friendly, says Buterin.
Di Iorio’s statement comes just days after Jackson Palmer, the co-founder of Dogecoin, slammed the crypto industry through a series of tweets.
Ethereum Prices Today
Ethereum prices today on July 22, during trading hours, are at $1980. On Thursday, Bitcoin prices were at $32,900, slightly below the $32,000 levels.