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Ethereum and Bitcoin Rebounds

By Victor Hedman - June 16, 2017

Following the big drop yesterday, markets rebounded overnight. Ethereum saw a drop from 370$ all the way down to 265$ on certain exchanges, but now trades comfortably at over 350$ on all exchanges. Bitcoin investors are also taking a breath of relief after the drop of over 20% as Bitcoin now trades in the high 2400’s.

Ethereum once again inches in on the Bitcoin market cap and we can expect to see Ethereum overtake Bitcoin soon. The market dismissed the fake and sensationalistic news we reported on yesterday which caused the drop and business is back as usual today with green numbers.

Ethereum appears to be unstoppable right now as more good news are to be expected in June. Ethereum Enterprise Alliance (EEA) will be announcing new members in the end of June and if previous announcements are of any indication, we can expect a rush of interest in the blockchain.

However, over at Bitcoin a cloud of worry is forming in anticipation of August 1st. Jihan Wu, owner of Bitmain, made an announcement that they intend to go with the hard fork. Right now the community is deciding whether they will activate an UASF (User Activated Soft Fork) or hard fork. Jihan Wu insinuates that Bitmain may “attack” a potential soft fork.

Bitcoin remains the most important cryptocurrency as a majority of other cryptocurrencies trade through it. It is crucial for the crypto economy today that Bitcoin survives this fork (soft or hard). We expect prices to rise when or if the community comes to a consensus.

 

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