In the cryptocurrency universe, regulatory scrutiny is often aimed at bitcoin simply because bitcoin is the largest digital currency. However, regulators are also taking aim at other alt-coins, including ethereum.
Ethereum, the second-largest digital currency by market value behind bitcoin, tumbled Tuesday amid reports that it is drawing the ire of multiple U.S. regulators.
“Both U.S. commodities and securities watchdogs are questioning whether the same rules for stocks should apply to these digital currencies, The Wall Street Journal reported Tuesday. Until now, cryptocurrencies have not been drawn into wider crackdowns by the Securities and Exchange Commission this year,” reports CNBC.
At this writing Tuesday, ethereum was down nearly 3.7% with a market value of $65.29 billion.
Some of the regulators quoted in the Wall Street Journal believe ethereum’s 2014 debut could qualify as an illegal securities sale. The news comes just days after one manager forecast massive price increases ahead for ethereum.
“The analysis is based on whether founders of virtual currencies other than bitcoin have any control over their value, similar to how a company’s managers might influence a company’s stock value based on strategy and investments, the Journal said,” according to CNBC.
The cheapest and most efficient way to obtain Ethereum Classic (ETC) is to first purchase Litecoin or Bitcoin through Coinbase (Currently Ethereum offers a much lower transfer and exchange fee than Bitcoin.)
“Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference,” according to the Etheruem Project.
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Binance Coin (BNB) Is Heading Towards $300 With A 60% Increase Today!
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Elon Musk Suggests Major Dogecoin Holders To Sell
Billionaire Tesla CEO Elon Musk urged some of the top hodlers of Dogecoin to sell their holdings and take profit. He said he was concerned that a small number of people are hoarding too much of the cryptocurrency.
If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.
— Elon Musk (@elonmusk) February 14, 2021
He later added that he would pay actual money for them to just void their accounts. This caused the cryptocurrency to spike initially then drop down to 4.8 cents late Sunday, a roughly 45 percent drop from the all time high of 8.7 cents reached just last week.
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