Ethereum Prices slumped previously, along with the other major cryptocurrencies, amid Quadriga concern. Quadriga, the largest cryptocurrency exchange in Canada, lost access to millions of dollars’ worth of digital assets after the chief executive and co-founder Gerald Cotten died due to Crohn’s disease– taking away passwords and recovery keys, questioning the future of digital currencies.
Bitcoin and different digital forms of money, esteemed nearly at $200 million, are currently secured by a chilly stockpiling wallet leaving client helpless to get to their assets. Quadriga now can’t retrieve almost $190 million in Bitcoin and other digital currencies as per the court document filled on 31st January in Halifax.
This major setback to Quadriga questioned the future of such digital assets and raised the concern over its security as a means for a financial transaction. The absence of any central body governing over it has raised serious concerns regarding the guarantee of the payment, and thus, exerted the pressure on Ethereum prices.
The Quadriga currently owes its customers $190 million in cash and cryptocurrency and has filed for creditor protection in Nova Scotia. Cotten’s widow, Jennifer Robertson has said that she is unable to find the password to the digital wallet containing $180 million of users and investors’ money.
However, in the recent events, the prices recovered amid the surfaced report that the Federal Bureau of Investigation (FBI) could investigate the Quadriga case. The Cryptocurrency market reacted quickly, and Ethereum prices surged from the level of $102.61 (which marked the day’s low 6th February 2019) to the level of $169.90 (which marked the day’s high on 24 February 2019).
The rise in the prices of Ethereum was soon capped by the comments of world’s prominent investor Warren Buffet, who said that the cryptocurrencies are means of transferring the wealth to the rich man pockets and is more of a bubble rather than an asset with unique value. The prices corrected from the top of $169.90 to $125.97 (4 March 2019)
In the present status quo, the acceptance of the cryptocurrency, which also marks an underlying fundamental, increased, and supported the Ethereum prices and the cryptocurrency is moving upwards again.
The acceptance of cryptocurrency marked a presence and caught the attention of the traders when Russia’s parliament adopted a bill to proceed towards the drafting of Crypto legislation. The county is moving with a fast pace to embrace the digital asset and in turn, increasing the acceptance of the cryptocurrencies, which in turn is supporting the cryptocurrencies prices at the bottom.
On the technical charts, the prices are currently hovering around $139, well above its 7 and 20 days exponential moving averages (EMA). The support for Ethereum is intact at $101, and resistance is marked at $154.
The break above or below the resistance and support level will further decide the movement in the prices of the asset, and it will also depend upon the events, which present themselves time after time in the market.
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