Ethereum Price: $232.12
Ethereum Price (BTC): 0.019714 BTC
Market Cap: $24.88B
ETH Network Dominance*: 75.32%
7 Day Candle**: $209.39 / $236.66 / $204.12 / $232.12
️Nick’s Market Summary
Today, EthereumPrice.org officially relaunched with a rebuild from the ground up, introducing ETH price data for 30 different currencies as well as market data for hundreds of Ethereum tokens and thousands of token pairs. You can read more about our data and methodology here.
The website will expand over coming weeks as we reintroduce Augur prediction market data and begin the inclusion of decentralized finance metrics that will help our users to evaluate the growth and value of the Ethereum blockchain.
Please send your feedback and feature requests to me on Twitter @Ether0x or via the contact form in the footer of ethereumprice.org.
The rebuild has taken the majority of my time in what was otherwise a fairly slow week for Ethereum. Notably however, ETH/BTC has continued to reach new lows with a 1 year low of 0.019610 BTC, while nearly every other comparative metric has signalled the opposite direction. A market pair to keep an eye on.
– Nick, Owner EthereumPrice.org
Crypto Could Never be Successfully Banned According to US Lawmakers
The US has been trying to come up with a set of clear regulations for cryptocurrencies since time immemorial, however the sluggish pace is only now becoming a major concern for many lawmakers and business owners. This was once again highlighted last week during another hearing held by the Senate Committee on Banking, Housing, and Urban Affairs, discussing regulatory frameworks for digital currencies and blockchain. The hearing was chaired by Mike Crapo who started on a positive note by commenting on the inevitability and benefits of digital assets before introducing Circle CEO, Jeremy Allaire, who added significant weight to the discussion with some compelling testimony surrounding the great (and potentially passing-by) opportunity that blockchain holds.
In a question put to Allaire, Crapo stated that he believed that the United States would not be able to succeed in banning the global innovation that is cryptocurrency.
“If the United States were to decide — and I’m not saying that it should — if the United States were to decide we don’t want cryptocurrency to happen in the United States and tried to ban it, I’m pretty confident we couldn’t succeed in doing that because this is a global innovation.” (video)
The challenge, according to Allaire’s response, for not only the US but every government wanting to ban or restrict digital assets, is its frictionless movement around the world at the speed of the internet.
Crapo went on to say that the US should stop concentrating on restricting or banning Ethereum and other cryptocurrencies but rather take their place as leaders, setting the pace for the innovation and development of the space for fear of being left behind.
By continually highlighting the need for regulation and restrictions governments are in fact accentuating and educating people on the real value of cryptocurrency in the financial marketplace.
Australia’s Restriction on Cash Payments Highlights the Importance of Ethereum and others
Last week, Australia’s treasury announced that it plans to restrict cash payments over AU$10,000, which equates to around US$6,900, meaning that all major purchases would need to be authorized by a bank. Leaders in the crypto space believe that this further highlights the value of a decentralized currency and strengthens the case and importance of cryptocurrency in today’s financial ecosystem.
Cryptocurrency requires no central authority to issue and there are no restrictions on transaction volumes on the network, giving users complete sovereignty over their digital assets. On the other hand, the restriction proposed by Australia demonstrates the control that governments have over individual finances and as @crypto_rand tweeted on July 29, ‘if they control your money, they control you.’
The Australian government has not included cryptocurrency in the ban as the only way of efficiently limiting digital currency would be to clamp down on the entire space – stifling the potential of blockchain technology in doing so.
According to the memorandum, “Digital currency is a new and developing area in the Australian economy. Unlike physical currency, it does not have a firmly established regulatory framework or industry structure. This makes it difficult to apply the cash payment limit in a way that would not largely prevent the use of digital currency in Australia or significantly stifle innovation in the sector.”
Australia is not the only country putting these bans in place. Spain, Italy, France, Portugal, and Greece all have put similar restrictions in place.
* calculated as: (ETH Market Cap / Ethereum Network Market Cap)
** open / high / low / close