In last week’s piece, we discussed the challenges that lay ahead for Ethereum, including negative sentiment surrounding the Chinese government crackdown on Bitcoin. This week, we’ve seen those challenges rear their head with lower prices and sentiment throughout the crypto market.
Ethereum Co-Founder Leaves Crypto
Ethereum co-founder Anthony Di Iorio announced on July 16 that he was selling his startup company, Decentral, and saying goodbye to crypto forever.
With a net worth currently estimated at around $2 billion, Di Iorio has traveled with a personal security team since 2017 to deter potential kidnappers. He cited personal safety concerns as the reason for his departure from crypto.
“It’s got a risk profile that I am not too enthused about,” said Di Iorio. “I don’t feel necessarily safe in this space. If I was focused on larger problems, I think I’d be safer.”
“I will incorporate crypto when needed, but a lot of times, it’s not,” he said. “It’s really a small percentage of what the world needs.”
He did not explicitly state that he would be selling his crypto holdings, but made it clear that he was severing ties with crypto startups he was currently involved in and would no longer be funding blockchain or crypto projects.
Ethereum price fell over 7% in the 24 hours following the announcement.
Bitcoin Falls Below $30k as Crypto Market Loses $100 Billion
Bitcoin has slumped below crucial psychological support at $30,000 today, the lowest point since June 22, triggering a wider price crash in the crypto markets. Ethereum last traded at $1,737. TradingView analysts believe inflationary pressure in the USD is negatively impacting Ethereum sentiment.
In general, Bitcoin sentiment is mixed at best. Price has fallen well over 50% since the all-time high of $65,000 seen in April, with China’s crackdown on trading and mining BTC a major blow to the crypto economy.
The price drop coincides with a dip in the global stock markets seen today, likely tied to concerns that the new and aggressive Delta variant of the Covid-19 virus will negatively impact economic recovery efforts. The drop in the stock market was the worst seen since last October.
China’s CBDC project is underway and the Chinese government has made it clear that the nation’s status as a Bitcoin hub has come to an end.
Jehan Chu, founder of crypto VC firm Kenetic Capital, said “All signals are red as BTC (bitcoin) continues to be weighed down by China’s ultimate crypto ban and worsening macro economic conditions from a surge in Covid variants.”
JPMorgan to Hire Ethereum Specialists
Investment banking giant JPMorgan & Chase has announced 30 new job openings in the blockchain sector, bringing the open positions for blockchain specialists to a total of 84. JPMorgan has previously voiced excitement over the potential of Eth2 in the staking industry.
Candidates at branches in the United States, Singapore, India, Hong Kong, the United Kingdom are needed for a variety of tasks including blockchain researchers and engineers, blockchain developers, product managers, and more. Many jobs specifically cite the requirement for experience with Ethereum and Bitcoin.
The Redefine Tomorrow conference will take place online on July 22. Speakers include Michael Arrington, founder of XRP Capital, Algorand CEO Steve Kokinos, Fireblocks CEO Michael Shaulov, Compound CEO Robert Leshner, and many other prominent figures from the crypto world.