Ethereum Touches $800 mark, Regulators to meet on 7th to discuss whether it’s a security
Shrikar Parashar Posted On May 4, 2018 Ethereum touched the $800 mark today which is the highest in quite a while which is an increase of over 19% in a week.
Image Source: Coinmarketcap
Ethereum went as low as $380 in April but has significantly picked back up by over 100% in the course of a month. At the beginning of May Ethereum started off below $650.
At the time of writing this article, the total market cap of Ethereum stands over $79 Billion and the price at around $800 and the trading volume has crossed $4 Billion.
Earlier this week the co-founder of Reddit Alexis Ohanian(who now works as a full-time VC) told Fortune that Ethereum will reach $1500 (Which was revised from his $15000 prediction).
The CEO of DeVere Group(World’s largest independent financial service organization) Nigel Green predicted that Ethereum price could reach $2500.
On 7th of May, the regulatory bodies SEC and CFTC are meeting to discuss whether cryptocurrencies such as Ethereum and Ripple are securities. But Joseph Lubin who is the co-founder of Ethereum told TheStreet this week that Ethereum is never meant to be a security,
He said
“We spent a tremendous amount of time with lawyers in the U.S. and in other countries, and are extremely comfortable that it is not a security; it never was a security”
Gary Gensler, a former Commodities Futures Trading Commission (CFTC) chairman, said that
“there is a strong case that one or both of [Ethereum and Ripple] are noncompliant securities.”
CarpeNoctom tweeted:
inb4 SEC rules $ETH a security on May 7th and we get a $400 down candle
— #33kByJuly3018Moku //not_giving_away_ETH\ (@CarpeNoctom) May 3, 2018
We will be updating on our website about the meet on 7th, Stay tuned.
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