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| March 23, 2018

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Crash Archives -

Video of Uber’s deadly self-driving car crash shows moment pedestrian is hit

March 22, 2018 |

Police on Wednesday released a video that shows an Uber robot car running straight into a woman who was crossing a highway with her bicycle in Tempe, Ariz. The woman was taken to a hospital, where she died Sunday night.

The video, shot from the car, is sure to raise debate over who’s to blame for…

L.A. Times – Business

Ethereum’s ICO Whales Can Crash the Market at Any Time

March 20, 2018 |

Ethereum’s ICO Whales Can Crash the Market at Any Time

Crypto whales are generally thought of as wealthy traders with the ability to move markets via a single sell order. Yet the greatest whales of all aren’t traders but ICOs which own millions of ether worth billions of dollars. Over 3% of the total ethereum supply is estimated to be in the hands of ICOs, and when those projects cash out, as periodically happens, the effects can be dramatic.

Also read: The ‘Mt Gox Whale’ Explains His Crypto-Selling Strategy

Ethereum Is at the Mercy of ICOs Cashing Out

On Sunday, while the crypto markets were enduring yet more turmoil, ethereum took a sudden nosedive, going from $ 516 to $ 464 in under two hours. Up until then, it had been one of the more stable coins compared to alts still in the experimental stage, which have absorbed the worst of the losses. Ethereum’s flash drop made it one of the worst performers in the cryptocurrency top 100 yesterday, shaving around 16% off its valuation. The cause of the sell-off has been attributed to one of last year’s ICOs offloading a significant portion of its ethereum reserves. If so, it’s not the first time something like this has happened, and it certainly won’t be the last.

Ethereum’s ICO Whales Can Crash the Market at Any Time

Deducing the total amount of ethereum that has been invested in ICOs is relatively straightforward. Around two thirds of the $ 5.7 billion raised by crowdsales in 2017 was in the form of ether. These projects are obliged to sporadically cash out their holdings for fiat currency, to cover expenses that can’t be paid in crypto. And when they do, it makes sense for those projects to withdraw a lump sum. What’s good for them isn’t necessarily good for the market though, especially traders whose longs are rekt by a sudden dump of ETH.

Fear of the Whale

Ethereum’s ICO Whales Can Crash the Market at Any TimeCryptocurrency markets are much less liquid than traditional financial markets. When hundreds of thousands of ether is sold on the open market, typically via an exchange such as Bitfinex or Kraken, it will instantly depress prices. Traders, ever alert to even the slightest signs of market movement, are skittish creatures, and even the possibility of a coming dump can be a case for concern, as evidenced by the recent fears over the Mt Gox whale dumping BTC en masse – even though those fears have since been assuaged.

12 hours before ethereum dropped on Sunday, EOS moved 50,000 ETH to a Bitfinex address. It is impossible to determine when an entity sells the funds they have moved to a cryptocurrency exchange; the deposit only indicates intent to sell. The contribution addresses of major ICOs are monitored by discerning traders, however, and thus when a crowdsale transfers ETH to an exchange, it can become a self-fulfilling prophecy that serves to deflate prices.

At Least 3.4% of All ETH Is Locked Up in ICOs

One crypto trader professes to have seen figures showing that 3.4% of all ETH, or around 3.4 billion coins, are in the possession of ICOs. When these projects have bills to pay, or fear that the market is likely to deflate further, they feel obligated to cash out. These whales are under no obligation to sell OTC; using a trusted exchange is generally the preferred route. All of this creates downward pressure on ethereum on a scale far higher than that faced by any other crypto asset.

For so long as ethereum remains the preferred fundraising platform for ICOs, the cryptocurrency will remain concentrated in the hands of 100 or so projects, each with the power to offload on the market at any time. In each instance, the market will recover, but not before some traders, especially those using leverage, have absorbed heavy losses. Every cloud has a silver lining though, and when major dumpage occurs, it’s a prime opportunity for other traders to scoop up cheap coins before the price rebounds.

Do you think ethereum is hostage to the large amounts of coins in the possession of ICO whales? Let us know in the comments section below.

Images courtesy of Shutterstock and Coincodex.

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The post Ethereum’s ICO Whales Can Crash the Market at Any Time appeared first on Bitcoin News.

Bitcoin News

2 Aviators Killed in Navy Jet Crash

March 15, 2018 |

Two aviators were killed Wednesday afternoon when a Navy fighter jet crashed near the Naval Air Station Key West. The AP reports that the F/A-18 Super Hornet was on approach to land when it crashed into the water about a mile east of the runway. The pilot and the weapons…


Fatal Helicopter Crash, Victim’s Family Sues

March 13, 2018 |

The family of one of the victims of the New York City helicopter crash has sued the helicopter company, claiming the pilot failed to properly protect his passenger. Trevor Cadigan was on the chopper that went down Sunday in the East River. He,…

5 Passengers Die, Pilot Escapes in NYC Helicopter Crash

March 12, 2018 |

A helicopter crashed into New York City’s East River Sunday night and flipped upside down in the water, killing five of the six people aboard, officials say. Video taken by a bystander and posted on Twitter shows the red helicopter land hard in the water and then capsize, its rotors…

NYC Crosswalk Crash Killed Daughter of Broadway Star

March 8, 2018 |

Feelings of heartbreak in the wake of a horrifying incident at a New York City crosswalk Monday have turned to feelings of outrage with new details emerging about the driver who allegedly struck and killed two young children and critically injured a pregnant Broadway star. As reports, the…

Mom frantically tried to revive baby killed in deadly Brooklyn crash

March 6, 2018 |

An out-of-control driver killed two children and injured their mothers Monday while they were crossing the street at a busy Brooklyn intersection.
FOX News

Rodeo Chairman Critically Injured in Stagecoach Crash

February 26, 2018 |

The chairman of an Arizona rodeo was among two people critically injured when an event went badly wrong, authorities say. The Superstition Fire and Medical District says the incident occurred at the Lost Dutchman Days Rodeo in Apache Junction on Saturday, the Arizona Republic reports. Witnesses say the stagecoach hit…

2 Weeks After Crash, a 4th Grand Canyon Victim

February 23, 2018 |

A tourist pulled from the wreckage of a fiery helicopter crash in the Grand Canyon died from his injuries Thursday, per Nevada authorities. The Clark County coroner confirmed in a statement that 31-year-old Neil Udall (also IDed as Jonathan Udall ) died at University Medical Center of Southern Nevada, the…

Cops Let Driver Go. 90 Minutes Later, a Fatal Crash: Legal Docs

February 22, 2018 |

A witness called 911 on Oct. 6 after seeing Tron Gorbonosenko allegedly crash his Ford Mustang into a parked car and utility pole, confronting him after he left the vehicle, and smelling alcohol on his breath. Three police officers came to the Indiana scene, and the witness told them it…