Ether Price in Pounds: Unable to Reach £1,100
The Ether price in British pounds plummeted in November, with Trading View charts showing the ETH price at less than £1,100 on 11 November and failing to rise to the level again.
Ethereum tops the list of altcoins among traders and investors. It is the most well-known altcoin and, to many investors and enthusiasts, much more than just another cryptocurrency.
Currently, the ETH price is £1,575.97, slightly higher than the opening price of this week, £1,552.52. During an entire week, Ether's price moved between a maximum of £1,063.22 on 5 December to a lowest of £1,000.01 on 7 December.
The Ether price pounds value rallied 19.74% from £907 on 22 November to £1,086 on 30 November before falling -7.20%. The resistance level at £1,086 has been keeping up for a month, which is the likely cause of the correction to £1,000.01 on 7 December. On the other hand, traders are happy that the ETH is now trading 15% above its low on 22 November.
The market is already in winter, and the fall of FTX worsened the mood of traders. However, two other events pushed the waves higher and broke traders' confidence. A tweet by Elon musk asking SBF where did the money go acted as a stone to break the beaker.
Plus, three US Senators wrote to Silvergate Bank asking for information regarding the bank's involvement with FTX. Lawmakers are trying to find out legislative or regulatory solutions to prevent a similar occurrence in the future.
Following "reports suggesting that Silvergate enabled the transfer of FTX client cash to Alameda", the lawmakers asked inquiries. They gave the bank until 19 December to respond.
NBC News, on 5 December, reported that Silvergate is claiming not to be involved in FTX and Alameda Research's apparent misuse of customer funds. However, according to 6 December news, the three Senators, Elizabeth Warren, John Kennedy, and Roger Marshall, sent a letter to Silvergate CEO Alan Lane. It asked the bank to provide details on its connection with FTX regarding the allegations and queries around its name.
It is still unclear what the long-term consequences of FTX's collapse will be, as the latest wave of bankruptcy cases poses a risk of extending the present cryptocurrency bear market. Keeping these things in mind, investors are forced to think that the crypto meltdown will likely go deeper because of such frequent negative events happening in the market.
The FTX collapse has had an influence on the course of the regulatory regime in the United Kingdom. The planned revisions would make it possible for the Financial Conduct Authority (FCA) to keep an eye on the regional operations of the crypto businesses.
In this bearish scenario, investors fear Ether could lose the £1,000 support. It's important to note that making a firm call for the Ether price pounds value is challenging. Some predict that Ether could be in for a crash this year, with its value dropping as low as £750. Crypto market analysts expect ETH to drop as much as 80% from its all-time high of £3,560, leading it to around the said support level.
A positive aspect of the network, when considering the Ether price pounds value, is that Ethereum has more than a 90% share of the NFT market.
It is hoped that the first smart contract blockchain will survive this period of instability.
Author: Sayani Chakraborty
Has been working in the Crypto Industry for over 5 years now, as a Strategic Content Creator and copywriter.