updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131In a spirited response to allegations that the Ethereum Foundation has been irresponsibly selling off its ETH holdings, co-founder Vitalik Buterin firmly denied the accusations on X. In an explanation, Buterin provided detailed insights into the Foundation’s financial practices and its contributions to the ecosystem.
The controversy arose after a X user accused the Ethereum Foundation of “dumping” ETH, implying that such actions have negatively impacted the ETH price. Buterin quickly took to X to address these concerns, emphasizing that not only had he not sold any ETH himself recently, but the amount of ETH he holds had actually increased.
On October 26, 2024, he provided a clear rebuttal to the rumors, stating, “I haven’t sold a single ETH in the past month? The amount of ETH I hold has actually gone up.” Addressing further inquiries about the ETH Foundation’s actions, Buterin elaborated on the significant expenses the Foundation incurs, which are crucial for the development and maintenance of the Ethereum network.
“The ETH foundation is paying researchers and devs that are responsible for [making] Ethereum not bleeding 5M ETH/year to proof of work, your fees being low today, and your transactions getting included in less than 30 seconds instead of like 1-30 minutes (EIP 1559), show some respect” Buterin stated.
Buterin further elaborated on the Foundation’s contributions, detailing several key initiatives that underscore its commitment to technological advancement and network security. He mentioned the development of zero-knowledge (zk) technology, which facilitates private usage of ETH, citing projects like Railway as examples.
Additionally, Buterin discussed the progress in account abstraction technology, which aims to simplify user interactions with Ethereum by eliminating the need for traditional seed phrases and mitigating centralized points of failure reminiscent of the Sam Bankman-Fried (SBF) incident. This innovation “will let normies use ETH safely without seedphrases *or* SBF-style central points of failure,” the ETH co-founder wrote.
Buterin also highlighted the Foundation’s role in fostering a global Ethereum community through local events worldwide. He noted that many of these events often downplay the Foundation’s involvement, yet they play a significant role in disseminating knowledge and fostering collaboration among developers and enthusiasts.
Security and network reliability were other focal points of Buterin’s defense. He proudly stated that Ethereum has maintained zero downtime from denial-of-service (DoS) attacks and consensus failures since 2016. Furthermore, he credited the Foundation’s “various security work (internal dev and grants) that have prevented many losses of funds.”
Buterin concluded by emphasizing the Foundation’s contributions to the broader Ethereum ecosystem, including “libraries in all kinds of code you use (wallets, defi apps…).”
At press time, ETH traded at $2,521.
Featured image created with DALL.E, chart from TradingView.com
In response to a request for comment, AT&T Inc did not provide an immediate response to debunk the hanging fears from investors and users.
AT&T Inc (NYSE: T), one of the world’s largest telecommunications companies has witnessed a significant drop in its stock value, reaching its lowest point in three decades. Shares of the company reportedly tumbled by nearly 7% on Monday, as news of its involvement in the distribution of toxic lead cables spread like wildfire.
A recent report published by The Wall Street Journal on July 9 has brought to light a disturbing revelation involving major telecommunications giants AT&T and Verizon Communications Inc (NYSE: VZ). The report names these corporations, among others, as having abandoned an enormous network of underground wires containing hazardous lead.
AT&T now faces the challenge of restoring investor confidence amidst the ongoing toxic lead cable scandal. The stock has lost a quarter of its value this year, plummeting more than 12% since the Wall Street Journal report. The stock touched a low of $13.68 on Monday, the lowest since March 1993.
AT&T’s forward Price-to-Earnings (P/E) ratio of 5.95, as reported by Eikon data, stands below the industry median of 8.78. This suggests that AT&T’s stock is trading at a lower valuation than its peers in the industry.
Notably, Verizon has also experienced a decline in its stock price, falling 5.5% to $32.14, reaching a nearly 13-year low. Since The Wall Street Journal report, Verizon’s stock has lost over 10% of its value.
Citi analysts, led by Michael Rollins highlighted in a recent investor note that AT&T’s potential significant exposure to toxic lead cables poses unquantifiable financial risks for the company, creating a long-term overhang on its stock. With its extensive network reaching about 40% of US homes, the financial implications related to environmental cleanup, remediation efforts, and legal liabilities are causes for concern.
In response to a request for comment, AT&T Inc did not provide an immediate response to debunk the hanging fears from investors and users. However, US Telecom, a lobby group representing AT&T, Verizon, and other telecoms firms, issued a statement shedding light on the considerations involved in the decision to remove or leave buried cables.
The group emphasized that there is currently no evidence indicating that “legacy lead-sheathed telecom cables” are the leading cause of lead exposure or public health issues.
Analyst Michael Rollins from Citigroup has downgraded his rating on the company’s stock and significantly reduced the price target. Rollins downgraded the stock from “buy” to “neutral” and slashed the price target from $22 to $16. Similarly, JPMorgan Chase & Co (NYSE: JPM) analysts, led by Philip Cusick, have joined the list of analysts downgrading their rating on AT&T Inc’s stock. The analysts lowered their rating from “overweight” to “neutral” in response to the series of concerns.
The downgraded rating by JPMorgan further underscores the growing apprehension among analysts regarding AT&T’s financial outlook and potential challenges the company may face in its core business areas.
On the other hand, Morningstar analyst Michael Hodel has commented that while the situation warrants attention, he does not expect the telecom industry to bear substantial legal liability.
Hodel’s statement reflects the belief that the potential legal consequences and financial liabilities associated with the toxic lead cables may not have a significant impact on the overall telecom industry. However, constant monitoring and assessment of the situation will be required to properly grasp the scope of any legal or financial consequences.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
The cryptocurrency industry faces, yet again, another test of confidence. The Securities and Exchange Commission (SEC) announced that it was suing Coinbase and Binance in a move that scared cryptocurrency traders operating on the two exchanges.
But what had the potential of triggering a bearish move in the main cryptocurrency markets turned out to have zero impact. In particular, Bitcoin shows resilience, trading in a consolidation area before its next move.
One of the reasons why Bitcoin is resilient to such news is that it has become much more correlated with traditional markets. For instance, the tech sector’s movements influence Bitcoin much more than anything else.
Tech stocks surged in 2023, and so did Bitcoin.
After failing at $30k, it entered a consolidation which continues still. At this point, it looks like Bitcoin forms a bullish flag pattern, but only if the market makes a new yearly high one may be sure the consolidation ended.
Therefore, to trade this bullish flag, one needs two things. One is to wait for the market to move first and trade above $30k again. Such a move will signal that the bullish consolidation is over, and it is time to trade the measured move.
In this case, the measured move is about $10k projected from the upper edge of the flag. That gives us a target of $38k for Bitcoin, should it make a new high for the year.
All in all, the recent scandals might prove, once again, Bitcoin’s resilience. The cryptocurrency moves in line with the US dollar and the tech sector, and so, if the Federal Reserve decides to pause and not hike the funds rate at the next week’s meeting, Bitcoin’s chances of squeezing higher increase significantly.