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Ether, one of the best-performing cryptocurrencies during the boom last year, is taking another nose dive on Wednesday.
The world's second largest cryptocurrency fell 8 percent to a low of $170.34, bringing its drop since the high in January to roughly 90 percent, according to CoinDesk.
Ethereum to paypal typically rises and falls alongside its larger, better-known predecessor bitcoin. But that trend is changing. Despite volatility, bitcoin's value in 30 days has risen by 0.1 percent. Ethererem to paypal meanwhile has fallen 45 percent in the same time period.
"In this case, bitcoin is acting like more of a safe haven for cryptocurrencies — it's kind of consolidating," said Mati Greenspan, senior market analyst at cryptocurrency brokerage eToro.
Ether's recent performance marks a sharp reverse from last year. Retail investors were excited about its utility compared to bitcoin, which can't be used to build blockchain applications and is mostly seen as a speculative investment or a store of value. The cryptocurrency rose more than 9,000 percent after starting the year around $8.
Bearish comments from co-founder of the Ethereum blockchain Vitalik Buterin over the weekend may have also spooked ether investors.
"There isn't an opportunity for yet another 1,000-times growth in anything in the space anymore," Vitalik told Bloomberg News interview this Saturday in Hong Kong. "The blockchain space is getting to the point where there's a ceiling in sight."
Ether is the name of the cryptocurrency, but it's closely associated with the popular Ethereum blockchain. Unlike bitcoin, which gives access to a global financial network, ether gives users access to a computer network. Its use has been compared to gasoline for a car. Developers can use ether tokens as fuel for certain functions on that blockchain.
Analysts also said that investor enthusiasm was eroding due to the scrutiny of initial coin offerings based on the Ethereum platform.
The Securities and Exchange Commission said earlier this year that the Ethereum was not a security. But the president of the agency said the initial offers of parts, many of which were based on the Ethereum to paypal platform, are in fact securities subject to SEC law.
Tons of these projects have failed since the launch of the cryptography boom and had to sell a significant portion of Ethereum's holdings to manage their cash flow and expenses.
On Tuesday, a federal judge in New York refused to dismiss a case in which two of the cryptocurrencies were not securities within the meaning of criminal law. The Brooklyn District Judge in New York said a reasonable jury should be able to apply the so-called Howey test, which applies to securities.
Although Tam de CoinFi sees regulation as a positive long-term measure and the only way to usher in a "healthier market", investors seem to disagree.
Prices since January 1
The rate of ether is rising with its popularity and it is a prediction that it will go at the top in the end of 2018, currently it comes after the bitcoin.
Ether coin can’t use in its digital form, it is required to convert into Paypal dollars. The dollar is an American currency and krill is an online financial service that is working for transferring the money from one source to another. But Ethereum can’t transfer money to the Paypal dollar account it requires a medium of exchange.
Ethereumpro.net is one of the best websites that is providing cryptocurrency exchanging services. This is a registered website and is working at international level. This website performs many functions but one of the main functions is to buy the ether from the Ethereum to paypal sellers and convert it into their required currency.
@ALLRIGHTRESERVED ETHEREUM TO PAYPAL
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