Ethereum Price Stagnates as Curve Finance Hack Causes Volatility, But New IOTA20 Token is Turning Heads
The price of Ethereum ($ETH) has remained relatively flat over the past ten days, hovering around the $1,870 level.
Contributing to this price stagnation is the continued fallout from the recent hack of Curve Finance, which has caused uncertainty throughout the crypto market.
However, while Ethereum struggles to find direction, a new token called IOTA20 ($IOTA20) has been gaining traction and turning heads with its unique approach.
$ETH Warning Signs as Bearish Technicals Hint at Further Declines
At the time of writing, $ETH is trading at $1,860 and has just broken below the 50-day Exponential Moving Average (EMA) on the daily time frame.
This break hints that the bears might be in control, meaning $ETH could decline further to return to the low of $1,817 from Tuesday.
The token’s price is now down 7% in the past two weeks, aggressively rejecting the crucial psychological zone of $2,000.
Moreover, the recent weakness in Ethereum’s price comes amid a broader pullback in the crypto market as a whole.
The Crypto Fear & Greed Index, often used as a sentiment indicator for the whole crypto space, has declined to “Neutral” territory below 60.
This suggests traders and investors are growing worried about market conditions and opting to pull back on risky assets like cryptocurrencies.
Rampant DeFi Hacks Weigh on Ethereum Price
Another reason for Ethereum’s recent weakness is the vulnerabilities and exploits in the DeFi ecosystem – evidenced by the major Curve Finance pools hack on July 30.
According to a Cointelegraph article, multiple pools on Curve Finance using the Vyper programming language were targeted, resulting in losses of over $47 million.
It wasn’t only Curve Finance that was affected, with other DeFi projects like Ellipsis, Alchemix, and Metronome also suffering a loss of funds.
Naturally, widespread panic rippled throughout the DeFi sector following these exploits, casting a shadow of doubt over its safety and resilience.
The aftermath of these exploits has directly impacted Ethereum’s value, given that it hints at underlying weaknesses in the network’s DeFi setup.
According to a report from Web3 platform De.Fi, over $208 million was lost to DeFi hacks and scams in Q2 2023 alone – a statistic highlighting the risks still associated with DeFi applications.
As long as these risks persist, they are likely to affect the growth of ETH, as evidenced by the current stagnant price action.
Which Other Coins Are Gaining Traction in the Market?
While the Ethereum price continues to struggle, one new token bucking the trend is IOTA20.
This unique project has just launched its presale phase, raising $100,000 in funding in two days.
Novel Design & Planned Staking Protocol Help IOTA20 Presale Raise $100k in Two Days
IOTA20 ($IOTA20) is a brand-new crypto project that aims to take the innovative aspects of the original IOTA ($MIOTA) and refine them into a more accessible package.
Launched as an ERC-20 token, $IOTA20 seeks to carry the legacy of IOTA into a new era and offer a second chance to those who missed the latter’s exponential rise in 2017.
The total supply of $IOTA20 is fixed at 2,779,530,283, with 50% reserved for presale investors at a fixed price of $0.00145.
This substantial allocation to early backers hints at the project’s long-term potential as adoption ramps up.
Another factor playing into the excitement around IOTA20 is the development team’s plan to launch a staking protocol.
Although there are no specifics on how the protocol will work, the promise of staking rewards and passive income generation has garnered significant interest – leading to an influx of new members to the IOTA20 Telegram community.
IOTA20’s unique design and intriguing pricing setup, combined with the planned staking protocol, has even caught the attention of several prominent crypto influencers.
Jacob Bury, a YouTube analyst with over 20,000 subscribers, released a video breakdown of IOTA20, speculating that it could be a “100x cryptocurrency”.
All in all, the momentum and hype continue to build around IOTA20 as more and more investors take note of the token.
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