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HomeFintech NewsELECTRONEUM (ETN) DROPS 40% IN 40 DAYS

ELECTRONEUM (ETN) DROPS 40% IN 40 DAYS

Michael Parsons Resigns — The Next Step for Cardano On November 13, 2018, the Cardano Foundation announced via a press release, the resignation of the Michael Parsons, Chairman of the Foundation Council of the Cardano Foundation. He acted in response to the petition signed by members of the cardano community in early October, calling for his resign. Parsons was replaced with immediate effect on an interim basis by another member of Council, Pascal Schmid. This leadership change in the Cardano Foundation was foreseen, as an internal rift was taking place in the organization for a while. The CEO of IOHK, Charles Hoskinson, has not hidden his dissatisfaction of the occurrence in the Cardano Foundation. Hoskinson has a lot of influence in the Cardano community, as he is one of the masterminds behind Ethereum and Cardano. He has noted previously the lack of vision, proper fund allocation, transparency, and financial accountability as major problems in Cardano. Michael Parsons, was said to have paralyzed the project because of his dictatorship in the Cardano community. This was perhaps the propelling force behind Parsons’ resignation as Chairman of the Cardano Foundation. The news of Parson's resignation is a victory for the Cardano community according to Hoskinson and he likened the event to the end of an era of captivity. What’s Next for the Cardano Foundation? Hoskinson says that the Cardano Foundation has to spend the next few months for clean-up, restructuring and rebuilding itself. With Parson's exit, he believes the Foundation can restore its credibility, trust, and faith with the community. He expects a more democratic foundation, more variety in the board, and suggests about 7 board members. He also advised that the Foundation should invest in its Swiss jurisdiction, cooperate with regulators while operating as a viable entity inside the ecosystem. He also mentioned that IOHK will keep working with the Cardano Foundation to move Cardano forward. Despite having internal squabbles, Cardano has witnessed tangible progress recently, which includes Trezor wallet stating their official support for the ADA cryptocurrency and Project Icarus passing the security audit. Q1 2019 is expected to bring developmental achievement for Cardano, as the project will progress without the restraints of the previous leadership and management. This change in Cardano proves democracy's power over authoritarian governance structure in the blockchain industry. It is important that democratic, transparent governance structures are established in the crypto industry, as those ideals of decentralization will differentiate it from the traditional fiat system.
Ifeanyi Andresen
By Ifeanyi Andresen

Electroneum (ETN) has risen substantially on a 3 month basis, however, the performance of Electroneum (ETN) in the past one month, has been consistently taking a downward slope and well. The last high price it made was $ .27, 40 days ago. Since that time, it has been going downwards.

It was trading at a level of $ .27 on September 28, it fell all the way to $ .16 today. Meaning that, in a matter of just 40 days, it has fallen by 40%. The long-term investors in Electroneum (ETH) are a somewhat worried about this fall because though most of the other cryptocurrencies and Altcoins are trading in the red also when you compare their prices as at 40 days ago but only few of them have actually seen such a crash.

Electroneum (ETN) had announced earlier that it is one of the 1st cryptocurrencies to become KYC complaint, this is believed to be one of the main reasons why it was experiencing such a rally. As a result of the announcement, the excitement around Electroneum (ETN) was consistently increasing. Clearly from the volumes, however, the adoption of Electroneum (ETN) has barely increased.

The volumes were around a peak of $ 10 million daily. Presently, the volumes are around $ 1.6 million in the past 36 hours. This is an indication of the fact that ever since then, there has been a considerable reduction in the interest in Electroneum (ETN). Once this happens, those who have invested in Electroneum at the higher levels will be in a tight corner. .

Although taking a look at the rise of Electroneum (ETN) in the past 3 months will  show that it has risen from $ 0.008 to $ .16 currently, therefore those who invested 3 months back are still making a substantial amount of money while those investors who have invested at the peak are likely to be stuck.

Investors will have to be on the lookout on whether it is able to retain those levels or whether it will continue on its downward trend. If indeed, there is a continuous descend, the volumes are likely to decrease a lot more as the investors who are stuck at the higher levels will find it impossible to liquidate their positions.

More so, there wouldn’t be any new interest from the investors or traders after observing, in 40 days such a substantial wealth crash.

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.
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