Crypto News: Bitcoin and Ethereum Continue Bearish Trend, Whales Are Scooping up ETH, and Dogecoin Co-Founder Calls out All of Crypto

Once again, it’s time for your Netcoins weekly news roundup!

This week’s edition starts by following the continued cooling off of the broader crypto market. But don’t tell that to Ethereum whales, they are not cooling off their buying patterns. Instead, they’re scooping up Ethereum tokens at a huge discount as you’re about to learn.

We finish this edition of the round up with some strong words from Dogecoin co-founder Jackson Palmer, who may never work in the crypto world again.

Why Bitcoin and Ethereum May Turn Bearish for Quite Some Time

Xianyu is an online marketplace for second-hand goods owned by Chinese e-commerce giant Alibaba. Why is it relevant to cryptocurrency? Simple.

An inordinate number of GPUs associated with Bitcoin and Ethereum mining equipment are being sold on the second-hand site as Chinese miners look to save whatever capital they can following China’s government crackdown on cryptocurrency mining.

Screenshots from the website show that although equipment is being listed at fair market value, many buyers are offering much lower prices to the tune of 40% to 50% discounts. Sellers on the other hand are trying to sell the equipment in bulk.

Bitcoin and Ethereum are both down between 3% and 5% as of the time of this writing as fears of a bigger downturn loom.

Just 10 Ethereum Addresses Own Nearly 21% of ETH Tokens

With Ethereum still trading at $2,000 Canadian at the time of this writing despite a broader crypto market pullback recently, it might shock crypto enthusiasts to know that since May, 2017, Ethereum whales have been accumulating more and more ETH tokens.

20.58% of all the ETH tokens currently in circulation are owned by just 10 Ethereum addresses. That’s a high level of concentration for all those ETH tokens considering the market capitalization of Ethereum is over $235 billion Canadian.

Although that number dropped to 18.46% recently, those very same whales have accumulated 2.12% of the total supply in just the last 41 days.

Leaked J.P. Morgan Report Reveals Stern Warning about Bitcoin Price Volatility

Many crypto enthusiasts are over the moon with excitement about the fact that El Salvador now considers Bitcoin a legal currency. A leaked report from J.P. Morgan is curbing that enthusiasm a little bit.

The investment bank says that Bitcoin’s price volatility is still too high. As news of the report came out this week, Ethereum’s price dip led the way in helping wipe more than $100 billion USD out of the crypto market.

Both on-chain and technical analysis clearly show that investors have yet to find a bottom price they are satisfied with.

For now, the prices of both Bitcoin and Ethereum appear to be sea sawing as we approach the end of the week.

Co-Founder of Dogecoin Says Crypto Is Controlled by A ‘Cartel’

Jackson Palmer is the cofounder of everyone’s favourite meme coin, Dogecoin. The project famously has no particular use case and is mostly known for the image of a cute dog featured in the logo and the fact that Elon Musk helped pump the price over the last year.

In a series of tweets published earlier this week, Palmer felt the need to clear the air and answer members of the crypto community who have been asking him if he’ll make a return to cryptocurrency.

Palmer stated he will not return to the industry and elaborated, expressing his belief that crypto is ‘controlled by a powerful cartel of wealthy figures’. He went on to say:

“The cryptocurrency industry leverages a network of shady business connections, bought influencers and pay for play media outlets to perpetuate “get-rich-quick” funnel designed to extract new money from the financially desperate and naïve.”

Those are some strong and poignant words from Palmer. Many in the crypto sphere agree with his stance and it’s perhaps the commitment to perpetuating so-called get-rich-quick funnels that are the reason most crypto projects will be dead in the water years from now.

It will be interesting to see whether Palmer ever has a change of heart and returns to the industry that made him a household name.

That’s it for this edition of the Netcoins Weekly News Roundup.

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