Vitalik ‘pivots’ ETH to store of value, crypto suffers after US midterms: Hodler’s Digest
Summary
Ethereum co-founder Vitalik Buterin has shifted the network toward a store of value concept, drawing criticism from Bitcoin supporters. Meanwhile, the broader digital asset sector navigates an unpredictable environment in the wake of the recent United States elections.
Vitalik Buterin wants Ethereum to embrace a store of value narrative, upsetting Bitcoin maxis. The crypto industry faces an uncertain future following the US elections.
Our Take
Crypto's post-midterm hangover is getting worse, and Ether is taking the bigger hit. ETH is down about 4% in the last 24 hours to roughly $2,140, after touching $2,108, and it has given back about 12% since its Nov. 4 post-election spike to $2,444. Bitcoin is holding up better, off less than 1% near $75,200.
With Democrats winning both chambers of Congress, traders are pricing a slower, tougher road for crypto rules, and the AI-stock sell-off keeps spilling into risk assets. Vitalik Buterin pushing ETH as a "store of value" is an interesting narrative shift, but a narrative does not stop selling. Right now ETH is trading like a high-beta tech stock, not digital gold. If Nvidia's news hits the AI trade again on Monday, crypto could feel it too.
Levels we're watching on ETH: $2,243 (24-hour high) and $2,250 as resistance; $2,108 (24-hour low) and the round $2,000 as support. On BTC: $76,100 above and $74,000 below.
Opinion of Tech & Money Press. Not financial advice.
Source: Read the full story at Cointelegraph.com News