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Ethereum and bitcoin struggle to pare losses amid correction jitters

12 Juillet 2017

That's the identification code for the virtual wallet of an anonymous cryptocurrency trader that's made more than $200 million in just over a month. In the posting, the trader boasted about the 413 per cent profit accumulated earlier this year from ether, the digital money of the Ethereum blockchain, Bloomberg reported.

"I get many private messages asking how much ether I have", the post read. One of the cool things about Ethereum is that all wallets around the world are transparent and open for everyone to see.

While the amount of earnings from cryptocurrency trading is incredible, it isn't at all impossible.

Despite the recent declines, blockchain-based currencies are gaining popularity among investors, attracted by their explosive performance and the potential this technology has as a store of value, possibly rivaling gold. The total value of cryptocurrencies reached an all-time high on June 6 when it surpassed $100 billion, according to Bloomberg. But those who have already bought the bitcoins are in no mood to left the price fall and that is one of the reasons for this consolidation.

Députés LREM. Interdiction de collaborer avec les autres groupes parlementaires
Les révélations de ce mercredi par nos confrères du Canard enchaîné ne devrait pas arranger les choses. Le règlement intérieur du groupe LREM à l'Assemblée nationale semble très strict.

That's also the source of some of its troubles, though: there have been a handful of cyberattacks that asked for ransom in bitcoin, and that trend could continue as it becomes more widely used.

A draft legislation issued by the European Parliament in March said the veil of secrecy could be stifling the mainstreaming of online money.

Bitcoin, the leading digital currency, last month reached an all-time high of almost $3000 and although the bitcoin price has fallen some 20 percent since then, it's still up by more than 250 percent on a yearly basis.

Ethereum and bitcoin struggle to pare losses amid correction jitters