Home / Crypto Currency / EOS Price: Short-term Squeeze can Push the Value Below $11

EOS Price: Short-term Squeeze can Push the Value Below $11

It has become apparent over the weekend there is still a lot of negative pressure across all cryptocurrency markets. All of these major currencies are still in the dirt, with the EOS price taking the biggest hit of them all. This most recent 14.24% setback is worrisome for altcoin speculators, albeit not entirely unexpected when looking at the bigger picture.

EOS Price Drops Below $11.3

With all of the negative pressure affecting the cryptocurrency markets these days, it is only normal there are a few setbacks to contend with. In the case of the EOS price, the setback is a lot steeper than one would expect at this point. Even though Bitcoin is down by nearly 8% as well, the EOS price has lost 14.24% in the same time period. That in itself is not all that appealing, albeit it’s not the end of the world either.

One always has to put these short-term EOS price snapshots into their proper perspective. Ten minutes from now, the situation can look either a lot worse or a lot better. A temporary snapshot always tells part of the story, albeit no one can deny the bearish pressure on all cryptocurrency markets is not relenting so far. The year 2018 has seen very little positive momentum in this regard, and that situation may not change in the coming weeks either.

For the EOS price, it seems there will no real improvement in the immediate future. With an 8.6% loss over Bitcoin and an 8.93% decline over Ethereum, it seems evident most altcoins will suffer from the brunt of this bearish momentum for the foreseeable future. As long as the Bitcoin price doesn’t go in the green again, one shouldn’t expect any of the alternative cryptocurrencies to fare better in this regard.

One thing working in favor of EOS is how its trading volume continues to pick up for several days in a row. Albeit the market is currently dominated by sellers rather than buyers a volume of $2.47bn in very impressive. In fact, EOS is only one of a handful of currencies to ever reach such a volume in a 24-hour period, which seems to indicate the demand for this currency is not slowing down.

OKEx remains the go-to trading platform for EOS, with its USDT and BTC pairs both in the top six. Huobi’s USDT pair is in second place, followed by Bithumb’s KRW pair. Bitfinex and Upbit add two more fiat currency markets to the top five, which seems to indicate they may be an influx of fresh capital sooner rather than later. Either that or people are massively selling off their EOS in favor of “stable” fiat currencies. An interesting situation to keep an eye on regardless.

For the time being, there will be no immediate improvement in the EOS price until Bitcoin recovers. As much as altcoins would like to stand alone in this regard, they all primarily rely on the Bitcoin price momentum. EOS is no different in this regard at this stage, albeit investors can only hope to see that situation change. Otherwise, the year 2018 may become a very tough one for all altcoins.

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US Investor Files Lawsuit Against AT&T Over Cryptocurrency Theft

A U.S.-based cryptocurrency investor and entrepreneur has filed a multi-million-dollar lawsuit against telecommunications firm AT&T. Michael Terpin believes that he became the victim of a theft in which a large amount of digital currency was taken from him due to the company’s negligence. Terpin Believes He Was the Victim of a SIM Swap Fraud Michael Terpin has brought legal action against the U.S. telecommunications provider AT&T. The investor and early cryptocurrency advocate filed a 69-page complaint with the U.S. District Court in Los Angeles. During the document, Terpin claims that a large number of digital coins and tokens were stolen from him on January 7, 2018. It goes on to state that AT&T are guilty of gross negligence and fraud, which resulted in the loss of a substantial amount of cryptocurrency. According to Reuters, AT&T responded via email to the complaint by stating: “We dispute these allegations and look forward to presenting our case in court.” The filing claims that Terpin was the victim of a SIM swap fraud that was made possible by the negligence of AT&T. Such a scam involves fraudsters convincing a mobile phone provider to switch a user’s phone number to another SIM card which is under their control. Scammers can then use the number to reset login information for various accounts, allowing them to access them. Michael Terpin is the co-founder of BitAngels – an early angel group for Bitcoin investors. He also helped to set up the first digital currency fund, the BitAngels/Dapps fund in 2014. Today, Terpin is one of the Alphabit Fund’s top advisers. According to the court documents, a total of three million digital tokens were taken from Terpin. Back in January, these were worth around $23.8 million collectively. The filing also states that Terpin is seeking an additional $200 million in punitive damages. Whatever the outcome of Terpin’s court case, it illustrates the dangers of keeping large amounts of digital assets anywhere but in properly secured cold storage. The precise details of the storage of Terpin’s tokens are not currently known. However, any solution which could be comprised by SIM swap fraud is evidently not secure enough. Terpin’s missing funds join the other $1.2 billion plus of cryptos stolen from poorly secured storage solutions since 2017. The case also highlighted a need for adequate custody services in the cryptocurrency industry. This is seen by many as one of the most important steps to opening cryptocurrencies to a wider group of investors. Many do not have the technical knowledge required to set up totally secure paper wallets. Others simply shirk the responsibility of being the sole participant responsible for the safety of their digital wealth. The industry is responding, however. Already this year, NewsBTC has reported on efforts by Circle, Coinbase, and Blockchain to facilitate secure storage for large net-worth individuals and institutions. Featured image from Shutterstock. The post US Investor Files Lawsuit Against AT&T Over Cryptocurrency Theft appeared first on NewsBTC.

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