Ether Up 11%
Ether, the native cryptocurrency of the Ethereum blockchain protocol, has increased by more than 11 percent against the US dollar and 6 percent against bitcoin. The market valuation of Ether has increased to $79 billion and is en route to cross $80 billion in the next 24 hours.
The rapid increase in the price of Ether is said to have been fueled by the analysis of respected experts and analysts who have emphasized that Ether is not a security under the laws of the US Securities and Exchange Commission (SEC).
Ethereum co-founder Joseph Lubin, who oversees a large-scale blockchain development studio ConsenSys, said that the founding team of Ethereum conducted legal due diligence to ensure Ethereum remained in compliance with applicable regulations.
“We spent a tremendous amount of time with lawyers in the US and in other countries, and are extremely comfortable that it is not a security; it never was a security,” said Lubin, “we are absolutely unconcerned about the current discussions.”
Increasing confidence towards the inapplicability of Ether as a security is likely fueling the demand for the cryptocurrency. As tokens such as WanChain, Decentraland, Ontology, EOS, and Ziliqa continue to record strong gains against both bitcoin and the US dollar, analyst expect the price of Ether to increase further in the short-term…