Will Hinman Emails Affect Ethereum Price? ETH Price Drops by 8% Over Last Week

Godfrey Benjamin
June 13, 2023
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Ethereum price developer proposal

There is an ongoing u-turn in the crypto price action in the digital currency ecosystem following the release of the Hinman Emails and its possible implications. The market is currently paring off its gains with Ethereum (ETH) now in the spotlight after shedding off about 1.2% of its price to $1,734.13 over the past 24 hours at the time of writing.

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Will These Discovery Impact ETH Price?

For what it’s worth, Ethereum is the second largest digital currency by market capitalization after Bitcoin and the current hint of selloffs is quite mild to fuel a remarkable dent in the valuation of the asset.

The ongoing selloff can be tagged a knee jerk reaction from the market and as soon as many understand that the documents does not implicate Ethereum beyond the regular dissent among American regulators, we may then record a market rebalancing.

There are additional discoveries being made on the Hinman documents which are being pored on by experts in the crypto community. For many, the only issue is the lack of clarity on the part of the SEC and other regulators and the discrepancies between the tag for Ethereum and XRP might help fuel the long sought correction.

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Ethereum Price Down By 8% WoW

While the perceived loss can be said to be mild, it becomes significant when we factor in the fact that ETH has been on a bullish run earlier in the day. The selloff is currently encroaching with total trading volume in the past 24 hours coming in at $7 billion per data from CoinGape price chart.

Ethereum price

Source: Coinmarketcap

The bearish sentiment Ethereum is exhibiting today might stem from the mention it got as a favored digital currency in the released Hinman Emails. As reported by Coingape, the Emails show an indication that the United States Securities and Exchange Commission (SEC) favored Ethereum over other digital currencies.

The SEC through the Hinman Speech tagged Ethereum as a non-security even though it was launched through the process of an Initial Coin Offering (ICO) like XRP. The question now lies in why the markets regulator named Ethereum alongside Bitcoin (BTC) but left out XRP in its classification of what was a security at the time.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.