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Ethereum prices are free-falling less than 24 hours after Gary Gensler, the chairperson of the United States Securities and Exchange Commission (SEC), was put totaskon whether ETH, the native cryptocurrency of Ethereum, was a security or a commodity.

That Gensler failed to clarify the status of ETH before the House Financial Services Committee on April 18 can be problematic.

Rep. Patrick McHenry, the committee chair, pressed Gensler to state whether ETH was a commodity or a securitymeaning the asset must be regulated by the SEC and engaging entities must register to transact.

However, Gensler failed to answer the question saying he didnt want to pre-judge. This statement is despite the SEC taking enforcement actions and serving Wells Notices to several cryptocurrency companies in the past few months.

How the SEC will react to the House Finance Services Committees demands remains unclear. In the meantime, without clarity and the SECdemandingplatform offering staking services to register, ETH and tokens of proof-of-stake networks would likely remain under pressure.

When writing on April 19, ETH prices have fallen below the psychological $2,000 level, dropping 8% in the last few hours. It comes after ETH prices peaked at around $2,140 on April 14, a few days after the activation of the Shanghai Upgrade on the Ethereum mainnet.

Shanghai was a highly anticipated update that allows validators and stakers to withdraw their coins from the Beacon Chain.

From the Ethereum daily chart, the collapse of prices on April 19 has unwound the gains of April 14. It continues to heap pressure on buyers from last week.

Still, even at spot rates, the uptrend remains firm. ETH is up 40% from mid-March and 72% from December 2022 lows.

Whether this trend will continue and Ethereum buyers flow back depends on the reaction of prices in the next few trading session. The key reaction points going forward are April 2023 highs at $2,140, acting as resistance; and $1,900 on the lower end.

While the SEC and the Commodity Futures Trading Commission (CFTC) have confirmed Bitcoin to be a commodity, the silence from the SEC on ETHs status could negatively impact ETH and how conservative investors perceive the second-largest cryptocurrency.

Institutional investors often conduct their due diligence so they dont have exposure to unregistered securities. The SEC is yet to issue clarity on the precise classification of ETH, which is negative for the coin.

Feature Image From Canva, Chart From TradingView

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Ethereum Crashing Hours After SEC Head Failed To Clarify ETHs Security Status - NewsBTC

Bitcoins price dropped by over 4.5% Wednesday morning in the space of a few hours, reaching new weekly lows of $29,158, per data from CoinGecko. At present, Bitcoin is trading at around $29,275, down over 2% on the day.

The total market capitalization of all cryptocurrencies fell at a similar pace with Bitcoin, dropping by 3.7% over the last 24 hours to $1.27 trillion. Ethereum (ETH) also broke below its $2,000 psychological level, and is currently down 6% in the last 24 hours, trading at $1,975.

While there were no immediate catalysts to explain the price crash, gold also experienced a 1.57% drop around the same period, suggesting that the declines can be correlated.

BTC/USD (top) and Gold hourly price chart. Source: Trading View

On April 14, the U.S. Federal Reserve leaned toward another 25 basis point hike in its upcoming May policy rate meeting, strengthening the dollar and putting pressure on gold and Bitcoin.

The news restricted a crypto market uptrend during the weekend, as Bitcoins price dropped to lows of $29,380 on Monday. While there was a brief recovery above $30,000 the following day, a simultaneous drop in gold and Bitcoin suggests that the market may still be attempting to price the interest rate hike.

The price drop caused a total of $250 million in liquidations across the entire crypto market over the past 24 hours, with the majority of the orders being long, according to Coinglass data. Bitcoin, Ethereum, Dogecoin, and XRP accounted for over 40% of the liquidated amount, with the rest of the liquidations distributed across the entire market.

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Over $250 Million in Liquidations as Bitcoin, Ethereum Slip - Decrypt

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MEV bot responsible for 7% of total gas on Ethereum network in 24 hours - CryptoSlate

A new cryptocurrency called Pepe Coin was introduced this month and has attracted the interest of investors. In the past 24 hours, Pepe Coin has risen by almost 300%. CHAD is no exception, as the coin is up by over 80% during the same period.

Investors are buying up the token fervently, with the hope that it could follow the success stories of Dogecoin and Shiba Inu. In the hope of making millions, sandwich bots are front-running traders who are getting their hands on Pepe Coin and CHAD.

Also read: Crypto.com Introduces Shiba Inu (SHIB) Trading Contest for the Community

A sandwich attack involves the exploitation of a users transaction, which is strategically placed between two other transactions for the purpose of manipulating and earning profits. Bots carry out this attack by front-running, buying the same asset from the victim, and then selling it for a slightly elevated price to the same victim.

These types of attacks are usually not good for the network or the user. However, the recent popularity of Pepe Coin and CHAD has alerted the bot, especially a wallet named Jaredfromsubway.eth. The user has spent over $2 million on Ethereum gas fees alone to carry out sandwich attacks.

Data from Dune Analytics reveals that the Ethereum gas fees have spiked as a result, spiking almost ten times higher than those of last week. Jaredfromsubway.eth has also emerged as the top gas fee spender on the network in the past 24 hours.

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Ethereum Fees Surge as Sandwich Bots Tailgate Traders of Pepe ... - Watcher Guru

As cryptocurrencies continue to gain momentum in the global economy, Bitcoins long-standing dominance faces a growing challenge from Ethereum. This second most valuable cryptocurrency boasts innovative features that have sparked discussions about a possible shift in primacy.Ethereum vs. Bitcoin. Is there a clear winner?

In this article, we delve into the strengths and weaknesses of both Ethereum and Bitcoin, while examining the potential for Ethereum to dethrone Bitcoin in the not-so-distant future.

Undeniably, Bitcoin has long reigned as the king of cryptocurrencies. However, Ethereums rapid advances and unique features have ignited debates about a potential upstaging. Here well analyze the strengths of both and the likelihood of Ethereum surpassing Bitcoin in the near future.

Ethereums platform enjoys the ability to support decentralized applications (dApps) and smart contracts. These innovations have enabled a myriad of use cases, such as decentralized governance, prediction markets, and supply-chain management. In contrast, Bitcoins architecture focuses primarily on secure and decentralized transactions, limiting its potential applications.

One example of Ethereums versatile platform is Uniswap, a decentralized exchange (DEX) allowing users to trade tokens without a centralized intermediary. Uniswaps success demonstrates the potential of dApps built on Ethereums network.

The Ethereum 2.0 upgrade and the Shanghai hard fork addressed two pressing concerns: scalability and environmental sustainability. By adopting a Proof of Stake (PoS) consensus mechanism, Ethereum significantly reduced its energy consumption, positioning itself as a greener alternative to Bitcoins energy-intensive Proof of Work (PoW) system.

The Ethereum upgrade also introduced sharding, a technique that increases transaction throughput by splitting the network into smaller, interconnected units called shards. This alleviates congestion and enhances the networks overall performance, making it more attractive for large-scale projects.

Ethereums prominence in DeFi and NFT markets enhances its potential to overtake Bitcoin in market cap and real-world applications. With DeFi enabling lending, borrowing, and asset management, and NFTs ensuring unique digital asset ownership, Ethereum becomes vital.

Examples include Aave, an Ethereum-based DeFi lending platform, and Ethereums booming NFT market, featuring projects like CryptoPunks and Bored Ape Yacht Club.

Bitcoins pioneering status and established network have secured its position as the leading digital asset. The network effect it enjoys makes it difficult for competitors to match it for recognition and adoption. Even as they introduce new features and technological advances.

One notable example of Bitcoins network effect is the Lightning Network, a second-layer solution that enables faster and cheaper transactions. By leveraging Bitcoins established infrastructure, the Lightning Network has gained traction, further solidifying Bitcoins dominance.

Bitcoins limited supply and deflationary nature have earned it the moniker digital gold, establishing it as a reliable store of value. As other cryptocurrencies advance technologically, Bitcoins scarcity and stability continue to lure investors seeking a hedge against inflation.

Institutional investors like MicroStrategy have invested billions of dollars in Bitcoin, exemplifying its appeal as a store of value. Moreover, countries like El Salvador have adopted Bitcoin as legal tender, further validating its role in the global financial landscape.

Bitcoins PoW consensus mechanism has withstood the test of time, offering unparalleled security and decentralization. Despite Ethereums innovations, Bitcoin remains the gold standard in terms of robustness, keeping it at the forefront.

Bitcoins network, powered by numerous miners across the globe, contributes to its security and decentralization. The immense computational power required to attack the network deters potential adversaries, ensuring that transactions remain secure and trustworthy.

Ethereums advancements and DeFi/NFT prominence suggest it could surpass Bitcoin. But Bitcoins first mover advantage, store of value status, and strong security ensure it remains formidable.

In the end, the contest may focus on the distinct roles of Ethereum and Bitcoin in the blockchain ecosystem. As the landscape evolves, both will likely exert influence and foster industry growth in complementary ways.

In the end, it is likely that Ethereum and Bitcoin will coexist, catering to different niches in the crypto space.

Ethereum, with its versatile platform and innovative technology, could become the backbone of decentralized applications and digital asset markets.

Bitcoin, as a secure digital gold standard, may persist as a hedge against economic uncertainty.

Whichever cryptocurrency leads, the evolving blockchain landscape will reshape finance, governance, and various industries. Both Ethereum and Bitcoin will be vital in shaping the digital economys future.

Following the Trust Project guidelines, this feature article presents opinions and perspectives from industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should verify information independently and consult with a professional before making decisions based on this content.

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Ethereum vs. Bitcoin: Which One Has the Edge in Crypto Trading? - BeInCrypto