After a big day for Bitcoin in the futures market, Ethereum, the second largest cryptocurrency by market cap, still struggles to break above the key resistance level of $484 versus the USD.
Ethereum has been considered Bitcoin’s direct competitor by many investors, but its price is nowhere as volatile as Bitcoin price. Therefore, Ethereum is less likely to be driving up in a bubble, and carries less crash risk as of today.
On the corporate side, some of the largest banks in the world have revealed a pilot designed to simplify compliance using Ethereum. The project was born out of UBS' London-based fintech laboratory. Now they have help from Barclays (LON:BARC), Credit Suisse (SIX:CSGN), KBC, SIX and Thomson Reuters. Also known as the Massive Autonomous Distributed Reconciliation (Madrec) platform, this project was designed to make it easier for banks to reconcile a large amount of data about their counterparties.
But it’s not all sunshine and rainbows for the Ethereum market players. According to Mashable, A fake version of popular wallet for Ethereum, called MyEtherWallet, is currently being sold in Apple (NASDAQ:AAPL)'s App Store. The app is created by a developer called Nam Le, with no ties to the makers of the original MyEtherWallet, which currently exists only as a browser app.
So if you’re into Ethereum investing, keep your coins safe and do your research before moving your assets from one wallet to another.