Ethereum holds firm amid bitcoin slump
Investing.com – Bitcoin remained under pressure on Wednesday amid comments by a senior European Central bank official warning that the digital currency lacked “stability”, but Ethereum held steady, adding to recent gains.
On the U.S.-based GDAX exchange, Bitcoin fell to $2,278, down $50.9 or 2.19%, giving up recent gains, as investors fled the digital currency, after ECB governing council member Ewald Nowotny warned against accepting Bitcoin as an official payment method, as it lacks stability.
“Bitcoin lacks the one thing that makes a good currency, namely stability," Nowotny said in an interview published on Wednesday. "Bitcoin is an object of speculation," he said.
Nowotny’s warning comes amid a report from Morgan Stanley (NYSE:MS), indicating a lack of demand from merchants to accept Bitcoin as a form of payment, highlighting that “bitcoin acceptance is virtually zero and shrinking,"
Ethereum tacked on 3.82% to $215.91, as traders continued to pile into the world’s second-best capitalized digital currency, following its recent dip below $180 on Sunday.
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