Frontier Finance: Shaky Foundations Hinder Digital Currencies
Digital currencies are going through birth pains as an asset class, but some believe they can become the next commodity of choice for traders
Ether was on track to become the bitcoin killer, until it seemingly committed suicide. At 3.30 pm Eastern Time on June 21 this year, the price of the digital currency was riding high at $317.81, a remarkable climb from $10 at the end of February. Over the course of the next 45 milliseconds—or about eight times faster than it takes to blink an eye—it dropped to 10 cents.
The price recovered almost immediately, driving back up to around $300, but the damage had already been done. Traders on the
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