This week participants started to get excited as the ETH price quickly climbed to a peak of A$431.59, a rise of 12%.
Earlier in the week a disaster occurred with a popular ETH wallet call Parity. A new user inadvertently triggered a bug in their system which ‘locked’ a large number of users out of their wallets, with some saying it could be forever.
The Guardian reports more than $300m of ETH has been lost.
With around 775k of ETH taken out of circulation, the supply of ETH has been diminished. Basic economics tells us with the same demand, and reduced supply, the price of a product goes up.
Is this the only reason for the price spike? We can’t say for certain, but we do know it’s good news for Unify Rewards members.
Philip Shelper is Chief Design Officer & Co-Founder of LoyaltyX, an experimental loyalty agency and the program operator of Unify Rewards. He is also CEO & Founder of Loyalty & Reward Co, a leading loyalty management consulting agency.
Let’s connect! https://au.linkedin.com/in/philipshelper