Author: dfmines

Despite changes in the asset’s price, Ethereum is steadily adding to the ETH 2.0 staking contract. According to the development team, this occurs about a month before the Merge is scheduled to occur. Ethereum Staked Token Hit New ATH According to Dune Analytics data, more over 13.2 million ETH have been deposited to the staking contract, however there are only about 80,000 unique depositors. ETH Staked on ETH 2.0 Contract. Source: Delphi Digital The graph above shows how ETH’s amount locked in the staking contract has gradually increased and reached a new all-time high in terms of ether. A far cry from the peak reached last year, when ETH was close to $5,000, the USD value had soared to just shy of $24 billion. The remarkable results come as the Ethereum development team continues to provide updates on the progress of the switch from PoW to PoS. Related Reading: The Upcoming Merge Will Not Reduce Gas Fees, Clarifies Ethereum Foundation The most anticipated event in the bitcoin sector this year is referred to as the Merge. Among other advantages, it should make Ethereum less energy-intensive and increase the network’s durability. Numerous well-known crypto insiders predict that it will significantly affect the price of ETH. According to recent claims made by Arthur Hayes, it might increase the asset’s USD valuation in a manner comparable to BTC’s halving. On the other hand, Mark Cuban cautioned that the Merge might initially be a “sell-the-news” event but thinks it’s a good move overall. Price Have Began To Slide According to the weekly shift in the Ether-Bitcoin cross rate, Christophe Barraud, chief economist, strategist, and top forecaster at Bloomberg, Ethereum is poised to lose ground against Bitcoin for the first time in seven weeks. ETH/USD trades at $1,800. Source: TradingView After the Consumer Price Index (CPI) or inflation data report came in better than expected, Ethereum has outperformed Bitcoin in recovery despite the decline relative to BTC as both remain highly correlated with the S&P 500 stocks, according to a report published on August 17 by the on-chain social metrics platform Santiment. Related Reading: TA- Ethereum ETH Shows Bearish Signs, Eyes $1,700 As Nearest Support Featured image from Pixabay, Chart from TradingView.com, Delphi Digital

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AVAX price gave up recent gains after correcting by 16% and the network’s declining TVL and DApp use suggest that the protocol is losing ground versus its competitors.

The price trend for Bitcoin seems to be moving with the set rates of the US Federal Reserve. BTC plunged shortly after the Federal Reserve’s July meeting. However, from the minutes released on Wednesday, August 17, policymakers had discussed more interest rate hikes to fight inflation. They deliberated on the need for checkmate borrowing costs by increasing rates which could restrict the country’s economic growth. By that, they could have the required time and influence in controlling potential inflation. Related Reading: TA: Ethereum Could Take Hit As The Bulls Show Weak Hands It’s not surprising to see the recent performance of cryptocurrency following the news of the Fed’s plans. The assets are pretty sensitive to such changes. For instance, the market saw crypto value halving as the central bank implemented its tightening cycle in March. BTC price data showed a drop of about 2%. This dip went below its high performance from the lows of both July 15 and July 26. With the dramatic appearance of the bears in the BTC market, deliberations are high on different platforms about a possible sell-off. The crypto market has become more vulnerable to the possibility of a further increase in rates and the US restrictive policy. As a result, there could be more spikes of volatility which could confuse the crypto market. Furthermore, the move acts against the current market pricing and anticipation for more cuts in the interest rates in 2023. Also, the price of BTC had surged impressively to hit a two-month high of above $25,200. Reactions To Fed And Spike In Bitcoin Interest Rates A Decentral Park Capital researcher, Lewis Harland, noted that the rates move to affect Bitcoin adversely. He mentioned that the Fed consistently handles inflation even as the costs contract the economy. Also, Michael Kramer of Mott Capital Management observed that there’s no hope for Fed fund futures traders, that the central banks would switch to rate cuts in 2023. They expected that once the rate peaked at around 3.7% by March, it would stall till ending of 2023. However, the central bank increased the rate by 75 basis points last month. It now sits between 2.25% to 2.5%. The price of Bitcoin is slightly recovering today as it hovers around $23,500 against its low of $23,180 on Wednesday. However, despite the small gain, the value of BTC is still below the supportive level during its rising trendline. There are reactions from observers that have come across the Fed minutes. For example, a former Fed trader, Joseph Wang, declared that it’s hawkish. Related Reading: Expert Outlines Best Crypto Assets To Hodl During Crypto Winter In his observation, the transcript also expresses concerns about the implications of excessive tightening while managing inflation. But, on the other hand, policymakers also advised to create normalcy by slowing the rate at certain levels. Featured image from Pixabay, Charts from TradingView.com

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The price of Binance Coin (BNB) has struggled to break above $337 against Tether (USDT) after being rejected from that region.   Binance Coin price in the past few weeks outperformed the price of Bitcoin (BTC) but has not been able to match the strength it has shown earlier to break above this resistance and trend higher.  Related Reading: Axie Infinity Drops 4.7% In Last 24 Hours As AXS Struggles In The Red Zone Binance Coin (BNB) Price Analysis On The Weekly Chart From the chart, the price of BNB saw a weekly low of $209, which bounced from that area and rallied to a price of $337 after showing great recovery signs in recent weeks.  BNB’s weekly candle closed with a bullish sentiment with the new week’s candle looking bearish for the price of BNB as it continued to decline in price to a region of $303 after facing rejection from the $337 mark.  The price has struggled to build more momentum as it tries to hold key support. If the price of BNB on the weekly chart continues with this structure, it could quickly revisit  $290 acting as a support for the price of BNB. Weekly resistance for the price of BNB – $337. Weekly support for the price of BNB – $290. Price Analysis Of BNB On The Daily (1D) Chart The price of BNB found strong support at $280 above a trendline after successfully forming a bullish structure, the support at $280 seems to be an area of interest on the daily chart. BNB bounced from its support and rallied to $337 where it was faced with resistance and was rejected from that region. The price of BNB has continued to be above a trendline acting as support after being rejected from the $337 mark. At the point of writing, the price of BNB is at $303, above the 50 Exponential Moving Average (EMA) which corresponds to $290. BNB needs to hold above this support area that corresponds with the 50 EMA, a break below this region could send the price of BNB to $240. The Relative Strength Index (RSI) for the price of BNB on the daily chart is above 50. Daily (1D) resistance for BNB price – $337. Daily (1D) support for BNB price – $290. Price Analysis OF BNB On The Four-Hourly (4H) Chart The price of BNB continues to look bullish and holds above the 200 EMA price corresponding to $295 after breaking below the 50 EMA. On the 4H timeframe, the 200 EMA is acting as a support for the price of BNB. If BNB fails to hold the support region we could see the price retesting the region of $250 as the next support area to hold the BNB price. Four-Hourly (4H) resistance for BNB price – $337. Four-Hourly (4H) support for BNB price – $290. Related Reading: Why Bitcoin Is Cheap At $23,000, Says Fidelity Expert Featured image from zipmex, Charts from TradingView.com 

Data shows the total supply held by the Bitcoin long-term holders has decreased by 150k BTC since the LUNA crash. Bitcoin Long-Term Holders Have Dumped A Noticeable Amount In The Last Few Months According to the latest weekly report from Glassnode, the BTC LTHs have observed a sustained decrease of 150k BTC since the crash in May. The “long-term holder” (or LTH in brief) group is the Bitcoin cohort that includes all those investors who have been holding onto their coins since at least 155 days ago, without selling or moving them. The holders who sell earlier than this threshold are called the short-term holders (STHs). LTHs are generally the most resolute investors in the market and thus large selling from them doesn’t happen too often. Generally, the more amount of time a holder has held their coins for (that is, the more aged the LTH has become), the less likelier they become to sell at any point. Here is a chart that shows the trend in the total Bitcoin supply held by these LTHs during the past year: The value of the metric seems to have been trending downwards in recent months | Source: Glassnode’s The Week Onchain – Week 33, 2022 As you can see in the above graph, the Bitcoin supply owned by LTHs seems to have been mostly moving sideways since around November of last year. The indicator set a high during the month of May of this year, but since then the metric’s value has been on a steady decline. Related Reading: Bitcoin And Ethereum Retrace Before Crypto Sentiment Could Reach “Greed” The beginning of this sell-off from the LTHs seems to have been around the LUNA and UST collapse, an event that triggered a market-wide crash in crypto. The report notes that the current 155-day long-term holder threshold lies in March, when the price of Bitcoin observed its first relief rally to $46k since the decline from the all-time high. While the latest selling from the LTHs amounts to just 150k BTC, which is quite small compared to their total supply of around 13.4 million BTC, the report explains that the LTH reserve doesn’t have to significantly decrease for the cohort to go through a capitulation event. Related Reading: Flippening Forewarning? Ether Options Overtake Bitcoin As The Top Crypto To Trade In past such capitulations, the LTH supply has only slightly decreased with the weakest investors being eliminated, and stronger accumulation filling up for them. BTC Price At the time of writing, Bitcoin’s price floats around $23.4k, down 4% in the past week. Looks like the value of the crypto has been going down in the last few days | Source: BTCUSD on TradingView Featured image from Dmitry Demidko on Unsplash.com, charts from TradingView.com, Glassnode.com

Nigerian Central Bank governor Godwin Emefiele told attendees at the eNaira Hackathon that technical upgrades will add to the attractiveness and accessibility of the CBDC.

When withdrawal is enabled after Shanghai, what happens when a validator initiates withdrawal and gets in the withdrawal queue? More specifically, does it stop validating immediately after a withdrawal/exit request is initiated or does it have to be completely out of the queue and withdrawn to stop validating? submitted by /u/ericla1014 [link] …
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According to current IRS guidance, individuals that receive tokens post hard fork must count them as ordinary income equivalent to their “fair market value” upon receipt. This would be the moment a hard fork occurs for private wallet holders or when your CEX registers them in your account for those with funds in exchange. Given…
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