In the past 24 hours , 79,947 traders were liquidated , the total liquidations comes in at $268.12 million The largest single liquidation order happened on Okex – BTC-USD-SWAP value $3.20M Ethereum long got rekt. Over 60 million dollar at the time of this post 6X more than BTC. The market gives and takes and…
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Ethereum has completed one of its most significant milestone with the successful completion of “The Merge”, the migration to a Proof-of-Stake (PoS) consensus. Market participants were expecting an aggressive price action during this event, but the results might be disappointing. And we finalized! Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today. — vitalik.eth (@VitalikButerin) September 15, 2022 Related Reading: Crypto Market Hasn’t Bottomed Yet, Analyst Says – More Pain Ahead? At the time of writing, Ethereum (ETH) trades at $1,480 with a 7% and 8% loss in the last 24 hours and 7 days, respectively. The second cryptocurrency failed to consolidate a rally into the previously lost territory, rather the price action seems to be trending to the downside on lower timeframes. Why “The Merge” Was A No Event For Ethereum Ethereum was able to approach the $1,800 price market but was rejected from those levels due to two critical macroeconomic events. Trading firm QCP Capital recorded a lack of activity from the market in the days previous to “The Merge”. In that sense, the event went from operating as a potential price catalyzer to either direction to a “volatility killer”. The most uncertain after about the migration to PoS, the firm believes, was the ETH forks and the miners attempting to claim a portion of the cryptocurrency’s market share. However, the ETH forks were a “disappointment” as the proponents failed to convince the market about their future and potential to replace ETH PoS. QCP Capital noted: mkt finally came to terms with ETHW as a potential massive disappointment last wk, following their “totally” whitepaper release (9 pgs of “this page is intentionally left blank”). Coupled with the chain ID debacle, meaning nobody will be able to actually test the chain pre-fork. Still, the market might experience some volatility as large players unwind their “Merge” positions. QCP Capital concluded: Longer-term the ETH POS should be bullish, but we are not expecting an immediate breakout move post-merge. We are anticipating a huge pressure on the ETH vols post-merge. The Macro Outlook A slowdown in inflation might support the about, QCP Capital believes the upward trajectory for this metric has “peaked and is headed lower”. This might provide crypto and other risk assets with support to bounce from their current levels. The market is pricing in an aggressive Federal Reserve (Fed) which might operate as a bullish factor if the institution hints at a less aggressive monetary policy. At the time of writing, market participants are expecting the Fed to hike interest rates by 75 to 100 basis points (bps). Related Reading: TA: Bitcoin Price At Major Risk of A Breakdown Below $20K: Here’s Why In the coming months, with a persistent downside trend in inflation, the Fed might finally pivot and the crypto market might rally. Ethereum seems poised to take advantage of a shift in macro-dynamics with the successful “Merge”.
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Uncertain BTC price action continues as Ethereum trends downward despite the successful Merge.
Tron (TRX) has recently disclosed a collaboration with Wintermute to boost Tron’s DeFi ecosystem and more so, to enhance network accessibility and liquidity. TRX price up by 0.43% Tron spikes in terms of popularity and value amounting to $1.2 billion Network integration with Wintermute to improve liquidity, accessibility Not that Tron needs it desperately as it has been outpacing its rivals but continuous pump and evolution is necessary to thrive in the crypto arena. Overall, the partnership aims to make Wintermute as Tron’s official market maker to basically increase trading volumes and to link buyers and sellers. According to CoinMarketCap, TRX price has surged by 0.43% or trading at $0.06157 as of press time. Tron’s popularity has been booming, pumping up $1.2 billion in terms of value as seen since June despite others like Solana and Ethereum retreating significantly. Related Reading: Cardano On White House Crosshair Can Push ADA Up This Route The #TRON network is thrilled about the union with @wintermute_t. 🤝 #sTRONgerTogether 💪 This will help in many ways: ✅ Fill trades ✅ Reduce volatility ✅ Lessen the spread for trading pairs Read the full article by @decryptmedia 👇https://t.co/tGi3nuQhaj pic.twitter.com/6wohBBzbMy — TRON DAO (@trondao) September 13, 2022 Tron, Wintermute Integration To Impact TRX Price Wintermute has announced previously to be a part of the Tron network’s DAO or Decentralized Autonomous Organization, enabling access to both redeem and mint USDD. DAO has also recently beefed up the network with over $200 million worth of crypto to boost TRX, in accordance to the decision of Justin Sun, CEO and Founder of Tron, to deploy as much as $2 billion ensuring the optimized efficiency of USDD. The merger is said to impact the value of TRX. In fact, TRX metrics has improved significantly as in the past 24 hours following the announcement of the Wintermute and Tron integration. These recent activities surrounding Tron highly impact the improvement of its network, lifting investor sentiment. The recent spike to TRX price proves that traders and investors are happy about the integration and recent developments in the network. TRX Seen With A Bullish Pullback TRX was seen to start the week with a bullish pullback signifying overall bearish sluggishness as the token failed to barrel past the 50% RSI mark. TRX was seen to retrace early this week which also triggered a retest of the key support zone at $0.065. Further, selling pressure has dwindled down at the set price zone due the flip in investor sentiment. While there is a possibility of a short-term uptrend, this will not be guaranteed. TRX, created in 2017 is dubbed to be one of the pioneering cryptocurrencies that is based originally in the Ethereum network and then shifted to its own network the following year. Being one of the oldest cryptocurrencies to date, it has greatly improved in terms of stability and while it is moving a little slow, TRX is taking more calculated and steady traction. Related Reading: Crypto Market Hasn’t Bottomed Yet, Analyst Says – More Pain Ahead? TRX total market cap at $5.6 billion on the one-day chart | Source: TradingView.com Featured image from The Daily Hodl, Chart: TradingView.com
Bybit officially announced that it launched ETHW trading against the USDT stablecoin, planning to soon open ETHW deposits and withdrawals.
Ethereum has officially transitioned from a proof-of-work (PoW) network to a proof-of-stake (PoS) system after seven years of operating as a PoW blockchain. The Merge has forced ethereum miners to transition to other PoW-based tokens and after the ruleset change was codified, a handful of PoW coins compatible with the Ethash algorithm saw their hashrates […]
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I'd like to see how much power we are saving. I wonder if any power plants had to make any changes overnight to account for over generation submitted by /u/spin_kick [link] [comments]
