I don‘t think it is really a secret for how boring the markets have been during the last months even, we barely made any moves and the only somewhat decent moves were just a slow bleeding downwards. Which makes sense as basically nothing bullish has happened in Crypto over the past weeks. Meanwhile stock markets…
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OpenAI leadership weighed the pros and cons of trying to stop the development of superhuman AI and decided it was in humanity’s best interest to forge ahead.
The European Council has approved updated rules that extend tax reporting requirements to include transfers of crypto assets.
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Ethereum’s (ETH) Beacon Chain has seen significant inflows since staking withdrawals were enabled on April 12th, with over $7.7 billion worth of Ethereum deposited into the contract. This is despite some initial predictions of a flood of outflows following the Shanghai Upgrade. The Beacon Chain is a core component of Ethereum 2.0, the next generation of the Ethereum blockchain. It is a Proof-of-Stake (PoS) blockchain responsible for coordinating validators, validating transactions, and proposing and finalizing blocks in the Ethereum network. Related Reading: Dogecoin Transaction Count Rises 60X, But Why Are Prices Down? Ethereum Beacon Chain Defies Critics According to the research firm Arkham Intel, The total amount of deposited Ether now exceeds the April 12th balance by around 1.25 million ETH, with daily deposits varying widely, sometimes reaching up to 225,000 ETH (over $400 million in a single day). The inflows chart shows a noticeable spike following the Shapella upgrade, which coincided with the full enablement of withdrawals from the Beacon Chain. At the forefront of these deposits is Lido’s stETH address “0xae7”, which has consistently been the top depositor with a lifetime deposit amount of well over $15 billion, accounting for over a third of the ETH locked in the deposit contract, according to Arkham. Following the enabling of stETH Unstaking, Lido’s deposit address has now been transferred to a new address, “0xfdd”, which has already become the 4th deposit address since April, with a total deposit amount of over 214,000 ETH, or over $386 million, despite only being active for the past three days. Furthermore, the growth of Ethereum 2.0 and the Beacon Chain has been accompanied by a surge in staking services and Liquid Staking Tokens with Frax. This stablecoin project aims to provide a more stable and reliable alternative to traditional fiat currencies, being one of the notable players in this space. Frax offers a product called frxETH, which allows users to stake their ETH and receive liquid-staked ETH tokens (sfrxETH) in return. Although Frax ranks 14th on the leaderboard of depositors, their total stake of 72,400 ETH since April 1st represents a significant portion of their total Frax ETH supply, accounting for 33.6% of the total frxETH supply of 215,000. The growth of staking services and liquid staking tokens is a positive development for the Ethereum ecosystem, as it provides users with more options for earning rewards on their ETH holdings. This growth is also a testament to the popularity of Ethereum 2.0 and the Beacon Chain, which offer a more efficient and sustainable network for decentralized applications. ETH’s Price Action Suggests A Bearish Future According to Michael Van de Poppe, a well-known cryptocurrency analyst, ETH’s price resembles more of a bear flag than a consolidation pattern. He believes that the Relative Strength Index (RSI) is higher on ETH, and when combined with the chart pattern, it is likely that ETH will experience another leg down, making it more probable than Bitcoin (BTC). Van de Poppe points out that for him to change his mind about ETH, the resistance level that needs to be broken is $1,867. However, if the candle closes below $1,735, there is a high likelihood of continuation toward the range of $1,675 to $1,712, with the lower $1600 as the next potential support level. Related Reading: How Does Current Bitcoin Rally Compare With Historical Ones? Despite the current short-term uncertainty in the cryptocurrency market, the long-term outlook for Ethereum and the broader digital asset industry remains positive. However, while it can be challenging to predict short-term price movements, Michael Van de Poppe’s analysis suggests that the short-term outlook for Ethereum may be bearish. Featured image from Unsplash, chart from TradingView.com
Dan Held, the chief marketing officer at Trust Machines, believes that rising Bitcoin transaction fees may encourage users to look at other layer-2 solutions.
BTC’s price could be on the verge of a bullish breakout, according to derivatives data, but ultimately the macroeconomic scenario will dictate the trend.
Today is Pizza Day, which refers to May 22, 2010, when Laszlo Hanyecz had two pizzas delivered for which he paid 10K Bitcoins. This was the first commercial transaction with Bitcoin. In hindsight it was a costly one, given how much Bitcoin's price has increased in 13 years. But this is not news to you,…
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The Solana (SOL) blockchain has recently witnessed a divergence in its on-chain activity and the number of new addresses joining its network. Despite an impressive surge in new addresses, SOL’s on-chain activity experienced a decline during May. Meanwhile, the asset’s price has also mirrored its on-chain activity as SOL has been in a downtrend in the past week, down by nearly 10%. On-Chain Activity Defies New Address Metrics As of this month (May), Solana demonstrated growth in its user base, with 5.4 million new addresses joining the blockchain. This surge represents the highest number of new addresses added since October 2022, hinting at a surge in interest in the Solana blockchain. Typically, a surge in new addresses suggests strong fundamentals for a blockchain, reflecting growing adoption and community engagement. Related Reading: Billions Of Dollars Tokenized Bitcoin Moved To Ethereum, BSC, And Solana However, while Solana experienced a surge in new addresses, its on-chain activity declined during the same period. Data from The Block, a prominent blockchain analytics tool, reveals that the on-chain activity on the Solana network dropped in May, contrasting the influx of new participants. On-chain activity refers to the transactions, smart contract interactions, and other operations occurring on the blockchain. The decrease in on-chain activity raises questions about the factors influencing Solana’s blockchain’s overall engagement and usage and why growth in activity has failed to impact its price positively. Unique Circumstances For SOL Solana’s situation is unique due to the divergence between the increasing number of addresses and the decline in SOL’s price. While new addresses often correlate with positive growth indicators for cryptocurrencies, SOL’s price experienced a more than 10% drop since the beginning of May. Starting the month at $21.71, SOL’s price currently trades at $19.68. Over the past week, the asset has plummeted by 8.2%. SOL has dropped from a high of $21.38 seen last Monday to trade below $20 at the time of writing. Solana’s market capitalization has also plunged in the past seven days. SOL’s market cap has fallen nearly 10% from a cap high of $217 billion to a high of $8.4 billion last Monday. Meanwhile, its daily trading volume has surged in the past few days. From $100 million and $150 million a few days ago to nearly $300 million in the last 24 hours. The unique decoupling between Solana’s new address growth and price performance caught the crypto community’s attention. Related Reading: Solana Co-Founder Pitches New Way Of Meme Coin Distribution Notably, Several factors could contribute to Solana’s contrasting trends. Market dynamics, investor sentiment, and external market factors may have influenced SOL’s price decline. Additionally, while the surge in new addresses indicates growing interest, it is crucial to consider the nature of these addresses. Analyzing the activity associated with the new addresses, such as trading or long-term holding, could provide further insights into the situation. Featured image from Shutterstock, Chart from TradingView
Hey there, dear Gurus It may have been asked before but i couldn't find it by scrolling so here it goes 🙂 I've been hodling crypto for 4 years now so i don't consider myself a noob but i've always stayed away from shitcoin shenanigans and DEXs and DeFi meaning there's a lot i still…
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