Category: Cryptocurrency News

Ethereum (ETH) is once again losing momentum after exhibiting a positive bounce the previous week. At the time of publication, ETH has a market valuation of $125 billion and is currently trading 9 percent lower at $1032. The second-largest economy in the world is unmistakably losing strength, and if it cannot maintain $1,000, it may go as low as $700 or even lower. Ethereum Falls Below $1k Over the past few hours, the price of ethereum has deviated from a key level of support and fallen under $1,000. This is why more selling pressure might cause a downturn below $900 or even lower. To have a chance of refuting the dismal view, the second-largest cryptocurrency by market cap needs to retake $1,100 as support. Ali Martinez, a market analyst, reveals some important on-chain statistics to look out for! Martinez stated that there has lately been a significant increase in the supply of ETH on the exchanges, citing statistics from Glassnode. He stated: “More than 200,000 $ETH. worth over $200 million, have been sent to known cryptocurrency exchange wallets over the past five days.” Source: Ali Martinez The number of ETH addresses that have experienced losses as a result of the current correction has also increased significantly. This can result in another sell-off. According to Ali Martinez: “Ethereum is at risk of a steep correction. Transaction history shows that nearly 468,000 addresses with more than 7 million #ETH are now underwater and could soon start exiting their positions. A spike in selling pressure could trigger a downswing to $700 or even $600.” ETH/USD trades above $1k. Source: TradingView Related reading | TA: Ethereum Key Indicators Suggest A Sharp Drop Below $1K Ethereum Whales Continue To Accumulate Despite the current chaos in the price of ETH, whales have persisted in demonstrating their might with sporadic accumulations. Santiment, on-chain data source, noted: “Ethereum shark and whale addresses (holding between 100 to 100k $ETH) have collectively added 1.1% more of the coin’s supply to their bags on this -39% dip. Historical evidence points to this tier group having alpha on future price movement” Source: Santiment As of late, the state of the world economy and market circumstances appears dire. Recent figures show a significant decline in consumer confidence in the market, which could increase selling pressure on American equity. The ripple effects can persist further because the cryptocurrency market is already seeing a more severe correction. Related Reading | Why Ethereum Could Trade At $500 If These Conditions Are Met Featured Image from Pixabay and Chart from tradingview.com, Santiment, Glassnode

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PRESS RELEASE. StreamCoin announced that more than 5,000 users have registered for its STRMNFT marketplace. The Web 3.0 live streaming company says it accomplished this feat in less than a month after opening user registration on May 31, 2022. StreamCoin users have been supporting its vision since January 2022, though the company also noticed significant […]

Bitcoin has seen a tremendous slow down in network activity following the market crash in mi-June. This drawdown was expected as a reduction in network activity usually follows a rush to get out of the digital asset during the decline. This lull has brought various metrics back towards normal territories and daily miner revenues remain drowsy during this time. Network Activity Slows After the price of bitcoin had crashed to $17,600, there was a rush to get out of the digital asset. This had led to a tremendous surge in network activity. Average transaction volume had shot up from around $18,000 to $37,000 during the past week as volatility rocked the market. Mostly, these moves were triggered by fear that the price of the cryptocurrency would continue to decline. Related Reading | Holding Back The Bears: Why Bitcoin Must Break $22,500 However, as the price of bitcoin has stabilized, the network activity has begun to return to normal levels. This is seen in the average transaction value for this week which has fallen by almost 50% to return to the $18,000 level. Additionally, on-chain activity has now dropped so low that it has now entered what is referred to as a hibernation mode.  Transactions per day on the network have also declined with the stability returning back to the market. This number had been at 252,382 on average for the past week but now sits at 242,737 representing a -3.82% drop. BTC price declines to $19,000 | Source: BTCUSD on TradingView.com The same has been the case for the total daily transaction volumes. While investors had scrambled to exit their positions, daily transaction volumes had risen to more than $9 billion. However, with bitcoin stabilizing at around $20,000, this value has dropped to $4.4 billion, a 51.75% change from the prior week. Bitcoin Miners Take Hits Bitcoin miners have been one of the worse-hit when it comes to the changes that are happening in the market. An example is the daily miner revenues that are being recorded for the last couple of weeks.  It had declined significantly in the month of June, and there has been no recovery in sight. The prior week had seen daily revenues touch $18.3 million per day, and with the last week, there has not been much change. A 2.02% rise meant that daily miner revenues rose to $18.69 million, while the percentage made up by fees dropped by 0.7%. BTC hashrate declines | Source: Arcane Research It is also shining through in the hashrate which has also taken a bit of a nosedive. After hitting a new all-time high earlier in the month, the decline has been apparent so far. It is a direct result of decreased profitability, affecting the block production rate. Related Reading | Bitcoin Records Worst Performance For June, Will It Get Better From Here? The number of blocks produced per hour last week came out to 5.85, and since hashrate is expected to remain depressed due to low profitability, there may not be much recovery in the block production either. This decline has also translated to lower ASIC prices. Lastly, fees per day also dropped significantly during this time. After touching $437,159 in the prior week, a 28.59% drop saw fees per day for last week come out to $312,191. Featured image from Finbold, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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India’s central bank has been a vocal critic of cryptocurrencies over the years; it previously stated that CBDCs could thwart the adoption of digital assets.

I had some ETH in my wallet after selling computer stuff and when I looked it up today it was gone, there was no ETH wallet in my account and it wasn't showing up when I wrote ETH in Receive menu. I never shared any info except the receive code to receive the ETH in…
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