Category: Cryptocurrency News

Ethereum (ETH) has failed to rise above key resistance at $1,300 despite rising around 4% over the past 24 hours. At press time, the second largest cryptocurrency by market cap was trading at $1,289. As the trading volume shows, the bulls and bears have woken up again. In the last 24 hours, the trading volume was $6.4 billion, which is about 31% higher than the previous day. Ethereum On-Chain And Social Metrics Show Uncertainty Analysis company Santiment has conducted an analysis of bullish and bearish signs in on-chain and social data for Ethereum and the result is mixed. A bullish argument is made by Ethereum’s shark and whale addresses. As Santiment writes, just as with Bitcoin, the ETH millionaire addresses gave up much of their supply while conditions looked poor. Related Reading: How Litecoin (LTC) Outperforms Other Top Cryptocurrencies In This Department However, this circumstance has fundamentally changed recently. A month ago, large ETH addresses started accumulating Ethereum again. Since November 7, Ethereum addresses holding 100 million to 1 million coins have accumulated 1.36% of the total supply and 2.09% more ETH overall (than before). Social volume, on the other hand, looks bearish. As with the majority of all cryptocurrencies, the number of discussions on Ethereum is decreasing, but this seems normal for a bear market. As Santiment notes, this is not necessarily a bad thing when the weak hands leave the market. What is negative, however, is that “there is so little talk about Ethereum compared to other top assets.” Related Reading: Upcoming FOMC Meeting Is The Most Important Ever For Bitcoin – Watch Out For The Dot Plot At the same time, this could also turn into a bullish argument if bullish whales can drive the price higher with little resistance, thus significantly affecting the general market sentiment. Currently bearish is also the MVRV (average trading return of addresses). The average return among long-term (365-day) addresses still indicates a “lot of pain.” However, based on an emerging long-term uptrend in the MVRV, the metric could also be moving into bullish territory. Extremely bullish is the remaining supply of Ethereum on exchanges. This is at a 4-year low of 12.1% of total supply. Thus, the metric clearly points to a nascent bottom that is forming. Sides Are Still Polarized In contrast, funding rates (perpetual contracts) are neutral. Neither the bulls nor bears can prevail on this metric at the moment. ETH funding rates have been too flat to swing in either direction since the FTX implosion. In terms of realized gains/losses, the bears are clearly winning at the moment, according to Santiment’s analysis. Given the recent surge in the Ethereum price, there is currently a lot of short-term profit-taking. Ultimately, Santiment summarizes: Overall, Ethereum’s on-chain and social metrics are about as mixed as the crowd’s perspective is. […]Long-term? […] Ethereum is very likely closer to its upcoming 3-year low vs. its 3-year high. But are we at maximal pain? Probably not yet.

Gridless Compute, a hydro-powered Bitcoin mining initiative, tweeted that the project has successfully powered a rural community and lowered its existing energy rates.

Yearn Finance (YFI) has performed relatively well over the last 30 days, painting its charts in green despite the lingering uncertainty in the crypto market. According to information from Coingecko, at press time, the ERC20 governance token built on the Ethereum blockchain is changing hands at $7,087, going up by 5.7% during the past week and tallying an impressive 15.7% jump on its bi-weekly gauge. Here’s a quick glance of YFI performance: YFI is experiencing a significant decline in its daily trading volume Yearn Finance could fall all the way down to $6K within the next few days The altcoin could start 2023 with a bullish run to reclaim the $8K territory However, the altcoin’s technical indicators, specifically its Relative Strength Index (RSI) and Chaikin Money Flow (CMF), on its 4-hour chart doesn’t give much for traders to desire as they indicate a potential bearish run for the asset. The RSI settled below the 50-neutral zone at 48.97, suggesting that selling pressure increased and a lot of buyers veered away from the asset. Meanwhile, Yearn Finance’s CMF fell into a negative value of -0.07 – an indication of a weakened buying activity. Related Reading: How Litecoin (LTC) Outperforms Other Top Cryptocurrencies In This Department Source: TradingView Daily Active Addresses Count And Trading Volume Decline Along with the above-mentioned technical indicators, some developments concerning the cryptocurrency and its network pointed towards a bearish momentum. During the previous week, the number of unique addresses that traded Yearn Finance decreased sharply, going down by 41%. In fact, at the time of this writing, there were only 248 wallets monitored to have participated in YFI transactions. While the cryptocurrency’s spot trading price went up by 3% over the last 24 hours, its trading volume took a hit as it became lower by 25% during the same period. With these, there is a need for a significant uptick in demand for the crypto asset for another increase in value to be triggered as buyers in YFI market appear to be exhausted. However, it would seem that the digital currency could not catch a break as even in that particular department, it is showing signs of struggle. According to latest data, at the moment, only 59 new addresses were present at the network – 48% lower than what was observed within the last eight days. Chart: Santiment Coincodex Forecasts YFI At Over $8K By 2023 Although Yearn Finance’s short-term trajectory looks bleak, it is expected to have a strong start for the year 2023. According to the predictions of online crypto data information aggregator Coincodex, the digital asset is expected to decline significantly within the next five days and will eventually change hands at $$6,094 by December 15. Related Reading: Solana Price Falls Below $14 – Does This Signal A Gloomy Week For SOL? Chart: Coincodex However, the altcoin is expected to bounce back and reclaim its losses just few days after the expected price dump. By January 9, 2023, YFI is seen to trade at $8,891. YFI total market cap at $258 million on the daily chart | Featured image – Altcoin Buzz, Chart: TradingView.com 

What is stagflation, how to fight it with crypto and how are the cryptocurrency markets impacted by high inflation and economic downturn?

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The reforms include regulating stablecoins as a means of payment and creating a sandbox where firms and regulators can test new financial technologies.

I am trying to understand the guarantees in optimistic rollups. If a sequencer is malicious and a block is successfully challenged, which guarantees do I have? Are all transactions after the challenged block rolled back, or only the ones that would introduce conflicting state? If the challenged block contained a (valid) transfer to myself, do…
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With the Shanghai Update nearing fruition, I am wondering if the subsequent unstaking might produce enough selling pressure to seriously affect ETH’s price in a negative fashion. Do you guys predict that people will withdraw and sell despite the dire market conditions and low ETH price or will people keep staking? Due to the numerous…
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Non-fungible tokens are being used to serve as digital GIA diamond certificates to ensure immutability, transparency and proof-of-ownership.

NFT artist Nikita Replyanski on the future of NFTs, his work with the Longevity Science Foundation, and art as community building.