How do I wrap BTC to move it over to ETH network. Dont want to do a taxable transaction, so it rules out trading btc to wbtc in coinbase. I'll prefer to get a wbtc in the end as I want to the btc in certain protocols. I guess this rules out renbtc as…
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The price of Ethereum (ETH) was in bad health on Tuesday, falling almost 6% to the south and breaking below $2,800. Bulls, on the other hand, were waiting to jump in and buy ETH at a steep discount. The price of Ethereum is up 2.5% in early trading and appears to be heading back to $3,018.55, recouping Tuesday’s losses. Ethereum May Recover The price of Ethereum was stung by dismal earnings from Alphabet, Wall Street’s favorite tech stock, with Youtube losing market share to Tik Tok. Investors quickly rebalanced and reevaluated the situation, eventually shrugging off the news this morning because earnings are still strong, and no substantial reports on future losses were released. As a result of the spillover fall from Alphabet’s disappointment, the price of Ethereum is ripe for the taking, trading in the ASIA PAC open at a juicy discount just below $2,800.00. Bulls swiftly snatched up pieces of the price action and are poised to recoup all of Tuesday’s losses, putting the price back to $3,018.55. From there, it’s only a short distance to $3,163.35. If earnings reflect excellent news in the coming days, predict a buy-side explosion to $3,391.52, resulting in a 20 percent profit. ETH/USD trades close to $3k. Source: TradingView With Facebook’s numbers expected to be released this evening, a turnaround is possible. Expect a huge decline in the Nasdaq, which will drive cryptocurrencies to new lows, if Facebook surprises on the downside with lower user counts and less income from its publicity earnings. The price of ETH will decrease to $2,695.70 and then $2,574, representing a 10% loss. Related Reading | Will The Ethereum Merge Skyrocket ETH? Ethereum Merge Is A Concern There are a few concerns to be aware of, one of which being the approaching ‘Merge,’ which will see Ethereum switch from a proof-of-work to a proof-of-stake paradigm, resulting in a 99.95 percent reduction in overall energy consumption. Mike McGlone of Bloomberg explained: “The Merge, shifting Ethereum from a proof-of-work model to proof-of-stake, will convert Ether into an equity-like instrument with elegant supply/demand dynamics that could drive significant interest in the asset. Stakers of Ether (owners that validate) will be entitled to a share of future revenue (fees) generated on the network, with EIP-1559 dictating a portion of the fees (about 70%) should be burnt (akin to a buyback) and the rest distributed as a reward (dividend)” But, as McGlone warned, there’s still a lot that may go wrong with the ‘Merge.’ Because of crypto’s present link to risk-on assets like tech stocks, which have been witnessing a major selloff in April, the price prognosis for the immediate term seems bleak. As a result, McGlone does not rule out Ethereum falling to $1,700, its low from last summer. If the stock market declines further and lowers the tide for risk assets, Ethereum could repeat last summer’s performance and revisit about $1,700. Once the weaker, leveraged long positions were purged, Ethereum hit a new high around $4,800 in November. Ethereum faces headwinds along with most risk assets as the Federal Reserve fights the highest inflation in 40 years. We see the potential for stock-market reversion as a primary headwind for Ethereum.” Related Reading | TA: Ethereum Revisits $2.8K, Why Upsides Might Be Limited Featured image from Shutterstock, chart from TradingView.com
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A spokesperson reportedly hinted the closure was aimed at the company evaluating its “global office footprint.”
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The price of Bitcoin fell below $38,000 on April 26 as tech-related stocks were some of the hardest-hit assets. As a result, traders were cautious to see if Bitcoin could hold its “macro-level support” zone. Elon Musk’s purchase of Twitter news created hype in the crypto industry on April 25. Bitcoin and many other altcoins had responded to this, especially Dogecoin, which saw an impressive surge in price. Related Reading | Institutional Investors Bearish On Bitcoin, Ethereum. Here’s What They’re Buying As the hype surrounding Elon Musk’s purchase of Twitter faded, the cryptocurrency market and wider global financial markets fell under pressure on April 26. This caused people to become concerned about the state of the global economy again. The recent fall in cryptocurrency prices was matched by the sharp losses sustained among tech stocks. On April 26, tech-related stock asset Nasdaq lost 4% of its value, hitting a new low of 2022. According to TradingView, Bitcoin (BTC) held support at $40,500 through the early trading hours on April 26. However, in afternoon trading, the price of Bitcoin (BTC) dropped 6.21% to hit a low of $38,009. The decline on April 26 is the continuation of the weakness of financial markets. The stock market has been on a decline this month. The S&P 500 is down 7%. The Nasdaq declined 11%, and the Dow is nursing a 3% loss. The downturn in Faang Stocks (Facebook, Amazon, Apple, Netflix, and Google) has dragged the wider market down. The recent 35% reduction in the price of Netflix on April 20 highlighted a major problem with the “strong markets” statement. Bitcoin May Test Macro Range Low Bitcoin’s price drop on April 26 has made some analysts think that we are headed for a bottom in the market, but not everyone agrees. For example, crypto analyst Rekt Capital says that the price may test a significant support zone. Rekt Capital tweeted; BTC is right back at the long-standing macro Higher Low support. Additionally, the analyst says that Bitcoin is still trading within the range it has been stuck in since the beginning of the year. Therefore, there is still a lot of support in the lower $30,000 range. Related Reading | Dogecoin (DOGE) Struggles, Drops 9% After Elon Musk Twitter Buyout The DXY, a measure of the US dollar’s performance against other global currencies, is currently at its highest price in two years. This indicates that the US dollar is doing well compared to other global currencies. A crypto analyst Miles J Creative said in a tweet; Dollar coming into the danger zone. To the moon or goblin town? The market’s future depends on how the dollar performs in the future. In addition, the dollar will be affected by inflation, supply chain disruptions, and the global conflict in Europe. Bitcoin is currently trading above $39,000 with a $746 billion market cap. Overall, crypto market capital is $1.79 trillion. Featured image from Pixabay, the chart from tradingview.com
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Anyone else having issue lately with transactions? submitted by /u/Membership_According [link] [comments]
Retail digital payments are growing, but the country needs to implement further payment and financial inclusion reforms before a retail CBDC will be needed.
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