Category: Cryptocurrency News

Ethereum, the world’s second-largest cryptocurrency by market capitalization, has seen a dramatic drop in transaction fees, according to a recent analysis by Santiment, a prominent crypto analytics platform. Related Reading: Polygon In Peril: Will MATIC Bounce Back Or Stay Stuck In The Sub-$1 Doldrums? The report indicates that the average Ethereum transaction fee has plunged to a mere $1.12, marking the lowest daily average cost since October 18th, 2023. Ethereum Transaction Fees: A Window Into Market Sentiment This significant decrease in transaction fees has sparked discussions among crypto enthusiasts and analysts alike. Santiment’s analysis suggests a strong correlation between transaction fees and the overall sentiment within the cryptocurrency market. The analysis highlights that periods of exuberance, often characterized by the “to the moon” narrative and a belief in exponential price gains, tend to coincide with higher transaction fees. Conversely, during market downturns dominated by pessimism, transaction fees typically fall. 🤑 #Ethereum‘s average fee level has dipped to just $1.12 per network transaction, the lowest average cost in a day since October 18th. Traders historically move between sentimental cycles of feeling that #crypto is going “To the Moon” or feeling that “It Is Dead”, which can… pic.twitter.com/8b8rLMLyIf — Santiment (@santimentfeed) April 28, 2024 Transaction fees serve as a fascinating window into the collective mood of the crypto market, analysts say. By tracking these fees, they can glean valuable insights into investor confidence and underlying demand dynamics. Lower Fees: Cause For Concern Or Optimism? The current low transaction fees present something of a conundrum for investors. On the one hand, they could indicate a decline in network activity, potentially reflecting a bearish market sentiment. However, Santiment’s analysis offers a more optimistic perspective. The report proposes that the lower fees, coupled with the recent easing of network difficulty, could pave the way for a smoother recovery for Ethereum and other altcoins (alternative cryptocurrencies). Ethereum is now trading at $3172. Chart: TradingView While the low fees might signal lower demand, they could also signify a welcome reduction in network congestion, analysts say. This, in turn, could potentially act as a catalyst for Ethereum’s price recovery, although it’s important to note that this might signal a faster turnaround than many anticipate. Investor Takeaway: Data Is King In The Cryptoverse The ever-changing landscape of the cryptocurrency market can be daunting for even seasoned investors. Santiment’s data-driven approach, with its emphasis on transaction fees as a sentiment indicator, offers valuable insights for navigating this volatile space. Related Reading: XRP Sees Over $12 Million Sell-Off: Whale Warning Or Buying Opportunity? The Road Ahead For Ethereum While the analysis offers a compelling interpretation of the current situation, it’s crucial to remember that the cryptocurrency market is complex and influenced by a multitude of factors. The long-term impact of these low transaction fees remains to be seen. Featured image from Pexels, chart from TradingView

The notorious group of hackers used a combination of crypto mixers and peer-to-peer marketplaces to launder the stolen funds.

In April 2023, Gensler refused to answer repeated questions on whether the SEC believed Ether to be a security.

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The Bitcoin price movement in the past few days after the halving event has left many investors wanting. Particularly, price data shows the crypto failed to settle above $65,000 las week. At the time of writing, Bitcoin is trading at $62,105, down by 2.96% and 6.14% in the past 24 hours and seven days, respectively.  According to a CryptoQuant analyst, Bitcoin’s Adjusted Spent Output Profit Ratio (aSOPR) is still looking bullish, which could be a faint signal of the crypto’s price reversing into bullish momentum. Current State Of Bitcoin As it stands, the price of Bitcoin might be on the way to registering a new monthly low with the risks of more downside below $62,000. A recent analysis during the weekend by Phi Deltalytics, an analyst at CryptoQuant, noted that Bitcoin’s price trajectory is showing indecisiveness in the short term. His analysis is based upon the SOPR ratio, one of the lesser-known but highly useful metrics for analyzing Bitcoin. Related Reading: Brace For Price Impact: Dogecoin Whales Move Massive 456 Million DOGE To Exchanges SOPR measures the profit ratio of spent outputs, which are groups of transactions representing the movement of coins.  Phi’s analysis revealed an interesting indecisiveness with this metric. According to this metric, Bitcoin’s short-term Spent Output Profit Ratio (SOPR) has entered into a zone of indecisiveness, correlating with the current market sentiment. However, the analyst also noted that the adjusted SOPR continues to move in a bullish direction, a confluence that warrants careful planning when entering the market. What Does This Mean for Bitcoin? This discrepancy with the SOPR and its adjusted ratio means many short-term holders are now trading Bitcoin at a loss. Interestingly, another CryptoQuant analysis seems to support this idea. Specifically, the long-term SOPR to short-term SOPR ratio is moving in favor of long-term holders, suggesting that long-term holders are realizing greater profits in contrast to short-term holders. Hence, there is persistence of bullish momentum with the adjusted SOPR.  A better interpretation of this SOPR ratio is that the price of Bitcoin has not been favorable for short-term holders at the current market conditions. Furthermore, it suggests that the stalling of the upward momentum can be attributed to some long-term holders cashing out their holdings.  According to Phi Deltalytics, a reversal of the adjusted SOPR into a bearish signal would finally imply the possibility of a rapid downward shift in the price of Bitcoin. “The persistence of a bullish aSOPR amidst wavering short-term SOPR trends gives rise to the possibility of a rapid downward shift once the aSOPR trajectory reverses,” the analyst mentioned. Related Reading: XRP Price Prediction: Analyst Says Prepare For 700% Jump To $4, Here’s When When Will The Correction End? Bitcoin’s price has been ranging between $60,000 to $70,000 since it reached a new all-time high. The much-anticipated break above $74,000 now seems to be taking forever, and this lackluster action has prompted some analysts to believe that Bitcoin might have reached its peak in the current market cycle.  However, time can only reveal the crypto’s price trajectory in the coming months, particularly with the recent conclusion of another halving event. If halving history repeats itself, Bitcoin could continue its price surge within the next nine months. BTC price struggles to hold $62,000 support | Source: BTCUSD on Tradingview.com Featured image from Barron’s, chart from Tradingview.com

A new strategic partnership between OpenAI and Financial Times aims to integrate FT journalism into its AI models for more accurate and reliable information and sources.

The Lummis-Gillibrand Payment Stablecoin Act is a step in the right direction, but enactment in an election year may be difficult.

I've read a lot about how rollups are great and rollup-as-a-service like Conduit and Caldera are the answer but seems like there's very little info on who's actually using those services. (Aside from the major ones they list on websites) submitted by /u/OrdinaryParkBench [link] [comments]

As ethereum continues its price fluctuations, technical indicators on the 1-hour, 4-hour, and daily charts suggest a bearish outlook with mixed trading signals. Despite some bullish undercurrents, the predominant sentiment remains cautious. Ethereum Ethereum’s (ETH) price action has shown a downward trend on the 1-hour chart, marked by a series of lower highs and lower […]