Ethereum Financial News

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

In light of the approaching Chainlink event – Smartcon – scheduled for 28 September, all eyes appear to be on LINK. Thanks to attention from both whales and social media, LINK’s price has been rising on the charts over the last 24 hours.

Shiba Inu [SHIB] has seen quite an uptrend in price lately, with gains of over 2% in the last 24 hours. This has effectively reduced its losses over the last seven days to just around 1.63%. Now, although it is still over 60% off its all-time high, recent moves have been positively received by its holders.

At the time of writing, Solana’s (SOL) seven-day performance was pretty sluggish as it failed to register any promising gains. Though the prevailing crypto-market is a factor behind this performance, there might be other reasons as well. Nonetheless, there have been several positive developments in the Solana ecosystem that have the potential to change SOL’s fate.

Bitcoin (BTC) headed for its lowest weekly close since 2020 on Sep. 25 as a week of macro turmoil took its toll.

According to Dune Analytics, Ethereum Name Service (ENS) has recorded a spike in registrations so far this month. Here, it’s worth pointing out that this uptick comes on the back of tremendous growth logged across the month of August.

Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject.

On 15 September, Ethereum underwent the much-anticipatedMerge. The feat demonstrated the exceptional skills of the devs contributing to Ethereum’s code and vision. However, despite the hype associated with the network, the question is – Did the outcome match its set goal(s)?

Uniswap [UNI] broke into the top cryptocurrencies held by the top 100 Ethereum [ETH] whales lately. According to prominent whale tracker, WhaleStats, UNI, shook off competition from other smart contracts protocol to gain the position. 

Convex Finance, a DeFi protocol built on Curve Finance, commenced unlocking its CVX tokens as of 30 June. This was undertaken to combat the limited liquidity crisis that hindered the swapping of CVX tokens to Ethereum [ETH] on its protocol. 

For years, various blockchain projects were rumored to be future “Ethereum killers,” projects that would unseat Ether from its throne and usurp its title as the top digital asset. That day seems to have come, though it appears it was an inside job. Lido-staked Ethereum (stETH) and other liquid staking derivatives are primed to render Ether (ETH), as an asset, obsolete. 

Ethereum’s [ETH] co-founder, Vitalik Buterin, recently commented about the king of altcoin’s next steps. While attending the 2022 Messari mainnet event virtually, Vitalik said that the surge was the next move after its successful translation to Proof-of-Stake (PoS).

Ethereum 2.0 following the iconic ‘Merge’. The Merge is an upgrade to the Ethereum blockchain, which powers innovations in the crypto ecosystem. The Ethereum Merge has shifted the Ethereum security mechanism from proof-of-work (PoW) to proof-of-stake (PoS), which in turn has greatly impacted the crypto economics of the blockchain and has many significant implications for the crypto market. Ethereum’s transition from PoW to PoS is here to prove that a decentralized and permissionless network can operate in an energy-efficient manner. The merge will likely cause a renewed interest in Web3 projects aiming to build on top of the Ethereum network. Moreover, the merge will improve nearly all metrics of the Ethereum blockchain, making way for future innovation of applications and experimentation.Some of the longer-term advantages of the «Merge» include:

MEV gain, an Ethereum (ETH) arbitrage trading bot built by MEVbots, which claims to provide stress-free passive income, has been actively draining its users’ funds via a fund-stealing backdoor. 

Ethereum (ETH), the second most-valued crypto after Bitcoin, also was up 7% at $1352, while Ripple (XRP) gained by a whopping 30% to $0.536. The US-dollar pegged stablecoin Tether (USDT) traded with a mild cut, while meme-coins, including Dogecoin and Shiba Inu also rose in trade by up to 8%. Bitcoin (BTC) was largely holding on to $19,000 levels even as central banks globally have resorted to aggressive interest rate hikes following the US Fed’s ultra-hawkish outcome on Wednesday. After the Fed outcome, Bitcoin tumbled to below $18,400, its lowest level since early June, but later re-gained momentum in Thursday’s session after investors started to take positions again in the crypto market. Following sharp gains in digital tokens, the global market cap over the last 24 hours ascended by 5% to $953.18 billion, while volumes in the crypto universe tanked by over 16 per cent.

Solana [SOL] has joined the league of blockchains that have done over a billion transactions. According to the information from its official website, the SOL ecosystem was able to reach the milestone, thanks to the power of 2,011 validator notes. Also, these transactions were completed in an average of 3,448seconds.

Major cryptocurrencies were trading in the red early on September 24 as the global crypto market-cap dropped 0.55 percent to $935.68 billion from the previous day. The total crypto market volume declined 7.86 percent to $81.71 billion over the last 24 hours.

Ethereum’s [ETH] circulating supply has dropped considerable since the much-awaited Merge. According to data from ultra sound money, the supply of the leading altcoin has increased by just 5,000 and an annualized inflation rate of 0.19% since 15 September.

The S&P 500 index has declined about 5% this week while the Nasdaq Composite is down more than 5.5%. Investors fear that the Federal Reserve’s aggressive rate hikes could cause an economic downturn. The yield curve between the two-year and 10-year Treasury notes, which is watched closely by analysts for predicting a recession, has inverted the most since the year 2000. 

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.