Ethereum Financial News

Ethereum, the largest altcoin continues to suffer the bearish winter within the crypto market. ETH slipped below the $2k mark following aggressive sell-offs from traders/investors. The number of addresses in loss reached an ATH of 34,966,535 as per Glassnode. Thus, showcasing the reason behind the event.

Investment funds backed by bitcoin (BTC) and crypto once again saw inflows last week, as BTC extended a now 9-week-long losing streak. At the same time, some analysts are turning positive on the near-term outlook for bitcoin in particular, predicting a “bounce” to the upside in June.

These can be anxious times for holders of cryptocurrencies, especially those who entered the market in late 2021 when prices were cresting. Bitcoin (BTC), Ether (ETH) and especially altcoins now appear to be undergoing a major reset, down 50% or more from November highs.

revamp to help thaw out the market’s more than two-months-long crypto winter.The DeFi sector, where investors earn yields by trading and staking cryptocurrencies without centralized intermediaries, has declined sharply following the collapse of the TerraUSD stablecoin, and as soaring inflation puts the Federal Reserve on a path of monetary tightening. The Ethereum “Merge,” one of the most significant technical upgrades to the blockchain since its inception in 2015, may be one of the few catalysts that could give DeFi a much-needed lift. Despite multiple delays, core developers have made major progress and Ethereum co-founder Vitalik Buterin has said the upgrade is set to take place in August. The Merge will shift the Ethereum blockchain from a proof-of-work consensus mechanism, where miners use powerful computers to order and validate transactions for users, to proof-of-stake. The new mechanism replaces miners with Ether holders performing the same tasks. The Merge will be the most important event in the crypto space this year by far, said Vance Spencer, co-founder of venture capital firm Framework Ventures. “If you think about how crypto markets usually move, the biggest event is usually Bitcoin halving, cutting supply of Bitcoin in half,” he said. “Here, we have the supply of Ethereum getting cut by 90% in one moment.”

Both Bitcoin and Ethereum have been struggling to keep afloat in recent months. But we have prominent investors here making ambitious predictions on how their precious cryptos will turn out in the future. This comes after an unforgettable month that caused massive losses across the crypto sphere, especially during the Terra crash.

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Loopring, the poster boy of scalable Ethereum-based solutions is having a tough time of late. Back towards the end of ‘Uptober‘ 2021, LRC had rallied just shy of 1000% in a matter of two weeks. But since then, it has had a huge fall. It practically slid down a slope of valuations and is currently standing at a meager market capitalization of ~$660 million.

After declining for eight successive weeks, the Dow Jones Industrial Average rebounded sharply last week to finish higher by 6.2%. However, Bitcoin (BTC) has not been able to replicate the performance of the United States equities markets and is threatening to paint a red candle for the ninth week in a row.

Ethereum seems to be running low on gas as it edges towards capitulation. Recent weeks have been nothing but a stain on the vision endorsed by Buterin and his team. The altcoin king dropped to a 14-month low over the weekend as it continues to struggle.

Latest report stated that the Terra crash earlier in May was not caused by a single hostile party. Rather a total of seven wallets were flagged by Nansen researchers as they studied on-chain data from Terra to Ethereum. The report also concluded that the UST de-pegging was not carried out by hackers or attackers. 

The largest stablecoin with a market cap of $73 billion, Tether, ether has launched its native USDT on Polygon. The move is expected to help Tether gain ground as the leading stablecoin despite the recent de-pegging. While stablecoins have had a difficult month, this is a step in the right direction.

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Ethereum continued to remain under pressure on Friday, with the second-largest crypto asset registering double-digit cuts in the last 24 hours. While Ethereum saw some recovery and trimmed the losses, it continued to trade lower along with other altcoins. At 14.40 hours IST on Friday, Ethereum was down about 4 per cent at near the $1,750 mark. According to the data from Coinmarketcap, the total market capitalization of the second largest cryptocurrency dropped to $213.65 billion.

Disclaimer: The information presented does not constitute, financial, investment, trading, or other types of advice and is solely the opinion of the writer. 

“It’s not about the money- It’s about the game.” The composite character, Gordon Gekko from the 1987 film ‘Wall Street’ puts it well. And, perhaps, ETH option writers must be overjoyed to see that the game this time has been won by ETH traders who took a bearish stance in the past. In particular, the traders who got the momentum, direction, and timing right.

Equities markets in the United States rallied sharply on May 25 and May 26 but Bitcoin (BTC) and altcoins have not followed a similar trajectory. This suggests that traders are not confident that the crypto markets have bottomed out yet. 

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

In order to ensure safety, crypto projects should move away from an attitude of relying on “endless growth,” despite the arguments that the fiat world works in the exact same way, Ethereum (ETH) co-founder Vitalik Buterin has stated.

Ethereum is going the other way again after its latest drop today. The largest altcoin dropped below $1,800 for the second time this month and is looking to further dive into the proceeding support level. The tough love comes at a testing time with the major cryptocurrencies in disarray.

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Bitcoin, which is considered the least risky of digital assets, held some ground, amid ongoing concerns about high inflation and economic downturn. Bitcoin's market cap has recently spiked relative to other cryptocurrencies. Barring the stablecoin USD Coin, all crypto tokens were trading sharply lower on Friday. Avalanche tumbled 15 per cent, whereas Solana plunged 11 per cent. Ethereum, Shiba Inu and Cardano dropped 9 per cent each.