Ethereum Financial News

Bitcoin fell briefly below $30,000 (€28,427) for the first time in 10 months on Tuesday, according to data site CoinMarketCap, while cryptocurrencies overall have lost nearly $800 billion (€758 billion) in market value in the past month as investors fret about tightening monetary policy.

A Russian independent news company has raised more than US$250,000 in cryptocurrency donations from supporters in order to continue reporting independent news under a barrage of Russian government propaganda and censorship. 

Disclaimer: The text below is an advertorial article that was not written by Cryptonews.com journalists.

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

Decentralized finance (DeFi) is booming. But despite the fact that Ethereum (ETH), arguably, the main accelerator of DeFi, achieved its goal of becoming the world’s most programmable blockchain, its widespread usage has also highlighted the network’s greatest weakness –– scalability. Congestion has become commonplace on the network, resulting in high gas fees, making it impossible for projects to run microtransaction payments on Ethereum.

The overall cryptocurrency market cap shed more than 6% and stood at $1.4T in value as per CoinMarketCap. Bitcoin, Ethereum, and other alternative coins suffered the same fate as the bloodshed continued to intensify. Bitcoin, the largest crypto, fell by more than 6% as it traded around the $31k mark, at press time.

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Ethereum's native token Ether (ETH) has grown stronger against its rival for the top position — Bitcoin (BTC) — despite an ongoing crypto market rout. But can the ETH/BTC pair continue to rally in the coming months? Let's look at the charts.

Bitcoin (BTC) and the broader crypto market went into a sharp selloff over the past day, led lower by a de-pegging of the partially BTC-backed stablecoin terraUSD (UST) and a falling risk sentiment globally.

Bitcoin fell to its lowest level since January on Monday as slumping equity markets continued to hurt cryptocurrencies, which are currently trading in line with so-called riskier assets like tech stocks.

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

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

Barring the dollar-pegged stablecoins — USD Coin and Tether — all major crypto tokens and altcoins were trading lower. Terra dropped 6 per cent, whereas Avalanche tumbled 5 per cent. Ethereum and Shiba Inu plunged 4 per cent each. The global cryptocurrency market cap was trading sharply lower at the $1.53 trillion mark, falling about 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed about 14 per cent to $98.63 billion.

Key on-chain metrics tracked by the crypto exchange Kraken show that the Bitcoin (BTC) network last month had healthier on-chain fundamentals than most other blockchain networks, according to a monthly report for April.

Bitcoin and Ethereum miners, both have made a significant chuck in revenues over the years as demand skyrocketed. However, 2022 might come as a surprise especially for the largest cryptocurrency. January proved to be a tough month for Bitcoin miners. Miners generated approximately $1.2 billion in revenue during the first month of 2022.

The success of the Ethereum network has been both a major step forward for DeFi and one backward for scalability.

Global equity markets extended their decline on May 9 and the S&P 500 fell to a new 52-week low. Bitcoin (BTC) dropped to a new year-to-date low and most major altcoins extended their decline as they tracked the weakness in the stock markets.

digital tokens across blockchains — are creating opportunities for exchanges and other businesses to offer more secure alternatives. Crypto exchanges FTX and Coinbase Global Inc. are deepening their capabilities to provide bridge-like services on various blockchains, so users invested in Bitcoin or Ethereum can easily participate in other networks’ financial or gaming apps. FTX, for instance, launched a marketplace last year that allows customers to trade Solana-based nonfungible tokens, and to easily swap their Ethereum for the chain’s main Sol coin to buy them. Users can also deposit an Ethereum-based NFT and withdraw it on Solana via FTX — instead of a bridge. And more app developers, like institutional lending marketplace Maple Finance, are moving onto new blockchains, making bridges unnecessary for certain transactions. While some measures may have been in the works prior to the breaches, their urgency and attraction have increased after hackers siphoned more than $1 billion out of crypto bridges like Wormhole and Ronin — most of it in February and March. An April survey of 500 U.S. adults by OnePulse showed that 80% of respondents don’t trust crypto networks to protect their funds. While Ethereum-connected bridges still contain some $17.4 billion in value locked, that’s down about 17% in the past 30 days, according to tracker Dune Analytics.

As per data presented by crypto reporter Colin Wu, the transaction volume of the Yuga Labs series has gone down, especially in the last 24 hours. He further mentioned in his tweet that Otherdeed, MAYC, and BAYC have witnessed a drop of 44%, 41%, and 30% respectively.

Disclaimer: The text below is a press release that was not written by Cryptonews.com.

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.