Ethereum Financial News

Bitcoin has been on a downward spiral since the beginning of the year, but now it is recording steep corrections. The coin has already lost over 17% of its value over the past week, trading at around $35,500 at press time. 

Bitcoin dropped again on Saturday and was last down around 4 per cent for the day, hovering around the $35,000 level. Bitcoin, the world's biggest and best-known cryptocurrency, is now about half its $69,000 peak in November. It was last at $35,049, after falling as low as $34,000 and following a steep fall on Friday. The currency has had wild price swings and has been hit as risk appetite has fallen on inflation fears and anticipation of a more aggressive pace of interest rate hikes from the U.S. Federal Reserve.

Mumbai: Indian crypto investors, most of who have jumped on the crypto bandwagon in the past year, are a jittery lot as cryptocurrencies again fell sharply across the board in the past 24 hours following a selloff led by technology stocks in the US on Friday. “I started investing last year after being influenced by friends and business partners,” said Gopala Somani, a Delhi-based crypto investor. “I kept investing even till the last week, thinking it was time to buy the dip. But now I am stuck. My portfolio is down and in the red. If I sell, it will be a significant loss.”Bitcoin was trading at $35,572, while other major altcoins were also down by double digits, at 5 pm, Saturday, on Coinbase. Bitcoin has dropped 17% in the past week, Ethereum 26.66%, Binance Coin 28.74%, Cardano 19.43%, and Solana 31.90%. The popular meme coin, Shiba Inu, dropped 30.03%, while DogeCoin slid 32 % in the past seven days. At 5 pm on Saturday, the Coinable website said the overall market was down 12.19%.

2021 was a sort of "coming-of-age" for many layer-one (L1) blockchain protocols because the growth of decentralized finance (DeFi) and nonfungible tokens (NFTs) forced users to look for solutions outside of the Ethereum (ETH) network where high fees and network congestion continued to be barriers for many.

The year 2022 till now hasn't been particularly kind to the cryptocurrency market. Since the start of this year, Bitcoin has been down 16 percent and Ethereum tumbling 22 percent.  And this southward trajectory continued for Bitcoin and other coins yesterday as well, when Bitcoin slumped to its lowest levels in the last 5 months, presently trading at $35,017.4. The second dominant crypto Ethereum is not faring so well, either, currently trading at $2,451.47.

In a previous article, it was pointed out that Ethereum was struggling to wade out of the $3300 area. There appeared to be no buyers in sight and bidders have been overwhelmed once the price fell below $3287 and almost retested the same level as resistance. Ethereum’s movement on the chart would depend on Bitcoin, and Bitcoin was not strong on the charts either. It would not be surprising if Ethereum saw a further 20% loss from where it was trading at the time of writing.

Social media was replete with memes are reactions on January 22 about the crash in cryptocurrency markets. The global cryptocurrency market capitalisation dropped from $1.88 to $ 1.7 trillion over a period of 24 hours.

On Saturday, the crypto market dropped further, with bitcoin (BTC) reaching price levels last seen in July 2021, while ethereum (ETH) extended its losses against BTC.

Brenda Gentry, a former USAA mortgage underwriter from Texas, believes that the cryptocurrency ecosystem offers a fighting chance to overcome the generational curse of poverty. 

The global cryptocurrency market capitalisation dropped from $1.88 to $ 1.7 trillion during the last 24 hours while the trading volume surged from $66.35 to $126 billion.

The first computer games were developed in the late 20th century with the sole purpose of entertaining their audience. One of the first goals was to distract players from their routine work and provide them access to a fantasy world. Very soon, games began to compete for users' time against traditional forms of entertainment, such as movies, circuses, theater performances, zoos, etc.

Cryptocurrency prices tumbled overnight, with bitcoin hitting its lowest price since last August.

Attracting liquidity has become a de facto arms race in the growing decentralized finance (DeFi) landscape. Projects constantly battle to attract investors funds by offering enticing yields for crypto holders willing to take a risk and lock up their assets and protocols use this funds to build out their products and attract attention from larger investors. 

“Good people do not need laws to tell them to act responsibly, while bad people will find a way around the laws.” — Plato

Ether (ETH) price lost the $3,600 support on Jan. 5 as minutes from the Federal Reserve's December FOMC meeting showed that the regulator was committed to decreasing its balance sheet and increasing interest rates in 2022.

Bitcoin (BTC) and most major altcoins continue to witness a bloodbath on Jan. 21 and the result of the most recent downturn has been a $200 billion reduction in market capitalization. 

The crypto market continued lower over the past 24 hours following a selloff led by technology stocks in the US on Thursday. The falling prices were accompanied by liquidations across the crypto market, with one analyst saying the leverage flush-out could potentially set the market up for a “relief rally.”

Argentine-headquartered ecommerce giant Mercado Libre invested in Mercado Bitcoin and Paxos as it aims to boost its presence in the cryptosphere, as well as digital asset development and adoption in Latin America.

Russia's central bank on Thursday proposed banning the use and mining of cryptocurrencies on Russian territory, citing threats to financial stability, citizens' wellbeing, and its monetary policy sovereignty.

New York City's new mayor Eric Adams said that his first paycheck will be converted into Bitcoin and Ethereum via Coinbase Global.

The social media giant Twitter has taken further tentative steps into the world of Ethereum (ETH) and non-fungible tokens (NFTs) – by moving to allow some users to use verified NFTs as their profile pictures. And the firm has also apparently created an account on the invite-only ethereum-based NFT marketplace Foundation.