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Ethereum price shows a multi-year rising wedge formation forecasting a brutal crash. The theoretical target projects an ETH bottom around the $500 region, suggesting a 50% nosedive from the current levels. A different take also shows that the bottom for this cycle could be much lower. Ethereum price performance has been extremely important in this cycle, considering the major paradigm shift that the ETH blockchain has created. From the 2020 DeFi Summer to NFTs, the… Source link

Citizens of Argentina are hedging their savings by using stablecoins amidst the recent climate of uncertainty created by the resignation of certain key members of the government. The minister of economy in the country resigned last weekend, alongside other personalities, creating the turmoil that prompted the price of stablecoins in the country to rise by 11% on some exchanges. Dollar-to-Peso Exchange Rate Plummets Due to Political Uncertainty in Argentina The rate that citizens in… Source link

The Ethereum Name Service (ENS) saw registrations spike over the weekend, with 64,000 .eth names created on Sunday and Monday alone. In the past week, 108,000 ENS domains were registered. This 216% increase, revealed in data published by lead ENS developer Nick Johnson, brought a notable spike in revenue. On Sunday, the ENS made $684,000—a half a million dollar increase compared to the previous day. The ENS manages the issuance and renewal of .eth domain names, which are built on Ethereum,… Source link

On-chain data suggested that June was the worst month for Bitcoin [BTC] considering the performance of the king coin since 2011. It took a dip of 37.5% over the month in an already catastrophic Q2. Feds, inflation, and now recession rumors are circling around the crypto market. How will these talks affect the BTC performance in the coming weeks? Despite the grievances during June, the month of July has bought some respite for Bitcoin. The entire crypto market is going through… Source link

A popular analyst is setting price targets for Ethereum challenger Solana (SOL) while forecasting what’s next for ETH and STEPN (GMT). Pseudonymous analyst Altcoin Sherpa tells his 179,900 Twitter followers he’s using the Fibonacci retracement tool to plot out support and resistance levels for Solana, noting things may go south for the smart contract platform if the $32 range (0.618 Fibonacci level) is lost. “I’m long, targeting high $30s. Will get out if 0.618 is lost… Source link

Bear markets in cryptocurrency are known to be painful, but the month of June was especially trying for the crypto faithful as a confluence of factors resulted in the price of Bitcoin (BTC) falling 37.9%, its worst monthly performance since 2011. Bitcoin monthly performance. Source: Glassnode. As a result of the continued widespread weakness, a majority of the so-called Bitcoin “tourists” have now exited the space, leaving only the most dedicated holders remaining, according to blockchain… Source link

The Ethereum Merge, the much anticipated transition from Proof-of-Work to Proof-of-Stake, has negatively impacted miners on the altcoin’s network. Miner revenue was slashed to an alarmingly low level in June. Experts revealed that it is likely miners on the Ethereum network have operated under losses for the last two months.  How to prepare for a significant Terra’s LUNA 2.0 price move A brief technical and on-chain analysis on Terra price. Here, FXStreet’s… Source link

Solana has been gradually creeping up behind Ethereum even before the crypto winter began. The network had grown in popularity among non-fungible token (NFT) and decentralized finance (DeFi) users who had been fleeing Ethereum due to the high cost of transacting on the network. Nevertheless, Ethereum had managed to maintain its lead ahead of Solana. That is until now when the latter has barreled ahead. Solana Transaction Volume Grows One major area in which… Source link

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Many bitcoin miners, who expanded operations in 2021 to capture more profits, are now struggling as the crypto’s price crashed. The bitcoin mining industry’s daily revenue plummeted to $18 million from a peak of $62 million in November, when the largest crypto reached an all-time high, according to a Tuesday note by analysts at Arcane Research.  “The biggest cost historically for bitcoin miners has been their energy source,” Sami Kassab, analyst… Source link