Tag: Ethereum

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Ethereum reaches $1,900

Ethereum suddenly gained ground against Bitcoin, with its ratio rising from 0.052 to around 0.054 BTC, while its dollar price touched $1,900.

It is the highest level in four months and this price increase is due to several reasons, some of them specific to ethics.

The biggest one is probably the Celestia airdrop. This gave around 170,000 ethereums $500 just for being eth users.

Many of them were likely sold instantly for eth, and the attention Celestia received during the airdrop earlier this week has disappeared.

That’s a new ethical statement, with Celestia’s market capitalization currently at $330 million. Small compared to Ethereum’s market cap of $228 billion, but potentially enough to change the ratio a bit.

Another reason is that Ethereum has not kept up with Bitcoin, which has gained 30% this month compared to Ethereum’s 17%.

This has happened in the past when Bitcoin has led gains, as it did recently due to speculation about the BlackRock Spot ETF, but Ethereum generally recovers over time.

Especially since in this case, if Bitcoin gets a spot ETF, so will Ethereum, since Ethereum future ETFs have been approved, so any advantage Bitcoin might have would only be temporary.

For example, the Securities and Exchange Commission (SEC) recognized the filing of the Invesco Galaxy spot eth ETF this Friday. The deadline for approval or rejection is in May, just a few months after Bitcoin’s January.

As Bitcoin is somewhat off track at resistance above $36,000, numerous cryptocurrencies have seen gains against BTC, with Sol in particular rising 80%. Therefore, the ethereum ratio now also has its turn, at least for today.

Devconnect’s week-long Ethereum meetup in Turkey is also almost here, starting on November 13th.

Ethereum will not be holding a Devcon this year, as Devconnect is different in that it is more focused on coders.

However, as there will be no Devcon, this Devconnect is sort of the main ethical event of the year. Your schedule is packed for the week and there is a lot going on.

Whether this will affect the price remains to be seen. There may be announcements, although the Ethereum Foundation has not promoted the event much.

All three combined gave eth some strength for the day, but on the downside, bitcoin could also be benefiting from the macro picture and eth became inflationary again during the day.

Its supply increased by 0.16% on this quiet Sunday, but during the week it fell by 0.005%. Which makes for a mixed picture as some Ethereum users attempt to transition to the second layers.

Overall, touching $1,900 is a positive sign that eth may be trying to break the $2,000 resistance. It will likely work alongside bitcoin if they manage to break the resistance levels, then eth could also fall below that level.

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Bitcoin Bitcoin ETF Cryptocurrency news

Solana Remains Favorite of Institutional Investors as Inflows Continue

Solana has recently gained favor with institutional investors, who have seen a sharp increase in the number of inflows the altcoin has recorded. This trend has continued with last week’s numbers showing a significant number of inflows for Solana compared to the likes of Ethereum.

Solana revenues reach $15.5 million

According to data from the latest CoinShares report, flows to Solana last week totaled $15.5 million. This occurred as some altcoins like Ethereum saw outflows during the week. For context, Ethereum outflows reached $7.4 million in the same period.

As a result of the latest round of inflows, Solana’s total assets under management (AuM) reached $74 million. This means that Solana’s AuM is up 47% year-to-date compared to Ethereum, which has fallen steadily this year, rising to $119 million in outflows so far this year.

Cardano is another altcoin that registered inflows during the week, but to a lesser extent. Its inflows were $0.1 million, bringing total assets under management to $24 million, an increase of $6 million so far this year. Other investment products registered $0.9 million, bringing its assets under management to $76 million.

In the same week, Bitcoin once again came out ahead in terms of inflows, with numbers surpassing those of Solana. The leading cryptocurrency recorded inflows of US$55.3 million, bringing its assets under management to US$24.205 billion. The asset’s inflows so far this month currently stand at a staggering $111.9 million.

In the same vein, Bitcoin inflows so far this year have also remained high, with inflows of $315 million so far. This further consolidated its position as the top asset with the most interest from institutional investors so far.

Short positions in Bitcoin were also not left out of the entry trend. Its weekly revenues total $1.6 million, while monthly revenues to date have totaled $4.5 million. Its inflows so far this year amount to $46 million, bringing its assets under management to $99 million. In total, the accumulated wealth from crypto investment products is nearly $33 billion.

“Following recent price appreciation, total assets under management (AuM) has increased 15% from its lows in early September, now totaling almost US$33 billion, the highest point since mid-August,” says the CoinShares report.

CoinShares also notes that the inflows may be related to excitement and anticipation of the US Securities and Exchange Commission (SEC) approving a Bitcoin spot ETF. However, the numbers are much lower compared to when asset manager BlackRock first announced it had filed for a Spot Bitcoin ETF.

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Technical Analysis of Bitcoin and Ethereum: BTC Maintains High for Close to 2 Months After Strong US Retail Sales

Bitcoin held near a two-month high on Tuesday as markets digested the latest US retail sales figures. Sales, which represent two-thirds of the US economy, rose 0.7% in September, 0.4% more than expected. Ethereum briefly rose above $1,600.

Bitcoin

Bitcoin continued to trade above $28,000 on Tuesday following a better-than-expected increase in US retail sales.

Despite falling from a high of $30,000 on Monday, BTC/USD traded above $28,600 in today’s session.

Although gains have slowed, they are still considerably above yesterday’s low at the $27,855.21 level.

Overall, the recent uptrend means that Bitcoin is trading at its highest rate since August 18, which comes after the Relative Strength Index (RSI) broke through a key resistance level.

The index surpassed the 63.00 ceiling in yesterday’s session, reaching a peak above the 65.00 mark.

Since then, price strength has receded, although it is still slightly above the aforementioned resistance point.

Ethereum

Ethereum (ETH) fell in today’s session after briefly trading above the $1,600 mark for the first time in nearly ten days.

ETH/USD hit a high of $1,628.16 earlier in the week following a tweet from Cointelegraph suggesting that Blackrock’s spot bitcoin ETF was approved.

After these claims were proven incorrect, the cryptocurrency crashed, falling to a low of $1,570.89 today.

As a result of Tuesday’s decline, bears went on a four-day winning streak and could now reach a low of $1,540.

It is clear from the chart that the failure to surpass the 49.00 ceiling on the RSI indicator also contributed to today’s decline.

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Aave Launches New GHO Algorithmic Stablecoin on the Ethereum (ETH) Mainnet

Lending and lending platform Aave (AAVE) has launched a new decentralized stablecoin on the Ethereum (ETH) mainnet.

The dollar-pegged stablecoin called GHO (GHO) is governed by the decentralized autonomous organization (DAO) Aave.

Nader Dabit, director of developer relations at Aave, says that the GHO is an “overcollateralized” stablecoin.

“Anyone can mint GHO using the assets they provide on the Aave Protocol V3 Ethereum marketplace as collateral, ensuring that the GHO is supercollateralized by a multitude of assets.

With GHO, the underlying mechanics and policies are fixed and cannot be arbitrarily changed by a centralized entity or individual. All transactions are done via self-executing smart contracts, and all information related to GHO transactions is published and auditable directly from the blockchain or many user interfaces.”

Aave says in the GHO launch announcement that the stablecoin is transparent and committed to the protocol community.

“Interest repaid in the GHO is redirected to the Aave DAO treasury. This supports the sustainability of the protocol and the continued development of new features.”

More than 2.7 million GHO tokens have been minted on Ethereum since the stablecoin’s official launch on Saturday, according to the project’s website.

The GHO fell from its peg to the dollar to a low of around $0.978 at one point on Sunday. It is trading at $0.982 at the time of this writing.

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Bitcoin Bitcoin Investment Bitcoin Wallet

Payments Giant MoneyGram Enables Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) Trading on App

Payments company MoneyGram is rolling out a new service that allows consumers to buy, sell and hold crypto assets using the company’s mobile app.

In a statement, the money transfer giant says the MoneyGram app’s crypto trading feature will support Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) and is now available to customers in nearly all US states and the District of Columbia.

Says MoneyGram chairman and CEO Alex Holmes,

“We see crypto and digital currencies as another input and output option. As a next step in the evolution of MoneyGram, we’re thrilled to provide our customers with access to a trusted and easy-to-use platform to securely buy, sell and hold select cryptocurrencies.”

The company is bringing the new service to its customers with the help of the crypto exchange CoinMe. The two companies have been working together since 2021 when MoneyGram teamed up with CoinMe to enable customers to buy Bitcoin using fiat currency and convert the digital coin to cash at its physical locations in the US.

In June, MoneyGram also launched a new service in key remittance markets, including the Philippines, US, Canada and Kenya, to bridge fiat money and cryptocurrencies using payments blockchain Stellar (XLM) and the stablecoin USD Coin (USDC).