Bitcoin and other cryptocurrencies are facing intense pressure as prices drop and short-term holders offload their assets, signaling a possible capitulation phase and suggesting further downside potential. Additionally, major altcoins like Ethereum, Solana, and Cardano have witnessed a decline in their Total Value Locked (TVL) over the past week, indicating a decrease in popularity and utilization in the decentralized finance (DeFi) ecosystem.
The cryptocurrency market has experienced a notable downturn, with the total market capitalization falling by 10% and triggering significant liquidations on futures contracts, attributed to factors such as rising interest rates, inflation, delays in approving a Bitcoin exchange-traded fund (ETF), financial difficulties within the Digital Currency Group (DCG), regulatory tightening, and a strengthening US dollar.
Analyst Nicholas Mertens warns that both Bitcoin and Ethereum are likely to face significant challenges and potential price declines, with Ethereum at risk of breaking support and dropping below $1,000 due to a lack of buyers.
Bitcoin remains on track for a massive bull cycle despite recent price decline, as indicated by broader indicators of its price patterns and the use of logarithmic growth curves. The 200-week moving average is seen as less significant as a key price support level for Bitcoin, and the analyst is also looking for an entry point for Ethereum.
Bitcoin prices experienced a sudden drop last week, with analysts attributing it to large liquidations of perpetual futures and a report that SpaceX had sold the cryptocurrency, while industry insiders have mixed opinions on the impact of spot bitcoin ETFs and Coinbase's investment in Circle.
Ethereum's price has surpassed Bitcoin's in the second half of 2023, as investor sentiment towards Ethereum has improved and Bitcoin dominance has declined, indicating a shift towards altcoins; Ethereum's oversold status and resilient consolidation above $1,500 suggest a potential bullish reversal in the coming days, but a drop below $1,500 is possible if bears gain control.
Bitcoin (BTC) price remains stagnant and could potentially slide lower, while Ethereum (ETH) and Ripple (XRP) prices are also experiencing a lack of activity, which may have negative implications as markets tend to be impatient.
Crypto prices, including bitcoin and major tokens, experienced a decline due to profit-taking and a general risk-off environment, erasing gains from Grayscale's court victory, with prices weakening ahead of the U.S. jobs report release.
Bitcoin's price dropped below $26,000 as the approval of a Bitcoin ETF was further delayed by the SEC, reversing the bullish gains from the Grayscale court decision earlier in the week. The crypto market also experienced a decline, with Ethereum's price going down by 3.5% and the overall market cap losing $11.2 billion. However, Maker and Toncoin managed to resist the bearish trend with positive gains. The global macroeconomic landscape also added to the uncertainty, as key economic data raised doubts about a potential interest rate hike.
Bitcoin's recent legal victories and temporary price surges should not be mistaken for long-term catalysts, as the approval of a spot ETF, liquid staking capabilities, and the upcoming halving event hold the key to sustainable price appreciation.
Ethereum's price has been declining, leading to concerns among investors, but there are two factors to consider: a drop in user activity and transaction volume on the Ethereum blockchain, which may be due to users migrating to faster and cheaper Layer 2 blockchains, and selling by Ethereum "whales" and insiders, including co-founder Vitalik Buterin, which could be attributed to profit-taking and security measures rather than a lack of confidence in Ethereum's future prospects. Despite the market's overreaction, Ethereum remains a strong investment with its dominance in various business segments and ongoing development plans.
Ether's price has been supported by the Federal Reserve's injection of $300 billion, but doubts are growing about its ability to sustain this level due to bearish sentiment in the cryptocurrency market and declining metrics on the Ethereum network, including a decrease in the number of ETH investors and a decline in activity on decentralized applications. Competitors such as Solana are also benefiting from stablecoin volumes, and there is an increased likelihood of Ether's price dropping below the $1,600 support level.
Ethereum transaction fees have dropped to their lowest levels since November 2022, as on-chain activity from NFT sales, meme coin trading, and Telegram bots decreases, causing Ethereum to turn inflationary, with its supply increasing and daily active addresses and transactions remaining relatively stagnant.
Bitcoin and the overall digital asset market have seen a significant decline, with Bitcoin dropping to its lowest price in three months at $25,048, attributed to failed crypto exchange FTX seeking approval to liquidate $3.4 billion in various digital assets.
Bitcoin, Ethereum, and other cryptocurrencies have been experiencing a steady decline in prices due to concerns from the Federal Reserve, leading to warnings of a potential price crash, although some analysts remain hopeful for improvement.
Cryptocurrency prices remained stable as inflation in the U.S. surpassed economists' expectations, with Bitcoin trading at around $26,100 and Ethereum experiencing a slight dip of 0.5%. The Federal Reserve will consider this report, among other factors, for its upcoming interest rate announcement on September 20. While inflation has decreased since June, it still exceeds the Fed's target of 2% annually. Core inflation, excluding volatile food and energy costs, decreased to 4.3% in August compared to July's 4.7%.
Summary: The transition of Ethereum to proof of stake has resulted in a significant reduction in energy consumption and the network becoming economically deflationary, although technical challenges still remain; however, concerns have emerged regarding the centralization of validation and the growing regulatory pressure in the United States.
The implementation of Ethereum's proof-of-stake (PoS) consensus mechanism has resulted in a net supply reduction of 299,922.50 ether (ETH), making it a deflationary currency; however, the upgrade has failed to boost ether's market valuations compared to bitcoin, but the upcoming EIP-4844 upgrade aims to reduce gas fees and increase transaction throughput, which could potentially be a catalyst for Ether investors.
After Ethereum's transition to proof of stake one year ago, notable developments have occurred, including a reduction in energy consumption, a substantial increase in staked Ethereum, concerns about centralization and censorship, advancements in scaling solutions, regulatory scrutiny on staking services, a decrease in overall token supply, and ongoing development of future upgrades.
Bitcoin, ethereum, BNB, and XRP have experienced a strong price rally in 2023, but a small cryptocurrency has surpassed them, while the Federal Reserve's interest rate decisions could impact the bitcoin price.
Bitcoin and other cryptocurrencies experienced a decline in prices due to the Federal Reserve's monetary policy decision, signaling an anticipated return to range-bound trading.
Ether (ETH) has shifted from being deflationary to inflationary due to decreasing network activity on Ethereum, which could negatively impact the token's price, according to analysts. The decline in network fees and the adoption of layer 2 networks have contributed to the increase in ETH supply, reversing its previous deflationary trend. This has raised concerns among crypto observers who predict bearish developments for ETH, including a potential drop to as low as $1,000.
Bitcoin and other cryptocurrencies are experiencing a decline in prices due to a strengthening dollar and risk-aversion, but there is hope for a rebound.
The average transaction fee on the Ethereum network has dropped to its lowest level of the year, indicating reduced on-chain activity, while the supply of ETH has transitioned back to an inflationary phase. This decrease in fees could potentially lead to increased network utilization and contribute to a market cap recovery for Ethereum.
Since the implementation of the Ethereum Merge, the blockchain's energy consumption has fallen by 99.9%, stake distribution raises concerns about centralization, MEV has become a controversial issue, liquid staking tokens have gained traction, and the net supply of ETH has decreased, but it's uncertain whether deflation has impacted its value.
Bitcoin, Ethereum, and Solana could experience significant price declines, with Bitcoin potentially dropping by over 20% and Ethereum and Solana also facing dips, according to crypto strategist Kaleo.
Bitcoin and ether have seen little change in the past 24 hours as both spot and futures markets experience fading volumes, with cryptocurrencies needing financial chaos for sustainable growth momentum.
Cryptocurrencies, led by Bitcoin and Ethereum, experienced a rally as low-risk assets weakened and the SEC showed signs of accelerating the rollout of certain Ethereum exchange-traded funds (ETFs).
Bitcoin and Ethereum saw gains in the crypto market driven by factors such as the announcement of an Ethereum futures ETF, a rise in the S&P 500 index, and short liquidations, with the rest of the market also experiencing bullish gains.
Bitcoin and other cryptocurrencies experienced a decline in value following the disappointing launch of a cryptocurrency exchange-traded fund (ETF) and the increase in bond yields.
Bitcoin could potentially experience a short-term reversal due to recent price increases, and the underperformance of ether futures exchange-traded funds (ETFs) has had a negative impact on major cryptocurrencies.
Despite initial excitement about Ethereum's transition to proof of stake and the expectation of deflationary trends, the recent surge in global ETH supply has raised concerns about the network's inflationary nature and long-term financial health. While Ethereum core developers seem largely unconcerned, inflationary trends and the impact of low gas fees on burning ETH have sparked debate among users and investors.
Bitcoin and other cryptocurrencies experienced a slight decline along with the wider market, but analysts are optimistic that the recent uptrend will persist.
The CoinDesk Market Index (CMI) declined by -11% in the past quarter, with Bitcoin outperforming by -10.9% and Ether underperforming at -12.5%; however, Bitcoin and Ether have still shown impressive gains of 64% and 41% respectively for the year, highlighting their resilience as top-performing assets. Regulatory pressure on alternative tokens continues to drive a bifurcation in the crypto market between Bitcoin and Ether and other digital asset protocols, while the computing and DeFi sectors were relative outperformers in Q3 2023. The reduced level of risk, lower volatility, and decreased correlation with traditional equities suggest a maturation of the market or market illiquidity. Rising bond yields and tightening financial conditions may pose headwinds for crypto price appreciation, but the approval of a Bitcoin spot ETF could be a catalyst for breaking through these macroeconomic headwinds, enabling broader investor access and institutional adoption.
The average Ethereum gas fee dropped to 8.8 Gwei, the lowest since October 2, 2022, due to a decline in users on DeFi applications, NFTs, layer-2 networks, and Telegram bots, resulting in reduced trading volumes and gas consumption by major entities on the network. The inflation rate of Ethereum has also decreased, with minimal levels of Ethereum burned and a daily supply growth of 1,450 ETH.
Cryptocurrency prices, including Ether (ETH), have fallen for the fourth day in a row due to a slightly higher-than-expected inflation report, with ETH reaching its lowest price since March; meanwhile, Bitcoin (BTC) remains relatively stable, potentially benefiting from its perceived safety during uncertain times.
Ethereum's network revenue generated from fees has significantly decreased, which challenges the deflationary supply narrative of its native token ether (ETH) and puts its "ultra sound money" thesis to the test, according to crypto data analytics firm IntoTheBlock. The reduction in fees is a result of lower demand for NFTs and DeFi, as well as the increased adoption of layer 2 scaling solutions, but it also keeps ETH's supply inflationary by burning fewer tokens than new issuance.
The crypto market experienced a significant downturn this week, with Ethereum being hit particularly hard, trading at its lowest point since March. Other major coins and tokens, including Toncoin, Solana, Ripple, Polygon, and Bitcoin Cash, also suffered losses. Only Bitcoin saw a relatively smaller decline.
Bitcoin's demand has surpassed Ethereum's due to the buzz surrounding a potential Bitcoin ETF and the upcoming halving, causing Ethereum's native token, Ether (ETH), to trade at a 15-month low against Bitcoin.
Bitcoin and other cryptocurrencies are experiencing a steady surge in prices due to increasing optimism about the approval of Bitcoin exchange-traded funds by regulators.
The impact of the Bitcoin halving event on crypto prices is often overestimated, as the reduced supply of new Bitcoin must be accompanied by significant demand for prices to surge, and each halving's impact on supply decreases over time, with changes in demand becoming the dominant factor influencing Bitcoin's price.
Bitcoin's supply is becoming increasingly constrained as exchange balances reach a five-year low, indicating a potential supply shock that could drive prices higher due to lower supply and increased demand.
Bitcoin and other cryptocurrencies experience a decline after a recent rally, but still remain close to the year's peak, as traders anticipate further advances.
The supply of available bitcoin on crypto exchanges has reached its lowest level in five years, potentially leading to a supply shock as the approval of a spot bitcoin ETF draws near, which could further increase demand and drive up the price.
