What Is a Digital Currency? - cyptoranking.com

2024-04-30

Popular crypto exchanges(2023 Update) 2024-04-30
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Another positive sign for Solana is the decreasing trading volume. While a drop in trading volume can be a cause for concern in some scenarios, in this case, it is a silver lining. The reason being that Solana is currently bearish on more local time frames but remains bullish on longer-term charts. A decrease in trading volume during a short-term bearish phase can indicate a lack of strong selling pressure, which can pave the way for a potential rebound.Why is Ethereum (ETH) price down today? Dong Ximiao, the Chief Researcher at the China Merchants Union, stated: What Is a Digital Currency?Jeff Feng, co-founder of Sei Labs, said that while a rate hike could signify an environment where risk-taking is discouraged, crypto markets are influenced by many factors beyond just central bank policies. Ether (ETH), the native token of the Ethereum network, has experienced an 8.2% decline between Oct. 2 and Oct. 9. This price drop can be attributed to an increase in coin issuance resulting from its regular monetary policy, relevant sales by Vitalik Buterin, and a disappointing first week for the futures-based exchange-traded fund (ETF) instrument.Ether supply increase shatters the “ultrasound” theoryThroughout 2022, the Ethereum network underwent significant upgrades, which altered its coin issuance mechanism. This overhaul resulted in a substantial reduction in the number of new Ether tokens issued to secure the network and introduced a burn mechanism to further decrease the supply of ETH.Ethereum enthusiasts have affectionately referred to this new supply schedule as "ultrasound money." This is because, for most of 2023, the number of coins burned has exceeded the number issued, effectively causing a net decrease in the total ETH supply. However, what many failed to grasp is the inherent unpredictability of this monetary policy.Ether annualized burn, issuance and supply, 30 days. Source: ultrasound.moneyIn September 2023, the coin issuance equation experienced an inversion as dynamic base fees decreased due to reduced network activity. According to data from the Ethereum analytics provider ultrasound.money, the supply of ETH has increased by 30,064 ETH in the past 30 days due to decreased activity in the burn mechanism.It's important to note that Ethereum's mechanisms are functioning as designed, and there were no unexpected triggers for the reduced demand in transactions. Part of the issue lies in the high fees resulting from persistent network congestion, a problem only partially addressed by layer-2 scaling solutions.Vitalik and the Ethereum Foundations’ sale are bad optics Data from the Arkham analytics reveals that an address associated with Vitalik Buterin has sent 3,999 ETH to exchanges in the past five weeks, with a total value of approximately $6.4 million. This significant movement has sparked speculation within the community regarding its reasons, given the magnitude of the sale.The most recent transaction on Oct. 7 suggests that the ETH was likely exchanged for fiat currency on Bitstamp. Notably, the address 0xD04daa65144b97F147fbc9a9B45E741dF0A28fd7 still holds 36,000 ETH, equivalent to $57.2 million.The Ethereum Foundation has also recently made a sale, converting 1,700 ETH into $2.74 million worth of stablecoins on Oct. 9 using Uniswap. However, in this case, analysts have pointed out that the foundation's actions align with its regular requirements for operational expenses, grants, and incentives.Dwindling demand for the ETH futures ETF A crypto wallet address linked to the FTX exploiter, initially holding 175,496 ETH, has moved a significant portion to the THORChain router and subsequently converted it into Threshold Network's tBTC, an ERC-20 tokenized version of Bitcoin (BTC). Interestingly, this move prompted THORSwap to suspend conversion transactions on Oct. 6 following consultations with advisors, legal counsel, and law enforcement.Numerous hypotheses could be formulated to explain the on-chain activity of the FTX hacker, but there seems to be no reason for converting ETH into a wrapped version of Bitcoin other than anticipating higher returns in fiat currency terms. Despite the recent increase in Ether's supply, its price trend against Bitcoin has been unfavorable since November 2022.Ether has underperformed Bitcoin by 25.7% in the last 11 months, causing the ETH/BTC ratio to breach the 0.06 support level. Therefore, several factors can be attributed to the negative sentiment surrounding Ether's price, including the U.S. Securities and Exchange Commission's lawsuits against Binance and Coinbase in June 2023.More recently, the launch of Ethereum futures-based Ether ETFs on the Chicago Mercantile Exchange (CME) and Chicago Board Options Exchange (CBOE) on Oct. 2 brought in less than $10 million in aggregate assets under management during the first week of trading.Overall, the news surrounding Ether has been predominantly negative, which accounts for its recent poor performance. Factors contributing to this trend include increased regulatory risks for tokens and exchanges, the resumption of net coin issuance, sales by Vitalik and the Ethereum Foundation, and weaker-than-expected demand for the futures-based ETF.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Similar to MATIC, the RSI line on SOL’s daily chart was looking to cross the daily RSI SMA line. This bearish technical flag, if confirmed, could lead to SOL breaking out below the consolidation channel that it had been trading in over the past week. “As Arbitrum, are we thinking about the security and the decentralization of liquid staking, or are we thinking about growing ourselves where we’re getting more whales, where there’s the minting of staked ETH on Arbitrum? I think that’s the biggest question,” Alex Lumley, product developer at fellow grant applicant Savvy DeFi, said.Recent Behavior of Whale and Shark Wallets in Ripple (XRP) Astonished: “Although Whale Activity Declined…” Buy USDT TRC20:coin exchange price todayYou might also like: The darknet’s Reddit clone makes exit scams harder Solana remains solid

One of the main reasons why investors are attracted to Bitcoin is its stability (outside of price movements), and the Bitcoin community is usually quite hesitant to make any significant changes to the protocol. At the moment, it seems extremely unlikely that Bitcoin would ever move away from its Proof-of-Work consensus mechanism or introduce any changes to the supply dynamics of BTC. These physical activations of digital technology gamify the mural exploration, combining aesthetic appreciation with digital rewards and enhancing the connection between art, technology, and the viewer. The NFI feature not only deepens engagement with the art but will also symbiotically support local commerce, intertwining community, technology, and art in a seamless and mutually beneficial experience. What is Bitcoin and should you buy any?Magazine: Blockchain detectives — Mt. Gox collapse saw birth of ChainalysisSouth Korea's Crypto Market Cap Nearly Doubles in First Half of 2023, Surpasses $21 Billion The Reserve Bank of Zimbabwe clarified in a statement released on X (formerly Twitter) that ZiG’s value will align with that of Zimbabwe’s physically-backed coin:

But sentiment has faltered considerably since the last crypto bull run, when many more institutional clients were clamoring for access, Yusko says. “They’re saying it less now than they did two years ago because people buy what they wish they would have bought.” Lisbon has been ranked as one of the most crypto-friendly countries in the world. Lisbon, which is embracing the worldwide NFT movement, sponsored Europe’s first crypto art festival, Rare Effect, in May 2021. Lisbon also hosted an Ethereum conference in October 2021. The rise of cryptocurrency businesses in the nation over the past several years has altered Portuguese perceptions of this sector. For instance, in October 2021, Criptoloja became the first cryptocurrency exchange in Portugal to receive a license from the country’s central bank. Individuals can now use Euros to buy over 90 different cryptocurrencies through Criptoloja. Best Crypto Options Platforms (2023)It is worth noticing that both Bitso and Bitstamp are platforms that collaborate with Ripple on "Ripple Payments" service, formerly known under the name "On-Demand Liquidity" (ODL). The rebranding took place just recently since ODL is hard for outsiders to understand, therefore, the name Ripple Payments was picked. The crypto market has a major event next year — Bitcoin halving. It is expected to happen in April 2024. Popular analysts and investors expect BTC price to hit new ATH before the halving, but high inflation still remains a big concern. Investors are also awaiting a spot Bitcoin ETF approval by the U.S. SEC, which will shoot up crypto prices.

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