Beyond Blockchain:The Death of the Dollar and the Rise of Digital... - cyptoranking.com

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2024-03-28

Popular crypto exchanges(2023 Update) 2024-03-28
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Will The ETH Bulls Take Over? The price of Ethereum’s native token, Ether (ETH), has gained around 35% in 2023 so far. But its attempts to break above $2,000, a psychological resistance level, have witnessed strong bearish rejections multiple times.ETH/USD daily price chart. Source: TradingViewCointelegraph takes a closer look at the three likely reasons why Ethereum price has failed to decisively retake $2,000 since May 2022.Ethereum price paints bear cycle fractalEthereum’s inability to cross above $2,000 in 2023 resembles the bearish rejection near $425 from 2018 to 2019.ETH/USD weekly price chart. Source: TradingViewIn both cases, Ether appears to be in a recovery phase while eying close above its 0.236 Fib line of the Fibonacci retracement graph.From 2018 to 2019, the 0.236 Fib line was near $425 and was instrumental in limiting Ether’s recovery attempts. In 2023, the same line is near $2,000, enforcing itself again as a selling area and, thus, pressuring ETH’s price lower.Stronger U.S. dollar, BitcoinA strengthening United States dollar has dampened demand for Ethereum in recent months, thus reducing its ability to close decisively above $2,000.The prevailing negative correlation between top cryptocurrencies and the dollar has been the main culprit. In 2023, in particular, the weekly correlation coefficient between Ether and the U.S. Dollar Index (DXY) has been consistently negative, as shown below.ETH/USD and DXY weekly correlation coefficient chart. Source: TradingViewMeanwhile, Ethereum has largely underperformed Bitcoin in 2023 due to the ongoing spot Bitcoin ETF hype. For instance, the widely-tracked ETH/BTC pair is down 20% year-to-date. ETH/BTC daily price chart. Source: TradingViewAdditionally, the net capital held by Ethereum-tied investment funds has dropped by $114 million so far in 2023, according to CoinShares’ weekly report. In comparison, Bitcoin-based funds have attracted $168 million in the same period.Related: Time to ‘pull the brakes’ on Ethereum and rotate back to Bitcoin: K33 reportEthereum network activity dipsThe total value locked (TVL) across the Ethereum ecosystem has dropped from 18.41 million ETH to 12.79 million ETH so far in 2023. That underscores a reduced availability of funds, resulting in lower yields for investors, as JP Morgan analysts also warned recently.Ethereum TVL since 2019. Source: Defi LlamaThe declining TVL has accompanied a drop in the Ethereum network’s gas fees, which reached a yearly low on Oct. 5. #Ethereum's network has been particularly cheap to use, and this week's average fee level of $1.13 is the lowest since November, 2022. Though not a perfect signal by any means, lower $ETH costs generally lead to a rise in utility and price rebound. https://t.co/ymXFwGJh49 pic.twitter.com/PEGpXMmZ3q— Santiment (@santimentfeed) October 4, 2023 Beyond Blockchain:The Death of the Dollar and the Rise of Digital...According to cybersecurity research firm Trend Micro, romantic scams are a common tactic among criminals, ranking among the top five scams of 2023. Even as AI tools like "LoveGPT" make headway into the world of online deception, it's still old-fashioned crypto scams that hold the lead. These digital currency deceptions have emerged as the most profitable scams of the year, even despite the volatile and speculative nature of crypto markets. Most likely, this trend will expand and become mainstream as web3 game producers begin to implement TBAs within their virtual experiences, creating new ways to experience sociality in the context of blockchain.Bitcoin’s Impact on NFTs Spotlighted in New Report on Ordinals

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Bitcoin ASIC manufacturer Bitmain pauses employee salary payments: Report Ripple’s token shows signs of reciprocating November 2022 behavior. Best Crypto Exchange UK for 2022 Revealed“Slight probability shift on Nov 1 towards a hike but still unlikely,” a further prognosis for Fed action read.“Would need to see FED tone & posturing first to weigh the probability.”Updating analysis from earlier on Oct. 6, meanwhile, fellow trader Daan Crypto Trades highlighted declining Bitcoin open interest (OI).Previously, this had hit levels that previously initiated spurts of upside followed by downside volatility.“That’s another $600M in Open Interest lost since yesterday’s high. Getting to the more average and ‘healthy’ levels again,” he summarized.BTC/USD chart with aggregated OI. Source: Daan Crypto Trades/XThis 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. “I would love gold and Bitcoin together. I think they probably take on a larger percentage of your portfolio than historically they would because we’re going to go through both a challenging political time here in the United States, and we’re going to go through – we’ve obviously got a geopolitical situation,” Jones said.

Assuming the market cap of Bitcoin and the US dollar are the same, then a simple example would be that the value of a single bitcoin should double as the supply of dollars doubles. Once again, this is speaking theoretically. However, the market doesn’t always work in this simple way as other factors can come into play. Meanwhile, crypto-native investors are increasingly leaning into BTC as the Middle East crisis grows. Bitcoin market share within the crypto sector has hit a 4-month peak.  SGD to USDT Buy Tether USD in Singapore dollarVirtual Hosted Mining: This type, like host mining, allows customers to hire virtual mining equipment. It does, however, provide more freedom by allowing miners to choose their mining pool and software configuration. Another way to invest in NFT games is with its native token. For instance, Axie Infinity has a high-valued currency. In Axie, players are given a native token ($SLP) to spend the coins in the game to progress further.

Hamas Received $41 Million in Crypto in Lead Up to Attack on Israel Bitmain's other activities What is Dogecoin? Should you buy it now?Bitmain's other activities The analyst says he leans toward the second interpretation due to how well Bitcoin is holding up against the “tumultuous” macro environment.


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