Ethereum Price Struggles to Clear Key Resistance Level, Faces Potential Decline
The price of Ethereum is facing difficulty in surpassing the $1,880 and $1,900 resistance levels against the US Dollar, and may experience a fresh decline if it remains below them. The cryptocurrency is currently trading below $1,875 and the 100-hourly Simple Moving Average, and struggling to rise above a key bullish trend line. However, if it manages to break above the $1,900 level, it could potentially rise towards the $1,950 and $2,000 levels. On the downside, initial support is near the $1,860 level, followed by major support at $1,850 and $1,780.
Ethereum Sees Record-Breaking MEV Rewards in Recent Blocks
On July 31, 2023, Ethereum experienced some of its largest Miner Extractable Value (MEV) reward blocks in history, according to blockchain researcher Eric Conner. MEV refers to the amount of value that miners can extract from a blockchain by reordering transactions and manipulating the order in which they are processed.
Curve Finance Factory Pools Suffer $26 Million Outflow Due to Reentrancy Vulnerability Exploited by Flashloan and MEV Bots
Curve Finance's factory pools have been hit by a reentrancy vulnerability, which allowed attackers to drain funds or exploit the contract's logic. The vulnerability led to significant outflows across various associated pools, resulting in over $26 million being lost. The attacker targeted Curve's factor pools of multiple projects, including JPEGd, Metronome, and Alchemix. The attack involved a sequence of interactions initiated with a flashloan, which appears to exploit the reentrancy vulnerability associated with certain compiler versions of Ethereum smart contract programming language Vyper. Investigations are ongoing, but there are speculations that whitehat hackers could be involved in a rescue operation.
OpenSea's Ethereum and Polygon NFT Sales Hit Lowest Point This Year
According to data from Dune Analytics, the monthly sales volume of Ethereum and Polygon-based NFTs on OpenSea has hit its lowest point this year, with a total sales volume of $120.79 million at the end of July, representing an 82% drop from the February high. Similarly, Polygon-based NFTs on OpenSea have experienced a 98% decline in sales volume since February, with a sales volume of only $8.35 million in the last 30 days.
The Total Transaction Volume of the 8th Anniversary of the Launch of the Ethereum Mainnet Reached 9.93 Billion ETH
According to CoinGecko data, on July 30, 2015, Ethereum was officially launched. The genesis block with block height 0 was born at 03:26:13 UTC and provided a block reward of 5 ETH. At present, the Ethereum mainnet has been in operation for 8 years. At present, the total number of transactions in Ethereum has exceeded 2.05 billion Txns, the total number of addresses has reached 296 million, the number of contract addresses has reached 61.61 million, and the total transaction volume has reached 9.93 billion ETH.
Kraken Cryptocurrency Exchange Resolves Issues With Ethereum Funding Gateway
Kraken, a cryptocurrency exchange, announced on Sunday that it has resolved issues with Ethereum's funding gateway. The exchange stated that all systems are now operational but did not provide any details on the cause of the issue. Earlier on Sunday, Kraken had reported that it was investigating the issue, which could have caused delays in deposits and withdrawals. Ethereum is the second-largest cryptocurrency in the world.
Ethereum Wallets Continue to Grow, but Activity Remains Low
According to data scientist Jack Gorman at Variant Fund, over 27 million new Ethereum (ETH) wallets were activated in the past 12 months, with over 2 million new addresses showing activity on the network every 30 days. However, only 4.5-7 million of these addresses authorize at least one transaction every month. Over 70% of wallets are dropped after 30 days of activity, and three out of five Ethereum (ETH) addresses on the network only complete one transaction.
Bitcoin and Ethereum Gain Momentum, Shiba Inu (SHIB) Tops Gainers List
Bitcoin and Ethereum saw gains over the weekend, with BTC surpassing $29,000 and ETH reaching over $18,000. However, BTC experienced a slight decrease in percentage performance. Other altcoins, such as Litecoin and Dogecoin, also saw minor gains. Shiba Inu was the top gainer with a 5.38% increase in 24 hours, while Toncoin experienced the biggest loss. The global crypto market cap increased by 0.09% to $1.19 trillion.
BitMEX Founder: Artificial Intelligence Technology to Greatly Benefit ETH Price
Arthur Hayes, co-founder of BitMEX, believes that Ethereum will benefit greatly from AI technology, as it is the most widely used decentralized virtual machine and is the logical base for AI applications to create decentralized autonomous organizations (DAOs) to execute smart contracts. He predicts that tokens issued by AI DAOs will trade on decentralized exchanges (DEXs), mostly those built on top of Ethereum, and that DEXs will trade more than traditional exchanges as DAOs capture more economic value than companies. Hayes estimates that if DEX trading volumes were to reach 20% of traditional stock exchange volumes recorded in 2022, Ethereum could run up to 1,556% from its current price of $1,875 to hit $31,063, and could reach a five-figure price in about half a decade from now.
Bitcoin and Ethereum Expand Market Share to Over 70% as Stablecoins Decline
Bitcoin and Ethereum have increased their shares to over 70% of the total cryptocurrency market capitalization for the first time since April 2021, while stablecoins have seen a decline in market capitalization. The recently released Crypto Market Insights Report 2023Q2 by TokenInsight shows that the stablecoin market cap decreased by 7% in the first half of 2023 to $128 billion as of the end of June. The report suggests that regulatory actions against major stablecoins, USD Coin (USDC) and Binance USD (BUSD), have contributed to the downward trend. Additionally, Ethereum staking has surged post-Shapella upgrade, and LSDFi market and Layer-2 networks have exhibited impressive growth.
Tech Stock Price Jumps Boost Ethereum (ETH) More Than Bitcoin (BTC), According to New CME Group Report
A recent report by CME Group highlights the impact of tech stocks, the US dollar, and Bitcoin supply on the movement of Ethereum. The report suggests that Ethereum benefits more than Bitcoin when technology stock prices increase, resulting in a rise in the ETH/BTC exchange rate. However, a stronger US dollar has a negative impact on Ethereum compared to Bitcoin. The report attributes these differences in response to macroeconomic factors to the economics of Ethereum's unlimited supply and Bitcoin's capped supply.
Ethereum Price Holds Steady with Bullish Local Chart and Ongoing Consolidation
Buyers are still in control, leading to little change in the situation from yesterday. Ethereum has seen a slight increase of 0.37% in the last 24 hours and is looking bullish on the local chart with a break in resistance at $1,864. However, there is not expected to be any significant movement until the end of the day due to most of the ATR already being passed. Ethereum is currently consolidating around $1,870, with the possibility of further growth towards $1,940 if it fixes above $1,900. The weekly chart shows a lack of initiative from both bulls and bears, leading to sideways trading between $1,850 and $1,950 until mid-August. Ethereum is currently trading at $1,877.
Korean Crypto Exchange Upbit Launches IMX Today
According to the official announcement, the South Korean encryption exchange Upbit will launch IMX today, support the KRW market trading pair, and only support the Ethereum network recharge. Deposits and withdrawals can only be made from personal wallet addresses that have completed ownership verification. The expected trading start time is 04:00 on July 28 (UTC)
The British Museum Partners With the Sandbox To Create NFT Digital Collectibles and Immersive Space in the Metaverse
The British Museum has partnered with Ethereum-based metaverse game, The Sandbox, and French startup LaCollection to create a range of NFT digital collectibles that reflect the museum's collections. The partnership will also see The British Museum create its own immersive space within the online game world.
Bruce Lee's Metaverse Tribute: Celebrating the Martial Arts Icon in a Unique Digital Experience
Next-gen social entertainment platform, BYTE CITY, has partnered with the Bruce Lee Foundation to create a digital tribute to the legendary martial artist and actor in the form of a mobile metaverse experience. The immersive platform will allow fans to engage with Bruce Lee's avatar in a party gaming environment and celebrate his life and philosophy.
MNTGE Launches Limited Edition Ethereum NFT Patch Collection Called Patchwork
Digital fashion brand MNTGE has released a limited edition collection of 7,500 Ethereum NFT patches named Patchwork, each custom-designed by one of 11 contemporary artists. These patches can be redeemed for physical versions with NFC chips and will be sold on the OpenSea marketplace for 0.07 ETH each. MNTGE is also using Ethereum's ERC-6551 technology to enable NFTs to "hold" other NFTs, unlocking new features and use cases.
PEPE Whales Buy 1.56 Trillion Tokens, Sparking 13% Rally in Meme Coin
PEPE whales have been buying the meme coin, leading to a 13% rally in the past 24 hours. After a month of consolidation, the meme coin experienced a sharp decline, along with Bitcoin and Ethereum. However, the asset has since observed a sharp surge, potentially finding its bottom. Two whales have made sizeable purchases of PEPE using Ethereum, with one investor making a profit of over 9%.
Ethereum Expansion Project AltLayer Has Deployed More Than 100,000 Flash Layers
Ethereum scaling project AltLayer has announced that more than 100,000 Flash Layers have been deployed as part of Altitude Phase 3. Previously, AltLayer partnered with EigenLayer to enable restaking users to launch Flash Layers in minutes.
Fabian Vogelsteller, Creator of ERC-20 Standard, Launches Mainnet for New Blockchain Lukso
Fabian Vogelsteller, the co-founder of Ethereum and creator of the ERC-20 standard for smart contracts, left the company in 2018 to focus on developing Lukso, a new blockchain for fashion and lifestyle. In a recent interview, he discussed the success of Lukso's reversible ICO, which allowed investors to receive refunds if they changed their minds about the project.
Bitcoin Holds Steady Despite US Federal Reserve's Interest Rate Hike
Following the United States Federal Reserve's decision to raise interest rates to a 22-year high, Bitcoin experienced a minimal 0.1% 24-hour increase and was trading at $29,304. Ethereum, the second largest cryptocurrency, remained stable and was priced at $1,859. The Federal Reserve raised its benchmark interest rate by a quarter of a percentage point and emphasized the importance of continuing the fight against inflation until it drops to 2%.
