Ethereum Burns 144K ETH Amid Memecoin Frenzy
The recent memecoin frenzy has had a positive impact on Ethereum, as the resulting spike in gas fees has reduced the altcoin's supply. The Ethereum network has burned nearly 144,000 ETH over the past 30 days, which has helped remove tokens from the active supply and could potentially spike the asset's price.
Former CFTC Commissioner Says Ethereum Falls Under SEC and CFTC Regulatory Purview
As the debate over which regulatory agency has jurisdiction over Ethereum (ETH) in the United States continues, former CFTC Commissioner Dan Berkovitz has stated that ETH can be categorized as both a commodity and a security. He argues that the digital asset falls under the jurisdiction of both the SEC and the CFTC due to the existing legal framework. However, the SEC's regulatory approach has been criticized by crypto executives and users as "stifling" and harsh. The regulatory confusion in the digital asset market has been evident in the contradictory claims made by both the CFTC and the SEC in the last six months.
Ethereum Introduces New Protocol Standard for Non-Fungible Tokens (NFTs)
The Ethereum blockchain has introduced a new protocol standard, ERC-6551, which enhances Non-Fungible Tokens and provides new opportunities for users. This standard enables the creation of cryptocurrency wallets that can hold assets, including other NFTs, and allows for the signing and verification of messages on behalf of the token. Additionally, the ERC-6551 standard introduces the concept of a "token bound account" (TBA) which enables the transfer of assets contained within them to other TBAs through a function on the proxy contract. The introduction of this standard is expected to revitalize the NFT market on Ethereum and potentially increase sales. Despite a recent decrease in NFT sales on Ethereum's network, the blockchain has generated an impressive $43.4 billion in sales, surpassing competing networks. The hope is that the ERC-6551 standard will revive the market and reach at least $1 billion in sales per month.
IOTA Price Surges Nearly 5% to One-Month High Amid Bitcoin and Ethereum Gains
On Tuesday, IOTA's price surged by almost 5%, reaching a one-month high of $0.22. This increase coincided with a rise in Bitcoin's price, which retested $28000 for the first time in weeks. Ethereum also experienced a boost, rising above $1.9k due to positive market sentiment regarding the US debt ceiling deal. IOTA/USD has broken out of a descending triangle that previously restricted its price below $0.20, but it needs to maintain a price above this level to maintain its upward momentum. The technical analysis for IOTA's price shows a four-day consecutive increase on the daily time frame, and a positive MACD indicates that the buyers still have momentum. Bulls have their sights set on the robust horizontal hurdle near $0.23, which could lead to a 20% increase to $0.28 if broken. However, if the $0.20 support fails, bears could target $0.17
Cryptocurrency Market Sees Net Inflows of $6.3 Billion, Bitcoin and Ethereum Market Caps Grow Slightly
The cryptocurrency market has experienced net inflows of $6.3 billion, bringing its total value to $1.17 trillion, a 0.5% increase from the previous value of $1.16 trillion. Bitcoin and Ethereum's market caps grew by 0.2% and 0.3% respectively, with Bitcoin trading at $27,917 and Ethereum at $1,907. The top 10 cryptocurrencies had mixed performances over the last 24 hours, with XRP leading the list with a 4.7% increase, while Polygon recorded a 1.5% loss. The market caps of Tether and USD Coin grew to $83.18 billion and $29.02 billion respectively, while Binance USD remained unchanged at $5.28 billion.
Ethereum Price Falls Below Resistance
The price of Ethereum (ETH) has dropped since the start of April, after briefly breaking above a key long-term resistance level. Although the price has not yet reclaimed this level, short-term price action and wave count suggest that it will eventually do so. The weekly outlook for ETH is bearish, but with mixed signals. The Relative Strength Index (RSI) remains bullish, indicating a trend in progress, while the short-term wave count suggests a significant upward movement to at least $2,500 after a correction.
Can Blockchain Technology Accommodate Both Public, Private Sectors? Find out at the London Blockchain Conference 2023
Blockchain technology has been mostly adopted by the private sector, with industries such as gaming, healthcare, and finance benefiting from its solutions.
Ethereum's Correlation with Nasdaq Improves as Altcoin Maintains Recovery
The correlation between Ethereum (ETH) and the Nasdaq index has improved, although it remains negative. ETH has been outperforming the Nasdaq equity index, and its recent recovery may be contributing to the closer correlation.
Crypto Influencer Predicts XRP Could Reach $5 in the Future, Citing its History of Surpassing Ethereum in Market Cap
According to crypto podcaster and founder of Gold Squad, Mason Versluis, XRP has the potential to reach $5 in the future, as it is the only asset to have surpassed Ethereum in market cap.
Bitcoin and Ether Decline in East Asia as Asset Managers Increase Open Long Positions: Market Report
Bitcoin and Ethereum prices have dropped in East Asia, signaling the end of the post-debt ceiling rally in the crypto market. The latest Commitment of Traders report shows a rebound in open long positions among asset managers.
