Bitcoin and Ethereum See Negative Price Action Amid Wider Crypto Market Selloff
Bitcoin (BTC) has seen a 2.8% drop in the past 24 hours, with a high of $28,280 and a low of $27,058, settling at $27,368 at the time of writing. Over the past week, the top cryptocurrency by market cap has experienced a clear downtrend, losing 6% and wiping out $45 billion from its market cap.
Bitcoin Prices Fall Below $27K for Second Consecutive Day as Investors Wait for Catalyst
Bitcoin prices have dropped below $27K for the second consecutive day, with investors taking a cautious approach. Despite positive job and price data, Bitcoin seems to be taking a break. The Index shows a 2.0% decrease, with Bitcoin and Ethereum both down by 1.8% and 1.9%, respectively.
Unidentified Issue Halts Ethereum’s Beacon Chain Transactions for Nearly Half an Hour
On May 11, Ethereum's Beacon Chain experienced an unidentified issue that caused a halt in transactions for almost 30 minutes. Although new blocks were proposed, an unknown issue prevented them from being finalized.
Bitcoin and Ether Drop in Asia Trading, NFT Sales Boosted, Biden Warns of Potential Global Economic Consequences of Default
Bitcoin and Ether, along with other top non-stablecoin cryptocurrencies, experienced a decline in trading during Thursday afternoon in Asia, with Polygon's Matic leading losses for the second day in a row. Meanwhile, Asian equities were mixed following China's consumer price index report, and U.S. stock futures strengthened after consumer inflation unexpectedly slowed in April. NFT sales on Ethereum saw a surge in the past 24 hours, thanks to the Milady Maker NFT collection, which experienced a 2606% increase in sales. Investors are now looking ahead to the Bank of England's monetary policy decision, which is scheduled for today.
Ernst & Young Launches Ethereum-Based Platform for Tracking Carbon Emissions and Credit Traceability
Ernst & Young (EY), one of the 'Big Four' accounting firms, has launched a beta version of its Ethereum-based platform for tracking carbon emissions and carbon credit traceability. The platform, called EY OpsChain ESG, provides a single, verifiable view of CO2 emissions to help enterprises accurately measure and track their carbon footprint. It also offers transparency to consumers, business partners, and regulators through a trusted platform for emissions and carbon credit traceability. EY OpsChain ESG has been built to the standards of the Microsoft-backed InterWork Alliance for Carbon Emissions Tokens and provides immutable reporting on an enterprise's current CO2e.
Ethereum's Price Faces Critical Support Levels Amid Consolidation: Technical and On-Chain Analysis
Ethereum's price has been fluctuating without a clear direction, but it is currently facing critical support levels at the 100 and 200-day moving averages. The 4-hour chart shows a consolidation range where buying and selling pressure seem to be evenly matched, with a downward break leading to a stop at the $1.7K range and a resurgence of the bull's dominance leading to an attack on the $2.1K resistance region. On-chain analysis reveals an increasing number of profitable investors, providing a bullish sentiment across the market, but short-term corrections may occur due to growing selling pressure.
Ethereum Price Struggles to Clear Resistance Levels, Faces Hurdles
The price of Ethereum is facing resistance at the $1,850 and $1,880 levels against the US Dollar. However, if it manages to move above the $1,840 and $1,880 resistance levels, it could see a decent increase.
Ethereum Breaches Key Demand Wall,What’s Next for ETH?
The cryptocurrency market is showing signs of recovery despite the recent inflation data in the United States. However, Ethereum is still at risk of correction as it has reached an important demand wall at $1,850 - $1,905. Crypto market analyst Ali Martinez warns that failure to retain this critical support zone may trigger a correction, potentially leading ETH to the next significant demand area at $1,570 - $1,630. Ethereum is currently changing hands at $1,878.27 and is one of the three altcoins recommended by crypto trading expert Michaël van de Poppe to keep an eye out for.
Bitcoin May Pull Back to $25,200 as Ether Faces Short-Term Setback
Bitcoin and Ethereum prices have remained relatively stable in Asia after a promising U.S. Consumer Price Index pushed Bitcoin above $28,000. According to Katie Stockton, Founder and Managing Partner of Fairlead Strategies, the crypto market likes the lower CPI numbers, but she doesn't expect price appreciation yet. Stockton predicts that Bitcoin may pull back to its base breakout point of about $25,200, while Ether might outperform Bitcoin in the short term.
Significant Drop in OFAC-Compliant Ethereum Blocks Reveals Reduction in Protocol-Level Censorship
The percentage of Ethereum blocks that comply with OFAC regulations has decreased significantly, with only 27% of blocks created using compliant relays on a daily basis compared to 80% in November 2022. This drop indicates a reduction in protocol-level censorship by Ethereum validators who rely on the MEV Boost mechanism to extract maximum value from block production. MEV Boost software is used by validators to increase their earnings and works alongside relay software, which creates transaction bundles for dispatch to validators. The shift towards non-censoring relay operators such as Ultra Sound Money and Agnostic has resulted in a decline in adoption rate among validators for Flashbots' relay operators.
