Ethereum's Declining Transaction Count Doesn't Tell the Whole Story
June 15 (Cointime) -There are various metrics to measure Ethereum's progress, including transaction count, which is currently down 26% from its peak in May 2021. However, this does not indicate a decline in Ethereum's overall progress, as the platform is moving towards a more modular approach, outsourcing certain functionalities to layer 2 (L2) rollups for improved performance.
Nansen Report Analyzes Impact of Arbitrum Airdrop on Network Ecosystem
June 14 (Cointime) - Nansen, an on-chain analytics firm, has released a report analyzing the impact of the Arbitrum Foundation's airdrop event. The report highlights sustained on-chain activities, including high levels of daily transactions and users, as well as an increase in gas spending and the value of transactions and transfers. However, the number of new wallets conducting their first transaction has slowly declined since the airdrop, indicating a drop in new users. Despite this, the Arbitrum network has retained a significant share of bridging volume from Ethereum, with gross volume staying strong after the airdrop.
Crypto Communities on Reddit Reach All-Time High in Subscribers Amidst SEC Lawsuits and Reddit Blackout
June 14 (Cointime) - Recently, The subReddits r/Bitcoin and r/Ethereum saw a surge in subscribers, with over 364,000 and 461,000 new subscribers, respectively. This coincided with the SEC lawsuits against Binance and Coinbase. The surge led to r/Bitcoin surpassing 5 million subscribers and r/Ethereum reaching over 2 million. Bitcoin and ether were not implicated as securities in the lawsuits and have remained relatively stable in price compared to other tokens. Some crypto subReddits, including r/Bitcoin and r/Ethereum, went private for 48 hours to protest Reddit's new API pricing terms.
Mysterious Ethereum Whale Moves $738 Million Worth of ETH to Multiple Wallets and Coinbase
June 14 (Cointime) - The actions of an Ethereum whale, who owns $738 million worth of ETH, have left the cryptocurrency community puzzled. The individual amassed 1.5 million ETH between 2016 and 2017 and then transferred the entire amount on Dec. 1, 2018. The ETH was broken down into smaller chunks and distributed to different wallets before being reaggregated into larger portions of 150K ETH each. Recently, the whale transferred 450K ETH to an address associated with Coinbase, raising questions about the motivations behind these actions.
SEC Documents Shed Light on Ethereum's Security Status and Potential Impact on NFTs
According to Cointime news on June 14th, The SEC has released documents related to their legal battle with Ripple, which accused the company of selling unregistered securities in the form of XRP. These documents include emails and notes that provide insights into the SEC's approach to regulating the crypto industry and could have implications for the legal classification of Ethereum and Bitcoin. The documents also shed light on a speech given by former SEC director William Hinman in 2018, clarifying that Ethereum was not viewed as a security at that time. While the impact on NFTs is not directly addressed, the SEC's involvement in crypto regulation could lead to increased scrutiny and potential regulatory actions for NFTs.
Bitcoin Briefly Surpasses $26,430 as US Inflation Data Triggers Investor Optimism
Bitcoin and Ethereum saw positive movement in the crypto market after the release of the Consumer Price Index (CPI) data in the US, with BTC briefly surpassing $26,430. The CPI data is an important economic indicator that measures the average change in prices of goods and services over time. The recent CPI report showed a softening in the annual inflation rate to 4.9% in April, which boosted investor sentiment and encouraged investment in riskier assets like Bitcoin.
Ethereum Price Holds Support Above $1,720, Recovery Possible with Move Above $1,770 Resistance
The price of Ethereum is currently being supported above the $1,720 zone against the US Dollar, but is struggling to break through resistance levels at $1,770 and $1,780. However, a move above these levels could lead to a recovery and push the price towards $1,850 and potentially even $1,920 or $2,040. On the other hand, if Ethereum fails to break through resistance, it may experience a decline towards the $1,640 or even $1,600 support levels. Technical indicators show that the MACD for ETH/USD is losing momentum in the bearish zone, while the RSI is now above 50.
Ethereum's Price Takes a Hit Following Release of Hinman Emails
The digital currency market is experiencing a downturn following the release of the Hinman Emails, with Ethereum being the focus after a 1.2% drop in price to $1,733.13 in the past 24 hours. This decline is significant considering Ethereum's earlier bullish run, and the total trading volume in the past 24 hours is $7 billion.
SEC Crackdown on Crypto Exchanges Could Push More Staked ETH to Lido, Exposing Risks to Ethereum Ecosystem
The U.S. Securities and Exchange Commission considers all crypto assets except Bitcoin to be securities and is targeting staking services in its latest crackdown on crypto exchanges. This could lead to more staked ETH being moved to Lido, the market-leading liquid staking provider for Ethereum.
Ethereum Price Approaching Significant Support Level Amid Downtrend and Bearish Influence
The price of Ethereum is currently in a downtrend and is approaching a significant support level. Over the past 24 hours, there has been little movement on the chart, while on the weekly chart, ETH has experienced a depreciation of over 3%.
