Tag: Ethereum

Security or not, Ethereum price looks poised to hold the $1.8K level based on 3 key metrics

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Ether’s (ETH) price retested $1,780 after the news of the U.S. Securities and Exchange Commission suing cryptocurrency exchanges Binance and Coinbase but it’s not preposterous to suggest that Ether bulls should be more than happy that its price did not break below the 67-day support.  The SEC actions are actually a double-edged sword for Ethereum and on crypto Twitter, some analysts attributed the bounce in Ether as a result of it not being listed as a security in either of the cases brought against Binance and Coinbase. For instance, the…

Ethereum Is Security, Former Twitter CEO Jack Dorsey Says

There are ongoing efforts to classify Ethereum. As of now, a final decision is yet to be reached regarding whether it should be considered a security or not. Considering the arguments, predicting the final outcome is challenging. With the recent noise about cryptocurrency regulation and events such as crypto exchanges being sued for offering unregistered securities, there have been varying views from experts and high-profile individuals about the state of some specific cryptocurrencies. One of them is a recent comment by Jack Dorsey, the former Twitter CEO, arguing that Ethereum…

Former Twitter CEO sparks debate by labeling ethereum as security

In a recent social media skirmish, former Twitter CEO and Bitcoin advocate Jack Dorsey sparked a heated debate by affirming that Ethereum (ETH) could be considered a security. The statement from Dorsey immediately drew attention and triggered a Twitter war with Udi Wertheimer, a Bitcoin Ordinals developer, criticizing Dorsey as a “clown.” In response, Dorsey fired back, challenging Wertheimer to educate him by stating, “ETH is not a security? Teach me, wizard.” Wertheimer countered by sharing an old video of Gary Gensler, Chair of the US Securities Exchange Commission (SEC),…

Binance sees $778M net outflows on Ethereum blockchain amid SEC charges: Nansen

The SEC lawsuit against Binance on June 5, accusing the crypto exchange of violating various securities laws, had a direct impact on the crypto market as well as the balance sheet of the crypto exchange. According to data shared by crypto analytic firm Nansen, Binance saw a negative netflow of $778 million on the Ethereum blockchain, where $871 million worth of assets inflowed onto the exchange while $1.6 billion worth of assets went out of the exchange. Even in the first 24 hours following the SEC lawsuit, Ethereum-based tokens have…

Ethereum gas fees rising amid meme coin hype 

It is widely recognized that cryptocurrencies are subject to volatility, which is no longer a surprising fact. The crypto winter in 2022 led to several incidents and events that brought digital currencies to the forefront of discussions. As anticipated, much of the attention revolved around bitcoin (BTC) and ethereum (ETH), the two largest coins in terms of market capitalization.  While in the case of bitcoin, the focus fell entirely on the price drop, Ethereum made the news for several other reasons.    There are plenty of resources out there on…

Ethereum gas fees cool down after May memecoin frenzy

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The average transaction fee or gas fee on the Ethereum network has cooled substantially in the first week of June after reaching a multi-month high in May, owing to the meme coin frenzy and many MEV Bot activities.  The average gas fee on Ethereum has come down to $7.34, almost one-third from last month’s high of $20. In terms of Gwei, a denomination of Ether (ETH) that represents one-billionth of one ETH, the daily median gas price has decreased to 24 gwei from a peak of almost 140 gwei last…

Rapid growth in DeFi-focused Ethereum liquid staking derivatives platforms raises eyebrows

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Ether’s (ETH) DeFi activity has declined in the bear market and the sector faces further competition from Ethereum’s annual staking reward of 4%, according to Glassnode analysts. However, a DeFi narrative is building around liquid staking derivative (LSD) tokens that could revive Ethereum’s network activity. The percentage of gas consumed by DeFi protocols has dropped from 34% in 2020 to 8% to 16% presently, with NFTs commanding the maximum share of 25% to 30%, according to a recent report from Glassnode. Ethereum gas usage by transaction type. Source: glassnode Glassnode’s…

Coinbase Derivatives Exchange To Launch ‘Institutional-Sized’ Bitcoin (BTC) and Ethereum (ETH) Futures Contracts

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Top US-based crypto firm Coinbase says its derivatives exchange is gearing up to launch “institutional-sized” Bitcoin (BTC) and Ethereum (ETH) futures contracts next week. According to a new press release, Coinbase Derivatives Exchange says it plans to make the contracts, called Coinbase Bitcoin (BTI) and Coinbase Ether (ETI), available on Monday, June 5th. BTIs and ETIs will be settled in US dollars and represent one Bitcoin and 10 Ethereum per contract, respectively. Says Boris Ilyevsky, the head of Coinbase Derivatives Exchange, “In addition to risk management and enhanced precision, these…

Microsoft pens AI cloud computing deal with former Ethereum miner CoreWeave: CNBC

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Microsoft has reportedly signed a deal with former Ethereum miner CoreWeave to use its cloud computing infrastructure to support its Artificial Intelligence-powered services. According to a June 1 report from CNBC which cites “people with knowledge of the matter,” Microsoft is potentially set to spend billions of dollars on the deal with CoreWeave that will run over multiple years. One of CNBC’s sources claimed that the deal was signed earlier this year, as Microsoft OpenAI’s widely popular ChatGPT chatbot. JUST IN: Microsoft $MSFT just signed a deal for AI computing…