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Value Of Ethereum Held By Miners Reaches Five-Year Record Levels

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Ethereum

Despite the Ethereum burn introduced with the London hard fork, miners are still making a good amount of revenue from mining. For ETH, the balance held by miners had been dropping since 2016. This was mostly a combination of poor market conditions and miners selling their holdings to fund their mining activities. With low prices, the total dollar value of miners’ ETH holdings had dropped.

This number picked back up in 2021. Following the bull run which began in 2020, the price of Ethereum has gradually recovered. And by extension, the dollar value of the miner’s ETH holdings had begun to climb. Current metrics show that the value of ETH held by miners has hit a five-year high. The last time that miners held this much value in ETH had been in 2016.

Related Reading | Polygon Founder Says Ethereum Is Set To Replace Bitcoin As The Global Standard

Miners’ ETH Holdings Reach New Peak

Data analytics firm Sentiment published a report showing the current ETH balances of miners. According to the report, miner ETH balances currently sit at 532.75K ETH, leading to a total balance of more than $1.85 billion.

ETH price balances above $3,600 | Source: ETHUSD on TradingView.com

The last time ETH miner balances had reached this amount had been in July 2016, shortly after the Ethereum blockchain went live. ETH’s value has grown much higher since the report was published, putting current balance values even higher. This is the highest the value of miner ETH balances has ever been. Additionally, miners have been holding on to their bags. Refusing to sell until the market becomes more favorable.

Ethereum Price Recovering To Record Levels

The recent growth of ETH has contributed greatly to the increase in the value of the miner ETH balances. This, coupled with increasing hold sentiment among miners, has put miner balances on record levels. But miner balances are not the only ones experiencing a return to record levels.

Ethereum price had suffered had in the bloody month of September. This had crashed the price of the digital asset down below $3,000, bottoming out at close to $2,600, a one-month low for the asset.

Related Reading | Investors Expect Ethereum To Outgrow Bitcoin, According To CoinShares Survey

Now, with current recovery trends, the price of ETH is set to break a new record level. ETH’s recent breakout has positioned the price of the asset well above $3,600. And indicators point to the bull rally pushing the price of the digital asset above $4,000. End-of-year predictions from market analysts have placed the asset at a $5,000 price mark, with bitcoin hitting $100K.

It is still too early to tell if Ethereum will hit the price targets set for it by analysts. But the asset is now trading in the green and continues to be favored among crypto investors. ETH’s price is trading at $3,616 at the time of writing.

Chart from TradingView.com

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What Happens When Forex and Crypto Trading Combine

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What Happens When Forex and Crypto Trading Combine

The forex market is truly colossal. It may not make as much news as stocks, but it is right up there in size. Estimates place the daily volumes at over $6 trillion, and this figure will only balloon as more developed countries continue to grow their economies. 

That said, forex brokers are ripe for change. The entrance of crypto into financial markets was gradual until it exploded onto the main stage in 2017. Today, several crypto trading brokers are changing the game across the board. 

The likes of CryptoAltum now boast of a global client base despite playing catch up to decades-old Forex markets. CryptoAltum has been active since 2019 and embodies the story of many high-profile platforms in this industry. The embrace of technology and favorable trading terms have worked a charm in ensuring traders kept coming back for more.

Crypto Brokers Are Changing the Game

Centralized finance ruled the world for centuries. The few players that ran the show had unchecked power and got away with contempt for their customers. Their complacency gave way to new and bold competitors.

The equalizer was always going to come from technology. Tools like the MT5 Platform are unlike anything the world has ever seen. Old school forex brokers cannot compete in a world where platforms that use the MT5 crypto broker provide unparalleled automation and connectivity. Automated trading means that individuals don’t need to rely on manually executing trades, an activity that requires precision and perfect execution. 

Some forex brokers also developed a reputation for heavy-handedness. This problem transcends even to some banks that act as though they don’t need their clients. CryptoAltum is taking consumer friendliness to the next level with policies like zero commissions on trades and a 100% percent deposit bonus for new traders. 

These terms extend to traders who have honed their craft in leveraged trading. CryptoAltum offers high leverage of 1:500, which is the highest offered by any forex brokers. Leverage is a tool that allows such platforms to provide traders with a chance to gain market exposure with a magnified amount from their margin deposit. This tool has its fair share of risk but can be enormously rewarding for those that get it right. 

Traders can choose between short positions and long positions to make use of high leverage. These are the possibilities that traders can explore within crypto trading platforms. 

Above all, they offer a chance to trade cryptocurrencies. These are decentralizing assets without the constraints of traditional finance. The possibility of trading in highly appreciating assets like Bitcoin adds to the allure. Bitcoin and USDT are, unsurprisingly, the most popular deposits on CryptoAltum.

Combining Forex and Crypto 

Crypto brokers with high leverage like CryptoAltum recognize that forex markets are still very liquid. There will be a gradual transition to accommodate more decentralized finance. However, cash is still pretty significant out here, to put it mildly. 

Therefore, the solution is to provide an assortment of services. Crypto is getting on a level playing field with other national currencies. There is every reason to accommodate both these booming sectors and take off to the moon. 

Technology is making the exchange of these currencies seamless and efficient. The MT5 crypto trading platform works with all kinds of assets and allows traders to optimize their portfolios to achieve this purpose. 

Investors don’t require much in the way of deposits to make meaningful trades. Their choice of asset pair and investment timing can multiply a small margin to create a fortune. 

For cryptocurrencies, there is the added obligation to open a digital wallet. CryptoAltum integrates smoothly with these wallets and ensures that traders have an easy time. Besides, they could always deposit from banks or credit cards upon fulfilling verification and KYC processes to that effect. Other markets like gold are still within reach.

Technology also allows traders to access tools for a better understanding of price action. Charts, technical indicators, and market orders provide necessary utility services that make the lives of ordinary traders easier.

Looking Forward

Crypto and Forex trading is a match made in heaven. They both allow traders to speculate on prices and have a vast array of possibilities therein. Such is the dynamism of technologically powered trading that tools like the MT5 platform used by CryptoAltum provide. 

Crypto trading has forced the hand of traditional institutions, and by all accounts, for the better. These assets can co-exist in a complementary fashion for a digital financial future. It will be fascinating to watch out for growth and opportunities in both these markets.

Disclaimer: This is a paid Press Release. Any information contained in this website is not proposed to be and doesn’t constitute financial advice, investment advice, trading advice, or any other advice. The NewsCrypto is not responsible to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release.

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Ethereum Topside Bias Vulnerable If It Breaks This Key Support

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Ethereum trimmed gains from the $4,800 resistance against the US Dollar. ETH is down 5% and it might decline further if there is a break below $4,350.

  • Ethereum failed to clear the $4,800 resistance and started a fresh decline.
  • The price is now trading near $4,500 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $4,600 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline further below $4,500 if there is a close below the 100 hourly SMA.

Ethereum Price Trims Gains

Ethereum struggled to clear the $4,800 resistance zone and started a fresh decline. ETH broke the key $4,650 support to enter a bearish zone.

Besides, there was a break below a key bullish trend line with support near $4,600 on the hourly chart of ETH/USD. The pair even traded below the $4,550 support zone. It is now trading near $4,500 and the 100 hourly simple moving average.

A low is formed near $4,455 and is currently consolidating losses. An initial resistance on the upside is near the $4,540 level. It is near the 23.6% Fib retracement level of the recent decline from the $4,783 high to $4,455 low.

The first major resistance is near the $4,580 level. The next major resistance is near the $4,620 level. It coincides with the 50% Fib retracement level of the recent decline from the $4,783 high to $4,455 low.

Source: ETHUSD on TradingView.com

A close above the $4,600 and $4,620 levels could start a fresh increase in the near term. In the stated case, the price might rise towards the $4,750 level. Any more gains could lift the price towards the $4,800 zone in the near term.

More Losses in ETH?

If ethereum fails to start a fresh increase above the $4,600 level, it could start a downside correction. An initial support on the downside is near the $4,500 level.

The first key support is now forming near the $4,450 level. A downside break below the $4,450 support zone could push the price further lower. The main breakdown support is $4,350, below which the price could decline heavily.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now well below the 50 level.

Major Support Level – $4,450

Major Resistance Level – $4,620

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David Marcus, The Latest Top Executive To Leave Meta/ Facebook’s Crypto Project

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David Marcus, executive exiting

Another one bites the dust. David Marcus stepped down as the head of Novi, Meta/ Facebook’s fintech division. The company’s first order of business was to create a cryptocurrency, but regulators around the world were not keen on the idea. After a few missteps and name changes, they finally released a wallet called Novi to little fanfare. The coin, now named Diem, is still in development and unreleased.

Related Reading | What Zuckerberg’s Meta Means for the Metaverse

David Marcus Says Goodbye

This is not the first time this happens, other top executives have abandoned Meta’s ship over the years. CNBC recapitulates:

“Marcus’s departure follows that of other key executives who led Facebook’s ill-fated efforts in blockchain. Fellow project founder Morgan Beller left the company in September 2020 to go into venture capital. Kevin Weil, another one of the project founders, left in March to join Planet, a San Francisco company.”

Ex-Upwork CEO Stephane Kasriel will replace David Marcus, who in a Facebook post announcing his departure said:

“The one thing I’m the proudest of during my time here is the amazing kickass team we’ve assembled over the last three years. This is the most resilient, passionate, determined and talented group of humans I’ve ever worked with. I find comfort and confidence in knowing that they will continue to execute our important mission well under Stephane Kasriel’s leadership, and I can’t wait to witness this from the outside.”

Mark Zuckerberg responded to David Marcus: 

“I’ve learned so much working with you and I’m so grateful for everything you’ve done for this place. We wouldn’t have taken such a big swing at Diem without your leadership and I’m grateful you’ve made Meta a place where we make those big bets. You’ve built a great team, and while I’ll miss working with you, I’m looking forward to working with Stephane to lead the team going forward.”

https://twitter.com/skasriel/status/1465747314371227650

For his part, Stephane Kasriel said via Twitter:

“I am so honored for the opportunity to lead the awesome Novi team, and look forward to continuing to build products and services that allow more access for people and businesses to the financial system and digital economy.”

FACEBOOK price chart on BMFBOVESPA | Source: TradingView.com

What’s The Deal With Libra/Calibra/Novi/Diem?

After many iterations, Diem is now a stablecoin prototype. For its part Novi, the wallet, is only available in the United States and Guatemala. Facebook/Meta is running a pilot program to test the technology and gather data. They’re trying to steal the remittances market in Guatemala, which constitutes 14% of the county’s GDP. Using the Novi wallet, it’s almost free.

Nowadays, Facebook/Meta is using the Paxos stablecoin USDP as their standard. About this, David Marcus said via Twitter. “USDP is a well-designed stablecoin that’s been operating successfully for over three years and has important regulatory and consumer protection attributes.  I do want to be clear that our support for Diem hasn’t changed and we intend to launch Novi with Diem once it receives regulatory approval and goes live. We care about interoperability and we want to do it right.”

Related Reading | Facebook Officials Claim Novi Received Approval From Major U.S. States

However, will Diem ever receive regulatory approval? For Facebook/Meta, that’s the Trillion-Dollar question. The company’s reputation regarding its handling of personal data is hampering the whole operation. And, well, governments around the world don’t seem to want a company like Facebook in charge of the money. And, well, the project’s been all over the place from the very beginning. No offense to David Marcus, who claims to be Diem’s “Co-creator & Board member.”

The project’s slogan is “To build a trusted and innovative financial network that empowers people and businesses around the world.” And, well, that’s Bitcoin. Why don’t they just plug in to the winning open network? Because Meta wants to be in control of the money supply. And that’s what government’s around the world are trying to prevent.

Featured Image: mohamed_hassan on Pixabay | Charts by TradingView

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