Connect with us

Bitcoin

Ethereum Supply On Exchanges Reaches New Low Of 14%

Published

on

Ethereum Supply On Exchanges Reaches New Low Of 14%

On-chain data shows that the percentage of Ethereum supply present on exchanges has set new lows of around 14%.

Ethereum Supply On Exchanges Continues To Go Down

As pointed out by an analyst in a CryptoQuant post, the ETH supply present on exchanges has been going down since a while now. It has now hit new lows of about 14%.

The “percentage supply on exchanges” is an indicator that shows the share of the total Ethereum supply stored in wallets of all exchanges.

Usually, this supply present on exchanges is said to be the selling supply of ETH, and so if the indicator’s value goes up, it means there is a higher number of coins in the available sell supply.

Due to supply-demand dynamics of the market, this kind of trend can prove to be bearish for the cryptocurrency’s price.

On the other hand, if the metric’s value moves down, it implies the available supply of Ethereum has reduced. Prolonged such trend can create a supply shock in the market, which can turn out to be bullish for the coin’s price.

Related Reading | Exchanges See Bitcoin Outflows For 7th Straight Day As BTC Price Begins Recovery

Now, here is a chart that shows the trend in the percentage of total ETH supply on exchanges in the past year:

Looks like the indicator's value has been gradually going down | Source: CryptoQuant

As you can see in the above graph, the percent ETH supply on exchanges has shown a steady downtrend during the entire year so far.

Currently, the value of the indicator sits around 14%, a new low. At the start of the year, the metric’s value was about 21% so that in the past year 7% of ETH supply has been taken off exchanges.

Related Reading | Ethereum Scarcity: After London Fork, ETH’s Supply Change Drops To Almost Zero

Also, back in May, when the price of Ethereum was at similar levels as now, the metric’s value was around 18%, a sizeable difference. Because of this the analyst believes that the current supply shock isn’t fully reflected in the price yet. And that it won’t be long until a difference is seen.

ETH Price

At the time of writing, Ethereum’s price floats around $4.6k, up 10% in the last seven days. Over the past month, the crypto has gained 5% in value.

The below chart shows the trend in the price of the coin over the last five days.

Ethereum Price Chart

ETH's price looks to be recovering from the crash | Source: ETHUSD on TradingView

A few days back, Ethereum and the wider market had a crash due to fud from the latest COVID variant. However, ETH looks to have already recovered from it.

Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
google news
Advertisement

Bitcoin

Whale Alert Traces 6,000 ETH Transferred From Unknown Wallet

Published

on

Whale Alert- 3,200 ETH Transferred to Unknown Wallet
  • In the past 24 hours, Ethereum is down almost 15%.
  • The transaction happened on Sat, 22 Jan 2022 13:30:46 UTC.

Whale Alert reported a staggering total of 6000 ETH, worth 14,963,907 USD, transferred by a whale through an unknown wallet. Transaction data shows that the transfer was made from an anonymous wallet to Binance. In the past 24 hours, Ethereum has lost almost 15% of its value after it retested the $3280 region a few days ago. Furthermore, it was the weekend; thus, a lower volume is expected than on weekdays.

Read More: Ethereum Price Prediction

There is no guarantee that the market will move in a certain way. Current Ethereum 2.0 constraints, a significant barrier for both consumers and developers, are anticipated to be addressed in version 2.0. In addition to enhancing the network’s performance, efficiency, and scalability.

Whale Alert

In its databases, Whale Alert compiles all of the transactions from various blockchains, analyses them, and then saves them in a uniform style. With the aid of artificial intelligence, these databases are regularly updated manually with information about thousands of known individual addresses, email exchanges, and other types of addresses. On its official Twitter account, it shared the information.

Hundreds of millions of dollars of ETH are being moved by crypto whales. The Whale Alert monitoring and analysis tool initially discovered the large crypto transfer. According to Whale Alert data, the transaction happened on Sat, 22 Jan 2022, 13:30:46 UTC.

According to CoinMarketCap, the Ethereum price today is $2,352.17 USD with a 24-hour trading volume of $30,582,551,275 USD. Ethereum has been down 15.33% in the last 24 hours. 

google news
Continue Reading

Bitcoin

Central Bank Digital Currency (CBDC) On the Cards As U.S. Fed Asked to Submit Reports

Published

on

Bitcoin (BTC) Prices Hold Steady After a Severe Turmoil
  • A government-wide plan for digital assets is the first of its kind.
  • Federal Reserve would have to work out the kinks to satisfy both parties.

To stay up with private-sector payment innovations, the Federal Reserve on Thursday initiated an assessment of the possible advantages and dangers of creating a U.S. digital currency. The Biden administration has outlined a U.S. Crypto Policy, and now it plans to follow suit with an executive order that will be issued in February. Federal agencies will be required to submit reports. A government-wide plan for digital assets is the first of its kind. Federal authorities will investigate the dangers and possibilities.

Congress and The White House

Intense discussions are taking place at the highest levels of government to devise a comprehensive approach to Digital Currencies. The design is nebulous and difficult to interpret. According to some analysts, Federal Reserve officials have made a few hesitant measures towards forming a CBDC. Congress and the White House both have to be satisfied with the CBDC’s design before it can easily transition into payment and banking systems without causing any problems.

In order to get the support of both the executive and legislative branches, the Fed will have to figure out how to develop a central bank digital currency (CBDC). Consequently, Federal Reserve officials seek a formal statute permitting the creation of a Crypto policy.

Congress would welcome a CBDC, but the Federal Reserve would have to work out the kinks to satisfy both parties. According to Senate Financial Committee Chairman Sherrod Brown (D-Ohio), this is an essential step towards creating a U.S. based digital currency that will let more people participate in the banking system.

google news
Continue Reading

Bitcoin

SHIB Army Eagerly Waiting For Shiba Inu Listing on Robinhood This Year

Published

on

Shiba Inu Listing on Bitstamp Postponed to 2022
  • Only seven coins may presently be traded on the platform. 
  • More than 500,000 people have signed a Change.org petition.

At the end of 2021, Shiba Inu Coin surpassed 1 million holders, and it surged swiftly after that, just to fumble to the recent crypto market crash. SHIB holders are looking to Robinhood to complete their listing collection after getting a Coinbase listing in September 2021 and subsequent listings on Kraken and CoinDCX.

By the end of January 2022, Robinhood will not support the Shiba Inu coin and has not confirmed any intentions to list SHIB. Only seven coins may presently be traded on the platform. Prospective SHIB holders will instead need to seek SHIB on exchanges such as Binance, Coinbase, Gemini, and others. In the SHIB community, rumors of Robinhood’s support for SHIB are commonplace. Rumors, on the other hand, are often just that.

Demand is Clearly High

Robinhood’s intentions for a SHIB listing are unknown, but the demand is clearly high. More than 500,000 people have signed a Change.org petition requesting Robinhood to include SHIB in its product line. According to the petition, the success of Robinhood’s Dogecoin listing shows that SHIB has the potential to be just as successful. 

On Shiba Inu, Robinhood CFO Jason Warnick is the most recent formal remark. During the Wall Street Journal CFO Network Summit, Warnick was questioned about new listings and Shiba Inu.

Warnick said:

“It’s not lost on us that our customers and others would like to see us add more coins. We’re a highly regulated company in a highly regulated industry, and we think it’s important that we get a bit more clarity from regulators.”

It’s hard to accurately predict when SHIB will be listed on Robinhood, but the SHIB army can hope it’s this year.

google news
Continue Reading

Trending