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Stabilizing Ethereum Funding Rates Suggests Recovery Might Be In The Works

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Ethereum funding rates had taken a beating after the Merge was completed. This event was the single most anticipated upgrade in the history of the network, and it had affected both price and funding rates in adverse ways. However, as the market begins to settle into the new normal of Ethereum being a proof of stake network, things are beginning to stabilize. One of those is funding rates returning to pre-Merge levels.

Funding Rates Stabilizing

The days leading up to the Ethereum Merge had been extremely volatile for the crypto market. Ethereum itself had borne the brunt of this, and even though the days leading up to the upgrade were filled with positive movement, it had quickly changed.

Ethereum funding rates nosedived on the back of the Merge. It fell from trending just below neutral levels at around negative 0.02% to negative 0.35% by the time the upgrade was final. It also follows the sell-offs that rocked the market at the same time. In the days leading up to the Merge, FTX longs had seen a total of 9.92% paid by shorts to hedge their positions on the exchange.

ETH funding rates recover | Source: Arcane Research

However, not long after the Merge was finalized, the market began to see recovery. This recovery was just as sharp as the decline, returning from negative 0.35% to around negative 0.02% by September 16th. This sharp uptrend was shown in the price of the digital asset, which maintained most of its value through this time. This shows that despite the sell-offs, there are still a significant number of Ethereum holders who maintain long exposure to the digital asset.

Ethereum Might Recover

With funding rates recovering back to pre-Merge levels, it shows that there is still bullish sentiment among investors. This sustained bullish sentiment continues to prop up the price of the digital asset even through the bear market. 

Since most of the sell-offs happened due to the hype around the Merge, it is only normal that Ethereum has begun to stabilize once most of that hype has now worn off. It leaves the accumulators at a point where they are able to purchase the digital asset without sacrificing too much of their previous value.

Ethereum Price Chart From Tradingview.com

ETH price drops below $1,300 | Source: ETHUSD on TradingView.com

Even now, with the FOMC-inspired volatility in the market, support for ETH continues to ramp up. Exchange outflows over the last 24 hours show this growing accumulation trend. Outflows were about 40% higher than inflows for ETH for the day, according to data from Glassnode.

If ETH is able to maintain its support level at $1,250, this point will serve as a bounce-off point for the digital asset. If ETH successfully breaks through the $1,300 resistance, a retest of the $1,500 level is possible in the next week. 

Featured image from Currency.com, charts from Arcane Research and TradingView.com

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Abu Dhabi to Host Inaugural Middle East Blockchain Awards

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Abu Dhabi To Host Inaugural Middle East Blockchain Awards
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Dubai, United Arab Emirates, 5th October, 2022, Chainwire

The first edition of the Middle East Blockchain Awards will be held in Abu Dhabi in November 2022, to recognise and reward outstanding efforts within the fields of blockchain and Web 3.0 innovations. Hoko Agency Middle East will host the Awards, in association with Abu Dhabi Global Market’s flagship platform, Abu Dhabi Finance Week; and the Middle East, Africa and Asia Crypto and Blockchain Association (MEAACBA).  

Frontrunners in the industry will be recognised through the Middle East Blockchain Awards (MEBA), with all nominations assessed by a panel of prestigious experts. Judges include: 

● Dr. Marwan Al Zarouni, CEO of Dubai Blockchain Centre (DBCC) 

● Jehanzeb Awan, Board Member of MEAACBA, Founding Partner and CEO of J. Awan and Partners 

● Miriam Kiwan, Former Head of Digital Assets at ADGM, Board Member at BlackOack Global 

● Misha Hanin, Co-founder and CEO of BEDU 

● Saqr Ereiqat, Co-Founder and CCO of Crypto Oasis 

● Matthew Amlot, Managing Editor of Arabian Business 

MEBA will be held in the stunning Palm Garden at the five-star W Abu Dhabi – Yas Island on 18 November 2022 in the midst of the high-energy F1 Race Weekend. The black-tie event promises a spectacular evening of recognition, insight and entertainment, attended by high-profile individuals from across the GCC.  

Abu Dhabi was chosen as the host city for the inaugural awards because of the UAE leadership’s commitment to progression and innovation in blockchain and digital transformation. The UAE as a whole has made significant moves towards the regulation, safety and transparency of blockchain and digital assets, driving the importance of global standards for industry compliance that will benefit all aspects of Web 3.0.
This forward-thinking approach has attracted numerous global players to establish their presence in the emirates, creating a strong ecosystem that contributes towards its reputation as a hub for crypto and beyond.  

Jehanzeb Awan, Board Member of MEAACBA, Founding Partner and CEO of J. Awan and Partners said: “Blockchain is creating a digital ecosystem which will support a new world of services and products ranging from financial services through to real economy. The Middle East Blockchain Awards will help drive innovation, reward excellence and provide a benchmark for companies to aspire to and in doing so contribute significantly to the regional ecosystem.” 

Max Palethorpe, Founder and CEO of Hoko Group said: “The Middle East Blockchain Awards come at a time when people and businesses are pushing the boundaries of what was previously thought impossible, making significant headway into a digital-first world. This is a very exciting period for anyone involved in the Web 3.0 ecosystem. It’s our privilege to honour those who are forging new paths with the recognition they deserve.”

Award categories include Most Innovative DeFi Platform 2022, Most Promising DEX to Watch 2022, Most Powerful CEX 2022, Best Mobile Crypto Wallet 2022, Best NFT Marketplace 2022, Best Crypto Investment Fund 2022, Most Promising Web 3.0 Ecosystem 2022, Best Nft & Gamefi Project 2022, Top Global Crypto Youtuber / Influencer 2022, Most
Influential Woman in Blockchain & Crypto 2022, Most Influential CMO in Blockchain & Crypto 2022, Most Influential Global Crypto News Service 2022, Most Influential CEO In Blockchain & Crypto 2022, and Most Promising ESG Crypto Project.  

Entries can be submitted at www.mebawards.io 

For more updates follow Meba on:

Instagram: meba_awards 

Linkedin: MEBA Awards 

Twitter: @meba_awards 

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Fidelity Invests $5 Million in New Ethereum Index Fund

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Fidelity Invests $5 Million In New Ethereum Index Fund
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