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ETH emission rate drops 98% after update

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ETH emission

Onchain statistics show that ETH daily emission on the Ethereum network dropped sharply after the Merge update. These dynamics indicate deflationary processes in the blockchain. According to UltraSound Money, the rate of new coin issuance has since fallen by 98%.

After Ethereum switched to the proof-of-stake consensus algorithm, the supply volume increased by 7,385.47 ETH, while on the Proof-of-Work model, the increase would have been 128,422.13 ETH over the same period. In the past 24 hours the volume of supply increased by 0.34%. This compares to a daily average of 3.86% on PoW.

Some believe that ETH supply has declined not only because of the network’s move to PoS. Activity on the Ethereum network also declined, which led to a decrease in the cost of gas and also affected ETH emissions. However, network activity was falling even before Merge; nevertheless, when the network was running on the PoW algorithm, a lot more tokens were being created.

Some analysts thought that the price dynamics of the asset would improve after the update. However, ETH has since fallen in price by about 20% and there are no signs of a reversal yet.

Earlier we reported that the Data center for crypto mining goes bankrupt.

Cryptocurrency

Crypto investors gave bitcoin prediction today in anticipation of Fed meeting

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bitcoin predictions 2023

As the publication of the Fed’s next key rate decision approaches, the market has been flooded with bitcoin prediction analysis about BTC’s reaction to the event.

Bitcoin prediction today — A rare bottom

Popular in the crypto community analyst Peter Brandt, who managed to correctly predict the crypto winter of 2018, in his bitcoin forecast analysis, confirmed the passage of the cryptocurrency bottom. According to their observations, the coin formed a cyclical low in the form of a rare figure of technical analysis — a fulcrum (bottom) with two walls.

Reflexivity Research co-founder Will Clement also believes bitcoin has already passed the cyclical bottom. In his opinion, investors are at a stage of “disbelief” regarding the psychology of market cycles.

Bitcoin predictions 2023 — The psychology of market cycles

Analyst Oriel Ohayon joined bitcoin predictions today, predicting that the lows have been left behind. According to his observations, a bear market lasts about a year. After that comes a three-year bull market. Oriel-Ohayon bitcoin prediction is based on the theory of cyclicality. Recall that every four years the BTC network experiences a halving. A halving of the cryptocurrency’s mining rate, as the history of observation of the coin shows, triggers its growth. The reason is the formation of a shortage of bitcoins in the market amid the growing popularity of digital assets.

Bitcoin forecast analysis — where next

Many members of the cryptocurrency community support a positive outlook for bitcoin. Among the signals that can support the growth of the cryptocurrency, the network users highlight the long-awaited exit of BTC from the narrowing wedge, as well as the MACD indicator moving into the bulls’ zone and the coin’s approach to the 200-day curve on the weekly chart.

Many crypto investors believe that the nearest target for BTC may become $25K. Over time, analyst Lark Davis is sure that the positive dynamics will bring bitcoin to the level of $100K. At the same time, some participants in the crypto community do not exclude the possible correction of BTC before further growth.

Following the stock market

To recap, bitcoin went up at the beginning of January amid the positive dynamics of the stock market, behind which the coin, as history shows, repeats the movements. Market participants paid attention to the fact that the S&P 500 managed to break the border of the downward channel, in which it has been moving since early 2022.Bitcoin echoed the positive dynamics of the index.

Bitcoin forecast 2023 — S&P 500 Index and BTC

On Wednesday, February 1, at 10:00pm, the results of the Fed meeting will be released, including new key rate values. According to CME-FedWatch, the regulator may slow down the rate hike to 0.25pc. Recall that the first step to slow the Fed rate increase was recorded in December 2022 (+0.5 p.p.). Before that, the market experienced four rate hikes of 0.75 p.p.

Crypto-investors believe that the Fed’s policy easing could support the stock market, which, in turn, can support the positive dynamics of the cryptocurrency market.

Previously, we told you that Cardano officially announced the upcoming launch of stablecoin Cardano — Djed.

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OKX will remove Gemini stablecoin from listing. Is Gemini stablecoin safe? 

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is Gemini stablecoin safe

OKX crypto exchange will remove stablecoin Gemini USD (GUSD) trading pairs from listing, as well as stablecoin Gemini itself. The exchange announced this on its official website. What exactly was the reason for delisting is not specified.

Is Gemini stablecoin safe?

The exchange only said that it periodically re-evaluates assets based on user feedback and compliance with OKX requirements. GUSD is scheduled to delist on February 1, 2023. At the time of writing Gemini had no comment on the delisting. Only USDT pairs are left.

Meanwhile, Axios has learned that the New York State Department of Financial Services (NYDFS) is investigating Gemini for potential misrepresentation. Officially, the NYDFS declined to comment on the investigation, but did not deny its existence either.

Is Gemini stablecoin safe? The publication believes that the investigation into Gemini may be linked to the now-shuttered cryptocurrency unit Gemini Earn. Previously, customers of the service lost their assets due to the bankruptcy of Gemini Earn’s partner, Genesis. Gemini executives claim that Genesis owed $900 million to the cryptocurrency exchange.

Gemini’s business partner difficulties led to layoffs on the trading floor. The Information reported that Gemini made its third round of layoffs, laying off 10 percent of its employees. According to the report, some key employees had previously left Gemini, including Chief Operating Officer Noah Perlman and general counsel Nils Jertsson.

However, Gemini is not the only company in the cryptocurrency market that has cut staff. Many other major cryptocurrency companies, including Coinbase, Crypto.com, and Consensys, have also reorganized their businesses amid the ongoing “crypto winter.” In the first few weeks of 2023 alone, they collectively cut hundreds of jobs. Moreover, job cuts throughout the industry come at a time when many analysts and economists are predicting a recession in the U.S. in 2023.

Earlier we told you about the former Chancellor of the Exchequer to head a British cryptocurrency company.

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Celsius token news: Celsius caught wanting to trick customers with new token

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Celsius token news

Celsius network new coins? Bankrupt Celsius Network and a committee of creditors want to defraud customers with a new token issue. This was reported on Twitter by a user under the nickname @Crypto_Tolkien. They noted that Celsius rejected other companies’ buyout offers.

Celsius token news

Earlier, media revealed that BnkToTheFuture, Galaxy Digital, Binance and others were interested in the bankrupt’s assets, but Celsius declined to sell. Celsius representatives said during the hearing that all of the buyout offers “severely undervalued the illiquid assets” on the firm’s balance sheet. Financial details of the proposed deals were not disclosed.

As @Crypto_Tolkien noted, Celsius intends to oppose any reorganization plan that conflicts with their interests. The Head of Bnktothefuture , Simon Dixon, indirectly confirmed the user’s assumptions. He suggested that any attempt by Celsius to delineate client assets by their status should be blocked in court.

Celsius network, new coins — what is the news?

So, it seems, Dixon was referring to a recent court ruling that ordered the bankrupt firm to return all of the cryptocurrency held in its custody accounts to customers. Other customers were not affected by the ruling because users agreed to the terms of use when they signed up with Celsius. According to the terms and conditions, the company has the right to sell or lend client assets of non-depository accounts for investment purposes.

Earlier, it was revealed that Celsius is considering issuing a new token to pay off its debt to creditors as part of a proposal to reorganize and emerge from bankruptcy as a regulated cryptocurrency platform. Representatives of the cryptocurrency lender believe that transforming the project into a public company, compared with the initial plan, which includes an asset sale, would bring more money to creditors.

The bankruptcy of Celsius became known in July 2022. The company’s main problem was a liquidity crisis. In early January of 2023, the New York prosecutor’s office accused the head of Celsius of defrauding investors of billions of dollars.

Previously, we talked about whether to expect a move to $24,000 amid high bitcoin yields.

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