Bitcoin, Ethereum, and other major cryptocurrencies are still struggling despite a bullish wave of announcements (and an interesting Bitcoin price prediction).
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The price of bitcoin has once again fallen below $20,000 per bitcoin, as the increasingly hawkish Federal Reserve hit the market like a “sledgehammer,” while the price of Ethereum has suffered in the wake of a long-awaited merger upgrade in part due to a dangerous regulatory warning.
Now, as BNB, XRP, solana, cardano, and dogecoin traders desperately seek guidance, blockchain researchers are warning that Ethereum’s historic shift from Bitcoin’s proof-of-work to more energy-efficient Proof of Stake could flood former Ethereum miners with 245,000. Ethereum is worth over $300 million on the market.
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The Ethereum upgrade, which was completed this month after years of preparation, means that the ethereum network is secured and that transactions confirmed by Ethereum holders are “pending” their coins rather than relying on miners.
says Lucas Campbell, website editor unbanked the newswrote this week.
Data from blockchain researcher OKLink appears to show that Ethereum miners have already started selling their $300 million Ethereum reserves, it is reported. quindisk.
Alex Kuptsikevich, chief market analyst at FxPro, wrote in an email warning that despite the market rallying from its lows earlier in the week, “mining pools have dropped nearly 17,000 Ethereum in the past seven days alone.” to a break to the downside” and “widespread monetary tightening lead us to expect further pressure on the markets”.
On top of a potential Ethereum selloff, markets are also dealing with a string of massive hikes by the US Federal Reserve as it struggles to control spiraling inflation, sending shock waves through financial markets.
This week, the Federal Reserve achieved its third consecutive increase of 75 basis points despite warnings that it could lead to an even bigger meltdown than the 2008 financial crisis as Federal Reserve Chairman Jay Powell told reporters, “We must leave inflation behind. I hope that There would be a painless way to do it.”
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Meanwhile, the Biden administration has sent a stark warning to the Bitcoin and cryptocurrency industry in the wake of its massive $2 trillion crash, and US Securities and Exchange Commission (SEC) Chairman Gary Gensler has warned that an Ethereum upgrade could mean the cryptocurrency becomes regulated as collateral.
Timo Lehis, Co-Founder of Decentralized Finance (DeFi) Infrastructure Provider, Swam Markets, said in comments via email.
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