Sign up to save your podcasts
Or
Share Ethereum‘s price plummets as the massive market catastrophe continues
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
Ethereum‘s price plummets as the massive market catastrophe continues
Ethereum has lost more than 5% of its value in the last 24 hours.
* Analysts feel that the US Infrastructure bill passed earlier this week may have played a significant impact in the ongoing financial crisis.
* Google searches for the keyword non-fungible token (NFT) are at an all-time high.
* The crypto sector's overall market capitalisation has fallen from A$4.15 trillion to A$3.29 trillion seemingly overnight.
Ethereum has recouped some of this week's losses, rising 2.2 percent in the previous 24 hours, despite a weekly loss of 8.3 percent. The broader cryptocurrency market is in decline, with Bitcoin losing 8% this week.
The aforementioned volatility has resulted in the liquidation of A$274 million worth of ETH futures, with experts speculating that the passage of the United States infrastructure bill earlier this week may have had a significant influence in the development. To refresh your memory, the aforementioned bill requires that all digital currency transactions over the US $10,000 value threshold be disclosed to the Internal Revenue Service (IRS). However, due to a lack of clarity in the law's phrasing, it is unclear if this provision applies to individual cryptocurrency owners or businesses that use blockchain technology as well.
Another possible explanation for the ongoing bloodbath is the United States Securities and Exchange Commission's (SEC) rejection of VanEck's application for a spot Bitcoin exchange-traded fund, claiming that the offering could result in a number of 'fraudulent, manipulative market tactics' in the future.
In 2021, Google searches for NFTs will reach all-time highs
According to Google Trends data, searches for the term nonfungible token (NFT) are currently at an all-time high, even outpacing several other popular mainstream crypto-centric terms such as DeFi, Ethereum, and Blockchain.
The majority of this interest appears to be coming from countries such as Brazil, Argentina, and Columbia, as well as some Asian countries such as China, Singapore, Hong Kong, and the Philippines, where NFTs have garnered huge popular traction in the last three to six months.
What does the future hold for ETH?
With Ethereum trading below its fourth-quarter upward trendline support level of A$5,600, many analysts fear the altcoin might fall as low as A$5,000 in the coming days before making a strong upward push. Having said that, others feel that ETH may have to fall to the A$4,100 resistance level before making a meaningful comeback. Thus, it remains to be seen what the future holds for Ethereum.
Support us!
View all episodes
By Crypto PiratesEthereum has lost more than 5% of its value in the last 24 hours.
* Analysts feel that the US Infrastructure bill passed earlier this week may have played a significant impact in the ongoing financial crisis.
* Google searches for the keyword non-fungible token (NFT) are at an all-time high.
* The crypto sector's overall market capitalisation has fallen from A$4.15 trillion to A$3.29 trillion seemingly overnight.
Ethereum has recouped some of this week's losses, rising 2.2 percent in the previous 24 hours, despite a weekly loss of 8.3 percent. The broader cryptocurrency market is in decline, with Bitcoin losing 8% this week.
The aforementioned volatility has resulted in the liquidation of A$274 million worth of ETH futures, with experts speculating that the passage of the United States infrastructure bill earlier this week may have had a significant influence in the development. To refresh your memory, the aforementioned bill requires that all digital currency transactions over the US $10,000 value threshold be disclosed to the Internal Revenue Service (IRS). However, due to a lack of clarity in the law's phrasing, it is unclear if this provision applies to individual cryptocurrency owners or businesses that use blockchain technology as well.
Another possible explanation for the ongoing bloodbath is the United States Securities and Exchange Commission's (SEC) rejection of VanEck's application for a spot Bitcoin exchange-traded fund, claiming that the offering could result in a number of 'fraudulent, manipulative market tactics' in the future.
In 2021, Google searches for NFTs will reach all-time highs
According to Google Trends data, searches for the term nonfungible token (NFT) are currently at an all-time high, even outpacing several other popular mainstream crypto-centric terms such as DeFi, Ethereum, and Blockchain.
The majority of this interest appears to be coming from countries such as Brazil, Argentina, and Columbia, as well as some Asian countries such as China, Singapore, Hong Kong, and the Philippines, where NFTs have garnered huge popular traction in the last three to six months.
What does the future hold for ETH?
With Ethereum trading below its fourth-quarter upward trendline support level of A$5,600, many analysts fear the altcoin might fall as low as A$5,000 in the coming days before making a strong upward push. Having said that, others feel that ETH may have to fall to the A$4,100 resistance level before making a meaningful comeback. Thus, it remains to be seen what the future holds for Ethereum.
Support us!