Ethereum Shares Some of its Bullish Fundamental News Events

Ethereum Shares Some of its Bullish Fundamental News Events

Ethereum (ETH) remains more than 85 percent below the all-time high it had at the exact peak of the past cryptocurrency mania. And this happened despite the over 100 percent rally from the $88 lows of March’s capitulation.

Also, Ethereum might soon get a slight bullish relief. And this is because news releases fundamental trends that could dramatically increase demand for ETH, thus fueling higher prices.

Mythos Capital’s founder, Ryan Sean Adams, determined these trends. And they all occurred in the span of a week.

The first news is that Ethereum got the primary U.S. CFTC-regulated futures market last week. This is when an exchange backed by prominent players like TD Ameritrade, ErisX, launched its contracts previous week. Then, a leading crypto analyst expects the release of ETH futures to make the prices higher.

Another news is reported by CryptoSlate, where the leading online forum and one of the most visited sites on the internet, Reddit, confirmed a week ago its new feature named ‘Community Points.’ The said feature is based on an Ethereum testnet that lets the site’s millions of users obtain access to special features. Soon, they will migrate these tokens to the leading Ethereum network.

Finally, on May 14, Visa filed a patent that outlines a process the would turn fiat currency (dollar, yen, yuan, and so on) into a blockchain asset. Even though the system looks somehow theoretical, the patent said about the use of the Ethereum network. And the multinational payments company placing a payment rail into Ethereum would enormously boost demand for ETH and would onboard millions into the crypto space.

The said developments might not have an immediate tangible effect on demand for Ethereum. But still, they are crucial to the asset’s network effect. This is an economic idea that the value of a network – such as Facebook or the U.S. dollar – will become tied to the number of people who use it.

In addition to that, the founder of Galaxy Digital and a former partner at Goldman Sachs, Mike Novogratz, told Ethereum co-founder Joseph Lubin and Forkast.news’ Angie Lau, regarding the blockchain’s network effect, “One of the things for the Ethereum narrative is valuing the network kind of like we do with Facebook (the more network affects you get, the better). Like getting Tether to migrate its coins to Ethereum brings people using that to the network.”

Elsewhere, TAAL, a blockchain service provider, has processed the most massive block to date on Bitcoin SV. And it is 369 MB in size, with 1.3 million transactions.

TAAL announced this on Twitter. And the block is an order of magnitude larger than anything currently reachable on Bitcoin (BTC) or Bitcoin Cash (BCH).

Aside from that, Chief Executive Officer (CEO) of TAAL, Jerry Chan, stated that users of an application out of China initially processed the transactions. Also, they are the ones who competed with each other to see who could make the most transactions in a contest created to test the transaction capabilities of the network.

With this, it follows hot on the heels of a block with 1.1 million transactions processed last May 13.

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Ethereum sees booming demand as network utility continues growing

Ethereum sees booming demand as network utility continues growing

This Exchange News was brought to you by OKCoin, our preferred Exchange Partner.

Ethereum’s price action has been rather lackluster in recent times, but this hasn’t been enough to slow its thriving utility.

This utility has been largely rooted in the growing popularity of DeFi and Stablecoins, which have both directed a massive amount of network activity to the Ethereum blockchain.

Although it hasn’t yet been reflected in ETH’s price, data does seem to suggest that this mounting utility is leading to increasing demand for the cryptocurrency.

This comes shortly after news broke regarding budding institutional demand for the cryptocurrency.

Ethereum has been caught within an extended bout of sideways trading around $200 for the past several days and weeks, struggling to garner any significant momentum.

It is important to note that this sideways trading has caused ETH to severely underperform Bitcoin.

In spite of this, from a fundamental standpoint the cryptocurrency still remains incredibly strong, as it has been able to garner massive utility as the result of heightened stablecoin issuance on its blockchain as well as continued growth within the DeFi sector.

Spencer Noon, head of crypto investments at DTC Capital, recently noted that there is a connection between Ethereum’s utility and demand for ETH.

He explained that this connection can be seen while looking towards the massive amount of transaction fees being captured by miners as a result of the blockchain’s utility.

“There is a growing link between Ethereum utility and ETH demand. ETH miners have captured $3.5M in fees over the past 30 days. Below we can see that the demand for blockspace is mostly driven by stablecoins and DeFi, which together account for >63% of fees paid.”

The spotlight has mainly been focused on the mounting institutional demand for Bitcoin in recent times, but BTC isn’t the only cryptocurrency that is drawing “smart money.”

As reported by CryptoSlate previously, Q1 2020 was a great year for Ethereum in terms of institutional inflows.

Data from Grayscale Investment’s quarterly report revealed that inflows into their Ethereum Trust flipped that seen by their Bitcoin Trust in the latter part of the quarter.

In total, the ETH Trust saw total inflows of $110 million in Q1 2020.

It is possible that this number will decline in Q2, as the global economic turbulence seen throughout the past several months may cause institutional traders to place a heightened focus on Bitcoin – which has shown signs of trading like a “safe haven” asset.

Recent comments from prominent investors like Paul Tudor Jones regarding Bitcoin’s bright outlook may also lead institutions to grow increasingly focused on the benchmark cryptocurrency.

Ethereum, currently ranked #2 by market cap, is up 0.44% over the past 24 hours. ETH has a market cap of $23.77B with a 24 hour volume of $12.01B.

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Source: cryptoslate.com

Author: Cole Petersen ·


Bitcoin-pegged Token Emission on Ethereum Blockchain Ceased due to Bug

Bitcoin-pegged Token Emission on Ethereum Blockchain Ceased due to Bug

Hot topic

Yesterday 18:01

The Keep team behind the bitcoin-pegged token on the Ethereum blockchain tBTC has ceased deposit operations due to discovered bug.

According to an official statement, the developers decided to initiate the 10-day emergency pause of deposits allowed by the TBTCSystem contract.

The team decided to stop emission of the tBTC token after finding “a significant issue in the redemption flow of deposit contracts.”

Once the team paused the emission, it offered a 1.005-to-1 exchange of BTC for TBTC to recover TBTC supply, resulting in recovery of 99.83% of the supply to this address.

“The team will be triggering a controlled redemption of open deposits to free up the remaining bonds of the single bonder responsible for backing those deposits (currently ongoing),” the statement highlights.

It is expected that the team will announce its plans on approaching a redeploy of the tBTC system in the coming days.

Meanwhile, the difficulty of bitcoin (EXANTE: Bitcoin) mining dropped by 6%. This is only the third downwards difficulty adjustment in 2020 so far.

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Source: ihodl.com

Author: iHodl.com


Ethereum Shares Some of its Bullish Fundamental News Events

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