To What Does Ethereum Owe Its Salvation? The views expressed here are not investment advice; provided for informational purposes only. Investing in any business involves risk, so you should always do your own research before making any decisions. We advise you not to invest money that you cannot afford to lose.
ETC, the asset of the Ethereum Classic chain, published a large daily green candlestick as its price rose from yesterday’s low of $15.64. The pain sent to raise the price of ETC to the intraday high of $ 18.18 seen during the broadcast, where resistance seems to be necessary.
At press time, ETC is trading down 12.09% in the last 24 hours at $18. The exchange rate of Ethereum is up 17.42% in the past week. According to blockchain research firm Santiment, Ethereum Classic is having its own interesting session.
He further added, “Not only is the number high, but the vendors are also discounting it significantly.” According to data from CoinMarketCap, ETC’s trading volume has increased by 238% in the last 24 hours. Therefore, the reason for the recent sharp rise may be partly due to the short-term decline. Often times, “shorting” occurs when many traders bet on the asset’s price going up instead. Short volumes result from the large sale of short assets.
Ethereum Classic is one of the beneficiaries ahead of the Ethereum Merge event, which took place in mid-September. After the much-publicized Consolidation event ended the hype, the price of ETC fell slowly, losing almost half of its value. For context, on the day of the Ethereum merger, ETC was trading near $38. Technically, for Ethereum Classic to continue its upward trend, the short-term barrier above $18 will have to be breached, with the $24 target in sight. In other news, the ETC partnership says it is changing the Ethereum Classic mainnet RPC URL from Ethercluster to Rivet. Ethercluster RPC will be discontinued on July 1, 2023, according to a blog post.
13% of the total Ethereum (ETH) was staked, but there was a big problem with the release
The views expressed here are not investment advice; provided for informational purposes only. Investing in any business involves risk, so you should always do your own research before making any decisions. We advise you not to invest money that you cannot afford to lose.
In 10% of the market the second largest cryptocurrency total supply was staked and locked into smart contracts. Although the on-chain data is interesting, it is worth highlighting one important detail: 80% of the staked supply is controlled by the same company, and that is a big problem.
Total Ethereum reserves are currently at 16 million, with more than 91,000 depositors and nearly half a million unique supporters. The big data behind Ethereum staking is not reassuring when looking at the distribution of assets in the network: 4.6 million ETH are invested in Lido Finance, making it the largest and most on the network.
Such a large ownership of Ethereum in the hands of one company can cause serious problems for traders and companies. Unfortunately, the problem is not only that Lido controls 80% of the staked supply. This problem depends on the type of Lido money and investment. In exchange for “real” staked and illiquid
Ethereum, users receive a liquid stETH token that is expected to be invested in real cryptocurrency in a ratio of 1:1. However, the token is useless, because it is only a reflection of some value at risk, and in the case of volatility spikes, the current liquidity of the property often becomes a problem. It causes withdrawals and huge losses among investors.
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