The broader crypto market has rebounded, with Bitcoin climbing back to $31,000 and beyond. Ethereum is attempting to break through the $2k barrier. After nine consecutive weeks of losses for Bitcoin, the crypto market recovered remarkably.
Cryptocurrencies have traded like tech stocks rather than as a separate asset class and an inflation hedge.
This is owing to occurrences like the Terra collapse and concerns about the Ethereum merger and imposing legislation, all of which have contributed to broader global economic crises.
The global state of affairs, rising inflation, and rising interest rates all contributed to a poor outlook for crypto investments.
Despite being in the red on some BTC investments, data reveals that long-term investors are still buying Bitcoin in its current range.
When many investors flee the market, bitcoin hodlers are the only ones left, and they appear to be double down as prices plummet below $30,000.
While many investors are uninterested in BTC’s sluggish price action, contrarian investors see it as a chance to add to their positions.
As adoption accelerates, long-term holders are the driving reason behind the recent Bitcoin and crypto market rebound.
Long-term wallets’ total supply returned to an all-time high of 13.048 million BTC.
Transaction fees for Ethereum have been steadily decreasing in recent months. Due to user migration from the network to other smart contract networks.
The drop in transaction fees has been alarming, but it is now at its lowest level in ten months, a positive trend for network users. The average transaction fee is currently $5.05, hitting a low of $3 this Sunday. Notably, the ETH Transaction fees have been at their lowest level in almost a year.
This modest Transaction charge has historically served as a guide to the price’s future direction.
The ETH transaction costs had fallen below $3 in July 2021, which resulted in a rise that had pushed the digital asset’s value from around $1,700 to $4,000 in the next two months.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.
Follow us on Twitter @nulltxnews to stay updated with the latest Metaverse news!
Image Source: mysteryshot/123RF
A 20-year-old individual from Florida has been sentenced to 30 months in prison for his involvement in a cryptocurrency SIM swap scam that resulted in the theft of nearly $1 million.
JasperActive AXS addresses were at a three-month high last week, and token prices surged more than 15 per cent.
AlexHello Kitty is celebrating its 50th anniversary with a global extravaganza, featuring augmented reality experiences, TikTok, ROBLOX, and ZEPETO integration, and a nationwide tour. The festivities kick off on November 1, 2023, with events spanning the entire year under the theme of "Friend the Future." Fans worldwide can enjoy interactive AR encounters and themed content. New costumes, emojis, and international events are part of this exciting celebration.
JoyAlibaba unveils Tongyi Qianwen 2.0 amidst US-China AI supremacy race and evolving regulations.
Hui XinGary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), extended well-wishes to Bitcoin's white paper on its anniversary. While making a playful reference to Satoshi Nakamoto's Halloween costume, Gensler also delivered a strong message to crypto companies, stressing the critical need for adherence to securities laws.
JixuRussian lawmakers are considering a ban on private citizens participating in cryptocurrency mining, with a focus on legalizing mining for registered businesses. This move comes as the Industrial Mining Association is established to influence the industry's trajectory and improve taxation for industrial miners. The integration of cryptocurrencies into the Russian economy may take some time but is expected to increase in state transactions and trade activities.
JixuA42x Ltd. has embarked on an exciting joint venture with Sharp Corporation, harnessing the authentication and authorisation infrastructure of 'Myna Wallet' to pioneer a cutting-edge user identification system. This exciting partnership leverages Sharp Corporation's AI technology to enable user identity verification (authentication) and authorisation, granting access to specific actions based on user-owned NFTs and other data.
JoyCrypto whales recently moved nearly 4.5 trillion Shiba Inu tokens, equating to just under $36 million. In the Ethereum space, another sizable transfer saw 150,000 tokens shifted to the Kraken exchange, worth around $270 million. The motives behind these moves remain unknown.
YouQuanDeFi project Onyx Protocol has encountered a breach resulting in the loss of approximately $2.1 million worth of ETH to attackers employing a flash loan scam.
CatherineIn pursuit of the hacker, ZachXBT reviewed the transaction history of the exploiter across multiple chains - which led him to the exploiter's Ethereum Name Service (ENS) address retlqw.eth
Davin