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Tag: Prices

  • Ethereum Transaction Fees Near Six-Month Low Amid Declining Prices

    Ethereum Transaction Fees Near Six-Month Low Amid Declining Prices

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    Ethereum gas prices have been declining for a while now. It had risen to its all-time high back in 2021 when the bull market was in full bloom. It then continued to maintain on the high spike, spiking at various intervals to high points. At its highest, average ETH gas fees were as high as $69. However, with the recent downtrend and the market losing momentum, the gas fees have crumbled and the recent decline has seen its near six-month lows.

    Ethereum Fees Are Down

    Ethereum gas fees for the last three months showed a consistent downtrend that saw average gas fees decline as low as $5.98 in early March. This had been the lowest that gas fees had been in seven months at this point. However, a spike in gas fees in early April would quickly put an end to this sending gas fees as high as $43 once more. This would prove to be only temporary given that the sharp downtrend that followed has sent ETH gas fees to plummet towards six-month lows.

    Related Reading | DeFi Stablecoin Platform Beanstalk Suffers ~$80M Hack

    As of Monday, Ethereum gas fees had declined as low as $8.78 on average. It represented a 76$% drop from its April high to put it in levels recorded in early March. The drop in ETH fees has also translated to a drop in the fees of Layer 2 rollups which boast significantly lesser fees than it costs to transact on the main network. 

    The lowest recorded fee rate had dropped to as low as $0.03 per transaction on Sunday recorded on Metis Network. Others like Loopring and Zksync had seen transaction fees slide to as low as $0.05.

    Bitcoin fees had also fallen and the average transaction fee as of early Monday sat at $1.04.

    Ethereum price chart from TradingView.com

    ETH On The Charts

    The current downtrend seems to be prominent in not just the transaction fees but the price of the digital asset. Ethereum price had crashed below $3,000 in the early hours of Monday, and while small recoveries were made, various dips saw the digital asset touch the $2,800 price range before the opening of the markets on Monday.

    Related Reading | TA: Ethereum Slides Below 3K, Why Bears Could Aim $2.5K

    With selloffs rocking the market, indicators had turned inherently bullish for the digital asset, skewing completely in favor of the sellers. After breaking the $3,000 mark, the next major support level now lies at $2,900 although bears continue their efforts to drag it down lower. 

    ETH has now fallen below the 50-day moving average. This puts the short-term forecasts of the cryptocurrency right in the negative for the majority of traders, and the long-term outlook is not looking good either. The digital asset is trading at $2,909 at the time of this writing.

    Featured image from Shrimpy Academy, chart from TradingView.com

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  • What’s Next For Bitcoin As Prices Encounter Difficulty Reclaiming $43,000?

    What’s Next For Bitcoin As Prices Encounter Difficulty Reclaiming $43,000?

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    Recently, bitcoin prices have struggled, often dipping below the $43,000 mark and then failing to post substantial gains.

    Around 9:20 a.m. EDT, the world’s most popular crypto asset retreated to $42,777.20, CoinDesk data show, Saturday.

    The majority of cryptocurrencies traded lower early Saturday. Global crypto market market capitalization fell nearly 3% to $1.15 trillion in the last 24 hours, while total crypto market volume was up 9.3 percent to $89.50 billion.

    Suggested Reading | Ark CEO Cathie Wood Is As Bullish As Ever, Sees Bitcoin Hitting $1 Million By 2030

    Bitcoin Short Stay At Near $44K

    Bitcoin was able to inch back slightly shortly thereafter, reaching $43,962.01 at approximately 10 a.m. EDT. Following this comeback, it retreated again, falling to around $42,840 at 1:30 p.m.

    On the other hand, the overall volume of stablecoins was $74.34 billion, or 83.06% of the total 24-hour volume of the cryptocurrency market.

    Bitcoin was recently trading at an average price of around $43,500, roughly where it was 24 hours ago and well below the $47,000 barrier it crossed just a few days earlier, as investors continued to weigh in on the Federal Reserve’s new hawkish zeal and the ongoing twist of economic developments sparked by Russia’s attack on Ukraine.

    BTC total market cap at $805.46 billion on the weekend chart | Source: TradingView.com

    Unease Over Fed’s Monetary Policy Tightening

    According to an email from Oanda Senior Market Analyst Americas Edward Moya:

    “Bitcoin is unsure of its direction as Wall Street gets concerned about the central bank’s aggressiveness in tightening monetary policy.”

    Following these recent price swings, various experts expressed their predictions for the cryptocurrency’s future direction.

    Ben McMillan, chief information officer at IDX Digital Assets, weighed in, indicating critical levels of support and opposition.

    “$43k is a critical support level in the near term as bitcoin attempts to build on its recent relative strength,” he noted.

    Suggested Reading | Bitcoin Helps Market Hover Past $2 Trillion As BTC Nears $48,000

    Containing Inflation

    Cryptocurrency prices deviated somewhat from the performance of the main equities markets, which were marginally positive. The Nasdaq, which is heavily weighted toward the tech sector, gained less than a tenth of a percentage point.

    The US central bank has communicated strongly over the last week, both collectively and through individual governors, that it will step up efforts to contain inflation, which has hit about 8%, a four-decade high.

    The correlation coefficient between Bitcoin and US equities has increased in the last 90 days as investors have become more risk averse in response to the Federal Reserve’s withdrawal of the pandemic-era intervention that is attributed with catalyzing the ascent of cryptocurrency.

    Featured image from Research Affiliates, chart from TradingView.com

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  • VanEck Bitcoin Strategy ETF will likely launch next week as crypto prices reach ATHs

    VanEck Bitcoin Strategy ETF will likely launch next week as crypto prices reach ATHs

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    The United States Securities and Exchange Commission has likely approved asset manager VanEck’s Bitcoin Strategy exchange-traded fund, with trading expected to begin on Oct. 25.

    In an Oct. 20 filing with the Securities and Exchange Commission, or SEC, Vaneck said the public offering of its Bitcoin (BTC) Strategy ETF, which offers exposure to the crypto asset through future contracts, would begin “as soon as practicable” after the effective date of the filing, Oct. 23. This suggests the company could list its shares on an exchange as early as Oct. 25.

    Unlike exchange-traded funds offering direct exposure to BTC or Ether (ETH) — which the SEC has not approved — VanEck’s ETF would provide exposure through cash-settled BTC future contracts traded on exchanges registered with the Commodity Futures Trading Commission, pooled investment vehicles, and other exchange-traded products. Having first applied for the BTC futures-linked ETF in August, VanEck could follow ProShares, which on Monday launched its Bitcoin Strategy ETF on the New York Stock Exchange.

    Related: Crypto market cap breaks $2.5T — Is this the season for ETFs?

    The potential VanEck ETF listing comes as BTC and ETH prices reached new all-time highs. According to data from Cointelegraph Markets Pro, the prices of BTC and ETH are $65,955 and $4,003, respectively.

    This story is developing and may be updated.