One of the main reasons why Ethereum is going down is the series of aggressive interest rate hikes by the Federal Reserve to fight inflation. Get detailed Ethereum cryptocurrency price news, analysis and more. Crypto Price Today: Bitcoin holds $19k; XRP & Uniswap drop up to 3%. promocodecasino.website › Business › Cryptocurrency. WHO IN MARCH MADNESS
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Firstly, the macro is to blame. Yes, here we go again. You can check our Bitcoin September Update for a recent update and our crypto bear market analysis for a big-picture explanation of what's happening. Which means less demand for Ethereum blockspace, lower fees, and thus less demand for ETH itself.
To quote Arthur Hayes , as long as the white line in the graph below doesn't go up more USD in the markets , the green and yellow lines won't react, and neither will ETH. Another fundamental factor is L2 scaling. Or more precisely, layer-two solutions cannibalizing the demand for Ethereum blockspace.
But at the same time, the number of daily transactions are flat, meaning there is not more demand for blockchain transactions per se. Of course, a few weeks of data is not nearly enough to judge. But it is a trend to keep an eye on. Whether ETH is or isn't a security will not be conclusively determined in the near term anyway. But Gary Gensler speaking his mind on how it could not be poked at a market that's already on pins and needles. Conclusion Quo vadis, Ethereum?
The short-term picture looks bleak or maybe not. Nothing has changed, and the crypto markets are still a small fish in a massive pond. If you accumulate, do so with caution. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only.
It is important to do your own research and analysis before making any material decisions related to any of the products or services described. When Will Ethereum Hit Bottom? In addition to immediate price pressures post-merge and the Fed, other factors could be driving a wider downward trend for Ethereum. However, he warns that macro-headwinds like inflation and the U.
But not all crypto enthusiasts see it that way. Cryptocurrencies have begun moving in tandem with riskier asset classes like growth stocks and the tech-heavy Nasdaq. In other words, investors may flee crypto for traditionally safer assets like gold, oil and real estate during times of higher inflation. Ethereum Had a Rough Start to Ethereum got off to a rough start in Some of this downward pressure has certainly resulted from investors correlating Ethereum and other cryptocurrencies with riskier tech stocks , which have seen a great deal of downward momentum this year.
When the broader market is down, cryptocurrencies follow suit.
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