Ethereum miners dump 30K ETH, stonewalling 'ultra sound money' deflation narr...
Ethereum miners have sold over $40 million worth of ETH because of the Merge and plummeting revenue. Ethereum's switch to proof-of-stake (PoS) on Sept. 15 failed to extend Ether's (ETH) upside momentum as ETH miners added sell pressure to the market. On the daily chart, ETH price declined from around $1,650 on Sept. 15 to around $1,350 on Sept. 20, an almost 16% drop. The ETH/USD pair dropped in sync with other top cryptocurrencies, including Bitcoin (BTC), amid worries about higher Federal Reserve rate hikes.ETH/USD daily price chart. Source: TradingViewEthereum remains inflationaryThe....
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Although it has been overshadowed in recent months by mostly regulatory news, the issue of deflation and bitcoins is still a topic worthy of debate. It was one of the biggest criticisms that faced bitcoin earlier this year as the price rose to an all-time high. Most of the bearish views on bitcoin deflation came from economists, who may or may not have understood the true nature of bitcoin. What is deflation? The general idea is that deflation is a decrease in the price of goods and services. In this case, we are specifically talking about bitcoins. As bitcoin's value goes up, the cost of....
On-chain data shows the Bitcoin MPI has spiked up recently, suggesting that miners may have started to dump the crypto. Bitcoin Miners’ Position Index (MPI) Has Sharply Risen Recently As pointed out by an analyst in a CryptoQuant post, some data suggests BTC miners may have began to dump the coin following recent rally. The […]
Nvidia RTX 3060 GPUs are going for as low as $270 as crypto miners in China dump their cards on the used market amidst the nation’s Bitcoin crackdowns. Cheap Used Nvidia RTX GPUs Flood The Chinese Market As Miners Dump As China continues cracking down on Bitcoin and mining in the country, some miners have […]
The Ethereum gas fees for transactions have dropped massively amidst a broader decline in the cryptocurrency’s price. According to recent data, the base fee paid by users has fallen to an astonishingly low 0.82 Gwei, a clear indication of reduced activity on the Ethereum network. Rapid Decline In Ethereum Base Fees Data from Ultra Sound […]
Tesla CEO Elon Musk has warned that a major rate hike by the Federal Reserve risks deflation in the U.S. economy. Musk’s warning followed an analysis by Ark Invest CEO Cathie Wood, who cautioned that “Leading inflation indicators like gold and copper are flagging the risk of deflation.”
Elon Musk, Fed Rate Hikes, and Deflation
Tesla and Spacex CEO Elon Musk tweeted Friday evening that “A major Fed rate hike risks deflation.” His tweet has attracted much attention. At the time of writing, it has been liked 80K times and retweeted almost 7K....