Ethereum Weekly - Edition 10
Welcome to the latest edition of Ethereum Weekly!
Ethereum (ETH) fell nearly $100 last week as crypto regulations surrounding staking in the United States spooked the crypto market, especially ETH which is built upon staking now since the "merge" last September.
The Securities and Exchange Commission (SEC) has clearly put crypto staking at the top of its list regarding potential regulations. The agency got Kraken to pay a $30 million settlement for breaking security rules surrounding staking in the United States. The proof-of-stake (POS) ETH dropped 6.5% after the news was released, mirroring the fall of other "alt" coins that also operate on a POS mechanism. The timing could not be more interesting with the Shanghai upgrade due out next month which will allow Ether validators to begin withdrawing both their ETH being staking and the resulting rewards. With nearly $30B worth of coins soon to be unlocked at today's price, there is a lot riding on the short term for those holding Ether.
To become a validator on the Ethereum network you have to stake 32 ETH in a POS smart contract. Since this works out to close to $50K, smaller investors turn to third-party staking services that will pool ETH together. With the SEC focused on staking, this could no longer be an option in the US which could significantly hurt the world's second-largest cryptocurrency price moving forward.
From a technical standpoint, ETH has been holding its support level at just over $1,500. The recent downtrend has Ethereum close to dropping below the 200-day moving average which could see it lose the support level and risk another $300 toward the downside.
All eyes will remain on the SEC to see what actions it takes next along with the progress of the next set of upgrades over the next 4-6 weeks or so.
The Crypto Greed and Fear Index highlighted below sits at 48 in the "Neutral" range and down 12 points from where it was at last week.
Ten Must-Read Ethereum and Altcoin Articles This Week
- Ethereum co-founder Joe Lubin says no chance ETH is classed as security (Cointelegraph)
- JPMorgan Says Ethereum’s Shanghai Upgrade to Raise Staking Toward Proof-of-Stake Blockchain Average (CoinDesk)
- Bitcoin vs Ethereum: How Do They Compare? (Bitcoinist)
- Visa Eyes High-Value USDC Settlement Payments on Ethereum (Blockworks)
- Ethereum Name Service DAO Passes Vote to Sell 10K Ether (CoinDesk)
- Ethereum-Based Altcoin's Market Cap Surpasses $1 Billion (Cryptoglobe)
- Ethereum Co-Founder Vitalik Buterin Proposes ETH-Powered Country (Benzinga)
- Is Michael Saylor Finally Interested in Ethereum (ETH)? (U.Today)
- Rocket Pool’s Ethereum staking service reaches $1B in TVL (Cointelegraph)
- Ethereum Testnet Processes First ETH Staking Withdrawals (CoinDesk)
Ethereum Price Statistics (as of 2/9/2023, daily close)
- Ethereum Price = $1,545
- Last Week =$1,641
- Weekly High = $1,643
- Weekly Low = $1,535
- Market Cap = $185,547,216,691
- Market Cap Dominance =17.489%
- All-Time High = $4,878.26 on November 10, 2021
Up-to-the-Minute Ethereum Price Statistics
statistics provided by CoinGecko
Ethereum Fun Fact of the Week
Swiss company Ethereum Switzerland GmbH (EthSuisse) began the formal development of the underlying Ethereum software back in 2014.
Ethereum Tweet of the Week
Ethereum Staking Statistics
- Validators = 514,776
- Block Time = 12.07 seconds
- Staking Ratio = 14.3%
- Total Supply = 122,373,866
statistics provided by StakingRewards
Crypto Fear & Greed Index
index provided by Alternative
What is Ethereum?
Ethereum (ETH) is a digital cryptocurrency that is known for being a blockchain technology that operates decentralized apps (dapps) such as decentralized finance (DeFi), non-fungible tokens (NFTs), stablecoins, lending, and more. First proposed by Vitalik Buterin who published a whitepaper in 2013 and went live as a network in July 2015, Ethereum claims it is not controlled by a centralized authority but that can be questioned. Ethereum went through the "merge" in 2022 moving from a proof-of-work to a proof-of-stake mechanism becoming much more environmentally friendly.
For more on Ethereum, please read the Top Things You Should Know About Ethereum (ETH) on Publish0x written by MuyAsk
For more on the Ethereum Whitepaper, please read the I Finally Read the Ethereum Whitepaper on Publish0x written by CryptoMasterMiner
Find Ethereum on Ethereum.org, Reddit, Twitter, Instagram, Facebook
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