Ethereum Weekly - Edition 14
Welcome to the latest edition of Ethereum Weekly!
Ethereum (ETH) had a rough day a week ago at the start of the Silvergate Bank fiasco as we discussed in last week's article and the hits keep coming. Ethereum fell around 10% over the previous 24 hours which has not been kind to most assets with most stocks down around 2% yesterday and banking stocks down around 5%. We have wiped out much of the gains made this year and are back to price points from the second week in January.
Silvergate Bank stated in a press release yesterday, “In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the Bank is the best path forward. The Bank’s wind down and liquidation plan includes full repayment of all deposits.” The bank was known as a major banking partner for many crypto companies so the industry we care so much about was hit particularly hard.
Once again, the pattern of sideways trading to minor rallies was interrupted by a major crypto-related company collapse that sent the price of Ethereum, Bitcoin, and most cryptocurrencies tumbling quickly. When will this pattern stop? If bad news comes out and the market shakes it off, you know we are entering a bull market cycle. That clearly isn't the case yet.
With this fire smoldering, you have President Biden and the United States government looking to add significant regulations to the industry and the whole thing looks like a tinder box ready to truly ignite. This is especially true for ETH which could be classified as a security and that would have serious widespread implications.
Another wick that can really light this candle is inflation, particularly in the US. As I mentioned last week I was encouraged because gas prices had come down where I live. This week, however, I have noticed a $.20 jump over the last few days so the next set of inflation data won't be as encouraging as I had hoped if prices continued to fall.
The two-month low for Ethereum comes as the Shanghai update is just a month out. This upgrade will allow for Ether withdrawals from Ethereum’s Beacon Chain. This could add even more sell pressure to an uneasy market, however, analysts are split on what this will mean for the second largest crypto as some believe this will encourage even more investors to stake their Ether. We should find out soon enough as the upgrade is schedule to occur in early April.
The Crypto Greed and Fear Index highlighted below sits at 34 in the "Fear" range and is down 16 points from where it was at last week.
Ten Must-Read Ethereum and Altcoin Articles This Week
- What Happens If Ether Is a Security? (CoinDesk)
- KuCoin Lawsuit Could Set Dangerous Precedent For Ethereum (The Defiant)
- Ethereum can be subjected to harsh sell pressure this week, here’s why (AMBCrypto)
- Ethereum Price Prediction: ETH Price $1500 make or break (The Coin Republic)
- Exciting Initiatives for Crypto March 2023: Ethereum (News Watch)
- ‘Vitalik’ NFT Collection Takes Top Spot on OpenSea (CoinDesk)
- Staked ETH Withdrawals Could Be Imminent (TheDefiant)
- What Is the Ethereum Shanghai Upgrade? (Investopia)
- Airdrop Farmers Eye Ethereum Layer 2s For Potential Tokens (TheDefiant)
- NFTs Drive List of Fastest-Growing Protocols on Ethereum (BSC News)
- What Ethereum’s latest deployment means for ETH and its roadmap (AMBCrypto)
Ethereum Price Statistics (as of 3/9/2023, daily close)
- Ethereum Price = $1,437
- Last Week =$1,648
- Weekly High = $1,664
- Weekly Low = $1,437
- Market Cap = $168,008,944,957
- Market Cap Dominance =17.557%
- 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
Ethereum comes complete with its own programming language that runs on its own blockchain.
Ethereum Tweet of the Week
Ethereum Staking Statistics
- Validators = 547,473
- Block Time = 12.13 seconds
- Staking Ratio = 15.2%
- 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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