AltcoinCryptocurrencyEthereum (ETH)NewsPrice Analysis

Ethereum Registers Record-Breaking Outflows From Exchanges

Within the past 24 hours, over $1.3B worth of ETH has been withdrawn from crypto exchanges. Thus, it is likely that the ETH price is about to rise since there would be a shortage of supply at the exchanges.

ETH Supply At Crypto Exchanges

IntoTheBlock data showed that centralized exchanges dispensed over $1.3B worth of ETH yesterday, which was an unprecedented record in the asset’s history. The crypto analytics firm remarked that the price of the second-largest digital asset jumped by 60% within a month following the withdrawal of $1B from exchanges earlier in the year.

But the cause of this current withdrawal is different from that time. In August, ETH underwent a significant upgrade which involved burning some of the ETH supply in circulation. As of this writing, about 309,510 ETH have been burnt after the upgrade based on data from ultrasound money.

Hence, it is estimated that there is an average reduction of 5.06 ETH per minute following the implementation of the EIP-1559 proposal. That figure represents a loss of about $26.5m worth of ETH daily. The amount of ETH burnt from the OpenSea NFT market platform is the highest among the use cases.

📰  Innovative Proof Of Payments Protocol May Force XRP Ledger Exchanges Offline

14.5% of ETH on OpenSea have been burnt, while Axie infinity, Uniswap v2, Ether transfers, and Tether represent the highest percentages of ETH burned from other projects. After reaching a peak supply four months ago at 18%, there have been regular withdrawals of BTC from exchanges. Glassnode data suggest that the current supply of BTC at the exchanges is the lowest in three years.

ETH Price Eyes More Gains

Ethereum surpassed short-term MAS at the $2,438 range to embark on a rally towards its next key resistance around $2,700. Also, top crypto traders (such as Peter Brandt and Raoul Pal) predict that ETH is holding out for a possible run towards the $6,600 range based on the token developing the cup and handle pattern.

This pattern is typically known to lead to a strong rally for any asset. The analysts suggest that once ETH surpasses its next key resistance, it will be on its way towards the $6,500 mark. However, it is bound to encounter some price corrections along the way.

📰  Regulatory Limitations May Influence OTC Crypto Retailers' Existence In Hong Kong

FinTech Giants Allow UK Clients To Make Crypto Transactions

Popular FinTech payment behemoth, PayPal, has revealed that its UK users can now perform digital asset transactions (for BTC, BCH, ETH, and LTC) from their PayPal accounts. The payment settlement giants started offering crypto transactions late last year and began by allowing its US users to perform crypto transactions. While it initially announced that other global users would perform crypto transactions earlier this year, it later rescinded that decision.

However, the company announced last month that UK users would be allowed access to the same crypto features as their US counterparts. A top executive in PayPal’s blockchain sector said, “our core mission at PayPal is to be at the forefront of the global finance revolution, and we will continue to make all efforts in achieving that goal.”

Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button