Kategorie: Ethereum News

Ethereum news about the ETH blockchain and its crypto ecosystem.

Veröffentlicht am

Optimism bulls unfazed as network unlocks 24 million OP

  • Optimism (OP) price surged more than 7% on Sunday to reach intraday highs of $1.61.
  • the Ethereum layer-2 protocol unlocked 24 million OP tokens worth $38 million into circulation on July 30.
  • OP price could flip to $1.89 if bulls remain in control in the short term.

Optimism (OP) price surged more than 7% on Sunday to reach intraday highs of $1.61 as at 10:30 am ET. The gains put the Ethereum layer 2 protocol among the top performing crypto assets in the past 24 hours.

Daily trading volume is up 107% from a day ago, according to data from CoinGecko, with this coming even as the optimistic rollup network unlocked 24 million on July 30. 

Interestingly, on-chain data shows Optimism’s transaction volume recently surpassed that of other Ethereum L2 Arbitrum.

OP price prediction after token unlock

The release of more OP into circulation is part of the cryptocurrency’s scheduled unlocks. The latest saw 24 million OP worth $38 million added to circulating supply that currently stands at 679,080,066 OP. 

According to Token Unlocks, Optimism has another 45 token unlocks lined up. How does this unlock reflect in OP’s price?

Optimism’s native token flipped green despite today’s token unlock. But prior to the surge, bearish pressure had seen it decline to lows of $1.44, the rejection having happened when OP/USD touched above $1.64 on July 24.

Meanwhile, the daily chart suggests that bulls have the upper hand with the Relative Strength Index (RSI) indicator rising and the Moving Average Divergence Convergence (MACD) signals potential bullish strength. 

OP price is also above the 50-day Exponential Moving Average (EMA), which has acted as support for the past two weeks. If price breaks above $1.64, the next target could be $1.89 and $2.00.

Optimism price chart. Source: TradingView

While the token unlock adds only 3.56% of total supply, it is notable that an increase in circulating supply often coincides with a dip in demand and price. As such, it is possible Optimism’s price could flip negative. 

If downside pressure resurfaces, OP price could rely on support at $1.44 and then $1.20.

The post Optimism bulls unfazed as network unlocks 24 million OP appeared first on CoinJournal.

Veröffentlicht am

Solana’s Aurory goes cross-platform with expansion to Arbitrum

  • Solana based Aurory has expanded to Arbitrum, a leading L2 for Ethereum.
  • $1 million in AURY liquidity has been added to the Arbitrum native DEX Camelot.
  • AURY price surged more than 22% to hit highs of $1.00.

Aurory, a leading NFT and gaming project in the Solana ecosystem, is seeing fresh adoption after it announced expansion to Ethereum Layer-2 protocol Arbitrum.

According to the platform, expanding to Arbitrum is all about accessibility and bringing more users to the gaming platform.

“Using SyncSpace to expand Aurory to multiple platforms allows us to tap into diverse new user bases, creating frictionless onramps for these communities, regardless of whether they are Web2, or Web3 native,” the Aurory team said.

The integration means that all of Aurory’s on-chain assets are now accessible on either Solana or Arbitrum. Users on the Arbitrum network can get AURY by depositing USDC into SyncSpace, then swapping the stablecoin for AURY.

As a native token, AURY can be used across the Aurory ecosystem. The teams announced that $1 million of AURY liquidity had been seeded on Arbitrum native DEX Camelot.

Aurory’s availability on Ethereum marks a first major milestone for the gaming platform and could be followed by more expansions to leading chains like BNB, Polygon and Avalanche. Meanwhile, experts say Aurory is one of Solana-based gaming projects likely to revolutionise the global play-to-earn (P2E) ecosystem.

AURY price outlook

The AURY price was up more than 22% in the past 24 hours at the time of writing, trading just shy of one dollar at $0.99. The intraday high was $1.00, with price up 135% in the past seven days. The cryptocurrency had a 24-hour trading volume of over $1 million, up more than 23%.

Aurory has a total supply of 100 million coins, current circulating supply of 31 million and market cap of over $30 million.

The post Solana’s Aurory goes cross-platform with expansion to Arbitrum appeared first on CoinJournal.

Veröffentlicht am

Fidelity is bullish on Ethereum for the long term

  • Fidelity likes Ethereum as burn rate now exceeds issuance.
  • ETH continues to be the largest holding in investors’ portfolios.
  • Ether is currently up more than 50% versus the start of the year.

Ethereum is already up more than 50% for the year at writing but Fidelity Digital Assets still remains bullish on the premier altcoin for the long term.

Why does Fidelity like Ethereum?

The crypto platform that caters to institutional investors is constructive on Ether primarily because its burn rate now exceeds issuance.

Since the “Merge”, the net supply has declined by more than 700,000 coins, as per the firm’s recently published Q2 2023 Signals Report.

Fidelity also drives optimism from an increase in active Ethereum validators of 15% in the second quarter. The excitement around EIP-1153 update that promises lower costs and better efficiency will help unlock further upside in ETH, the firm added.

“New Address Momentum” was among other reasons cited for the positive long-term view on Ether.

Could ETH ever be bigger than BTC?

Separately, a recent CryptoVantage survey suggested about 46% of Americans expect Ether to eventually surpass Bitcoin in market capitalisation. The said study saw participation from 1,000 Americans who have had exposure to cryptocurrencies as an investment over the past five years.

Recent data from Coinshares was green as well. In a report over the weekend, the asset manager confirmed that Ethereum continues to be the largest holding in investors’ portfolios even though it has underperformed Bitcoin this year.

Note that ETH could benefit as the U.S. Federal Reserve signals a pivot as well. That’s because a lenient monetary policy tends to boost interest in the risk-on assets. Ethereum, though, has been trending down in recent sessions, though, ahead of the central bank’s announcement on Wednesday.

The post Fidelity is bullish on Ethereum for the long term appeared first on CoinJournal.

Veröffentlicht am

Crypto investment products saw minor outflows of $6.5M last week – CoinShares

  • About $6.5 million flowed out of funds tracking different cryptocurrencies last week.
  • Bitcoin recorded $13 million in outflows, while Ethereum benefited from XRP-driven sentiment to record $6.6 million in inflows.
  • The minor outflows follow 4 consecutive weeks of inflows.

CoinShares’ latest report on digital assets investment products suggests the industry saw minor outflows of $6.5 million over the past week. The outflows follow a consecutive four weeks of inflows that saw investors pour $742 million into different crypto investment products.

James Butterfill, Head of Research at CoinShares noted that while Bitcoin recorded the most outflows, data showed sentiment towards Ethereum investment products looks to have flipped positive.

Ethereum and XRP record inflows

As highlighted in a report published on Monday, funds tracking Bitcoin logged $13 million of outflows and short-bitcoin products recorded $5.5 million in outflows – its 13th consecutive week. 

Meanwhile, Ethereum products witnessed $6.6 million in inflows, with Butterfill noting that the shift in sentiment around ETH has coincided with the recent court ruling in the Ripple Labs versus US Securities and Exchange Commission (SEC).

US Judge Analisa Torres delivered a partial win for Ripple in its battle with the SEC when she ruled that XRP was not a security as sold on exchanges.

The price of XRP shot up following the ruling, rising more than 100% to hit highs near the much-coveted $1 level. But while XRP failed to break to the psychological 100 cents mark, it appears investor confidence in the cryptocurrency greatly benefited it.

“XRP, both prior to, and following the conclusion of the recent SEC lawsuit, has seen inflows totalling US$6.8m over the last 11 weeks representing 8% of AuM. This implies investors are increasingly confident in the outlook for XRP,” Butterfill wrote.

The positive sentiment was also replicated in Solana, Uniswap and Polygon that registered inflows of $1.1 million, $0.7 million and $0.7 million respectively.

The post Crypto investment products saw minor outflows of $6.5M last week – CoinShares appeared first on CoinJournal.

Veröffentlicht am

Ethereum price prediction: Fed and options expiry in focus

  • Ethereum price drifted downwards as demand for the coin waned.

  • Focus shifts to the upcoming Fed interest rate decision.

  • Ethereum will have options expiry on Friday.

Ethereum price retreated to the lowest level since July 7th as demand for cryptocurrencies cooled. The coin slipped to $1,847, which was lower than this month’s high of $2,025. It remains ~15% below the year-to-date high, meaning it has moved into a correction.

Fed and options expiry

There will be two important catalysts for Ethereum price this week. First, the coin will react to the latest interest rate decision by the Federal Reserve. The committee will start its two-day meeting on Tuesday and then deliver its decision on Wednesday. 

The meeting comes at an important time for the American economy. All signs show that the economic growth is slowing. Data published on Monday revealed that the manufacturing PMI number rose to 49 while the services PMI fell to 52.4. While the manufacturing PMI rose, it remains below 50, signaling that the sector is contracting.

Meanwhile, the most recent data revealed that the country’s inflation dropped to 3.0% in June this year. It has dropped from a pandemic high of 9.1% and the downward trend continues. Therefore, there is a likelihood that prices will drop to the Fed’s target of 2.0% even without further rate hikes. 

Economists expect the Fed will raise interest rates by 0.25% in this meeting and then point to a long pause. Further interest rate hikes will likely lead to a strong deterioration of the American economy, commonly known as a hard landing.

The other important catalyst for Ethereum price will be the upcoming options expiry. Data compiled by Coinglass shows that there are now over 2,206,619 ETH calls and 755,222 puts in the options market. Historically, Ethereum tends to show some volatility ahead of options expiry.

Ethereum price prediction

The daily chart shows that ETH price has come under pressure in the past few days. It has moved below the important resistance level at $2,025, the highest point on July 14th. This resistance was also the upper side of the ascending channel shown in black. 

Ethereum also moved slightly below the 25-day and 50-day moving averages. Therefore, the coin will likely continue falling as sellers target the next support level at $1,800. A move above the resistance point at $1,900 will invalidate the bearish view.

How to buy Ethereum

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy ETH with eToro today

Public

Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.

Buy ETH with Public today

The post Ethereum price prediction: Fed and options expiry in focus appeared first on CoinJournal.