Kategorie: Ethereum News

Ethereum news about the ETH blockchain and its crypto ecosystem.

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Aave V3 launches on Ethereum layer-2 network Metis

  • Aave V3’s launch on Metis follows a community vote that went live earlier this month.
  • According to the Metis team, there are various ways in which the Aave V3 integration will benefit ecosystem users.
  • The DeFi protocol’s V3 is also live on Avalanche, Polygon, Optimism and Arbitrum.

Aave, a decentralized liquidity protocol, has deployed on the Ethereum layer-2 scaling platform Metis, offering a range of decentralized finance (DeFi) features and products to its ecosystem.

The launch on the Metis Layer-2 comes after a community proposal for the zero-knowledge (zk) proof EVM, which enables Aave governance to activate the Aave V3 Metis pool by completing the initial setup and listing WETH, USDC, USDT, DAI, and METIS.

“The integration of Aave Protocol V3 brings enhanced capital efficiency with valuable new security and risk mitigation features,” Metis co-founder Kevin Liu said.

Capital efficiency for users

V3 integration offers numerous benefits to ecosystem users, with network speed and security enhanced. Users will also take advantage of features such as lending and borrowing of assets with less collateral. 

The launch of Aave V3 on Metis also means DeFi users can now generate yield easily via various supported assets even as they tap into enhanced risk management tools and reduced transaction fees through gas optimization. Overall, the integration brings more capital efficiency for Metis users and developers, the latter also accessing key tools for innovating decentralised applications.

Aave is a widely used DeFi protocol, boasting over $5.24 billion in total value locked (TVL). The protocol’s V3 version deployed on the Ethereum mainnet in January 2023 after successful launches on various Ethereum layer-2 protocols, including Polygon, Avalanche, Arbitrum, and Optimism.

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ETH retests $2K: Here’s why Ethereum price is up today

  • Ethereum (ETH) is trading higher today as the crypto market cap bounces to $1.27 trillion.
  • ETH price rose to $2,008 while Bitcoin (BTC) price climbed to $29,800 looks to end the week stronger.
  • Gains for cryptocurrencies came as US equities ended the week higher, with regional bank stocks pummeled earlier in the week rebounding.

On Friday, the price of Ethereum rose over 6% within hours to break above $2,000, a key technical level that bulls seek to turn into support. On Saturday, Ethereum was trading around $1,966 and up 4% in the past 24 hours after rising to intraday highs of $2,008.

Ethereum isn’t the only crypto asset to see a price bump in the past day. Bitcoin, the benchmark cryptocurrency and digital gold, rose to near $29,800 as a 3% price increase took bulls to within the now highly coveted $30k level. 

Both Ethereum and Bitcoin are looking to benefit from an uptick in investor sentiment, particularly with risk appetite back following recent dips. 

Why did Ethereum price go up?

The total cryptocurrency market cap rose 1.5% to above $1.27 trillion as memecoin mania returned with Pepe (PEPE) and Floki Inu (FLOKI) prices surging after listing on Binance.

A look across the broader market shows crypto prices rebounded as the US stock market ended the week higher, with the major indices all turning green after a four-day losing streak. 

The S&P 500 closed 1.85% up, the Dow Jones Industrial Average added 546 points, or 1.65% and the Nasdaq closed 2.25% higher.

The positive returns for the market came as equities rebounded, led by shares of Apple (AAPL) that jumped to a nine-month high on the iPhone maker’s better-than-expected quarterly report. The market also saw regional bank stocks show some recovery after massive sell-off in the week, with PacWest shares among those to rebound after falling over 60% on Thursday.

While crypto and other risky assets are likely to benefit from overall investor sentiment, the coming week will be key as the markets assess April’s CPI report.

The Federal Reserve Chair Jerome Powell hinted this week that the central bank could pause its interest rates hike. However, with this week’s strong jobs data, all eyes will be on the CPI data as investors evaluate the inflation indicator.

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Bitcoin, Ether eye new move as stocks plummet on fresh bank fears

  • Bitcoin (BTC) and Ethereum (ETH) prices rose nearly 2% respectively as stocks plunged.
  • The S&P 500 was down 1.5% as two bank stocks plummeted.
  • BTC and ETH gains saw altcoins in the top 10 cryptocurrencies by market cap up.

Bitcoin (BTC) price moved above $28,500 again on Tuesday, rising more than 2% in early morning trades during the US trading session. The upside was yet another attempt by Bitcoin bulls to establish a fresj footing in the key price range.

Elsewhere, the price of Ethereum (ETH) rose above $1,860 to hit a new 24-hour high as crypto spot markets climbed. The Ether token was 1.9% up at the time of writing, gains that were being mirrored across the top 10 cryptocurrencies by market cap list.

BTC and ETH have traded to year-to-date highs above $31,000 and $2,100 respectively.

Stocks tank on bank fears

US stocks opened lower on Tuesday as stock prices of another two US banks plunged amid the latest turmoil in the banking sector. The S&P 500 was down 1.5% while Nasdaq was shedding 1.3%.

After share prices of First Republic Bank fell in the lead up to its takeover by JPMorgan, Tuesday saw prices of Pacwest (PACW) and Western Alliance (WAL) stocks bleed massively.

At about 12:30 pm ET, the PACW and WAL share prices were down 26% and 20% respectively.

The two bank stocks had plummeted more than 30% earlier as investor concerns around the turbulence within the US banking system resurfaced following the losses that followed the collapse of Silicon Valley Bank.

Also on investors’ minds this week is the Fed’s meeting that kicked off on Tuesday. While the market has the anticipated 25bps interest rate hike baked in for after the FMC meeting, what the central bank says in relation to what next is seen as key.

Economist Mohamed A. El-Erian, commented on the market outlook, stating via a tweet:

“The roller coaster continues with, this time around, a 20 bps drop in the yield on 2-year Treasuries.  With such a key market segment continuing to be in urgent need of stabilization, it remains to be seen if the Fed serves this function tomorrow or, instead, is again a source of volatility.”

Barry Knapp of Ironsides Macroeconomics says the Fed’s approach to the inflation question is fraught and dubious. The central bank has to consider what the market is telling it. He shared his views in an interview with CNBC’s Squawk Box.

The post Bitcoin, Ether eye new move as stocks plummet on fresh bank fears appeared first on CoinJournal.

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Ethereum price prediction: Here’s why FRC collapse matters

  • ETH price remained under pressure in the past few days.

  • The collapse of First Republic Bank matters for cryptocurrencies.

Ethereum price came under pressure on Monday after the collapse of First Republic Bank (FRC). ETH pulled back to a low of $1,827 as investors also waited for the upcoming interest rate decision by the Federal Reserve. It remains about 107% above the lowest level in 2022.

First Republic Bank collapse

The biggest financial news on Monday was the collapse of First Republic Bank, the second-biggest bank to fall in the US. This collapse happened a week after the company announced that it lost over $100 billion in the first quarter. In a statement, FDIC said that the company will be acquired by JP Morgan, the biggest company in the US. 

The collapse of First Republic makes 2023 the worst year for banks since the 2008 financial crisis. We have seen banks like Signature, Silicon Valley Bank, Credit Suisse, and Silvergate Bank collapse. 

These collapses are positive for Ethereum and other cryptocurrency prices for two reasons. First, the collapse could mean that many people will move to cryptocurrencies like Bitcoin and ETH. While Bitcoin will benefit more in this transition, other altcoins like Ethereum will also benefit since cryptocurrencies have a positive correlation.

Second, the collapse means that the Federal Reserve will likely consider the health of the banking sector when it starts its meeting on Tuesday. Minutes published last month showed that several officials were concerned about the banking crisis.

Therefore, there is a likelihood that the Fed will consider pausing its interest rates in this meeting. The alternative is that the bank will decide to hike rates by 0.25%  and then point to a strategic pause in the near term.

A change of tune by the Federal Reserve will be bullish for Bitcoin and Ethereum prices. Historically, cryptocurrencies tend to do well when the Fed is pivoting.

Ethereum price prediction

The daily chart shows that the ETH price has been in a bullish trend in the past few weeks. The coin has moved above the 50-day and 25-day exponential moving averages. This is a bullish sign. It has moved above the ascending trendline shown in green. 

It has also moved slightly below the key resistance level at $2,032, which was the highest point on August 12 last year. It is at the 23.6% Fibonacci Retracement level. Therefore, there is a likelihood that Ethereum will have a bullish breakout as buyers target the key resistance point at $2,500.

How to buy Ethereum

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Bitstamp

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Casper price prediction: what next for CSPR after 60% rally in April?

  • Casper Network price rose over 60% in April, hitting a high of $0.060.
  • CSPR traded at around $0.059 at the time of writing, about 6% up in the past 24 hours.
  • While CSPR price is above key support level, here’s the price outlook for Casper Network going into May.

Casper Network price rose more than 60% in April as the value of the native CSPR rallied to above $0.060. The cryptocurrency’s price currently sits around $0.059, up 6% in the past 24 hours and nearly 16% higher in the past seven days.

However, while the Casper token is one of the standout performers of the last month, it remains off its peak of $1.33 by some huge distance. According to data from CoinGecko, CSPR reached its all-time low of $0.022 in June 2022, meaning traders who took positions at these levels are 164% up on their investment.

CSPR at current levels is -95% from the all-time high reached in May 2021.

What is Casper Network (CSPR)?

Casper Network, a layer 1 blockchain network targeted for enterprise adoption of the blockchain technology. CSPR is the governance token of the Casper blockchain, whose mainnet launched in 2021.

As a native token, CSPR has multiple roles in the Casper ecosystem, including network fees, staking rewards and payments as a medium of exchange.

The Casper Network has seen multiple projects built on top of its proof-of-stake blockchain. One of the projects on the smart contracts platform is layer 2 protocol Metis that migrated from Ethereum to Casper. Metis looks to boost development of Decentralized Autonomous Companies (DACs).

Another project is patent encryption platform IPwe, which targets the creation of a decentralised database system for patent management and licensing. There’s also ACDX, a digital assets exchange for structured products and derivatives trading.

Casper price prediction: What next for CSPR?

CSPR price 4-hour chart. Source: TradingView

Casper’s price could continue to rise into May and potentially break above $0.1. This outlook will materialise if CSPR price consolidates above $0.065, building new momentum for a breakout above $0.080. 

Above the $0.10 level, significant resistance will be around $0.13, with a bullish Casper price prediction of $0.20 in May.

On the downside, CSPR’s outperformance over the past month could see traders eye profit taking deals. Such a scenario will definitely dent the bullish momentum and result in downward action, with a potential slump to $0.025.

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