Ether Drops Below $1,400, Pummeled By US Inflation And Difficulty Bomb Setback
13 June 2022 - 4:44PM
NEWSBTC
Ether fell to its lowest level in more than a year as altcoins took
a greater beating. The second-largest cryptocurrency by market
capitalization recently traded for approximately $1,450, a decline
of more than 15 percent since the weekend. At the time of writing,
Ethereum is trading at $1,327.40, a decrease of 26.5 percent over
the previous week. Monday’s Coingecko statistics shows that
ETH has lost over $200 in the last 24 hours and over $500 in
the last week. Ether Market Cap Sheds $38 Billion In Three Days
Throughout most of the last 30 days, the price of ether
hovered around $1,800. The second part of the week was a miserable
one for Ethereum, with its market capitalization falling by almost
$38 billion in the last three days. Suggested Reading
| Bitcoin Takes A Beating At $27K As Crypto Economy Settles
Just Above $1 Trillion The overall market capitalization of
cryptocurrencies has been trading in a
downward trajectory for the past month and is currently
supported at $1.17 trillion. The cryptocurrency market lost more
than $100 billion over the weekend after Treasury Secretary Janet
Yellen offered a gloomy crypto forecast. Friday, crypto prices fell
in tandem with the S&P 500 and Nasdaq, both of which were down
2.9% and 3.5%, respectively. Next week’s two-day Federal Reserve
meeting is anticipated to result in additional interest rate
increases. The losses of cryptocurrencies mirrored those of the
equities markets, which dropped on Friday after the latest Consumer
Price Index increased to 8.6 percent yearly, a more than 40-year
high that showed rising prices will persist for some time. ETH
total market cap at $161 billion on the daily chart | Source:
TradingView.com Suggested Reading | Dogecoin Mining Revenue
Massively Fell In Past 12 Months ‘Difficulty Bomb’ Drags Down ETH
The announcement that core developers have delayed the
implementation of the so-called “difficulty bomb” resulted in a
further decline of about 8.0 percent for Ethereum on Saturday,
following a decline of roughly 7.0 percent on Friday. Despite this
week’s successful deployment of the merging on the Ropsten Testnet,
Ethereum developers have opted to delay the bomb. The Ethereum
difficulty bomb is a unique piece of code that makes it
significantly more difficult for miners to validate transactions on
the blockchain and earn a reward via the proof-of-work consensus
mechanism. It has been incorporated into Ethereum in order to
gradually eliminate mining on the chain as it switches to PoS.
According to technical indicators, the Ethereum price is exhibiting
a falling triangle pattern, which might result in a near-term
decline to as low as $1,200. Featured image from Chemistry World,
chart from TradingView.com
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