Cryptocurrency
Ethereum transaction fees drop by 80%
Ethereum transaction fees are calculated in gas and used in paying for ETH operations on its blockchain network.
Lately, ETH miners have been experiencing a plunge in revenue. Data from Santiment Research revealed that Ethereum transaction fees dropped by almost 80% from their all-time high today, thereby providing an opportunity for cheaper on-chain operations.
#Ethereum transaction fees (in $USD) dropped almost 80% from their all-time high today. This brings them back to levels last seen in mid-July. This is a nice opportunity for significantly cheaper on-chain operations today. https://t.co/JQ8nCzHCyi pic.twitter.com/GMeFfXqdSv
— Santiment (@santimentfeed) August 21, 2020
What this means
Ethereum transaction fees are calculated in Gas and used in paying for ETH operations on its blockchain network. These don’t just include normal transactions, but also interactions with the decentralized application and smart contracts. Fees going down means that using Ethereum projects is becoming less expensive.
ETH miners have been cashing in averagely because ETH fees on its blockchain network have risen partly due to the rising interest on DeFi assets, which now have about $5 billion worth of digital assets in terms of value, up from less than $1 million earlier this year.
READ: Unknown ETH Whale moves $35 million dollars worth of Ethereum
Things you need to know about Ethereum
Ethereum is a cryptocurrency designed for decentralized applications and the deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.
Ethereum is a decentralized system, fully independent, and is not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means it’s almost impossible for the crypto to go offline.
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Cryptocurrency
Unknown Bitcoin whale moves $714 million, Bitcoin stays above $60,000 mark
The flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion.
Bitcoin whales are moving the vastly used treasury crypto in large amounts amid price volatility and bullish rush, as Bitcoin bulls regain control above the $60, 000 mark.
Data retrieved from BtcBlockBot an advanced crypto blockchain tracking and analytics firm, an anonymous cryptocurrency user revealed someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688.
Whale alert! 🐋 Someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688
READ: XRP surges by 150% in 7 days as Ripple posts early victories against SEC
Whale alert! 🐋 Someone (possibly https://t.co/jIWhXDP3O5) moved 11,901 BTC ($714M) in block 678,688 https://t.co/harpPfXLjD
— Bitcoin Block Bot (@BtcBlockBot) April 11, 2021
The tracker further disclosed that the whale may have come from the world’s pioneer crypto exchange, Coinbase.
Nairametrics’ research has recently seen the surge in unknown crypto transactions involving Bitcoin, Ethereum, and other top crypto assets at levels not previously seen in the cryptoverse suggesting that more institutional players are getting into the game.
At the time of writing, the flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion. Bitcoin is down 0.04% for the day.
READ: Why Bitcoin is still going up
During bull trends in the cryptoverse, these large entities can take profit on their positions, especially if the futures market is overcrowded.
Wealthy investors reducing their crypto exposure to rebalance their portfolios can cause high price swings in the market, especially when accompanied by cascading liquidations.
However, recent data suggests otherwise as data retrieved from Glassnode points at entities holding more onto the world’s most popular crypto, rather than selling; as data shows Bitcoin balance on Crypto Exchanges just reached a 2-year low of 2,337,271.262 BTC.
A previous 2-year low of 2,338,724.621 BTC was observed on 08 April 2021.
READ: FG moves to recover N5.2 trillion debt owed by firms, individuals
📉 #Bitcoin $BTC Balance on Exchanges just reached a 2-year low of 2,337,271.262 BTC
Previous 2-year low of 2,338,724.621 BTC was observed on 08 April 2021
View metric:https://t.co/9vOOAmwh32 pic.twitter.com/sV3lhECEGU
— glassnode alerts (@glassnodealerts) April 11, 2021
Cryptocurrency
XRP surges by 150% in 7 days as Ripple posts early victories against SEC
This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.
Amid the strong bullish rally at play in the cryptoverse, Ripple’s XRP looks to be leading the way with a push as it almost triples in value following a series of legal victories and social media rumours of relisting at some crypto exchanges like Coinbase.
This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.
At the time of writing this report, XRP traded at $1.47 with a daily trading volume of $29.3 billion. XRP is up 147% for the week with a current market value of about $67 billion.
READ: Why this unknown crypto with over 600% gain in 3 months, might still explode
The surge in this crypto asset is coming amid a lawsuit from the SEC which accused XRP’s $1.3 billion initial coin offering of being an “unregistered securities offering.” The allegation led most American crypto multiple exchanges to delist the crypto and XRP lost its place as the 3rd largest crypto by market value.
That being said, crypto traders appear to be backing the crypto asset amid credible reports suggesting that Ripple lawyers have posted two victories in their legal tussle against the powerful American regulator, including gaining access to internal Securities Exchange Commission discussion history regarding crypto assets.
READ: XRP stands firm, investors wait on Ripple’s legal outcome
What this means
Such access by Ripple’s lawyers to these records would offer them insights into why the Securities Exchange Commission has not deemed Bitcoin and Ethereum a security asset.
