Ethereum’s successful (anti-climactic?) merger on Thursday saw its market price fall to US$1,470, which is about 15% lower in the seven-day period.
However, stakeholders seem adamant, as a “sell the news” was expected.
Further downward price pressure can be expected, although currency inflows are high, indicating that more selling may be on the horizon.
High exchange inflows (blue line) are a sign of pending selling pressure – Source: cryptoquant.com
However, it is business as usual for Bitcoin, hovering just below the US$20,000 support line with a 4% week-on-week discount.
All major network tokens, including Cardano, Solana, Polkadot, and Polygon, have outperformed ETH this week, after falling close to 5% on their respective market caps.
One exception is Cosmos’ ATOM token, which is currently valued at $4.2 billion after gaining 5% in the past seven days.
According to CoinTelegraph, ATOM is enjoying a surge in developer interest in the highly scalable blockchain network.
Among the worst hits this week are Terra classic (LUNC), Gnosis (GNO), Kusama (KSM) and the EOS blockchain token.
The crypto markets as a whole currently stand at $963 billion, down about 6% week over week.
Moving to the decentralized finance (DeFi) space, the total value locked across all protocols is $54.5 billion, representing a weekly drop of 6.7%.
Aave, Synthetix, dYdX, Lido, and MakerDAO all experienced double-digit losses in their market capitalizations.
Elsewhere in the news
Want to know which American politicians are crypto-friendly ahead of the US midterm elections? Coinbase announced an in-app tool that lets you find out.
CEO Brian Armstrong said the integration “will help our 103 million verified users become educated about the crypto positions held by political leaders where they live”.
1/ Starting today, Coinbase will begin integrating our crypto policy efforts directly into our app. These will help our 103 million verified users to be educated about the crypto positions held by political leaders where they live. pic.twitter.com/3GqWZIioZQ
— Brian Armstrong (@brian_armstrong) 14 September 2022
Sam Bankman-Fried’s FTX exchange is in the lead to buy up bankrupt crypto lender Voyager’s distressed assets, according to a CoinDesk report.
The acquisition would be a major victory for SBF, after Voyager’s lawyers called its previous bailout bid in July “a low bid dressed up as a white knight rescue.”
