‘It’s Not Priced In’—Crypto Braced for $300 Million Game Changer as the Price of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano and Dogecoin Swing
Bitcoin, ethereum and other major cryptocurrencies are still struggling despite a wave of bullish announcements (and an eye-popping bitcoin price prediction).
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Bitcoin price has again crashed below $20,000 per bitcoin, dragged down by an increasingly hawkish Federal Reserve that has hit the market like a “sledgehammer”, while ethereum price has suffered in the wake of the long-awaited merger upgrade, partly due to a serious regulator warning.
Now, as BNB, XRP, solana, cardano and dogecoin traders desperately seek direction, blockchain researchers have warned ethereum’s historic shift from bitcoin’s proof-of-work to more energy-efficient proof-of-stake could lead to earlier ethereum miners dump 245,000 ethereum worth over $300 million into the market.
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Bitcoin, Ethereum and the wider crypto market have experienced an almighty crash in recent months, … [+]
Ethereum’s upgrade, completed this month after years of preparation, means the ethereum network is secured and transactions confirmed by ethereum holders who “stake” their coins instead of relying on miners.
“Miners dumping ethereum is an overhang that we will have to get through in the coming months to resume op-only mode, but it will happen,” Lucas Campbell, editor of Bankless newsletter, wrote this week. — It is not priced in.
Data from blockchain researcher OKLink appears to show that ethereum miners have already started selling their $300 million ethereum reserves, it was reported by Coindesk.
“Mining pools have dropped nearly 17,000 Ethereum in the last seven days alone,” Alex Kuptsikevich, senior market analyst at FxPro, wrote in an email, warning that despite the market climbing off its lows earlier in the week, “it points technical picture not yet. to a break in the downtrend” and “widespread monetary policy tightening leads us to expect further pressure on the markets.”
On top of a potential ethereum selloff, markets are also coming to terms with the US Federal Reserve’s series of massive interest rate hikes as it battles to bring soaring inflation under control, sending shockwaves through financial markets.
This week, the Fed made its third consecutive 75 basis point increase despite warnings that it could trigger a crash bigger than the 2008 financial crisis, with Fed Chairman Jay Powell telling reporters: “We have to get inflation behind us. I would wish there was a painless way to do it.”
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The Ethereum price has fallen sharply in the past month despite completing its run of success … [+]
Meanwhile, the Biden administration sent a stark warning to the bitcoin and crypto industries in the wake of its massive $2 trillion crash, with US Securities and Exchange Commission (SEC) Chairman Gary Gensler warning that ethereum’s upgrade could mean the cryptocurrency being regulated as a Safety.
“Regulation is at the top of the agenda for most of the sector now, and this has been thrown into particularly sharp relief in recent months,” Timo Lehes, co-founder of decentralized finance (DeFi) infrastructure provider Swam Markets, said in an emailed comment. .
