Crypto News Ethereum

Ethereum Profitability Dumps To 2-Year Low As Price Corrects Below $2,000

Ethereum has been on a downtrend along with the rest of the crypto market. This has seen the value of the cryptocurrency plunged below $2,000 and efforts to recover above this major resistance level have been futile. Naturally, the decline in the value of the digital asset has affected its profitability. What has resulted from this is Ethereum wallets that are in profit at current prices have now declined to a two-year low. Ethereum Profitability Declines Ethereum remains the second-largest cryptocurrency by market cap but when it comes to profitability, it tells another story. Data shows that the percentage of ETH wallets that are in profit has declined significantly in the last couple of months. Along with the price, most of the profitability decline has happened in the last six months. Related Reading | Market Sentiment Dangerously Negative As Crypto Fear Index Drops To Two-Year Low IntoTheBlock shows that only 56% of all Ethereum investors are currently in profit. This puts a total of 43% in the loss while only 1% of all investors are sitting in the neutral territory, meaning that they purchased their tokens at current prices.  Data from Glassnode supports this metric although it puts the number of addresses in profit at a slightly higher percentage. The data aggregation tool shows that 58% of all ETH investors are still in profit. However, what is notable about this figure is that the last time that Ethereum profitability was this low was almost two years ago, back in July 2020. ETH price trading at $1,781 | Source: ETHUSD on TradingView.com It is no coincidence that the majority of those in profit has been investors that have been in the market for more than a year. The long-term outlook for the smart contract network has always favored those who followed it compared to those in the short term.  Small Wallets Ramp UP Even through the downtrend that has rocked the digital asset, support has still not waned. Smaller investors have continued to throw their hats in the ring with Ethereum. This is evidenced by the growing number of wallets holding at least 0.01 ETH reaching a new all-time high. It is now sitting at a new record of 22,874,566 addresses. 📈 #Ethereum $ETH Number of Addresses Holding 0.01+ Coins just reached an ATH of 22,874,566 View metric:https://t.co/XXb0u19ouH pic.twitter.com/gYKCAAlgcZ — glassnode alerts (@glassnodealerts) May 27, 2022 This metric has hit multiple all-time highs in just the first two quarters of 2022. It shows renewed interest from smaller investors but unless this interest becomes evident in the largest ETH investors, there may not be any significant change in value. Related Reading | Bitcoin Dominance Remains High As Market Sell-Offs Settle As for the price of the digital asset, Ethereum’s price is down more than 60% from its all-time high in November. It is currently trading at $1,770 with a market cap of $213.9 billion. It remains the largest DeFi platform with over $67 billion in TVL. Featured image from Coingape, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… 

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Ray Liotta’s Death Elicits Reactions From Crypto Community: Funny Guy, Good Fella

Ray Liotta, the passionate actor best known for his depiction of hustler-turned-mobster Henry Hill in Martin Scorsese’s 1990 “GoodFellas”, has passed away. The Emmy winner was 67 years old. According to sources, Liotta died unexpectedly in his sleep in his hotel room in the Dominican Republic, where he was filming “Dangerous Waters,” on Thursday morning. […]

Altcoins Bitcoin

Crypto Analyst Says Altcoin Bulls Are Taking a Dangerous Gamble As Bitcoin Dominance Surges – Here’s Why

A popular crypto analyst says altcoin bulls could be taking on huge amounts of risk as Bitcoin (BTC) continues to weigh down the market. In a new video, Jason Pizzino tells his 267,000 subscribers that current market conditions may not be favorable for long entries or trying to dollar-cost average (DCA). “We’re looking at a […]

The post Crypto Analyst Says Altcoin Bulls Are Taking a Dangerous Gamble As Bitcoin Dominance Surges – Here’s Why appeared first on The Daily Hodl.

Crypto News

Cryptocurrency Mining Chip Producer Nvidia Reports Significant Profits After Decline

The American Chip developing company Nvidia attests to its dip in shares due to the CMP (Cryptocurrency Mining Process) sales decline. The company stated that its 52% decrease for its Q1 of “OAM and other” investments was because of the decrease in CMP sales. Nvidia stated this, as explained in a filing on Wednesday. In 2021, Nvidia recorded $24 million in returns from its CMP sources; this also recorded a discouraging decrease of 77% year-over-year. Last year January, the corporation introduced the CMP product to discourage cryptocurrency miners from storing up existing mining devices like Ethereum’s famous GeForce RTX 3080 Ti. Related Reading | Perp Traders Remain Quiet As Bitcoin Struggles To Hold $30,000 While the chipmaker didn’t explain the exact sales amount its CMP sales provided, it did tag the value “nominal” and over $155 million in loss from the previous year. Nvidia Shares Tumble At The End Of Q1 The company experienced strong quarterly growth from 2021 last quarter to 2022 first quarter, increasing by 8% in returns. Thus, making up to $8.98 billion. Its shares also increased by 3% to $1.36 a share. In addition, the chipmaker stated that it’d continue its buyback program reaching 2023 end, and it is worth $15 billion. Nvidia And The Q2 Nvidia has now been experiencing a steady decrease in interest in the CMP mining chips during this Q2. The reasons why this is so might probably be because of Ethereum’s porting to the Proof-of-staking mechanism. The current bear market, or the recently deployed products from the industry leader—Intel Corporation. We don’t know, but we do know that the tech giant isn’t experiencing a good time at its current turnover. Q2 isn’t starting as interesting as Q1, and pundits project a 4% loss to $8 billion in turnover. During Thursday after-hours trading, Nvidia (NVDA) shares decreased by 7% to $157.8. Also, the NVDA stocks have experienced an almost 50% decrease in the year-over-year report, reflecting a poor outlook for tech stocks. Related Reading | Bitcoin Bearish Signal: Whale Ratio Continues To Stay At High Value During last year’s Q2, Nvidia encountered a 33% dip from expected returns, reaching $266 million, then $106 million in Q3, and $24 million in Q4. That value has still fallen. The chipmaker revised its expectations for the second quarter (Q2), summing it up to $8.1 billion because of the Russia-Ukraine war, and Lockdown in China. Nvidia CMP And Cryptocurrency Mining Nvidia’s Santa Clara-situated CMPs can be effective for mining Bitcoin, Ether, and other digital assets that use the Proof of Work consensus mechanism. In addition, the token’s graphics card, built for gaming, can be effective for mining cryptocurrency except restricted. One notable fact is that CMPs are very scarce in supply. Even on secondary markets, it’s rare to find them. Therefore making the chances of sales slimmer and smaller. Featured image from Pixabay, chart from TradingView.com

Crypto News Ethereum

Blue Chip NFTs 101 – What’s The Secret Behind CloneX? Built For The Metaverse

The secret behind CloneX is Takashi Murakami and the RTFKT team, that’s the short answer. The NFT collection is the result of the once-secret collaboration between the legendary Japanese artist and the experts in creating virtual sneakers. Steven Vasilev, Chris Le, and Benoit Pagotto founded RTFKT, which reads “Artifact,” in 2020. The CloneX public sale took place in the last days of November 2021. These people work fast. The goal of the Ethereum-based CloneX collection is quite simple, to serve as avatars in the metaverse. These NFTs aren’t merely profile pictures. Through the upcoming Clone vault, the CloneX holders will have access to the avatar’s 3D files. The idea is that these figures will work in any metaverse. Plus, RTFKT has expressed metaverse ambitions of its own.  In any case, RTFKT Studios co-founder Benoit Pagotto told Forbes: “We envision a new kind of relationship forming between owners and 3D creators who will create bespoke content for the avatars, replicating what we’ve seen with Fortnite 3D models ripped by blender creators, creating content for Twitch streamers and YouTubers. It’s a full ecosystem, being built live, and the avatars are just the tip of the iceberg.” Very nice, but let’s focus on the avatars for now. About CloneX And Takashi Murakami The project’s official site describes them as, “CloneX is our most ambitious project yet, the beginning of a whole ecosystem for our community, quality-focused, high-end avatars, ready for the metaverse.” Japanese contemporary artist Takashi Murakami designed all of the CloneX traits, from their eyes and their mouths to their clothes and their helmets. Murakami lives in the line between pop and high art. He has worked with Pharrell and Kanye West, with brands like Louis Vuitton and Vogue, and also with Supreme, Vans, and Billionaire Boys Club. There are 20K CloneXs total, and those are divided among eight different DNA types: 50% are Human. 30% are Robots. 8.75% are Angels. 8.75% are Demons. 1.25% are Reptiles. 0.6% are Undead. 0.5% are Murakamis. 0.15% are Aliens. ETH price chart on Kraken | Source: ETH/USD on TradingView.com About The Controversial Initial Sale The CloneX public sale was supposed to take place on November 29th. The demand was there, they sold 13K out of 20K before RTFKT had to pull the plug for the day. Their website was under attack. According to themselves, “Due to our website still being attacked and unusable, we’re pausing the minting till when we’ll have all fixed and upgraded.”  The last 7K CloneX were minted on the 30th. Some people maintain something suspicious went on. At the moment, the rarity of each CloneX was still a mystery, so all the NFTs were theoretically worth the same. The public sale was supposed to be a Dutch auction starting at 3 ETH. In the second round, each of the 7K sold for 2 ETH flat.  Considering that at the time of writing the floor price for a CloneX is 12.9 ETH, participating in any of the two rounds would’ve been extremely profitable. Curious Facts About The CloneX Collection At first, the code name for the project was: Akira. All CloneX holders received a Space Pod as an airdrop. Check this Twitter account for “an ongoing thread of all the items being made for RTFKT Space Pods & Loot Pods by the CloneX community.” Secondary market royalty for this NFT collection is a steep 5%.  Holders own the IP of their avatar and can commercialize it for up to $1M. The avatar’s 3D files will be available in the following formats: Unreal Engine, Daz3D, .blend, .obj, .fbx, .MA, and glb. RTFKT will host “Forging Events,” where CloneX holders can forge real-life physical items based on your NFT. For the virtual world, holders will be able to clothe their avatars through Clonex Wearables. Both RTFKT and independent creators will offer different garments. At the moment you can only buy the avatars on the secondary market. They’re available on OpenSea. In the real world, four white gold CloneX chains exist. They were created by Crown Collection in association with Murakami and RTFKT. And that’s everything you need to know about CloneX at the moment. There are many more things to learn about RTFKT, though. Do your homework on that. And, while you’re at it, read “Blue Chip NFTs 101’s” other guides: Moonbirds and Proof Collective in Ethereum, and DeGods in Solana. More to come. Featured Image: Murakami from the official site | Charts by TradingView