Crypto News Ethereum

Stabilizing Ethereum Funding Rates Suggests Recovery Might Be In The Works

Ethereum funding rates had taken a beating after the Merge was completed. This event was the single most anticipated upgrade in the history of the network, and it had affected both price and funding rates in adverse ways. However, as the market begins to settle into the new normal of Ethereum being a proof of stake network, things are beginning to stabilize. One of those is funding rates returning to pre-Merge levels. Funding Rates Stabilizing The days leading up to the Ethereum Merge had been extremely volatile for the crypto market. Ethereum itself had borne the brunt of this, and even though the days leading up to the upgrade were filled with positive movement, it had quickly changed. Related Reading: Prepare For Volatility: Data Suggests Bitcoin Gets Chaotic During FOMC Meetings Ethereum funding rates nosedived on the back of the Merge. It fell from trending just below neutral levels at around negative 0.02% to negative 0.35% by the time the upgrade was final. It also follows the sell-offs that rocked the market at the same time. In the days leading up to the Merge, FTX longs had seen a total of 9.92% paid by shorts to hedge their positions on the exchange. ETH funding rates recover | Source: Arcane Research However, not long after the Merge was finalized, the market began to see recovery. This recovery was just as sharp as the decline, returning from negative 0.35% to around negative 0.02% by September 16th. This sharp uptrend was shown in the price of the digital asset, which maintained most of its value through this time. This shows that despite the sell-offs, there are still a significant number of Ethereum holders who maintain long exposure to the digital asset. Ethereum Might Recover With funding rates recovering back to pre-Merge levels, it shows that there is still bullish sentiment among investors. This sustained bullish sentiment continues to prop up the price of the digital asset even through the bear market.  Since most of the sell-offs happened due to the hype around the Merge, it is only normal that Ethereum has begun to stabilize once most of that hype has now worn off. It leaves the accumulators at a point where they are able to purchase the digital asset without sacrificing too much of their previous value. ETH price drops below $1,300 | Source: ETHUSD on TradingView.com Even now, with the FOMC-inspired volatility in the market, support for ETH continues to ramp up. Exchange outflows over the last 24 hours show this growing accumulation trend. Outflows were about 40% higher than inflows for ETH for the day, according to data from Glassnode. Related Reading: Bitcoin Dumps After Revisiting June Lows, Where Does The Bottom Lie? If ETH is able to maintain its support level at $1,250, this point will serve as a bounce-off point for the digital asset. If ETH successfully breaks through the $1,300 resistance, a retest of the $1,500 level is possible in the next week.  Featured image from Currency.com, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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Trendy crypto gaming platforms like Moshnake, Decentraland, and Axie Infinity offer Rewards

Trendy crypto gaming platforms like Moshnake, Decentraland, and Axie Infinity offer Rewards

The blockchain gaming ecosystem is rapidly growing, with breakthroughs occurring daily in the play-to-earn, NFTs, and DeFi markets. The “play-to-earn” approach used by the GameFi ecosystem, which involves offering players financial incentives to play games, has completely changed the gaming landscape. Decentraland (MANA) and Axie Infinity (AXS) have been at the forefront of this new […]

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Bitcoin Hash Rate Skyrockets Amid 55% Hike In 2 Months

With the swings in the crypto market, Bitcoin has been at different unexpected levels this year. The crypto winter in the year’s first half gave the leading crypto asset a blow off its balance. As a result, BTC’s price fell to over half its value as of November 2021. But despite the price fluctuation, the Bitcoin hash rate moved upward since its drop in mid-July. In a recent report, the BTC hash rate has hit a new all-time high (ATH). This new position came following the last increase in the mining difficulty. Related Reading: Here’s Where Investors Expect Cardano (ADA) Price To Be At The End Of September The significance of the hash rate metric for the Bitcoin blockchain is that it provides information on the strength of the network based on the BTC mining process. In addition, it correlates the number of active miners and their computational mining equipment working on the network. Many people create a link between the price of a cryptocurrency and its hash rate for future moves. But there could be twists in some cases, as seen in the past few weeks for Bitcoin. Hash Rate Gets Higher Amid Price Struggle The price of BTC has been in a battle over the past few months. It could barely sustain its position around the $20K region in July. However, the Bitcoin hash rate has been at higher levels in the weeks that the price was struggling. Usually, during the summer months, the regulatory authorities in several countries influence mining activities. For example, they forbid the local miners due to higher energy demand during the period. Hence, the BTC hash rate will drop. The record for this year’s season indicated a drop to 170 Ehash/s in mid-July from its June value of 250 Ehash/s. But as summer fades, the metric is making its recovery. Within some weeks, the hash rate has surged by more than 50%, taking it to a new all-time high of 265 Ehash/s last weekend. Trend In Bitcoin Mining Difficulty BTC mining difficulty readjusts after every 2,016 blocks (two weeks). This readjustment is necessary to keep the network in the proper stance. This means that the Bitcoin blockchain will maintain the production of its block in just 10 minutes. Hence, through the mining difficulty adjustment, it will be hard for miners to operate when there are lots of them connected to the network. Conversely, it will be easier to mine when the number of miners drops. Related Reading: Crypto Traders Bleed Heavily After Betting Against Market The mining difficulty is currently at 30.98 T, while the subsequent readjustment will occur in less than 24 hours. As per BTC.com data, the metric could be positive again and display up to a 3% increase. With many miners being offline during the summer, the mining difficulty indicated more negative readjustments. But the trend changed on August 31 to give the highest positive value for the metric since January this year. Featured image from BBC, chart from TradingView.com

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Miramax & Tarantino Settle Suit Over The Pulp Fiction NFTs, Hint At Future Plans

The Miramax and Quentin Tarantino partnership has been incredibly successful over the years. It wasn’t logical for it to end over NFTs. Instead of fighting over scraps, the longtime partners decided to work together on future digital ventures. The two parties are once again on the same page, and the Pulp Fiction NFTs saga might’ve gotten a new chapter. A production company like Miramax needs a director like Tarantino and vice versa. Do they need The Secret Network, though? It’s unclear what will happen to the original Pulp Fiction NFTs that Tarantino produced in conjunction with The Secret Network. After selling the first one for over $1M, the company stopped on its tracks and canceled future auctions citing “extreme market volatility.” The move was suspicious, but the reasons for it were not immediately obvious. Did the Miramax lawyers scare them off? Or was it because the entity that bought that first NFT had tight affiliations to The Secret Network? Did the collection fail to attract the necessary attention? Were the buyers scared of future legal action by Miramax? So far, The Secret Network’s official channels remain silent on the matter. And they recycled what used to be the Pulp Fiction NFTs’ Twitter account and gave it to a whole different project. Plus, the collection’s website seems to be dead as well. So, The Secret Network might be out of the Miramax and Tarantino deal. What Do We Know About The Miramax And Tarantino Deal? We don’t know much about who won in the negotiations or what exactly happened between Miramax and Tarantino. The only thing we know for sure is that “Miramax’s lawyers filed a brief statement in court,” and it was a joint statement by both entities. According to Variety, it said: “The parties have settled this case and expect to file their dismissal papers within two weeks. The parties have agreed to put this matter behind them and look forward to collaborating with each other on future projects, including possible NFTs.” Short and to the point. Miramax’s news page didn’t mention the matter either.  SCRT price chart for 09/11/2022 on Kraken | Source: SCRT/USD on TradingView.com What’s The Pulp Fiction NFTs’ Story? In NewsBTC’s initial report on the matter, we explained the rights issue: “On the one hand, Miramax was “Pulp Fiction’s”  production company and still holds the rights to the 1994 masterpiece. On the other, Tarantino preserved the right to publish the screenplay, and the NFTs are based on that historical artifact.” And the situation’s caveat was that under The Secret Network’s system, the NFT holder is the only person that can see what’s inside the file. That means, Miramax sued without knowing what the NFTs’ content was. Tarantino and The Secret Network were determined to go ahead with the auction, and they heavily changed the NFTs content to be compliant. NewsBTC reported: “The people involved in the sale fazed out all images related to Pulp Fiction and replaced them with just text or high contrast images of Quentin Tarantino himself. The content of the NFTs also changed, now The Secret Network describes them as:  “In collaboration with SCRT Labs, Tarantino has turned chapters from this historic document into a one-of-a-kind NFT publication. Each NFT in the collection consists of a single iconic scene, as well as personalized audio commentary by Tarantino himself.” The initial ending was anticlimactic. The company’s press release said, “In light of extreme market volatility, we’ve decided to postpone the remainder of the auction to put the needs of our community first.” NewsBTC asked:  “Why did they do that? Nobody knows for sure. But the cover story is terrible, volatility? Really? Miramax didn’t take credit for the kill. And the Secret Network did not admit to low interest in the series or to technical difficulties. They just shut down the whole operation.” And that was the story… until Tarantino and Miramax inked a deal to keep exploring the digital realm together. Featured Image: Pulp Fiction in icons from Miramax’s site | Charts by TradingView