Decentral Block Post

The shift of the Ethereum (ETH) blockchain to a proof-of-stake (PoS) protocol opened new opportunities for developers and investors to explore, including the burning of Ether. Now, Ethereum PoS transactions are validated through staking rather than mining. 

Staking impacts the supply and price dynamics of Ether in ways that are different from mining. Staking is expected to create deflationary pressure on Ether as opposed to mining that induces inflationary pressure.

The increase in the total amount of funds locked in Ethereum contracts could also push its price up in the long term. This is because it affects one of the fundamental forces that determine its price, supply.

The percentage of newly issued Ether versus burned Ether has increased by 1,164.06 ETH since the merge. This means since the merge, almost all new minted supply has been burnt through the new PoS Ethereum burn mechanism which is expected to turn deflationary when the network sees an uptick in use.

According to Bitwise analyst Anais Rachel, “all the ETH issued since The Merge will have been taken out of circulation by the end of this week.”

The shift of the Ethereum (ETH) blockchain to a proof-of-stake (PoS) protocol opened new opportunities for developers and investors to explore, including the burning of Ether. Now, Ethereum PoS transactions are validated through staking rather than mining. 

Staking impacts the supply and price dynamics of Ether in ways that are different from mining. Staking is expected to create deflationary pressure on Ether as opposed to mining that induces inflationary pressure.

The increase in the total amount of funds locked in Ethereum contracts could also push its price up in the long term. This is because it affects one of the fundamental forces that determine its price, supply.

The percentage of newly issued Ether versus burned Ether has increased by 1,164.06 ETH since the merge. This means since the merge, almost all new minted supply has been burnt through the new PoS Ethereum burn mechanism which is expected to turn deflationary when the network sees an uptick in use.

According to Bitwise analyst Anais Rachel, “all the ETH issued since The Merge will have been taken out of circulation by the end of this week.”

On Oct. 28, NFT Steez, a bi-weekly Twitter Spaces hosted by Alyssa Expósito and Ray Salmond, met with Web3 content writer, Julie Plavnik to discuss the importance of self-sovereignty while building a digital identity in Web3. 

Plavnik references author Gavin Wood when describing Web3 and says that “communication” is a core tenant in the subsequent iteration of the internet. “Web3 is the communication of encrypted channels between decentralized identities,” Plavnik affirms.

According to Plavnik, the emerging concept of Web3 placed a magnifying glass on user data and ownership, especially concerning the creator economy. Plavnik describes the creator economy as a place with “no entry barriers or casting.”

During the show, Plavnik explores how users are coming around to the notion that they can potentially monetize from their individuality in Web3, but she also questions how they can maintain their self-sovereignty?

When speaking to Plavnik regarding how self-sovereignty is intertwined with Web3, there was no hesitation in explaining that the core tenet of Web3 is to uphold a self-sovereign identity — meaning decentralization is vital.

Bitcoin (BTC) climbed back to $20,500 at the Oct. 28 Wall Street open as United States equities sought a stronger finish to the week.

Bets that $20,000 will fail as support increase

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD capitalizing on renewed optimism as markets began trading.

The atmosphere was volatile after tech stocks suffered a major out-of-hours rout, with Bitcoin managing to avoid sustaining knock-on losses to the same extent.

At the time of writing, the S&P 500 and Nasdaq Composite Index were both up around 1.3%.

“In this current range bound phase after a prolonged downtrend,” popular trader CryptoYoddha summarized to Twitter followers.

Bitcoin (BTC) has been consolidating inside the $18,000–$20,000 price range since mid-June, pausing a strong bear market that began after the price peaked at $69,000 in November 2021.

Many analysts have looked at Bitcoin’s sideways trend as a sign of a potential market bottom, drawing comparisons from the cryptocurrency’s previous bear markets that show similar price behaviors preceding sharp bullish reversals.

Here are three strikingly similar trends that preceded past market bottoms.

2018’s sideways trend for BTC price

The 2018’s Bitcoin bear market serves as a major cue for a potential market bottom in 2022 if one looks at its eerily similar price trends and indicators.

One of the key indicators is Bitcoin’s 200-week exponential moving average (200-week EMA; the blue wave in the chart below). In 2018 and 2022, Bitcoin entered a long period of sideways consolidation after closing below its 200-week EMA.

Ethereum (ETH) is setting liquidation records this week as a comparatively modest price uptick reveals how bearish the market has become.

Data from on-chain analytics platform CryptoQuant confirmed that U.S. dollar-denominated short liquidations hit a new all-time high on Oct. 25.

Two days, half a billion dollars of ETH shorts

It is not just Bitcoin (BTC) causing bears severe pain this week — data from exchanges also shows that Ethereum shorters have suffered heavy losses.

ETH/USD delivered fairly impressive gains on Oct. 25-26, rising from lows of $1,337 to highs of $1,593 on Bitstamp before retracing, according to data from Cointelegraph Markets Pro and TradingView.

While nothing unusual for crypto and for altcoins in particular, the market changes triggered by the price action stood out.

Ether (ETH) is setting liquidation records this week as a comparatively modest price uptick reveals how bearish the market has become.

Data from on-chain analytics platform CryptoQuant confirmed that United States dollar-denominated short liquidations hit a new all-time high on Oct. 25.

Two days, half a billion dollars of ETH shorts

It is not just Bitcoin (BTC) causing the bears severe pain this week — data from exchanges also shows that Ethereum shorters have suffered heavy losses.

ETH/USD delivered fairly impressive gains on Oct. 25-26, rising from lows of $1,337 to highs of $1,593 on Bitstamp before retracing, according to data from Cointelegraph Markets Pro and TradingView.

While nothing unusual for crypto and for altcoins, in particular, the market changes triggered by the price action stood out.