Following a week of high trading volume, the cryptocurrency market’s momentum is once again slowing down. With BTC trading above $19k and ETH holding above $1,300, the prices of Bitcoin and Ethereum can maintain support. We’ll examine any significant news this week that impacts cryptocurrency prices.
Key Notes:
- The week is closing, and the cryptocurrency market is losing steam.
- BTC holds above $19k despite the declining trading volume and ETH trades above $1,300.
- Investors view Bitcoin as a viable inflation hedge, so it may be beginning to depeg from the stock market.
- The Ethereum fork POW has support from Binance in a recently launched pool, and Ethereum is still performing well overall.
- The cryptocurrency market is generally healthy despite still being in a bearish zone. Given the drop in trading volume, it’s unlikely that there will be any significant changes this week.
Bitcoin Market News
Although the leading crypto asset, Bitcoin, can be considered an inflation hedge, its performance has been closely correlated with those of global markets. Though major stocks like the S&P 500 and NASDAQ opened lower today, Bitcoin held support, suggesting that the linear relationship between stocks and cryptocurrencies may be depegging.
Despite a sharp decline in market value from $3 trillion to $943 billion at the time of writing, there is optimism that the crypto market is bottoming out and may soon reverse its trend, regardless of the overall health of the world’s economy.
The environmental harm caused by producing cryptocurrency is greater than that caused by gold mining, according to a piece in The Guardian highlighting the effects of Bitcoin mining on the environment.
Cryptocurrency proof-of-work mining uses a lot of electricity, which puts a lot of strain on the environment. This is not news. This might cause Ethereum and other proof-of-stake cryptocurrencies to overtake Bitcoin as the market leader.
Ethereum’s Post-Merge News Update
Experts applaud the network for switching to a more durable proof-of-stake system as Ethereum’s successful merge. According to a recent Coindesk report, Binance has just launched a free proof-of-work mining pool for Ethereum.
Ethereum’s proof-of-work fork, EthereumPoW (ETHW), which aims to give Ethereum miners a way to keep using their equipment, has gained support from Binance.
According to information provided by Binance, there will be no pool fees for ETHW mining for all ETHW Pool users during the promotional period.
#Binance launches the Ethereum Proof-of-Work $ETHW Mining Pool!
Mine $ETHW with #Binance Pool and enjoy zero fees on all your earnings 🤝
Read more ➡️ https://t.co/gwe0eKb1Pt pic.twitter.com/J6jFOpljzG
— Binance (@binance) September 29, 2022
For miners who want to keep using their rigs to mine Ethereum, ETHW, which has a much smaller market cap than Ethereum at $1.4 billion right now, is still a tempting speculative investment.
With Binance’s announcement of the proof-of-work mining pool, ETHW’s price has increased significantly by over 8% in the last 24 hours and is currently trading at $11.91.
Last Thoughts On ETH’s Next Move
In the last 24 hours, Ethereum has increased 1% in price to $1,326. With a $14 billion 24-hour trading volume, its market cap is $162 billion, which is a 29% decrease from the previous day.
We probably won’t see much volatility from Ethereum as the week ends. Until it decides on its next move next week, the cryptocurrency will probably maintain support at the $1,300 mark.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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