Ethereum Weekly (3/17/23)

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CryptoMasterMiner

DeFi Yield Farmer Liquidity Provider Crypto Lender, Miner, Investor & Blogger

1 year ago

In community: Crypto(cc44)

Topics: Ethereum, Cryptocurrency, Crypto, Cryptocurrencies, Finance, ...

Ethereum Weekly - Edition 15

Welcome to the latest edition of Ethereum Weekly and Happy St. Patrick's Day!

Ethereum (ETH) had a big week along with other risk assets after the US government decided to bail out a couple of banks with crypto operations. The markets love liquidity provided by the central banks, so this move by the Fed was welcomed by investors who ran the prices of cryptocurrencies up and to the left.

Officially, Ether rose 22.88% for the week which was its biggest weekly gain since August 2021. Prices continued to climb on Friday despite the fact that US stocks were lower, an encouraging sign. The big cryptocurrencies are very sensitive to liquidity and we just had a lot of liquidity injected into the markets. Recent data shows that the Fed’s assets have risen by approximately $300 billion.

Overseas, China also jumped on the liquidity bandwagon by lowering its reserve ratio for banks. China also appears to be pulling out of its Covid-related economic slump, good news for the entire world's economy. Consumer spending is rising in the Asian economic powerhouse and industrial output is on the uptick as well.

Regardless, with bank collapses crypto continues to rally signaling a bull market could be in the works should this continue. In reality, we need to keep an eye on the closing prices of big coins like ETH and if they can hold current levels or move higher things could really heat up. Also, any potential halt of interest rate hikes in the near future will act as rocket fuel for pent-up demand for investors in a market that has been on the decline for the past 15 months.

US Coin (USDC) regained its peg after falling below. The company that runs USDC, Circle, held a portion of its deposits valued around $3.3 billion at Silicon Valley Bank when it collapsed which scared some when it really wasn't a major issue. Overall the crypto market recaptured the $1 trillion mark again rising more than 25% in a week.

Traders do appear a lot more bullish right now with much more emphasis on call (or buy) options as opposed to put (or sell) options. With investor sentiment on the rise, the buy orders are outpacing sell orders by about a three-to-one ratio.

The Crypto Greed and Fear Index highlighted below sits at 51 in the "Neutral" range and is UP 17 points from where it was at last week.

Ten Must-Read Ethereum and Altcoin Articles This Week

Post-Merge Ethereum: Grayscale extends review of ETHPoW decision (Cointelegraph)
Ethereum’s Shanghai Hard Fork Now Has Official Target Date (CoinDesk)
Ethereum Price Seems Ready For Another Leg Higher Over $1,750 (NewsBTC)
Ethereum Sharks Accumulated In Past Year, But Whales Sold (Bitcoinist)
Euler Finance Hacker Mixes $1.6M in Ethereum on Tornado Cash (Decrypt)
Forget HTTP: Ethereum has a new URL standard that can’t be blocked (Cointelegraph)
SEC’s Gary Gensler wants Proof-of-Stake Ethereum to be regulated as a security, will traders turn to ETHW? (FXStreet)
The Future Of Ethereum (Forbes)
Ethereum founder urges self-custody – recommends use of multi-sig, social recovery wallets (CryptoSlate)
Fireblocks Discloses Critical Vulnerability in BitGo Ethereum Wallets (Decrypt)
Playboy loses $5M on Ethereum earned from NFT sales (Protos)

Ethereum Price Statistics (as of 3/16/2023, daily close)

Ethereum Price = $1,784
Last Week =$1,437
Weekly High = $1,774
Weekly Low = $1,670
Market Cap = $14,112,047,609
Market Cap Dominance =17.813%
All-Time High = $4,878.26 on November 10, 2021


statistics provided by CoinGecko

Ethereum Fun Fact of the Week

Ethereum is a large-scale provider in terms of its network. Currently, estimates are about one million transactions every day on average.

Ethereum Staking Statistics

Validators = 551,413
Block Time = 12.14 seconds
Staking Ratio = 15.31%
Total Supply = 122,373,866

statistics provided by StakingRewards

Crypto Fear & Greed Index

index provided by Alternative

What is Ethereum?

Ethereum (ETH) is a digital cryptocurrency that is known for being a blockchain technology that operates decentralized apps (dapps) such as decentralized finance (DeFi), non-fungible tokens (NFTs), stablecoins, lending, and more. First proposed by Vitalik Buterin who published a whitepaper in 2013 and went live as a network in July 2015, Ethereum claims it is not controlled by a centralized authority but that can be questioned. Ethereum went through the "merge" in 2022 moving from a proof-of-work to a proof-of-stake mechanism becoming much more environmentally friendly.

For more on Ethereum, please read the Top Things You Should Know About Ethereum (ETH) on Publish0x written by MuyAsk

For more on the Ethereum Whitepaper, please read the I Finally Read the Ethereum Whitepaper on Publish0x written by CryptoMasterMiner

Find Ethereum on Ethereum.org, Reddit, Twitter, Instagram, Facebook

* Where to Buy and HODL Ethereum (Referral Links) *