• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Saturday, January 28, 2023
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

Market Wrap: Bitcoin Dips to $11.1K; Ether Mining Difficulty at Year High

25 August 2020
in Market
Reading Time: 11 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT


Bitcoin is looking bearish while Ethereum miners are reaping more fee revenue than ever before.

  • Bitcoin (BTC) trading around $11,298 as of 20:00 UTC (4 p.m. ET). Slipping 3.8% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $11,102-$11,786.
  • BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians.

Bitcoin trading on Coinbase since Aug. 23.
Source: TradingView

Read More: ‘Bitcoin Rich List’ Reaches All-Time High

Bitcoin’s price declined to as low as $11,102 on spot exchanges such as Coinbase Tuesday, wiping out long derivatives traders on BitMEX. In just one hour, up to $5.6 million in leveraged positions were automatically liquidated, the crypto analog to a margin call. 

skew_bitmex_xbtusd_liquidations-28
BitMEX bitcoin liquidations in the past three days.
Source: Skew

Daniel Ladinsky, trader at quantitative trading firm Efficient Frontier, worries that if price stays beneath $12,000 per one BTC for too long it may signal a larger downward trend. “BTC has been hovering below $12,000 for quite some time, which is a crucial zone,” Ladinsky told CoinDesk.

Read More: Istanbul or ‘Coinstantinople’? Inside Turkey’s Bitcoin Bull Market

Michael Gord, CEO of cryptocurrency brokerage firm Global Digital Assets, sees Tuesday’s price dip as temporary profit-taking by some investors. ”Institutional traders take profits the whole way up to hedge their risk,” he said. ”We are now seeing more institutional traders take some of that profit and reallocate it into ‘riskier’ low- to medium-cap altcoins.” 

One interesting development: Bitcoin locked in decentralized finance, or DeFi, is down a little bit after it had previously doubled in August, according to data aggregator DeFi Pulse. 

btclockedaug25
Bitcoin locked in DeFi in the past month.
Source: DeFi Pulse

Efficient Frontier’s Ladinsky says traders continue to see more alluring profit opportunities in DeFi, which might help explain the decline. “Recently, the market has been quiet for BTC and most of the attention and hype is on the DeFi front, where coins are surging very hard,“ he said.

Read More: Aave Second DeFi Project to Overtake MakerDAO for Most Crypto Deposited

Ether mining difficulty at 2020 high

The second-largest cryptocurrency by market capitalization, ether (ETH), was down Tuesday, trading around $379 and slipping 5.9% in 24 hours as of 20:00 UTC (4:00 p.m. ET). 

Read More: Ether Price Swings Make Bitcoin Look Tame as DeFi Speculation Spreads

Ethereum’s mining difficulty has hit a 2020 high, at 2,820 terahashes, its highest level since Dec. 13, 2019. 

ethminingdiff
Ethereum mining difficulty so far in 2020.
Source: Glassnode

The amount of gas, or the fee required to successfully conduct a transaction or execute a contract on the Ethereum blockchain, is at an all-time high, meaning the resources used per block are increasing. This means more miner revenue coming from fees and, as a result, more machines being turned on, causing mining difficulty to increase. 

ethrevfeesminer
Ethereum mining percentage of revenue from fees in 2020.
Source: Glassnode

Smart contract developers in the ecosystem like Jun Dam, who is working on a DeFi project based on the competing EOS platform, tell CoinDesk the Ethereum fee situation may be helping miners, but it isn’t benefiting anyone else. “ETH gas fees are not user- or developer-friendly,” Dam said. 

Read More: Ethereum Tokens Worth $1B Vulnerable to ‘Fake Deposit Attack’

Other markets

Digital assets on the CoinDesk 20 are mostly in the red Tuesday. One notable winner as of 20:00 UTC (4:00 p.m. ET): 

Read More: Bitcoin Miner Overstated Industry Vet’s Involvement in $50M Series A Pitch

Notable losers as of 20:00 UTC (4:00 p.m. ET): 

Read More: Hacker Stole 1,000 Traders’ Data From Crypto Tax Reporting Service

Read More: ConsenSys Acquires JPMorgan’s Quorum Blockchain

  • Oil is up 2.2%. Price per barrel of West Texas Intermediate crude: $43.35.
  • Gold was flat, in the red 0.05% and at $1,927 as of press time.

Read More: Crypto Derivatives Exchange BitMEX to Block Ontario Traders

  • U.S. Treasury bonds all climbed Tuesday. Yields, which move in the opposite direction as price, were up most on the 10-year, in the green 3.4%.

Read More: Powell’s Coming Inflation Speech May Weigh on Dollar and Boost Bitcoin

https://www.coindesk.com/coindesk20
The CoinDesk 20: The Assets That Matter Most to the Market
Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.



Source link

Related articles

South Korea Launches Metaverse Replica of Seoul

17 January 2023

Three Arrows’ Founders Take Slingshot From Crypto Community

17 January 2023
Cryptohopper
ADVERTISEMENT
[crypto-donation-box]
Tags: 111KBitcoinDifficultyDipsEtherhighMarketMiningWrapYear
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 25th, 2020

Next Post

Ripple (XRP) Up $0.0022 in Last 4 Hours, Entered Today Down 0.4%; in an Uptrend Over Past 30 Days

Related Posts

South Korea Launches Metaverse Replica of Seoul

17 January 2023
0

As part of a three-year effort to expand its public services, Metaverse Seoul will allow users to take their avatars...

Three Arrows’ Founders Take Slingshot From Crypto Community

17 January 2023
0

BNB Chain, launched by crypto exchange Binance, has completed the burn of over $500 million worth of its native BNB...

UK Court Sentences 4 Men to 15 Years Prison for $26M Crypto Fraud

17 January 2023
0

The offenders used the internet from the comfort of their own homes to obtain millions, Jonathan Kelleher of the Crown...

Crypto Is Down, but Not Out

17 January 2023
0

Eight months, numerous bankruptcies and a major collapse later, the industry is still present in Davos, Switzerland, but with a...

First Mover Asia: Bitcoin Tops $21.3K as Cryptos' 2023 Feel-Good Story Continues

17 January 2023
0

ALSO: Sam Reynolds writes that the surge of FTX’s FTT Token is part of a trend in which investors send...

Load More
Next Post

Ripple (XRP) Up $0.0022 in Last 4 Hours, Entered Today Down 0.4%; in an Uptrend Over Past 30 Days

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • XMR, DOT Move Higher, Rebounding From Recent Declines – Market Updates Bitcoin News
  • NFT Tallinn to be the flagship large-scale Web3 event in Northern and Eastern Europe
  • NFTs and Other Trends That Will Shape the Crypto Industry

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$45,716.00-1.31%
  • ethereumEthereum(ETH)$3,456.77-0.85%
  • tetherTether(USDT)$1.000.04%
  • binancecoinBNB(BNB)$439.95-1.61%
  • usd-coinUSD Coin(USDC)$1.00-0.21%
  • SolanaSolana(SOL)$128.84-4.73%
  • rippleXRP(XRP)$0.82-1.94%
  • TerraTerra(LUNA)$111.19-1.25%
  • cardanoCardano(ADA)$1.190.55%
  • AvalancheAvalanche(AVAX)$92.73-3.81%
  • polkadotPolkadot(DOT)$22.10-4.14%
  • dogecoinDogecoin(DOGE)$0.144901-0.44%
  • Binance USDBinance USD(BUSD)$1.000.03%
  • TerraUSDTerraUSD(UST)$1.00-0.03%
  • Shiba InuShiba Inu(SHIB)$0.000026-1.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$45,705.00-1.34%
  • CronosCronos(CRO)$0.473031-1.56%
  • matic-networkPolygon(MATIC)$1.63-2.68%
  • Lido Staked EtherLido Staked Ether(STETH)$3,455.57-0.80%
  • NEAR ProtocolNEAR Protocol(NEAR)$15.62-3.50%
  • daiDai(DAI)$1.00-0.09%
  • cosmosCosmos Hub(ATOM)$30.76-3.98%
  • litecoinLitecoin(LTC)$123.39-2.73%
  • chainlinkChainlink(LINK)$17.14-5.68%
  • tronTRON(TRX)$0.069912-3.60%
  • bitcoin-cashBitcoin Cash(BCH)$370.86-0.90%
  • FTX TokenFTX Token(FTT)$49.41-1.74%
  • ethereum-classicEthereum Classic(ETC)$45.69-1.36%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • algorandAlgorand(ALGO)$0.88-4.27%
  • stellarStellar(XLM)$0.231372-0.55%
  • leo-tokenLEO Token(LEO)$5.95-0.02%
  • OKBOKB(OKB)$20.68-0.82%
  • UniswapUniswap(UNI)$11.31-3.17%
  • vechainVeChain(VET)$0.076890-1.96%
  • Axie InfinityAxie Infinity(AXS)$63.07-4.37%
  • HederaHedera(HBAR)$0.235142-4.16%
  • Internet ComputerInternet Computer(ICP)$21.47-0.24%
  • filecoinFilecoin(FIL)$24.44-2.18%
  • ElrondElrond(EGLD)$189.04-2.56%
  • decentralandDecentraland(MANA)$2.61-2.92%
  • The SandboxThe Sandbox(SAND)$3.40-2.47%
  • FantomFantom(FTM)$1.52-3.28%
  • moneroMonero(XMR)$214.53-0.30%
  • wavesWaves(WAVES)$37.59-24.48%
  • theta-tokenTheta Network(THETA)$3.76-6.47%
  • cETHcETH(CETH)$69.26-1.11%
  • tezosTezos(XTZ)$3.80-4.12%
  • ApeCoinApeCoin(APE)$11.60-3.99%
  • The GraphThe Graph(GRT)$0.480061-4.90%