Bitcoin And Ethereum, the two largest digital currencies have been making headlines lately as their values continue to rise. It recently crossed the $30,000 mark, while Ethereum, the second largest cryptocurrency globally, reached a multi-month high of $2,000.
Ethereum (ETH) has experienced an increase in value following the successful execution of the Shanghai and Capella (Shapela) upgrades. This bullish sentiment has propelled the price of Ether to reach a one-year high of $2,123 on April 14.
Ethereum Decentralized Finance (DeFi) The ecosystem has experienced a 30% increase in daily fees as a result of the update, which has caused Ethereum Proof of Stake (PoS) token economics to become deflationary. This has resulted in a 32% increase in revenue in the last 24 hours.
Thus, successful upgrades and positive growth in the DeFi ecosystem have contributed to the rise in ETH price. However, there are still concerns about regulation and privacy that could affect the value of cryptocurrencies in the future.
Effect of Ether Staking and Dominance on ETH Price Among Macro Factors
Despite some withdrawals from the Ethereum ecosystem, there has been an uptick in Ether staking deposits, which shows a positive sign for the future of Ethereum.
Furthermore, the reduction in the difference between the average staking price and the current Ether price means that the majority of the Ethereum ecosystem could soon be profitable.
bitcoin and both ether prices are up, but Ether is gaining dominance against bitcoin and altcoins. However, some analysts believe that a further drop in Ether price is still possible due to factors such as a possible US industry crackdown and inflationary interest rate hikes.
Significantly, the fedwatch tool There is still hope that the Federal Reserve will raise interest rates at its Fed meeting on May 3.
Despite these short-term headwinds to price upside potential, factors such as positive regulatory clarity and interest rate hikes were seen as key factors that helped bid up ETH. Therefore, the price of Ether is likely to continue to fluctuate.
US Stablecoin Framework Draft Bill Released: Potential Impact on the Crypto Industry
The United States House of Representatives has released a draft bill that could have implications for stablecoin issuers like Tether and Circle. However, the bill does propose a framework for stable coins and would require non-bank issuers to register with the Federal Reserve.
However, the new US draft bill proposes heavy fines and prison terms for stablecoin issuers that fail to register, and a two-year ban on stablecoins not backed by real assets. The bill could impact the broader cryptocurrency market by increasing regulation and scrutiny, potentially affecting investor sentiment.
However, some experts believe that this could lead to greater adoption of cryptocurrencies by institutional investors seeking regulatory clarity. It remains to be seen how this bill will affect cryptocurrency prices in the near term, but investors should be aware of the potential risks and opportunities.
Effect of Declining US Retail Sales on Bitcoin Price
other side, US retail sales fell in March, indicating a slowdown in the economy. However, the Federal Reserve is expected to raise interest rates in May, causing traders to favor traditional investments like stocks over bitcoin. This was seen as a major factor that put a stop to any further gains in the BTC price.
As a result, the price of bitcoin fell by 0.31% over the past 24 hours. There is uncertainty in the market due to possible inflation, which may be higher than the estimate, due to which investors have to be cautious.
bitcoin price
on Sunday, Bitcoin It is trading sideways, holding a narrow range between the $30,200 and $30,500 marks. On the upside, a bullish crossover above the $30,500 level has the potential to propel BTC price towards the next $30,700 or $31,000 resistance area.
On the downside, a bearish breakout below the $30,200 level could expose BTC price towards the $29,900 or $29,700 levels.
Looking at major technical indicators such as RSI and MACD, both are showing convergence with one showing a bullish bias and the other one showing a bearish bias. This analysis is written in English language.
Top 15 Cryptocurrencies to Watch in 2023
To stay up to date with the latest ICO projects and altcoins, it is recommended to consult this expert-curated list of the Top 15 Cryptocurrencies to Watch in 2023 frequently.
By doing so, you will be better informed about the emerging trends and opportunities in the crypto market.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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