In our previous analysis, we observed that both the major support and resistance levels remain operative. Presently, Bitcoin is in a consolidation phase in the short term.
Taking a look at the 4-hour chart, we can note that Bitcoin has been on a downward trajectory since its peak at $31,000. The 55-period moving average constitutes a key resistance level, currently pegged at $27,042.
Source: Tradingview
Turning our focus to the daily chart, we find that the 89-period moving average stands as the principal support level, situated currently at $26,780.
Impending Altcoin Season
The BTC dominance chart presents an intriguing scenario – it appears to be forming a diamond top pattern. This pattern typically indicates an imminent, significant downtrend. In layman’s terms, we can infer that altcoins, especially those paired with Bitcoin like ADA/BTC and LINK/BTC, may outperform Bitcoin in the near future.
Coinbase has warned its users that unstaking requests for ETH on its platform may take weeks or even months to process after the upcoming Ethereum network update in mid-April. The Shapella upgrade will enable stakers to withdraw their ETH holdings after they were locked up during the Ethereum Merge event in September 2022, which transitioned the network from proof-of-work (PoW) to proof-of-stake (PoS).
Coinbase anticipates a flood of unstaking requests once the functionality is enabled, but as a channel to pass unstaked ETH to customers once released by the protocol, it has no control over the on-chain processing of requests. Unstaking requests will open to all Coinbase customers at the same time and be queued based on when they are received.
While Coinbase cannot give an exact timeframe for unstaking, it expects considerable wait times due to the time it takes for the Ethereum network to process transactions. In the meantime, Coinbase provides a liquid staking option called “cbETH,” which lets stakers trade ETH while it is still locked up, with the promise of redeemability at a later date.
The Ethereum Merge was a significant milestone for the network’s scalability, transitioning from PoW to PoS to reduce energy consumption and improve transaction processing times. While the Ethereum network remains the leading platform for decentralized applications and smart contracts, ETH stakers have been unable to access their holdings since the Merge. The upcoming Shapella upgrade will finally provide a solution, allowing users to withdraw their staked ETH and stake more without being subject to an indefinite lockup period.
Overall, Coinbase’s warning of potential delays in unstaking ETH highlights the complexities and limitations of on-chain processing. While the Ethereum network continues to evolve and improve, users must be patient and consider alternative options like Coinbase’s cbETH to mitigate the inconvenience of locked-up assets.
WAHED is delighted to announce a brand new partnership with Creator’s Group. Bringing years of experience in the real estate and property management sector, the Creators Group can look forward to enjoying a number of advantages that the blockchain can add to this industry.
Established by CEO Eng. Ali Al Salman in Riyadh, Saudi Arabia in 2016, Creators Group has established itself as a leader both in local markets and overseas. Serving the best interests of investors, homeowners, corporate clients, developers and landlords, the Creator’s group streamlines investment activities for all those looking to get involved in real estate.
Creator’s Group offers the following services to clients in Saudi Arabia and abroad
Buy and selling of land and property
Commercial and residential leases and rentals
Feasibility studies
Project development
Property brokerage
Investment guidance and opportunities
Real estate valuation
WAHED is a next-generation investment and philanthropy platform powered by WAHED Coin. Based in the United Kingdom and headed by Shaikh Abdulla Bin Ahmed Bin Salman AlKhalifa, WAHED has a vision of improving the world by nurturing business activities. Serving as a blockchain and investment partner, WAHED aims to bring all the advantages of the decentralized economy to businesses seeking to deliver value at a greater scale, and with improved efficiency.
How The Partnership Will Bring Value
The WAHED Ecosystem is built on the Binance Smart Chain, an innovative blockchain that enables the deployment of smart-contracts. With the ability to program actions on a publicly-viewable and permanent blockchain, it will be possible to implement greater transparency and accountability across the entirety of activities.
Transparency and Efficiency in Operations
The proximity of the real estate world with existing legal and government frameworks make drafting contracts and obligations a critical and cost-intensive process. Blockchains and smart contracts can significantly reduce costs by utilizing templates that can be adapted to the end user’s requirements. Thanks to this innovation, the entire scope of operations stands to benefit from increased efficiency and lower recurring costs.
Transparency in Transactions
By using the blockchain’s permanent ledger, all parties involved in a transaction will be aware of the requirements, costs and procedures to ensure that the deal is concluded efficiently. Using smart contracts to factor in costs such as travel time, office supplies, legal counsel and auction bidding can make requirements clear to every party involved, making significant savings in time and money.
Transparency in Obligations
When a property moves from one owner to another, they may be conditions that affect the terms of sale. These obligations may include alterations to abide with legal requirements such as material quality and fire safety, or aspects relating to design and/or function. The immutable recording of these requirements on a smart contract that executes when the terms are met will be a significant time saver.
Transparency for Brokerage
Agent and broker commissions can be between 1%-6% of the cost of the transaction. While there may be significant costs leading to fees being this high, the lack of transparency can affect buyer trust. Blockchains enable trustless transactions, and the ability to reduce the number of middlemen. End users can enjoy quicker turnaround time and lower fees.
Permanent Records of Ownership and Property Rights
Blockchains are ideal to show ownership of property. These tamper-proof and permanent records can be updated when assets change hands, and further details such as stipulating the commercial and usage rights for a specified plot can also be added. Due diligence and the registering of ownership with the Federal Registration Service and notary payments will all happen on the blockchain, and fees will be included as part of the services package.
The partnership between Creators Group and WAHED stands to provide a range of benefits that will undoubtedly elevate the experience and cost savings of the end users. By utilizing blockchain as a tool to promote efficiency and transparency, WAHED aims to raise the bar on how businesses can be conducted, and how lives can be improved.
About WAHED
WAHED Coin will be available for trading on LBank on the 5th of December 2022. Join the WAHED community to get all the latest updates regarding partnerships, new features and more. Visit our official website for more information and join our Twitter, Discord, Facebook and Instagram.
Contact
Wahed Projects Team marketing@wahedprojects.org Source
Blockchain analytics company Santiment released data on Sunday showing that large Ethereum investors are actively dropping their holdings and have already sold over $4.2 billion worth of the coins in the last five weeks.
According to the data, Ethereum (ETH) shark and whale address holdings have reduced by more than 3 million ETHs in the last five weeks. In other words, the count of Ether addresses holding 100 to 1 million ETHs has dumped $4.2 billion worth of Ethereum during the same period of time.
Dumping has played a role in influencing a significant drop in the value of ETH by around 25% since the middle of September.
The data indicates that Ethereum whales have maintained redistribution of their holdings on the market since the successful Merge update. This might have been the key reason for the intense selling pressure that drove the value of ETH to the level it reached currently.
However, since whales and sharks now own fewer coins than they did before, they will most likely push the price of the asset higher in the coming days. Normally, large investors tend to buy back the assets they have sold in the past.
The flow of crypto onto exchanges typically reflects bearish sentiment and is often done by traders to take a profit by selling their tokens, indicating that whales expect the prices to drop further in the near future.
Thanks to the Merge upgrade, the supply of Ethereum is now deflationary, but prices are still struggling, according to data from Ultrasound.Money. Since on October 11 last week, ETH’s supply has dropped by over 4,000 tokens, but there is still no corresponding price boost. Despite a lowered supply, Ether’s price has dropped around 25% in the month since the Merge. At the time of writing, Ether’s price was trading at $1,284.41.
Last Friday, Ethereum co-founder and ConsenSys CEO Joe Lubin explained that after the Merge, Ether price action was a kind of sell activity along with some Ethereum miners “unloading their ether inventory as they shut down their rigs” after Ethereum blockchain migrated to proof of stake mechanism. The executive further pointed fingers at inflation and other macroeconomic events for the continued drop of ETH price along with Bitcoin and the rest of the crypto market.
Brazil registered a hike in records of companies and institutions claiming to hold some cryptocurrencies, according to a recent report from the Brazilian Tax Authority (RFB).
The report showed that more than 12,000 companies in Brazil admit to holding cryptocurrencies as part of their revenues. This is an increase compared to the 11,360 companies confirmed in July.
Although, the number of individuals confirmed to own some cryptocurrencies in the same month declined by 35,000.
The adoption rates are still very much at the top,given that more than 1.3 million people registered.
Notably, this information was obtained from the mandatory monthly report from the RFB on the ownership of cryptocurrencies which gives a brief look at how the market is going so far.
Furthermore, the report also revealed that most significant volumes are moved using the dollar-pegged stablecoin issued by Tether, USDT.
Over $1.4 billion was moved using USDT covering 79,836 operations in August, with an average amount of almost $18,000 per transaction.
However, comparing the number of transactions executed in the same period, Bitcoin surpassed tether’s USDT, with more than 2.1 million transactions made using BTC.
Nevertheless, one thing worth noting is that the aggregated money involved was much less, holding out with an average amount of about $130 per transaction.
In addition, not only USDT and BTC were being adopted. BRZ, the first Brazilian real-pegged stablecoin, ETH, and USDC – another dollar-pegged stablecoin, also registered unprecedented levels of movement.
While the cause for the crypto adoption in Brazil might be due to the issue the country’s economy is facing, which has made dollar-pegged stablecoins and digital assets appealing.
One positive way of looking at it is that it could at least push foreign crypto companies to the region. On Friday, crypto exchange platform FTX announced its partnership with Visa Inc. to continue expanding the rollouts of its crypto debit cards to 40 countries, including a number of Latin America.
Additionally, in August, a US-based leading provider of crypto solutions for businesses, Ripple, announced the launch of its crypto on-demand liquidity (ODL) in Brazil.
Singapore-based banking giant DBS announced Friday that it has launched crypto trading through its digibank, enabling accredited investors to trade four cryptocurrencies on its digital exchange.
The launch of the crypto trading feature comes at a time when DBS wealth clients are increasingly choosing self-directed options, with 9 out of 10 equity transactions executed digitally currently.
By investing from a minimum investment of USD 500, accredited premium clients can trade four of the more established cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), XRP on its digital exchange (DDEx).
The largest bank in Singapore said “having their cryptocurrency holdings makes it easier for clients to stay on top of their investments across traditional and alternative asset classes.”
Senionr executive of the DBS, commented about the latest movement, and said this move would help their clients to grow and protect their wealth. Sim S. Lim, Group Executive, Consumer Banking and Wealth Management, DBS Bank, said:
“We believe in staying ahead of the curve and providing access to the solutions they seek. Broadening access to DDEx is yet another step in our efforts to provide sophisticated investors looking to dip their toes in cryptocurrencies with a seamless and secure way to do so.”
DBS established digital exchange around two years ago and received a cryptocurrency license from the Monetary Authority of Singapore (MAS) last year. Per the statement, crypto trading on DDEX was initially “limited to corporate and institutional investors, family offices, and clients of DBS Private Bank and DBS Treasures Private Client only,“
The latest service would also be available to accredited investors in its Treasures segment. DBS said around 100,000 of their clients in Singapore will be able to access the services offered by DBS’ digital asset ecosystem.
Ethereum (ETH) has not been able to get the right footing since the much-anticipated Merge went live on September 15.
The second-largest cryptocurrency was down by 10.40% in the last 24 hours to hit $1,305 during intraday trading, according to CoinMarketCap.
This price action is being experienced amid high liquidation in the cryptocurrency market. Crypto Reporter Colin Wu or Wu Blockchain pointed out:
“Ethereum fell below $1,300, a 24-hour drop of 10%, and the total liquidation amount in 12 hours reached $300 million. On September 21, the Fed will announce its decision to raise interest rates, and the market is expected to raise interest rates by 75bps.”
Given that interest rate hikes usually have a bearish impact on cryptocurrencies, it remains to be seen how this month’s review by the Federal Reserve (Fed) transpires.
A downward trend is already being experienced in the Ethereum network. Wu added:
“ETC hashrate is 211.11T, down 32.14% from its peak; price is $29.82, down 13% in 24h; ETHW hashrate is 35.48T, down 56.23%, price is $4.66, down 46% in 24h; ETF hashrate is 6.3 TH/s, down 82%, price is $1.22, down 19.8% in 24h.”
The merge changed the consensus mechanism on the ETH network from proof-of-work (PoW) to proof-of-stake (PoS), which is deemed more environmentally friendly and cost effective.
Despite the bearish momentum being experienced, more Ether continues to be staked in the ETH 2.0 deposit contract. Market insight provider Glassnode stated:
“Total Value in the ETH 2.0 Deposit Contract just reached an ATH of 13,801,319 ETH. Previous ATH of 13,799,319 ETH was observed on 18 September 2022.”
Source:Glassnode
Furthermore, transaction volume has been going through the roof after hitting a 4-month high of $264 million.
Source:Glassnode
Crypto analyst Rekt Capital believes that the bullish effects of the Merge will emerge in the long run.
American multinational investment bank Citigroup or Citi had also stipulated that the Merge would slash the overall Ether issuance by 4.2% annually, making it deflationary,
Bitcoin fell to a three-month low as cryptocurrencies took a dip on Monday ahead of global monetary tightening concerns and amid regulatory concerns.
According to Bloomberg, the largest digital token was at the cusp of the lowest level since 2020 to as much as 6.7% and was trading at $18,500 as of 7:10 am in London. While Ether, the second largest cryptocurrency, shed up to 6.2%, struggling to hold the $1,300 mark.
Regulatory concerns and monetary tightening are expected to stretch from Europe to the US this week, and investors globally have turned shy on risky assets.
The global crypto market cap dropped below the $1 trillion mark, as it is down over 4% in the last 24 hours at $974 billion, according to CoinMarketCap.
Over the last 4 months, Bitcoin has remained in a range between $18k and $25k. It is unlikely that the largest cryptocurrency could move higher to about $25k level in the short term or anytime soon. This is because of the Fed’s action. US Bond yields have been rising in anticipation of further Fed rate hikes, this is not good for Bitcoin.
Investors are preparing for volatility due to the major interest-rate hike, which is expected this week from the Federal Reserve to fight price pressures. US equity futures were in the red and a dollar gauge pushed higher in signs of market caution, Bloomberg reported.
Yet, long-term investors (3 to 5 years horizon) might have nothing to worry about as Bitcoin price will eventually surge as the macro environment stabilizes over the next couple of years.
Although the Ethereum blockchain – which underpins the ether token – had a major upgrade last week called the Merge, the token’s value has fallen amid some speculation that remarks last week from US Securities and Exchange Commission (SEC) Chairman Gary Gensler implied the new structure could attract extra regulation. Trades around the upgrade also were unwound.
The Merge changes the way transactions are processed and cuts energy use. After completing the Merge, Ethereum shifted from a verification system called proof of work (PoW) to “proof-of-stake” (PoS).
According to a report from Blockchain.News, The Merge may have caught Gensler’s attention to categorize the second-largest cryptocurrency as a security.
Gensler commented about The Merge, talking about the Howey test, which is a test used by courts to determine if an asset is a security. He stated that cryptocurrencies and intermediaries that allow holders to “stake” their coins might have to pass that test.
Ethereum (ETH) continues to be at the centre stage after undergoing its biggest software upgrade called the Merge, which saw a transition from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism.
Active ETH addresses have skyrocketed after hitting a monthly high. Market insight provider Glassnode explained:
“The number of active ETH addresses (7d MA) just reached a 1-month high of 31,498.220. Previous 1-month high of 31,459.899 was observed on 17 August 2022.”
Source: Glassnode
With weekly social engagement levels surging by 53%, active addresses were deemed to increase based on the speculation triggered by the much-anticipated Merge.
Nevertheless, Santinent acknowledged that there was heavy dominance of two addresses. The crypto analytic firm stated:
“According to our Ethereum Post Merge Inflation dashboard, 46.15% of the proof-of-stake nodes for storing data, processing transactions, and adding new #blockchain blocks can be attributed to just two addresses. This heavy dominance by these addresses is something to watch.”
On the other hand, hodlers had heavily staked in the Ethereum 2.0 deposit contract prior to this event. Crypto analyst Ali Martinez pointed out:
“ETH hodlers have staked more than 13.7 million ETH in the Eth2 Contract ahead of the Ethereum Merge, that’s more than $22 billion.”
Source: Glassnode
After the Merge went live, it did not trigger a bullish momentum in the Ethereum network as anticipated. The second-largest cryptocurrency was down by 9.69% in the last 24 hours to hit $1,458 during intraday trading, according to CoinMarketCap.
Therefore, Ethereum needs to hold the current level to avoid a slip to $1,000. Market analyst Matthew Hyland stated:
“Ethereum is currently sitting on the neckline of the Head and Shoulders pattern Breakdown Target: $1000.”
Source: TradingView/MatthewHyland
Therefore, time will tell how Ethereum plays out in the post-Merge era.
The much-anticipated Merge saw the light of day yesterday, September 15, setting the ball rolling for a proof-of-stake (PoS) consensus mechanism in the Ethereum (ETH) network.
Since the Merge is the first step towards solving the scalability trilemma, the second-largest cryptocurrency will have to undergo four more steps to solve this issue, as reported by Bloomberg.
The four phases include the surge, the verge, the purge, and the splurge. Per the announcement:
“The Surge: Implementation of sharding, a scaling solution which will lower the cost of bundled transactions on Ethereum.”
The report added:
“The Purge: Elimination of historical data and technical debt. The Splurge: Miscellaneous updates after the first four stages to ensure smooth functioning of the network.”
The time frame for these stages is not well defined, but Sameep Singhania believes it might take two to three years. The co-founder of QuickSwap pointed out:
“It’s hard to talk about the timelines of the following four stages because all of them are still under active research and development. But, in my opinion, it will easily take 2-3 years before all phases are complete.”
Aditya Khanduri, the head of marketing at Biconomy, also opined that the purpose of the four upgrades was to make Ethereum cheaper, faster, and more scalable.
Upon the completion of the remaining four phases, Ethereum co-founder Vitalik Buterin pointed out that the network would be in a position to process 100,000 transactions per second.
Therefore, the merge is seen as a stepping stone toward future improvements. Developers involved in the Merge noted that switching from a proof-of-work (PoW) to PoS would make ETH easier and friendlier to design future updates that lower gas fees.
