Crypto Situation After Evergrande

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2022-01-18 20:37:42

After falling due to the influence of the news of Evergrande’s bankruptcy, the Bitcoin price today fluctuates around $65,000. And ETH holds at $4500.

After the Fed announced that the US inflation rate was more than 6%, the S&P 500 fell. However, today the S&P 500 index has rebounded strongly. The fact that the Fed continues to keep interest rates low will help stimulate the economy. Along with that, low interest rates also lead to higher inflation. In the long run this will adversely affect the economy.

At the price around 65,000 USD, the Bitcoin profit rate is still above 96%. The BTC Profit Ratio Index is still in the red zone.

The volume of Future orders is still at a high level despite a certain amount of orders being liquidated when BTC corrects down.

The amount of BTC in the last few days has more withdrawals from the exchange than the amount deposited. This difference in deposit and withdrawal is not significant.

In contrast, ETH has a higher number of deposits on the exchange than the number of withdrawals in the past day. However, the difference in deposit and withdrawal is not much and the big trend of ETH continues to be withdrawn from the exchange.

ETH is a coin with no supply limit. Currently, ETH is also being mined by mining method. But since October 25 until now, almost the amount of ETH present in the market has not increased and is flat.

The amount of ETH does not increase even though it is still regularly mining because of the copper burning effect. Since the proposed EIP-1559 is run on the ETH network. It has helped reduce the inflation rate of this coin. Yesterday’s inflation of ETH fell to 0%, which means that during the day the amount of ETH mined was equal to the amount of ETH burned.

Burning copper also causes ETH’s inflation to drop to 1.9%/year. The amount of ETH burned from the time of EIP-1559 activation to date is more than 816 million ETH, equivalent to more than 4 billion USD.

ETH is having a good inflation control mechanism from EIP-1559. It also helps ETH reduce its supply and benefit the price in the long run.

Some other information:

  • In a statement, SEC Commissioner Caroline A. Crenshaw said that DeFi offers notable opportunities and advantages, but aspects of the field remain puzzling. Commissioner Caroline expressed SEC support for the Defi market. She encouraged Defi-related businesses to contact the SEC to ask and get advice on how to follow the legal route.

  • Miami hosted a Bitcoin conference earlier this year and started accepting funds generated through a cryptocurrency, called MiamiCoin. Earlier this month, Miami State marketplace Suarez said he will receive his next paycheck in Bitcoin. Through staking, MiamiCoin raised $21 million in just over three months. Moving on, MiamiCoin could make a profit equal to all of Miami’s tax revenue.

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