ETH Rises Strongly and Burns Hugely

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2022-01-06 22:45:16

Market situation

Bitcoin yesterday had a short moment Bitcoin went from 61,200 to 57,600. Within 3 hours, BTC price recovered to over $62,478. Many people believe that the strong volatility of BTC price in a short time is due to many long and short orders being liquidated.

However, the number of liquidated Long/Short orders was just over $293 million. At times, the liquidation price can reach up to 1 billion USD, so the liquidation level in the past day is not high.

During the day, when BTC continued to move sideways above 60,000 USD, many altcoins started to increase strongly such as DOGE, BNB, SOL,… Particularly, the big coin ETH increased and set new peaks. Investors are looking forward to ETH’s strong growth and the beginning of the altcoin season.

Yesterday, Bitcoin was deposited on the exchange more than withdrawn. However, the current long-term trend is that the amount of BTC on exchanges continues to decrease.

As for Ethereum, despite setting a new peak, ETH continues to be withdrawn from exchanges. The long-term trend of ETH on exchanges is increasingly scarce.

After ETH’s EIP-1559 proposal officially went live, it caused ETH to deflate. The amount of ETH burned as of press time is 667,407. On average, 5.84 ETH is burned every minute. Although the supply is unlimited, burning ETH also helps manage the supply and the inflation of ETH has dropped to 2.1% per year.

It is the scarcity of BTC, ETH and the continued increase in demand that is the long-term cause of the price increase. Like last year, big companies and banks started to get interested in crypto but this year, BTC has gone deep into finance, politics and is accepted by a country as their currency. BTC as well as crypto has grown and matured a lot.

Companies promote and support crypto

Most recently, Mastercard partnered with digital asset platform Bakkt to make it easier for U.S. merchants, banks, and fintechs to capture and deliver crypto solutions and services.

Mastercard also expressed a desire to provide “a safe space” for governments and private sector banks to figure out how the national cryptocurrency (CBDC) should work.

Major crypto companies are also taking advantage of crypto’s momentum and are willing to spend heavily on promotion and attracting new users. Earlier this year, FTX secured the naming rights to the NBA basketball team’s Miami Heat home ground for $135 million.

Recently, the FTX exchange continues to invest large amounts of money to have an advertising slot in the Super Bowl tournament. It is one of the most watched rugby league events in the US. Although, FTX did not disclose the content of the ad or how much it cost, but NBC has charged as high as $ 6.5 million for commercial slots in the upcoming Super Bowl LVI.

Next, the Adobe company is launching a system built into Photoshop that can help prove that the NFT seller is the one who made it. It’s called Content Credentials, and NFT merchants will be able to link their Adobe ID to their crypto wallet, allowing compatible NFT marketplaces to display a verified certificate that proves the source of the work is authentic. real.

India, once a country with a complicated situation for crypto, has officially made its stance on this market. The Indian government is said to be planning to introduce cryptocurrency regulation by the time of the next General Budget, which is in February next year.

Additionally, India is likely to regulate cryptocurrencies as an asset class, similar to how commodities are managed, with appropriate taxation on transactions and profits, the news agency reported. believe. In June, the government reported that the Securities and Exchange Commission of India (SEBI) would oversee regulations for the crypto sector once cryptocurrencies are classified as an asset class.

Another big event that received a lot of attention was that the Facebook company officially changed its name to Meta. With the new name, the Facebook company wants to focus on developing virtual reality (Metaverse) and will spend more than $ 10 billion to invest in the development of this piece of technology. Facebook can incorporate ads in virtual reality or use NFT. This will be one of the things that keeps NFT growing.

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