According to Santiment, Ethereum's median-sized transfer fee has dropped below $3. This shows that the demand for Ethereum transactions remains low. Lower transaction costs and increased scalability are expected to improve Ethereum's investor outlook. As a result, low fees often increase the likelihood of a bounce for Ethereum price.
Bitcoin Mining Hash Rate Spikes By 30% In 24 Hours
In the past 24 hours, Bitcoin's network hashrate has risen by 31.69% to reach 248.11 EH/s, further confirming the network's resilience against the potential breaches during the mining process.
Russian Regulators Meet on Common Ground — Bitcoin Can't Be Used for Payments
Russian authorities have yet to come to a full consensus on the future of cryptocurrencies, but government institutions agree with their intent to ban Bitcoin payments. Representatives of the Russian business community announced that other operations with digital assets will be legalized and regulated.
Intel Corporation Plans to Enter Mining Chip Race
Intel is bringing a breath of fresh air to the mining market by launching the SHA-256 optimized blockchain accelerator, which is claimed to have 1000x better performance per watt than the GPUs used for SHA-256 mining.
Wells Fargo Analysts: "It's Not Too Late to Invest in Bitcoin"
Analysts at Wells Fargo Investment Institute (WFII), the adviser and subsidiary of Wells Fargo Bank, claimed that cryptocurrency adoption is still in its early stages. In a report released by WFII's Global Investment Strategy team, analysts stated that Wells Fargo believes it is not too late to invest in crypto, despite its skyrocketing prices.
SEC Working With CFTC on Crypto Regulation, Says Chairman Gensler
The Commodity Futures Trading Commission (CFTC) has stated that it should be the primary body responsible for overseeing cryptocurrencies. According to Gensler, the team is working to protect investors by better regulating hundreds of new digital assets and currencies and overseeing the better-known Bitcoin and Ether markets.
Bitcoin's Exchange Supply Hits Three-Year Low
Despite the dramatical drops in Bitcoin, one of the most positive indicators is that the Bitcoin's exchange supply has touched a three-year low since December 2018.
Ripple's Asia-Pacific Policy Director: "ODL Can Be Used as a Neutral Bridge Between CBDCs."
In a recent interview, Ripple APAC Policy Director Rahul Advani talked about RippleNet's On-Demand Liquidity (ODL) service powered by the digital asset XRP. Advani's comments were made during an interview with financial news platform Bread.
Canada Set To Become Crypto Powerhouse With Proposed New Cryptocurrency Bill
Bill C-249 has passed its first phase and aims to spur cryptocurrency growth in Canada. Several market participants welcomed the bill and acknowledged its potential to make Canada an industry leader. Regulations are increasing in the cryptocurrency space worldwide.
Short-Term Holder SOPR Gives Bullish Signal
The SOPR (The Spent Output Profit Ratio) indicator increasingly shows fractal similarities to the summer of 2021, when the cryptocurrency market is undergoing a deeper correction. Additionally, as the short-term holder’s SOPR rises above 1, there are some signals that the current correction may already be over.
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