The annual supply rate of Ether (ETH) slipped below zero for the first time since Ethereum's transition to proof-of-stake via the Merge in September. The reason? A spike in on-chain activity amid a massive cryptocurrency market crash. Ethereum turns deflationary for real As of Nov. 9, more Ether tokens are being burned than created as a part of Ethereum's fee-burning mechanism. Simply put, the more on-chain transactions, the more ETH transaction fees get burned. On a 30-day timeframe, the Ethereum network has been burning ETH at an annual rate of 773,000 tokens against the issuance of 603,000 tokens. In other …

Ether (ETH) price shed roughly 33% between Nov. 7 and Nov. 9 after an impressive $260 million in future contracts longs (buyers) were liquidated. Traders using leverage were surprised as the price swing caused the largest impact since Aug. 18 at derivatives exchanges. The $1,070 price level traded on Nov. 9 was the lowest since July 14, marking a 44% correction in three months. This adverse price move was attributed to the FTX exchange’s insolvency on Nov. 8 after clients' withdrawals were halted. It is worth highlighting that a 10.3% pump in 1 hour happened on Nov. 8, immediately preceding …

Bitcoin (BTC) crashed below $16,000 on Nov. 9, driving the price to its lowest level in two years. The 2-day correction totaled a 27% downtrend and wiped out $352 million worth of leverage long (buy) futures contracts. To date, Bitcoin price is 65% down for 2022, but it's essential to compare its price action against the world's biggest tech companies. For instance, Meta Platforms (META) is down 70% year-to-date, and Snap Inc. (SNAP) has dropped 80%. Furthermore, CloudFare (NET) lost 71% in 2022, followed by Roblox Corporation (RBLX) and Snapchat (SNAP), both down 70%. Inflationary pressure and fear of a …

Solana (SOL) is on the track to log its worst daily performance on record. On Nov. 9, SOL's price dropped more than 40% to around $16 primarily due to its association with Sam Bankman-Fried, the founder of crypto-focused hedge fund Alameda Research and cryptocurrency exchange FTX. Sam tokens get 'fried' Fried was an early investor in the Solana blockchain project via Alameda Research. On Nov. 8, the entrepreneur's estimated wealth plunged from a whopping $15.6 billion to around $1 billion, according to Bloomberg Billionaires Index. At the core of this wipeout was a near-collapse of FTX. On Nov. 6, Binance, …

Chainlink (LINK) returned to mimic the broader crypto market downtrend as its price fell alongside top coins Bitcoin (BTC) and Ether (ETH) on Nov. 8. LINK plunged by as much as 10% into the day to reach $8. While BTC and ETH slipped by approximately 6.5% and 9%. That contrasts with the trend witnessed on Nov. 7, wherein LINK rallied 14% to $9.25, its three-month high, while BTC and ETH dropped 1.5% and 0.5%, respectively. Overall, on a week-to-date timeframe, Chainlink has outperformed both Bitcoin and Ethereum. What's making Chainlink stronger LINK's price has rebounded by nearly 75% after bottoming …

147 days have passed since Bitcoin (BTC) closed above $25,000, and the result is that investors are less sure that the $20,000 support will hold. Backing these concerns are persistent global financial and macroeconomic tensions, which escalated on Nov. 7 after European Union officials expressed concerns over the $369 billion U.S. Inflation Reduction Act. The extended tax, health and climate bill was approved in August and it also includes subsidies for electric cars and battery supply chains that are made in North America. According to CNBC, this is not the first time that Europe has expressed its concerns, citing international …

A recent price rally in the Solana (SOL) market ran out of steam midway as traders' attention shifted to crypto-focused hedge fund Alameda Research's insolvency rumors. Alameda Research insolvency rumors affect SOL On Nov. 7, SOL's price plunged nearly 6% to about $30.50. The intraday selloff came as a part of a broader pullback trend that started on Nov. 5 when SOL peaked at around $38.75. Between then and now, the Solana token is down over 20%. The beginning of SOL's plunge coincided with reports that Alameda Research has liabilities worth $8 billion but may not have liquid assets on …

An ongoing selloff in the FTX Token (FTT) market could worsen in the coming months owing to a mix of pessimistic technical and fundamental indicators. FTT could plunge 30% From a technical perspective, FTT has formed an inverse-cup-and-handle pattern on the daily chart, identifiable by its crescent-shaped price trend followed by a less extreme upward retracement. On Nov. 6, FTT broke below the pattern's support line near $22.50, accompanied by a volume spike. The FTX exchange token's selloff continued on Nov. 7 below the support line, raising risks of a bearish continuation phase in the coming months. As a rule …

Since March 2022, traders and so-called analysts have been forecasting a policy change or pivot from the United States Federal Reserve. Apparently, such a move would prove that the Fed’s only available option is to print into oblivion, further diminishing the value of the dollar and enshrining Bitcoin (BTC) as the world’s future reserve asset and ultimate store of value. Apparently. Well, this week (Nov. 2) theFed raised interest rates by the expected 0.75%, and equities and crypto rallied like they usually do. But this time, there was a twist. Prior to the FOMC gathering, there were a few unconfirmed …

Dogecoin (DOGE) has surged nearly 100% quarter-to-date (QTD) on hopes that Elon Musk would integrate the token onto the Twitter platform. However, DOGE's potential to continue its uptrend in the coming weeks is low, one popular market analyst argues. Short Dogecoin hard? Independent market analyst GCR said he is moderately short on DOGE based on its price's recent reaction to a Musk tweet. Notably, DOGE formed a local top at $0.158 on Nov. 1. The same day, Musk shared a picture of his pet Shiba Inu wearing a t-shirt with the Twitter logo. pic.twitter.com/eaIYaDRBnu — Elon Musk (@elonmusk) November 1, …

October may have seen a decline in nonfungible token (NFT) trading volume and sales, but analytics firm DappRadar says an 18% growth in monthly unique NFT traders shows the market is still in “great demand.” According to a Nov. 3 report from DappRadar, the number of monthly unique NFT traders in October reached 1.11 million, increasing 18% from September, of approximately 950,000. This is despite trading volumes falling 30% to $662 million in October, the lowest registered in 2022, while the sales count decreased by 30% to 6.13 million, the firm said, adding: “The rise in the unique traders’ count …

Bitcoin (BTC) has been lingering above $20,000 for the past 9 days, but worsening conditions from traditional markets are causing traders to doubt if the resistance will hold. On Nov. 3, the Bank of England raised interest rates by 75 basis points to 3%, its largest single hike since 1989. The risks of a prolonged recession also increased as the monetary policy committee struggled to contain inflationary pressure. The U.K. monetary authority noted that its most recent growth and inflation projections present a "very challenging" outlook for the economy. The statement from the committee added that "high energy prices and …