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Ether
Ether (ETH) is the native cryptocurrency of the Ethereum blockchain, functioning as a fuel for operations within the network. It serves multiple purposes: as a digital currency, it can be bought, sold, and held as an investment; as a utility token, it's used to pay for transaction fees and computational services on the Ethereum network. Ether is integral to running decentralized applications (dApps) and executing smart contracts on Ethereum, providing the necessary resources for these operations. As Ethereum evolves, especially with upgrades like Ethereum 2.0, Ether's role remains central, facilitating not just transactions but also the broader ecosystem of decentralized finance (DeFi) and various blockchain-based applications.
Bitcoin Moves Little on the Week Despite Debt Deal, Inflation Concerns
Bitcoin trades flat to move one step closer to logging its first losing month of 2023. Ether rises slightly but also seems headed for a negative May.
Glassnode Data Reveals Ether Held in Exchanges at Lowest Since July 2016
Data from Glassnode shows that 14.85% of all ether was held in wallets owned by centralized exchanges as of Thursday, the lowest level the market has seen since the summer of 2016. Typically, low exchange balances are a bullish sign, indicating that the supply of ether available for purchase is limited, thus putting pressure on prices to increase. CoinDesk's Jenn Sanasie presents "The Chart of the Day."
Ether Balance on Exchanges Nears All-Time Low
The drop comes as the number of staked ether has surged.
The Invisible Hand Restricting Bitcoin and Ether Price Swings
Hedging activity of market makers, who are always on the opposite of investors' trade, seems to have kept prices rangebound of late.
First Mover Asia: Bitcoin Holding Pattern Continues as Lawmakers Make Progress in Debt Limit Negotiations
ALSO: Graphics chip manufacturer Nvidia's powerful GPUs were well-suited for bitcoin mining but they now seem primed to boost the company's sales because of their usefulness in artificial intelligence technology.
Bitcoin Lingers Below $26.5 Amid Debt Ceiling Worries
Unemployment and productivity data arrived stronger than expected but investors seemed focused narrowly on the ongoing negotiations that will determine if the U.S. government has to default on its debts.
The Relationship Between Economic News and Crypto Prices May Be Improving
The good news equals bad news relationship between economic data and crypto prices may be changing.
First Mover Asia: Bitcoin Holds Below $27K Amid Macro Uncertainties
ALSO: Market maker Flowdesk is looking to expand in the U.S., even as a number of major crypto firms, including Coinbase, have lost enthusiasm there because of ongoing regulatory uncertainties.
Bitcoin’s Doldrums Below $26.5K Endure as Investors Weigh Debt Ceiling Stalemate, Latest FOMC Minutes
The largest cryptocurrency by market capitalization sank below $26.2K early Wednesday after disappointing U.K. inflation data.
Crypto Markets Recoil From Latest Yellen Concerns About Debt Ceiling Impasse
Treasury Secretary Janet Yellen reiterated her comments from just three days ago about the U.S. running out of cash if lawmakers can’t reach an agreement. Crypto and other asset markets dropped.
