The Crypto Market is About to Bottom (Ethereum Usage Crashing!)

Hey welcome back everybody to altcoin daily my name's austin in today's video i want to share with you the latest data involving bitcoin the latest data involving ethereum as well as a lower cap altcoin news that you should know as an investor so if you're interested in making money with cryptocurrency click subscribe right now we drop a video.

Every single day demystifying this crypto currency market let's jump in starting with where we are with bitcoin us inflation has just risen to 7.9 in february a fresh four decade high another way to say this would be the consumer price index i.e the prices of consumer goods on the market how much they cost rose 7.9 percent over the last.

12 months the fastest since 1982 the u.s labor department's bureau of labor statistics reported thursday and keep in mind that these are just the quote unquote official numbers they're not actually telling us how much inflation actually is but you can look you can see a used car prices food prices gas prices that's the true consumer price increases.

For the average person so if you hold bitcoin what does this mean for you well bitcoin the largest crypto by market cap held steady at 39 300 five minutes after the report was released so the bitcoin price remained unaffected but of course we know as bitcoin holders the true meaning of something like this is so much more.

Breaking bitcoin's inflation rate currently sitting at 1.7 percent continues to follow its pre-programmed fully predictable downwards trajectory so bitcoin is completely trustless it's transparent it's predictable it's built into the code and while we know that the last bitcoin won't be mined for over a hundred years there's only 21 million.

Bitcoin every four years roughly the inflation rate gets cut in half with the having a trustless transparent monetary policy as opposed to the fed federal reserve there's nothing more manipulated we don't know how the monetary policy will change month to month year to year totally at a centralized company's whim not even elected those individuals but.

That is why we have bitcoin to quote unquote opt out like it support it get this information out there but that brings me to my next question why is the bitcoin price still consolidating why is the crypto market seemingly still trying to find a bottom.

Well let's look at some of the recent data this is local bitcoins meaning a peer-to-peer exchange local bitcoin's btc trading volume in ukraine and russia compared to the world so far not seeing any blips of volume since the outbreak of the war so let's zoom in on this data.

On the top is is worldwide then ukraine then russia and this is a long time span we can see around here is 2015 this is 2017 this is actually 2019 and where we are today in 2022 trading investing in these european regions and just everywhere in the world has declined at least on the local level the peer to peer somebody.

Comments as a ukrainian i can't use local bitcoins it was banned before the war somebody else says many overstate the russian ukraine trading volumes going on thank you for this and this is a very interesting statistics statistic data taken from coindance posted by analyst willie wu.

Give me your thoughts on this down below my personal thoughts are during a time of war like when your country is being invaded or doing the invading whatever that's not the time you you think about hey i gotta buy bitcoin right now it's the bigger implication of the russian citizens being cut off from mastercard and visa and the traditional swift.

Payments network system and of course the bank runs in the ukraine by the ukrainian people trying to get their own money that makes me want something like bitcoin in the long term something not controlled by any single government in the long term of course in the short term so much uncertainty anything can happen.

But that brings us to ethereum what about ethereum and i'm going to keep it real with you like always there is bullish news fundamental long-term bullish news as well as short-term bearish news i will share with you both ethereum gas fees have now dropped to their lowest levels since august 2021 so.

That means less people are using ethereum's block space there's less usage on the network and fees are going down according to the data sourced from coinmetrics shared by cryptorank platform the seven day moving average cost of an ethereum transaction as of march 9th totaled just 11.14 cents placing it back amongst the levels.

Recorded mid last year before it surged dramatically to as high as 55 at the tail end of 2021. so let's just look at the actual chart this is us in march of 2022 back to the levels we saw not since august of 2021. of course back then we are trending up now unfortunately we're trending down now the trend is usually your friend as.

They say but the bigger question is why why are we seeing less usage well it was the booming growth of ethereum's non-fungible token nfts as well as decentralized finance sectors that caused all that huge usage last year and lower congestion and lower fees appear correlated with waning speculation or interest in nfts and d5.

During the start of this year compared to last year so it was that huge profile pick nft boom that caused that incredible need for blocks placed with ethereum and obviously that has waned now what does this mean for you as an ethereum holder well to me this says we're trying to find a bottom with.

Ethereum usage and maybe we found it maybe we're about to head back up but either way if this is indeed the bottom or if we're about to reach it we will first see these points of consolidation like we've seen so many times before after that we should look for increasing.

Higher lows higher lows which may lead to higher highs instead of lower lows and lower lows as we're seeing now again this is all short term every network has times of lows and highs all part of the natural progression but short term this is where we stand well how about long term why am i why am i still buying the dips why am i still.

Bullish long term while the eth 2.0 staking contract now holds over 10 million ethereum huge green flag huge fundamental indicator on the underlying strength of the community and where this network is headed long term next up let's talk about altcoins which projects are currently seeing growth.

Well i encourage you to check the timestamps down below but first i want to take 60 seconds and give a big thank you to sponsor of the channel blockfi these are actual quotes from you applied for the block 5 credit card on tuesday got it two days later via fedex that's the fastest credit card delivery i've ever experienced my bitcoin rewards.

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Every single purchase and of course if you sign up right now during your first three months you can earn five percent back on every single purchase in bitcoin there is a link down below that's block five dot com slash altcoin daily cc great way to stack sats passively link down below next piece of news on v chain.

V chain unveils launch date for its first stable coin called vusd with a 500 000 airdrop very cool here are the details according to the report vusd will be launched on the 14th of march 2022 and to celebrate this half a million dollar airdrop is going to x node holders so if you're running a node already supporting.

The network you're the ones that would receive the airdrop and in a direct quote from v chain the launch of vusd marks a special moment for us helping kickstart new objectives for the year and enhancing our capabilities in the enterprise sustainability carbon and financial fields as a versatile layer one public.

Blockchain we envisage many exciting use case scenarios to come based on client requests in addition it also serves to boost the scope of functionality for a growing nft and d5 ecosystems so the vechain foundation is making moves launching their first stablecoin next up let's talk about altcoin thor.

Chain thor chain spikes by 34 percent after activating synthetic assets and in a direct quote from one of the developers trading with synthetics on torch chain has half the swap fees making swaps cheaper cheap gas fees and faster for traders you can do near instant trades at a high.

Volume so if you like thor chain you like this and just to clue everybody in what is a synthetic cryptosynthetics or synths are derivative tokens of other digital assets that are pegged to the value of the underlying collateralized asset such as bitcoin or ethereum.

In thor chain's variation the project has opted to back its synth with 50 of the underlying asset and fifty percent roon which is thor chain's token the activation went live earlier today and synthetics such as sbtc and se are now available to be traded on the network do any of you use the thor chain network.

Let me know down below next up let's get an update on the hedera network hedera's eight hedera's hbar foundation launches a 100 million dollar sustainable impact fund now what does this mean the sustainable impact fund aims to invest in hydra based hedera-based.

Solutions that involve carbon emissions offsets and removals as well as other nature-based projects the foundation said in a release so more daps being built on the hedera network now i would be curious to see if you hold hbar or does hedera have a strong community let me know genuinely curious alright that is the video my name is.

Austin like always see you tomorrow and if you will be at bitcoin 2022 the largest bitcoin conference of the year in miami from april 6th through 9th i will be there my brother will be there i hope you will be there and be sure to use code altcoin daily for 10 off your ticket there's a link down below join us
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