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Crypto Hot News ETH in the FUD mud awaiting rally as investors #buythedip

Hot Crypto News Today ETH in the FUD mud awaiting rally as investors #buythedip You Must Read To Get More Information For Trading and Investment.

Total market capitalization for cryptocurrencies dipped by 10% over the past week and 4.15% in 24 hours. Consequently,  ETH suffered the wrath of decline. Usually, FUD (Fear, Uncertainty, and Doubt) is a part of a rally. But, curiously, Ethereum witnessed FUD in its bear market this time. 

Well, ETH saw a 5% price correction at press time as it traded just above the $3k mark. The ‘buy the dip’ sentiment echoed; it seems that FUD played a major role herein. That said, ETH is certainly testing HODLers’ capacity in the current market structure. 

What’s the current market structure like?

According to market data platform Santiment, there’s a lot of bearishness in the crypto market. This took place as a result of the falling market caps.

Amidst all the bearish chaos, there is one metric which has been giving a positive signal. Well, the weighted sentiment of ETH has recovered from -1.33 to -0.45. It showed how investors were confident about Ethereum even in the bear market thanks to the much-anticipated ‘Merge’.

The merge would help Ethereum transition from a Proof of Work (PoW) to a Proof of Stake (PoS) consensus mechanism. Some factors, such as Triple Halvening ETH, staking APR, ETH (Un)Lock, would change ETH supply and demand dynamics after the Merge.

Furthermore, the combination of EIP-1559 and the corresponding move toward a proof-of-stake model would represent a “triple halving” for Ethereum.

In this regard, it is also to be noted that in terms of staking, there was 11.4M ETH staked, earning 4.6% APR. This ETH-denominated yield came from the staking rewards. PoS stakers would receive the unburnt fee revenue that now goes to miners. It would increase the staking APR 2x or even more.

Crypto Hot News ETH in the FUD mud awaiting rally as investors #buythedip

When APR goes up, it would give way to more ETH being staked as it becomes an attractive alternative to other earning opportunities in DeFi. More ETH getting staked would equate to less supply.

Well, according to data from ultrasound.money, the number one smart contract network hit more than two million in ETH burned.

Crypto Hot News ETH in the FUD mud awaiting rally as investors #buythedip

That’s almost six ETH/min. ETH supply would shrink by 2.2% every year at this burn rate. This, according to a pseudonymous DeFi educator, ‘Korai‘ would skyrocket ETH’s price.

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Written by thegamefi

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