The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency
No Result
View All Result
Sunday, October 1, 2023
  • Login
  • News Story
  • Blockchain
  • Cryptocurrency
    • Exchanges
  • NFT
  • Metaverse
  • DAO
  • Listicle
Subscribe
The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency
  • News Story
  • Blockchain
  • Cryptocurrency
    • Exchanges
  • NFT
  • Metaverse
  • DAO
  • Listicle
No Result
View All Result
The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency
No Result
View All Result
ADVERTISEMENT
Home News Story

The Price of Ethereum Is About To Drop Even Lower, And Here’s Why

by Ashutosh Thakur
June 16, 2022
in News Story
125
0
The Price of Ethereum Is About To Drop Even Lower, And Here’s Why
153
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

The price of Ethereum dropped as a result of the sale of 65,000 Ethereum on Uniswap. The massive crunch has had a significant impact on the price of Ethereum. This caused investors to be pessimistic.

Ethereum mining has become unprofitable for consumers connected to the main power grid for the first time since 2020. As energy prices rose, the price of Ethereum plummeted to $1,188.

Because of escalating power costs in New England, Connecticut, Maine, Massachusetts, New Hampshire, and Rhode Island, the price is higher than the Ethereum return for the same GPU. Miners who spend more than $0.245 per kWh are now losing money as a result.

RelatedPosts

Hebdo Crypto #259 – Les actualités Bitcoin et cryptomonnaies de la semaine

MNBC : l’Australie veut plus qu’une simple monnaie numérique

Comment éviter le chaos, grâce au Bitcoin et aux cryptomonnaies ? Panel théorique ParisDotComm

Ethereum mining using GPUs is no longer economical. At this time, it is more cost-effective to buy Ethereum rather than mine it or spend money on electricity.

Michael Edward Novogratz, the CEO of Galaxy Investment Partners, forecasts that the Ethereum price will fall to $1,000 and stay there in the current downturn. Ethereum, according to Novogratz, is closer to “the bottom” than US stocks, as he remarked during a Morgan Stanley meeting.

The Dominance of Lido Staking, a Threat To Ethereum’s Price

Ethereum protocol staking Staking on Lido has surpassed that on Ethereum, putting the decentralised blockchain at risk of centralised attack. If the network merges and becomes a proof-of-stake network, this could happen.

In a blog post titled the dangers of LSD, Danny Ryan, an Ethereum Foundation researcher, described this scenario (Lido staking dominance). Due to the risk of centralised attacks, Ryan recommends all Ethereum stakeholders set up a barrier and caution investors to limit their exposure to the protocol.

According to Dune Analytics, Lido leads ETH2 liquid staking with a 90.8 per cent balance and over 4 million ETH staked. The Lido team claims to have 21 validators on staff, and centralised institutions cannot provide this level of transparency.

On Uniswap, the Price of Ethereum Has Dropped To $950.

In comparison to other cryptocurrency exchanges across different trading pairings, the price of Ethereum on Uniswap plummeted to $950 on Monday, June 13. A large wallet investor sold 65,000 Ethereum in exchange for stablecoins, putting $100 million in the cryptocurrency’s liquidity.

Ethereum’s current price has dropped by 20% compared to other cryptocurrency exchanges due to the incident. Due to liquidation risk on an over-leveraged investment, the whale auctioned off massive amounts of Ethereum.

  • ETH was used to borrow 80 million DAI.
  • The whale provided 96,700 ETH via Maker DAO MAKER/USD to the loan.
  • A position of 130,000 ETH has been created.

    The whale reduced their risk by selling over 65,000 Ethereum tokens on Uniswap and lowering the liquidation price because this was an unduly leveraged position.

Was this writing helpful?

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe

Related Posts

Hebdo Crypto #259 – Les actualités Bitcoin et cryptomonnaies de la semaine
News Story

Hebdo Crypto #259 – Les actualités Bitcoin et cryptomonnaies de la semaine

September 24, 2023
1.9k
MNBC : l’Australie veut plus qu’une simple monnaie numérique
News Story

MNBC : l’Australie veut plus qu’une simple monnaie numérique

August 27, 2023
1.9k
Comment éviter le chaos, grâce au Bitcoin et aux cryptomonnaies ? Panel théorique ParisDotComm
News Story

Comment éviter le chaos, grâce au Bitcoin et aux cryptomonnaies ? Panel théorique ParisDotComm

August 15, 2023
1.9k
Consensys poursuivie en justice : MetaMask ne serait pas son idée ?
News Story

Consensys poursuivie en justice : MetaMask ne serait pas son idée ?

August 3, 2023
1.9k
Cryptocurrency News – Week of July 23, 2023
News Story

Cryptocurrency News – Week of July 23, 2023

July 24, 2023
1.9k
USDC at half price and maximum profit: it broke the bank of this casino
News Story

USDC at half price and maximum profit: it broke the bank of this casino

July 21, 2023
1.9k
Load More
  • Trending
  • Comments
  • Latest
-The Blockchain Cafe

Write for us – guest post

April 14, 2022
Important Update On The Celsius Network

Important Update On The Celsius Network

June 14, 2022
TCS-The Blockchain Cafe

TCS roll-outs Quartz DevKit to help businesses build blockchain applications 40% faster

December 4, 2021
Quorums and Quorum Slices -The Blockchain Cafe

What Are Quorums and Quorum Slices?

December 4, 2021
OneCoin: the $4 billion Ponzi back in court

OneCoin: the $4 billion Ponzi back in court

0
The Blockchain Cafe

10 Things A Crypto Beginner Should Know

0
Binance Launches Training Program for Government Agencies

Binance Launches Training Program for Government Agencies

0
NFT games only scratch the surface of possibilities according to Animoca’s Yat Siu

NFT games only scratch the surface of possibilities according to Animoca’s Yat Siu

0
Hebdo Crypto #259 – Les actualités Bitcoin et cryptomonnaies de la semaine

Hebdo Crypto #259 – Les actualités Bitcoin et cryptomonnaies de la semaine

September 24, 2023
MNBC : l’Australie veut plus qu’une simple monnaie numérique

MNBC : l’Australie veut plus qu’une simple monnaie numérique

August 27, 2023
Comment éviter le chaos, grâce au Bitcoin et aux cryptomonnaies ? Panel théorique ParisDotComm

Comment éviter le chaos, grâce au Bitcoin et aux cryptomonnaies ? Panel théorique ParisDotComm

August 15, 2023
Consensys poursuivie en justice : MetaMask ne serait pas son idée ?

Consensys poursuivie en justice : MetaMask ne serait pas son idée ?

August 3, 2023
The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency

© 2022 The Blockchain Cafe - Designed and Maintenance by The Blockchain Cafe.

Navigate Site

  • News Story
  • Blockchain
  • Cryptocurrency
  • NFT
  • Metaverse
  • DAO
  • Listicle

Follow Us

No Result
View All Result
  • News Story
  • Blockchain
  • Cryptocurrency
    • Exchanges
  • NFT
  • Metaverse
  • DAO
  • Listicle

© 2022 The Blockchain Cafe - Designed and Maintenance by The Blockchain Cafe.

Welcome Back!

Sign In with Linked In
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version