Ethereum’s successful (anticlimactic?) Merge on Thursday preempted a dip on its market price to US$1,470, which is roughly 15% lower on the seven-day period.
Stakeholders seem unruffled though, as a ‘sell the news’ dip was expected.
Further downward price pressure could be expected though- exchange inflows are high indicating more selling could be on the horizon.
High exchange inflows (blue line) are a sign of pending selling pressure – Source: cryptoquant.com
It’s business as usual for Bitcoin though, hovering just below the US$20,000 support line at a 4% week-on-week discount.
All major network tokens including Cardano, Solana, Polkadot and Polygon have outperformed ETH this week, having dipped closer to 5% on their respective market capitalisations.
One exception is Cosmos’ ATOM token, which is currently valued at US$4.2bn after gaining 5% over the past seven days.
According to CoinTelegraph, ATOM is enjoying an uptick in developer interest in the highly scalable blockchain network.
Among the worst hit this week are Terra classic (LUNC), Gnosis (GNO), Kusama (KSM) and the EOS blockchain token.
The crypto markets as a whole currently stand at US$963bn, roughly 6% down week on week.
Moving onto the decentralised finance (DeFi) space, total value locked across all protocols is US$54.5bn, representing a weekly dip of 6.7%.
Aave, Synthetix, dYdX, Lido and MakerDAO all experienced double-digit losses to their market capitalisations.
Elsewhere in the news
Want to know which US politicians are crypto friendly in the leadup to the US midterm elections? Coinbase (NASDAQ:COIN) announced an in-app tool that lets you find out.
Chief executive officer Brian Armstrong said the integration “will help our 103 million verified users get educated on the crypto positions held by political leaders where they live”.
1/ Starting today, Coinbase will begin integrating our crypto policy efforts right into our app. These will help our 103M verified users get educated on the crypto positions held by political leaders where they live. pic.twitter.com/3GqWZIioZQ— Brian Armstrong (@brian_armstrong) September 14, 2022
Sam Bankman-Fried’s FTX exchange is in the lead to buy up bankrupt crypto lender Voyager’s distressed assets, according to a CoinDesk report.
The acquisition would be a big win for SBF, after Voyager’s lawyers called his previous bailout offer in July “a low-ball bid dressed up as a white knight rescue.
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