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ETH Worth $510 Million Staked in Ethereum 2.0 Deposit Contract for Tomorrow’s Launch

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The hype around Ethereum 2.0’s launch is pretty hot at the moment. It can be seen from the enormous amount of ETH staked in the upcoming proof-of-stake network’s deposit contract. Data shows a balance that is upwards of 853,000 Ether (worth more than $500 million) in the Ethereum 2.0 deposit contract.

ETH Worth $500 Million+ Deposited In The Ethereum 2.0 Deposit Contract

Ethereum blockchain activity tracking website etherscan.io has been keeping a record of all Ethereum 2.0 developments since the test net launch. According to the latest data, depositors have staked more than $510 million worth of ETH (853,248 ETH and counting) in the ETH2 deposit contract.

eth ethereum 2.0 deposits
Ethereum 2.0 Deposit Contract Sees $510 MIllion+ Worth ETH Stakes, Source: Etherscan

ETH stakes crossed the 524,288 deposit threshold last week itself, with the cryptocurrency’s price rallying past $600. But even after that funds are pouring in at a record pace with this week logging a whopping 63 percent jump in deposits over the last week.

Confidence in Ethereum’s transition from a proof-of-work (PoW) based consensus mechanism to a proof-of-stake (PoS) is very high. Although, investors seem more interested in the yield earnings from ETH their staking deposits.

Generous million-dollar deposits (obviously in ETH) from the likes of Dubai-based IBC Group and other Ethereum whales have made the launch Ethereum 2.0 Phase 0 tomorrow near-inevitable.

What’s even more interesting is that the original Ethereum network now has more nodes than the Bitcoin network.

ETH Above $600 Again

As more and more ETH gets vanished from the version 1 chain and appears on the version 2 chain, the dwindling supply and accelerated buying behavior to participate in the Ethereum 2.0 staking mania has caused prices to spike again.

The ETHUSD trading pair is trading above the $600 price mark. Last week’s rally above $600 coincided with ETH deposits fulfilling the staking threshold and even exceeding it. The exponentially rising confidence in Ethereum 2.0’s launch has trickled into this week as well, despite the egregious market bloodbath last weekend.

This has again resulted in ETH’s smoldering rally to $600. Folks are even calling for a run-up to $1000.

Defi Markets Are Booming Too

Apart from ETH’s liftoff and rally beyond the $600 price mark and the explosively rising deposits to make Ethereum 2.0 a reality, the DeFi space hasn’t stayed behind either. After the crash last weekend, the total USD locked has jumped from below $13 billion to $14.2 billion.

Maker, Wrapped Bitcoin (WBTC), Compound, Aave, Uniswap are top 5 protocols that are attracting the maximum funds but part from them, inflows are net positive across the board.

Overall it looks like a grand Ethereum party. Will ETH prices surpass the 2017 highs in this rally? That still remains to be seen.

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FreshKorn Cryptocurrency

Stocks rebound after Omicron plunge

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Reports of the new Omicron variant of the coronavirus brought back memories of last summer when the fast-spreading Delta variant put a dent in the recovery and consumer confidence. This spooked investors on a traditionally quiet day in the market following Thanksgiving, leading to one of the worst days for stocks this year.
The Dow (INDU) logged its worst day since October 2020, while the S&P 500 (SPX) had its worst performance since February. The Nasdaq Composite (COMP) recorded its steepest fall since September.

But just as the market quickly bounced back from its Delta fears, history appears to be repeating itself: Investors are taking a breath and sensing a buying opportunity.

The market opened in the green, with all three indexes sharply higher. The Dow opened up 375 points, or 1.1%, while the S&P rose 1.2%. The Nasdaq was 1.5% higher.

Other asset classes that were battered Friday — notably oil and cryptocurrencies — also recovered.

US oil prices were up 6.7%, or almost $5, at $72.69 per barrel around the time of the stock market open. That doesn’t totally make up for Friday’s drop, but it takes back a chunk of it.

The global oil benchmark Brent was up 5.7% at $76.84 per barrel.

Bitcoin was up more than 5%.

“Investors are trying to make sense of the latest Omicron Covid strain, but at this point more seems to be unknown than known,” said analysts at Bespoke Investments. “Clouding things even more, we’re unlikely to have definitive answers in the immediate future.”



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Stocks tumble as fears over new Covid-19 variant grip global markets

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US equities took a dive at the open and continued their downward path in the first half hour of trading, with the Dow more some 900 points lower. Oil prices were also badly hit.

Over the summer, the Delta variant spooked consumers and weighed on sectors like leisure and hospitality. Now investors and economists worry this new variant could do the same.

Wall Street was deep in the red early Friday, with the Dow (INDU) falling 2.5%, or about 900 points, in what is shaping up to be a volatile session. The broader S&P 500 (SPX) tumbled 1.8% and the Nasdaq Composite (COMP) opened down 1.3%.

It’s a shortened trading session as the New York Stock Exchange will close at 1 pm ET after being closed Thursday for Thanksgiving. Reduced trading volume during this half-day session is also likely to exacerbate the swings in the market.

Nevertheless, it could shape up to be one of the worst days of the year for stocks.

But it’s not just stocks that are getting a beating.

Oil prices are tumbling as well. US oil futures fell 7.4%, or nearly $6, to $72.51 per barrel around the time of the stock market open. The global benchmark Brent dropped 6.8% to $76.63 per barrel.

The US dollar, measured by the ICE US Dollar Index, which pegs it against its main rivals, was down 0.6% Friday morning.

Cryptocurrencies also felt the heat, dropping across the board. Bitcoin was down nearly 7% around the time of the stock market open, according to CoinDesk data.

Meanwhile, investors are pushing into safe haven investments. The 10-year US Treasury bond got more expensive and yields fell more than 0.1 percentage points to 1.52% Friday morning. Gold prices also jumped.



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‘NFT’ is Collins Dictionary’s Word of the Year for 2021, beating out ‘crypto’ and ‘cheugy’

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Written by Jack Guy, CNNLondon

“NFT,” the abbreviation of “non-fungible token,” has been named Word of the Year by dictionary publisher Collins, beating “crypto” and “cheugy” to the top spot.

An NFT is “a unique digital certificate, registered in a blockchain, that is used to record ownership of an asset such as an artwork or a collectible,” according to a blog post from Collins, published Wednesday.

Acting like virtual signatures, NFTs prove the authenticity of an artwork as the blockchain serves as incorruptible proof of ownership, meaning that “original” artworks and their owners can always be identified via the blockchain, even if an image or video is widely replicated.

They also provide scarcity, and as a result the digital art market has been booming.
In March, a digital artwork named “Everydays: The First 5000 days” sold for $69.3 million via Christie’s, making its creator, graphic designer Mike Winkelmann, better known as Beeple, one of the art market’s most valuable living artists.

The idea of a digital revolution is also captured in another of the dictionary’s candidates for Word of the Year: “crypto,” short for “cryptocurrency,” digital money that is challenging traditional forms of money, according to Collins.

It also named “metaverse” in its blog post, following Facebook’s announcement that it would change its corporate name to Meta.

Other selected words reflect the ongoing coronavirus pandemic, with “double-vaxxed” and “hybrid working” making the shortlist.

“Climate anxiety” reflects growing concern about the damage humans are doing to the planet, while “neopronoun” is a way of referring to a person without using their name or traditional markers of gender, such as “he” and “she.” Collins gives “xe,” “ze” and “ve” as examples of neopronouns.

Rounding out the shortlist are “Regencycore,” which is defined as a fashion aesthetic inspired by the Georgian-era clothing seen in the Netflix show “Bridgerton,” and “cheugy,” which is used to say that something is out of date or uncool.

In 2020, Collins named “lockdown” its Word of the Year, for obvious reasons, and, earlier this month, Oxford Languages made “vax” its pick for 2021.

Defined as “a colloquialism meaning either vaccine or vaccination as a noun and vaccinate as a verb,” vax was relatively rare until this year, the company, which publishes the Oxford English Dictionary, said.

In September, vax appeared more than 72 times more frequently than the year before, said Oxford Languages, which analyzes news content to track changes in the English language.



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