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    Bitcoin (BTC) continues to fall and approaches $23,000

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    Daily summary on Bitcoin, the cryptocurrency market and decentralized finance (Image: Unsplash/shutter_speed)

    O Bitcoin (BTC) continues to show declines this Wednesday (17). The cryptocurrency lost its $24,000 support yesterday, and has a daily negative range of nearly 2.12% at $23,376.

    O Ether (ETH), crypto asset from the network smart contracts Ethereum also lost its support yesterday and continues to fall. Its variation on the day is negative 2.24%. The crypto asset is currently priced at $1,833.

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    According to data from CoinMarketCap, the market capitalization of the sum of all crypto assets drops 2.13% to $1.12 trillion.

    Bitcoin has decreased its dominance Marketplace on top of Ether, and Ether has practically maintained its dominance over the market. The dominance of bitcoin and ether is, respectively, 39.9% and 20.1%.

    “Fear & Greed” Index – how is the feeling of fear in the market?

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    The “Fear & Greed” index, or fear and optimism, seeks to represent these feelings that surround the market. The index scale is from 0 to 100 points, where the closer to zero the fear is extreme, and the closer to 100 the optimism reigns:

    Latest Crypto Fear & Greed Index

    Today, the index drops 3 points, from 44 to 41. The zone indicated by the index is “fear”. The index varies between the following zones: “extreme fear”; “fear”; “neutral”, “optimism” and “extreme optimism”.

    Bitcoin (BTC) Onchain Data

    According to the data analysis website of blockchainBlockchain.com, the hash rate – maximum capacity a miner can produce – per second has increased since yesterday to 180.67 EH/s.

    Today, the cryptocurrency’s blockchain had about 251,898 confirmed transactions on the network – 3.10 TPS (Transaction per second) – and an estimated volume of US$ 2,933,709,655 moved in those 24 hours.

    There were 551,189 unique addresses active today. Check out 24-hour Bitcoin futures trading volume on top crypto exchanges, according to cryptorank.io:

    Ethereum (ETH) Onchain Data

    Currently, based on the “etherscan.io” network block explorer, the network mining difficulty is 12,272.26 TH.

    The network hashrate is 928,991.84 GH/s, an average rate of 8 Gwei, or $0.31, and 1,680.55 M (11.7 Transactions per second).

    Onchain Data of “Ethereum 2.0”

    As per the Beacon Chain block explorer – a proof-of-stake consensus layer chain that will be implemented on Ethereum (ETH) after The Merge – the network has 415,842 active validators, 13,306,832 Ethers in “stake” and an average of 33.75 Ethers per active validator.

    The last case of “Slashing” – withdrawing Ethers from the validator as a way to punish malicious activity on the network – occurred 2 days ago. The validator had 34.2 ETH on its balance.

    Market analysis

    Pedro Dias, a Bitcoin Market trader, says that during the correction of the fund formed in June, some altcoins have been performing well and have achieved considerable upward movements, due to evolutions in their protocols or the closing of new partnerships.

    “In the case of Ethereum, expectations around The Merge have been “making price” and have driven a rise that has surpassed 100% since the bottom of June,” he says.

    Meanwhile, the main cryptocurrency market remains without a narrative of its own during this time, as it says.

    “Bitcoin price is responding to readings of the US inflation data and how the Fed should react from the interpretation of this data. The “inflation agenda” will continue to bring volatility to the markets, until this matter is resolved”, he comments.

    For him, prices have been responding positively in recent weeks, and the opinion of several analysts differ on the occurrence of an American recession.

    “There are those who see the market sustaining the buying force for a longer time, and there are those who suggest caution with prices stretched, considering that the data are not so encouraging”, he says.

    Anyway, this Wednesday, the release of the FOMC minutes takes place, and, for Dias, it may bring new clues about the Fed’s upcoming decisions on future interest rate hikes, and Bitcoin and its investors will certainly be attentive to this disclosure. .

    Decentralized Finance (DeFi)

    the sector of decentralized finance (DeFi) suffered falls in the last 24 hours. The total amount locked in DeFi, according to the website Defillama, is US$ 64.97 billion, a negative daily variation of 3.88%.

    The protocol that has the most dominance, in terms of TVL, is Maker DAO (MKR), a decentralized lending platform, with a 13.34% DeFi market share and $8.66 billion locked into the protocol for liquidity. A negative daily variation of 1.82% in its TVL.

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    Disclaimer

    Money Times publishes informative articles of a journalistic nature. This publication does not constitute an investment recommendation.

    Source: Moneytimes

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