• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Technology Cryptocurrency

Exchange reserves of Ethereum are falling to new lows

4 years ago
in Cryptocurrency, highlights, Home, home-news, latest News, Technology
2 min read
0 0
0
62
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

The Global Push for a Just Transition in Energy Jobs

Why the IEA Reinstated Its “Business as Usual” Scenario

GRA Targets Offshore Income in Expanded Tax Compliance Drive

Data from on-chain analytics firm, CryptoQuant indicates that over the past week, the amount of Ether held in cryptocurrency exchange reserves have been declining to new daily lows since the start of July.

The data also shows that July 1st saw the largest single-day outflow of Ether from exchanges since January 21 with more than 596,000 Ether pulled off exchanges. This decline comes as the network’s London fork upgrade is fast approaching, set to be fully functional on August 4th 2021.

Reasons for the decline
  • Eth 2.0 staking surpasses 6 million Ether. The Eth 2.0 network upgrade, which transitions the leading decentralized platform from a Proof of Work consensus algorithm to a Proof of Stake, has seen a massive inflow of Ether holders staking on the testnet. This forms part of the reason why there is high demand for Ether as staking rewards ranges between 8-10% APR according to CoinDesk. The most recent data provided by Eth2 Launchpad indicates that the current amount staked is 6,166,661.
  • The DeFi industry is getting more mainstream media attention. The decentralized finance ecosystem has seen increases in token values as well as the total value locked in DeFi protocols, with the total value locked in DeFi currently standing at $121.81 billion according to Defi Llama. This shows that investors are seeing staking as a source of passive income. Recently reported by Nairametrics, CEO of JP Morgan, Jamie Dimon and two senior analysts predict that Ethereum’s transition to PoS could push payouts to more than double, to $20 billion. The investment banking giants also projects that staking yields across the blockchain industry will double again to $40 billion by 2025.
  • Excitement over the hardfork upgrade. The upcoming London Hard Fork and the EIP-1559 proposal has been the talk of the cryptocurrency community. Several analysts expect the upgrade to positively impact Ether’s price due to the transition to an eco-friendly proof-of-stake consensus mechanism as well as a new “scarcity” feature that will reduce the number of tokens in circulation, making Ether a deflationary token.
What this means

With the high demand for the second-biggest cryptocurrency with a market capitalization of approximately $245 billion, the reasons stated are enough to cause a supply shock to the DeFi leader which will, in turn, push the price northward.

However, investors are advised to invest with caution by applying dollar-cost averaging when buying into any coin because the cryptocurrency market is very volatile. A lot of regulatory actions are being taken by governments around the world which may disrupt price appreciation in the short term.

Source: nairametrics
Via: norvanreports
Tags: CoinDesk.cryptocurrency exchange reservesCryptoQuantEthereum
No Result
View All Result

Highlights

Gold Boom Drives Rising Costs for Australian Producers

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

Premier League: Spurs Stun Man City at Etihad; Arsenal Dominates Leeds to go Top

CHAN 2024: Senegal, Sudan Complete Semifinal Lineup

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Trending

Features

The Global Push for a Just Transition in Energy Jobs

August 24, 2025

The Global Push for a Just Transition in Energy Jobs For years, energy workers from the fossil...

Why the IEA Reinstated Its “Business as Usual” Scenario

August 24, 2025

GRA Targets Offshore Income in Expanded Tax Compliance Drive

August 24, 2025

Gold Boom Drives Rising Costs for Australian Producers

August 24, 2025

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

August 24, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

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

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.