The overall market is kind of taking a tumble coming off some home news. The ongoing macroeconomic factor weighing down the market bitcoin has this sell-off coming off and kind of impacting the rest of the market. We could still be at that $22,400 level sub 23,000. I can not reiterate how important it see to break through that 25k psychological barrier. We will like to see a recovery back to the state of crypto to see where things once were.
When we talk about why Bitcoin crashed the minutes when Bitcoin fell below $23,000 to that $22,200 level. This decline came and I was correlated with the Silvergate bank traveling operational changes and a lot of people surrounding the banking of crypto got out of crypto. However the majority of Bitcoin is holder, these are people that have been in Bitcoin for a Long Haul.
Staking as we know, you get given a yield if you stake coins or tokens. If you going to staking ETH, you going to stake it for a year if you going to do it yourself or you some other centralized platforms. This Shanghai hard fork means that liquidity is available for any staker at any time. That creates a money market curve for Ethereum and that means you have financial liquidity to build things on top of or you are being given reward to keep your money and stake.
The Ethereum burning mechanism that is making it scarcer in supply is a significant thing about Ethereum. It is very evident based on what we have seen just coming off the near-market lows and the coin is now deflationary.
Ethereum is a vibrant, deep, and broad ecosystem with institutional-style adoption. Ethereum has an observable network effect than some other token ecosystems. Ethereum is very special and staking is even more important which is another thing the United States regulator might try and crack down on.