Ethereum miners dump 30K ETH, stonewalling 'ultra sound money' deflation narrative

Ethereum miners dump 30K ETH, stonewalling ‘ultra sound money’ deflation narrative


Ethereum’s switch to proof-of-stake (PoS) on Sept. 15 failed to extend Ether’s (ETH) upside momentum as ETH miners added sell pressure to the market. 

On the daily chart, ETH price declined from around $1,650 on Sept. 15 to around $1,350 on Sept. 20, an almost 16% drop. The ETH/USD pair dropped in sync with other top cryptocurrencies, including Bitcoin (BTC), amid worries about higher Federal Reserve rate hikes.

ETH/USD daily price chart. Source: TradingViewEthereum remains inflationary

Trending: Media Silent On Jill Biden’s Hurricane Heels After Melting Down Over Melania Trump’s

The Ether price drop on Sept. 15 also coincided with an increase in ETH supply, albeit not immediately post-Merge. 

$ETH is now Ultra Sound Money pic.twitter.com/fKz6VmoWdR

— DavidHoffman.eth (@TrustlessState) September 15, 2022

Roughly 24 hours later, the supply change flipped positive once more, pouring cold water on the “ultra sound money” narrative due to

Continue reading


 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Thanks for sharing!
Send this to a friend