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Crypto news: With Ethereum transaction fees lowest in 6 months, will ETH bounce?

By Daniela Ešnerová


Updated

Coins with ethereum logos
Ethereum (ETH) medium fees fell to the lowest level since 28 July, 2021 – Photo: Shutterstock

Cryptocurrency had a prominent place during the most-watched sports event in the US, as crypto-themed commercials flooded Super Bowl.

But the festivities did not translate into digital assets' valuations, which were - much like those of stocks - in red in London morning trade, as markets reacted to tensions at the Ukraine-Russia borders.

Meanwhile, Ethereum fees dropped below $3 per transaction - to the lowest level since 28 July, according to data from on-chain analytics firm, Santiment.

“With Ethereum dropping back below $3,000, the demand to make ETH transactions has stayed relatively low... Low fees typically maximise the chances of a bounce.” 

The biggest altcoin was trading around $2,800 - $2,900 mark in London morning, and some 70.7% below its all-time high recorded last November. ETH was down 1.81% over the last 24 hours, and 6.63% over the last week. 

Quote of the day

Former CIA agent and whistleblower Edward Snowden commented on Coinbase Super Bowl commercial, after the cryptocurrency trading platform’s website crashed immediately after its Super Bowl ad was on air.

BCH/USD

510.15 Price
+4.180% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

BTC/USD

69,359.15 Price
+5.050% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

ETH/USD

3,585.61 Price
+13.960% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

XRP/USD

0.54 Price
+4.370% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

The cryptocurrency exchange aired a bouncing QR code for 60 seconds for some $13m. The code was meant to take the user to a page where they can sign up for a Coinbase account.

Coinbase chief product officer Surojit Chatterjee tweeted about the website crashing, saying that the exchange had 20 million hits on the landing page in one minute. “That was historic and unprecedented. We also saw engagement that was six times higher than our previous benchmarks.”

Snowden wrote:

What is your sentiment on BCH/USD?

510.15
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Vote to see Traders sentiment!
“Coinbase spending $16,000,000 on a Superbowl ad to direct people to their website and $0 to make sure that website doesn't crash 10 seconds after the ad starts is so very internet.”

Top cryptocurrency coins by market capitalisation

As of 10:30 GMT: 

Winners and losers

  • The biggest weekly gainers among the main cryptocurrencies were Elrond (EGLD), Unus Sed Leo (LEO), and Shiba Inu (SHIB), gaining 11.63%, 11.78% and 7.42% respectively in that period.
  • Near protocol (NEAR), helium (HNT) and solana (SOL) were the biggest weekly losers among the major cryptocurrencies, giving up 22.90%, 21.98% and 20.28% over the last seven days 

Markets in this article

BNB/USD
Binance Coin / USD
596.91 USD
15.13 +2.630%
BNB/USD
Binance Coin / USD
596.91 USD
15.13 +2.630%
BNB/USD
Binance Coin / USD
596.91 USD
15.13 +2.630%
BTC/USD
Bitcoin / USD
69359.15 USD
3344.1 +5.050%
ETH/USD
Ethereum / USD
3585.61 USD
429.27 +13.960%

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Related reading

The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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