Crypto news: With Ethereum transaction fees lowest in 6 months, will ETH bounce?
Updated
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.
A running list of crypto-related super bowl commercials:
— Jack Niewold (@JackNiewold) February 14, 2022
(A thread, not in order)
????????
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.
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 ADA/USD?
Top cryptocurrency coins by market capitalisation
As of 10:30 GMT:
- Bitcoin (BTC) was down 0.41% and trading at $42,189.92.
- Ether (ETH) dipped 1.94% to $2,865.47.
- Binance coin (BNB) lost 1.94% and was trading at $394.50.
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
Related topics
