Crypto situation after Evergrande

After Bitcoin price fell due to the impact of the Evergrande bankruptcy news, Bitcoin price is hovering around $ 65,000 today. And ETH holds at $ 4,500.

The S&P 500 fell after the Fed announced that the US inflation rate was above 6%. Today, however, the S&P 500 index rebounded sharply. The fact that the Fed continues to keep interest rates low will stimulate the economy. At the same time, low interest rates also lead to higher inflation. In the long term, this will have a negative impact on the economy.

At a price of around $ 65,000, the Bitcoin win rate is still over 96%. The BTC Profit Ratio Index is still in the red the Evergrande bankruptcy.

The volume of futures orders is still high, although a certain number of orders will be liquidated if BTC corrects down.

The amount of BTC in the past few days has more withdrawals from the exchange than the amount deposited. This difference in deposit and withdrawal is not significant.

In contrast, ETH has a higher number of deposits on the exchange than the number of withdrawals on the previous day. However, the difference in deposit and withdrawal is not much and the big trend of ETH continues to be pulled from the stock exchange.

ETH is a coin with no offer limit. Currently, ETH is also being mined using the mining method. But since October 25th to date, almost the amount of ETH on the market has not increased and is flat.

The amount of ETH is not increasing although it is still being mined regularly because of the copper burning effect. Because the proposed EIP-1559 is operated in the ETH network. It has helped lower the rate of inflation on this coin. Yesterday’s ETH inflation fell to 0%, which means that over the course of the day the amount of ETH mined was equal to the amount of ETH burned.

Burning copper also causes ETH inflation to drop to 1.9% / year. The amount of ETH burned since EIP-1559 was activated to date is more than 816 million ETH, which is more than 4 billion USD.

ETH has a good inflation control mechanism from EIP-1559. It also helps ETH to reduce its offer and benefit from the price in the long term.

Some other information:

• In a statement, SEC Commissioner Caroline A. Crenshaw said that DeFi offers remarkable opportunities and benefits, but aspects of the field remain a mystery. Commissioner Caroline expressed the SEC’s support for the defibrillator market. She encouraged Defi-affiliated companies to contact the SEC for advice and advice on how to go legal.

• Miami hosted a Bitcoin conference earlier this year and began accepting funds generated by a cryptocurrency called MiamiCoin. Earlier this month, Miami State’s marketplace, Suarez, said he would receive his next paycheck in bitcoin. Through staking, MiamiCoin raised $ 21 million in just over three months. Moving on, MiamiCoin could be profitable with all of Miami’s tax revenue.