Ethereum becomes most deflationary in history dropping to -0.0032%

Ethereum became the most deflationary, as the annual supply dipped below zero for the first time since the Merge. The post Ethereum becomes most deflationary in history dropping to -0.0032% appeared first on CryptoSlate.

Timeline of Ethereum

October was a terrific month for the second-largest cryptocurrency by market capitalization, as even during a challenging macroeconomic environment Ethereum ($ETH) saw its price surge by 18.4% after several positive developments for the cryptocurrency. According to CryptoCompare's latest Asset Report, during the month of October, the price of Ethereum rose 18.

Popular crypto exchange FTX's collapse is crushing and brutally killing the crypto market as the industry continues to flash red. Moreover, FTX's recent chapter 11 bankruptcy filing may bring more downside spirals and hit the market harder than ever.

According to an official update, Midas.Investments, one of the topmost CeDeFi platforms has recently finished a migration process for its token's ($MIDAS) infrastructural domicile from Fantom to the Ethereum blockchain. This cardinal decision is a move in the direction of improvement, as it aims to spike Midas' number of users and, consequently, the token's TVL (Total Value Locked). 

What happened: On Thursday a total of 3,638.08 Ether (CRYPTO: ETH) worth $4,616,940, based on the current value of Ethereum at time of publication ($1,269.06), was burned from Ethereum transactions. Burning is when a coin or token is sent to an unusable wallet to remove it from circulation.

After FTX International's parent firm West Realm Shires Services filed for Chapter 11 bankruptcy protection in Delaware, users noticed that FTX US was included in the bankruptcy filings. On the U.S.

The cryptocurrency market has been attempting a price recovery after crashing hard in the last few days. According to data from crypto market intelligence platform Santiment, Ethereum sharks and whales have been the leading contributors to the price surge with their accumulation.

As of writing, the wallet address associated with FTX.US had not processed any outgoing transactions in more than 45 minutes. The post FTX.US seems to have paused withdrawals on Ethereum hours after filing for bankruptcy appeared first on The Block.

Ethereum price analysis is bullish today as we can see a higher low set at the $1,200 mark. Therefore, ETH/USD should be ready to continue even higher and move towards the $1,400 next resistance.

FTX International on Friday said the Ethereum (ETH) withdrawals on FTX US will resume soon. Moreover, users looking to withdraw Polygon (MATIC) need to cancel their pending withdrawals and request a fresh withdrawal request as ERC20 MATIC.

Midas.Investments, one of the functional CeDeFi platforms in the Web3.0 ecosystem, has recently migrated from the Fantom blockchain to the Ethereum Network.  The move signifies the platform's bold decision to build a more robust ecosystem with enough capacity to service the platform's growing user base.