Ethereum Falls Below $1,300; Here Are The Top Crypto Movers For Tuesday

Bitcoin (CRYPTO: BTC), the world's most valued cryptocurrency, traded lower, but remained slightly above the $19,000 mark this morning. The second-most valued cryptocurrency, Ethereum (CRYPTO: ETH), also traded lower, falling below the key $1,300 level on Tuesday.

Timeline of Ethereum

A new Ethereum-based token is burning ETH at a rapid clip and has diluted in price just as quickly – but all by design. The XEN token has accounted for nearly half of Ethereum gas in a 24-hour window in recent days.

The European Commission is interested in using an automated system to monitor and track the Ethereum (ETH) network. According to a new Tenders electronics daily (TED) service notice, the EU commission is launching a proposal to study decentralized finance (DeFi) monitoring through “embedded supervision.

Ethereum (ETH) price has failed to establish above the $1360 mark, despite some groundbreaking network growth over the last few days. While long-term prospects look bright, ETH's short-term momentum lacks immediate bullish catalysts.

All eyes have been on the Ethereum network since it moved from a Proof of Work (PoW) to a proof of Stake (PoS) mechanism. Granted, the digital asset's price hasn't done as well as many had predicted it would after the upgrade but the new functions of the network remains fascinating.

A public call for tender was launched by the EU Commission last week. The call is for a study geared toward developing automated monitoring systems and compliance oversight for decentralized finance.

Amid a prolonged legal dispute between the Securities and Exchange Commission (SEC) and blockchain company Ripple over the unauthorized sale of XRP (CRYPTO: XRP) coins, crypto influencer Ben Armstrong has accused the former SEC  Director of the Division of Corporation Finance William Hinman of allegedly receiving a bribe to designate Ethereum (CRYPTO: ETH) a commodity. Armstrong, who goes by the pseudonym "BitBoy Crypto" on his YouTube channel, said, “William Hinman certainly accepted bribes.

XEN Crypto, a new project on Ethereum, is responsible for over 40% of ETH burns and has made the network's issuance deflationary for consecutive days, according to ultrasound.money data. The post Interest in XEN Crypto makes Ethereum deflationary appeared first on CryptoSlate.

The European Commission released a tender for a study on how to monitor the Ethereum network through “embedded supervision” and automate data collection from DeFi in real time. The post EU Commission seeks automated Ethereum DeFi monitoring appeared first on The Block.

Ethereum price analysis is bullish today as we have seen another quick test of the $1,300 support result in a reaction higher over the past hours. Therefore, ETH/USD is ready to continue higher and look to set another strong wave higher later in the week.

Uniswap [UNI] recently stepped into the limelight as its popularity grew over the last few days. CryptoDep, a crypto-centric Twitter handle, revealed that UNI nabbed the first position in the list of top DAO projects by social activity on 9 October.