The low network activity both for Bitcoin and Ethereum suggests more pain for the underlying assets.
Despite the recent price increases for both bitcoin and ether, perhaps fueled by the Fed and the US President, Glassnode believes there’re no clear signs of bear market trend reversals.Recent BTC Pumps Were Fake?
Following several consecutive weeks of price slumps, bitcoin finally regained some ground last week and charted a$24,500. This came shortly after the US Federal Reserve increased the interest rates by 75 basis points, and the nation’s president – Joe Biden – refused to admit the country had entered into a recession, despite the negative GDP quarters.
However, the asset failed to continue upwards and retraced to below $23,000 earlier today. In its latestThis is evident from the network fees, which tend to spike when there’re more users interacting on the largest blockchain and fall back down in bear markets. Glassnode admitted that “we have not seen a notable uptick in fees yet.
This causes issues for the native cryptocurrency. This is because the EIP-1559, implemented with the London hard fork last year, cannot burn enough ETH due to a lack of network usage. As such, the cryptocurrency has become highly inflationary once again. Nevertheless, the ETH community hopes this will change soon as the Merge is supposed to take place in the next few months.
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