Crypto Market Review: $ETH is falling below important support level, following Paxos FUD and potential regulatory framework
The 50-day moving average is a technical indicator used by many market participants to help determine the overall trend of an asset. In Ethereum's case, it was expected to act as support, providing a cushion for the cryptocurrency as it moved higher. However, this has not been the case, as ETH has fallen below this key level, potentially putting further downward pressure on the asset.
It is worth noting that Ethereum has seen significant growth in network activity, with the number of daily transactions reaching new highs. Additionally, the burn rate of Ethereum has been on the rise, which is typically seen as a positive sign for the asset.At a certain point in time, the discount on PAXG extended to around 5%. However, the price of the token quickly rebounded following the dip.
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