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Can Ethereum prices rise again after the Ethereum Shanghai … – St. Louis Post-Dispatch

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Can Ethereum prices rise again after the Ethereum Shanghai ... - St. Louis Post-Dispatch

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Ethereum in 2 Charts: Is It Time to Sell? – The Motley Fool

Ethereum (ETH 1.05%), the world's second most valuable cryptocurrency by market cap, is in a unique position. Since the start of the year it is up more than 50%, and yet it is still down more than 60% from its all-time high of almost $4,900.

Because of its hot start in 2023, it can be difficult to gauge whether Ethereum is a buy or a sell today. To get an answer to this question we need to do a little digging to find data from Ethereum's network that provides some historical context on its current position in the market.

One of the most important developments to come out of the cryptocurrency industry recently was The Merge, an upgrade that switched Ethereum from the clunky and energy-consuming proof-of-work method of verifying transactions to the more robust and energy-efficient proof-of-stakemethod.

However, although The Merge dominated headlines, there is a lesser-known upgrade that is likely more meaningful for Ethereum's price than it is given credit for.

Known as the London hard fork, this upgrade was introduced in August 2021 and included a new pricing mechanism with a fixed base fee to be burned, or permanently destroyed. Essentially, the more transactions that occur on the network, the greater the number of ether tokens that could be removed from the supply. Because the fixed base fee is permanently removed from circulation, under some circumstances the total number of ether in circulation can actually decrease.

Because of the London hard fork Ethereum has effectively become a deflationary asset, as the chart above shows. It can be a little difficult to see, but around the end of 2022 the line showing the total supply of ether starts to bend. It was around this time that the number of transactions on the network started to increase, causing the burn mechanism to truly start to become evident.

Thanks to this new feature, Ethereum's price is now highly correlated to the dynamics of supply and demand. Before the London hard fork, Ethereum had a relatively high inflation rate, but now this has all changed and it could mean great things for Ethereum's price, especially if a bull market is on the horizon.

There is another metric we can look at to get a better idea of Ethereum's current valuation versus its potential future price. It's relatively simple, but evaluation of the number of active addresses on the Ethereum blockchain can provide a useful glimpse at activity on the network. Active addresses are the number of unique addresses that have either sent or received a transaction on the blockchain during a certain period, and the thinking goes that the greater the number of active addresses, the more demand for the cryptocurrency.

When taking a look at these addresses, it becomes clear that while there has been a downtrend since the market peak in 2021, there has been substantial growth in recent months. It suggests that more people are using the blockchain for various purposes, such as making payments, creating decentralized applications, and executing smart contracts. As the number of users on the Ethereum network increases, so does the amount of ether burned, thus adding more deflationary pressure.

Due to the newness of the burn mechanism and recent trends in active addresses, it's more than likely that Ethereum's price has yet to realize the full potential of this combination. As such, Ethereum seems to be in a position that could benefit users for years to come.

When considering Ethereum was able to hit an all-time high of almost $4,900 without any burn mechanism and while still operating on the former proof-of-work methodology, it's difficult to imagine what could be in store for its price as it begins to reap the rewards of its new deflationary features.

RJ Fulton has positions in Ethereum. The Motley Fool has positions in and recommends Ethereum. The Motley Fool has a disclosure policy.

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Bitcoin and Ethereum Down 3%, Top Altcoins Fall as Market Sees Red – Decrypt

Bitcoin (BTC) is down 2.8% over the past 24 hours, falling from a high of $28,280 to its recent low of $27,058, and settling on $27,368 at the time of writing, according to data from Coingecko.

The past seven days have seen a clear downtrend for the top cryptocurrency by market cap, with a high of $29,724 on May 5th, losing 6% on the week, and wiping out $45 billion from its market cap. The BTC market cap is currently sitting at $530 billion.

Ethereum, the markets second largest cryptocurrency has also seen negative price action, with its value dropping 3.3% in the last 24 hours, trading at $1,818 at the time of writing.

These drops come amid a wider crypto market selloff, with red candles hitting major and minor altcoins. Larger cryptocurrencies such as Cardano (ADA), Dogecoin (DOGE) and Polygon (MATIC) among others are seeing losses within the 2-5% range.

Litecoin (LTC) and Monero (XMR), however, are among the few that have not seen drops in their prices.

Although the majority of losses are under 5% for major BTC, ETH and major altcoins, the past week has seen larger drops, with several of the aforementioned cryptocurrencies reaching the double digits.

According to Coingecko, the global cryptocurrency market cap today sits at $1.2 trillion, which marks a 2.5% drop over the past 24 hours.

The sudden drop in prices could be due to several reasons. On one hand, after a few days of sky high Bitcoin fees, that saw Binance pause withdrawals, fees have dropped prompting delayed selling from market participants.

Despite a momentary push higher from Bitcoin and Ethereum after Aprils inflation numbers came in lower than expected, the news might have also marked a precipitous sell off from investors.

As for the broader cryptocurrency markets losses, the majority follows Bitcoins lead, mimicking its price action albeit with larger price swings due to their smaller market cap.

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Why Ethereum, Dogecoin, and Shiba Inu Are Falling This Week – The Motley Fool

What happened

Many cryptocurrencies struggled this week due to sectorwide concerns related to the large crypto exchange Binance. Highly anticipated economic data also failed to excite crypto investors.

The world's second-largest cryptocurrency, Ethereum (CRYPTO: ETH), traded roughly 8.7% lower for the week as of 1:56 p.m. ET Thursday, according to data from S&P Global Market Intelligence.

Meanwhile, the prices of the meme tokens Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) had fallen 10.2% and 11.5%, respectively.

Early in the week, the crypto market fell after Binance, the largest crypto exchange in the world, had to pause Bitcoin withdrawals twice over the weekend due to unprecedented congestion on its network. Many blockchain networks have also been facing intense congestion due to renewed interest in meme tokens. That interest has led to soaring transaction fees.

Image source: Getty Images.

One of those meme tokens in particular, Pepe (CRYPTO: PEPE), seems to be the center of attention. The ERC-20 token, meaning it trades on Ethereum's blockchain, has shot up since launching in April, driving transaction fees on Ethereum's network to a one-year high.

Investors also seem to be growing increasingly concerned about a harsher regulatory landscape in the U.S., recognizing that regulators have sharpened their fangs since the FTX debacle last year. At a conference this week, Binance's chief strategy officer, Patrick Hillmann, called the crypto regulatory landscape in the U.S. "very confusing." Hillmann added that Binance is currently seeking to be regulated in the United Kingdom.

Earlier this week, Coinbase CEO Brian Armstrong said the U.S. Securities and Exchange Commission has been on "kind of a lone crusade, if you will, with Gary Gensler, the chair there, and he has taken a more anti-crypto view for some reason." Exchanges like Binance and Coinbase are huge sources of liquidity for the industry, so if regulators really hamper their activity or capabilities, it could be a huge blow for the entire sector.

The other big event -- or lack of one, if you will -- was the release of new data from April that showed the continued slowing of inflation. The crypto market has rallied this year on the belief that the Federal Reserve is set to end its aggressive interest rate hiking campaign and maybe even cut rates later in the year.

This narrative is still in place, but the new data didn't necessarily solidify or bolster this argument, either.

John Williams, president of the Federal Reserve Bank of New York, said earlier this week that the Fed has not definitively declared that it is done raising rates. Williams added that the Fed could need to make additional rate hikes if the data does not show enough evidence of inflation slowing and approaching the Fed's 2% target.

The selling action in crypto seems to be a mix of concerns regarding Binance, ongoing regulatory issues, and inflation data that simply wasn't convincing enough to get crypto moving.

Ultimately, I think macroeconomic factors are going to have the biggest influence on the crypto market this year. Crypto investors will also be keeping an eye on what regulators do, although they have so far been able to shake off a lot of regulatory concerns.

I still think Ethereum will be a good long-term investment because of its unique technological capabilities and enhanced network since the upgrade. I have no interest in Dogecoin or Shiba Inu, although they tend to move with the broader market.

Bram Berkowitz has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin, Coinbase Global, and Ethereum. The Motley Fool has a disclosure policy.

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Crypto market turmoil: Here’s how much Ethereum could drop – Finbold – Finance in Bold

The cryptocurrency industry has been going through a rough patch in recent weeks in the bearish charge led by its two largest assets by market capitalization Bitcoin (BTC) and Ethereum (ETH) and analysts are looking at how much the latter could further decline if the market continues to pull back.

Indeed, the mid-$1,500s area is the level of interest in the previous range that the cryptocurrency analyst Josh Rager sees for Ethereum if the crypto market continues its bearish trend, according to his tweet and chart observations shared on May 11.

As the expert added, this could well be the potential bottom for the second-largest digital asset by market cap unless the flagship decentralized finance (DeFi) asset leads the prices further down:

Dont think we see ETH getting much lower unless Bitcoin nukes back down to low $20ks.

Meanwhile, Ethereum was at press time changing hands at the price of $1,755.17, down 3.62% on the day and losing 7.45% across the past week, as it records a drop of 6.27% on its monthly chart, as per the latest data retrieved on May 12.

Earlier, Ethereum breached an important demand wall at $1,850 $1,905 but has failed to retain this critical support zone, which, according to crypto market analyst Ali Martinez, means that it could decline to the next significant demand area at $1,570 $1,630.

At the same time, despite the bearish trend, the member community over at the crypto monitoring website CoinMarketCap is bullish on Ethereum, predicting it would trade at the price of $1,834.84 by the end of May, with over 90% historical accuracy, close to the predictions on which Finbold reported on May 11.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Mysterious Ethereum ($ETH) MEV Bot Makes Over $40 Million … – CryptoGlobe

A mysterious entity on the Ethereum ($ETH) blockchain has caught the attention of the cryptocurrency community over the last few months after it started making millions of dollars and consuming a large percentage of the networks gas fees, while operating a Maximal Extractable Value (MEV) bot.

According to a recently published report by blockchain data analysis firm EigenPhi, the operator of the MEV bot jaredfromsubway has been taking advantage of traders on the Ethereum blockchain since February 27, and has since made a staggering $40.6 million in revenue, and $34.5 million in profit.

Data from Dune Analytics shows that the MEV bot, expended about 3,720 ETH or $950,000 in the past two months, executing roughly 180,000 transactions.

The MEV bot has been wreaking havoc for Ethereum traders and has been held accountable for draining millions from investors. This has raised alarm among traders, who are increasingly concerned about which tokens to avoid.

An MEV bot, its worth noting, is made to take advantage of Maximal Extractable Value, which is seen as the maximum amount of value that can be extracted from every block on the Ethereum network by influencing its content or order. These bots can, for example, take advantage of decentralized exchange arbitrage opportunities, or execute sandwich attacks.

A sandwich attack sees the bot execute two transactions around those of another user to manipulate the price of an asset that the user is trying to trade and make a profit off of the price difference.

Jaredfromsubways bot was detected in more than 60% of all Ethereum blocks in the week starting from April 17, according to EigenPhi. The firm says that the entity sometimes used simple arbitrage strategies, but mostly focused on buying and selling tokens in its sandwich attacks. The analysis reads:

We looked into how this bot has gained a lot of attention lately and outperformed other sandwich and arbitrage bots. One of the key strategies is using many altcoins. The bots account has a much larger number of tokens than the sandwich bot that ranks second.

Per the firm, using a larger number of tokens gives the bot an advantage when it comes to find sandwich attack opportunities as the more tokens a bot uses the more chances it has to execute sandwich transactions. At its peak, the bot was using over 800 types of tokens.

EigenPhi says that the bot didnt earn any significant profits until April 17th, until altcoin trading volumes rose significantly. The bot notably doesnt just perform these attacks, but it also holds onto some cryptocurrencies to bolster its profit.

As CryptoGlobe reported, jaredfromsubway recently surprised the cryptocurrency community by returning around $1.5 million worth of wrapped Bitcoin (WBTC) and wrapped Ethereum (WETH) that an individual unintentionally sent it.

Featured Image viaUnsplash

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What Happens To DYDX’s $335 Million Cryptocurrency When It … – Forbes

Decentralized exchange dYdX is about to move from the Ethereum blockchain to Cosmos, and the transition is one-way.

Just a few years after leaving Coinbase, software developer Antonio Juliano had built a competitor doing more daily volume. The exchange, called dYdX DYDX has lost market share since then, but is still doing about $1 billion in volume a day.

Juliano says the platform has outgrown the Ethereum ETH blockchain, and tells Forbes that in six months theyll be ready to launch their own blockchain built with Cosmos, a framework that lets anyone build their own blockchain that interoperates with other blockchains.

Investors should take note: Taking a page from shuttered centralized exchange FTX, and Binance, which have tokens used to reward users, dYdx uses a similar cryptocurrency to reward investors with the hope of keeping them from going to competitors.

Below, watch a lengthy interview with Juliano where he explains that the bridge used to move the assets to the new blockchain is one-way.

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Account abstraction could bring the next billion users to Ethereum Ambire CEO – Cointelegraph

On Episode 19 of Cointelegraphs Hashing It Out podcast, Elisha Owusu Akyaw talks to Ivo Georgiev, CEO of Ethereum smart contract wallet Ambire. Georgiev explained account abstraction and how wallets can bring more people to the network.

Georgiev believes self-custody is an extremely difficult problem that can be solved with account abstraction. He explained that account abstraction makes crypto wallets programmable, giving them multiple keys and allowing features like two-factor authentication.

The CEO claimed that account abstraction could boost crypto adoption through new tools like embedding wallets on websites. I think account abstraction will onboard the next one billion users on Ethereum, he added.

Beyond what needs to be added to wallets to make them more user-friendly, Georgiev was asked to suggest new features that wallets could provide. Using MetaMask as a case study, he explained that there is very little need to remove any features as they currently exist. However, removing the swapping feature may be something wallets will do since multiple decentralized exchanges provide such services, and there is a growing need to adopt a minimalistic design. To conclude, Georgiev highlights that the most important improvement for wallets is changing the user onboarding process.

Related:Mutual aid, DAOs and activism: The Agenda podcast chats with PactDAO co-founder Marisa Rando

On regulations, Ambires CEO says they are not happy with the current landscape, but he doesnt think wallets will be a major target of regulators in the near future.

Listen to the latest episode of Hashing It Out with Ivo Georgiev on Apple Podcasts, Spotify, Google Podcasts, or TuneIn. You can also explore Cointelegraphs full roster of informative podcasts on the Cointelegraph Podcasts page.

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Edge computing: 4 things to keep on your radar as your business cuts the edge – Times of India

Edge computing has now become a computing paradigm that has the capability to process data closer to where it is generated, allowing for processing at large volumes and faster speeds, thereby leading to action-led results in real time. Edge computing is seeing rapid investment across most industries ranging from manufacturing and energy to retail, healthcare, telecommunications and media and the use cases are expanding, with the growth of self-driving cars, smart equipment, automated retail and autonomous robots.

The total installed base of Internet of Things (IoT) connected devices worldwide is projected to amount to 30.9 billion units by 2025. But enterprises still have a few things to watch out for to ensure that they can get the most out of their edge computing implementation, this ranges from managing highly distributed environments, approaching security cautiously in the edge infrastructure, in an ecosystem that is still in its infancy.

It just isnt a case of adding on a few devices onto an existing platform and expecting the whole setup to function in-tandem, let us not forget that when cloud computing is involved, a mixture of physical and virtual environments can be a tough puzzle to crack.So what can businesses do to demystify edge computing so as to leverage the technology to the maximum? Here are four top tips:Cyber security and physical security of the device: Currently, security is the most crucial factor in edge computing architecture and its implementations.

Partly due to the security of the physical hardware, and the critical data that the sensors near the devices collect. In this regard, there are trusted open-source software that can help organizations implement a layered security approach across infrastructures, the life cycle and the application stack, in order to ensure better security at edge sites or in cloud environments.

There are three prominent entities at the edge where security has to be of paramount importance i.e. securing OS platforms at the edge, networks at the edge and data at the edge. This can ensure that security is taken care of to a large extent.

Tackling interoperability, how will two edge computing systems interact and share information: One of the steadfast rules of edge computing is that the edge computing stack must support multiple elements that should function in-tandem. Edge deployments usually vary greatly in terms of devices, deployment environment and connectivity, hence it is not advisable to use a single vendor on all edge platforms.

The computing stack must therefore be interoperable, i.e. capable of supporting multiple elements that work together with a myriad of platforms and infrastructures, including virtual machines, bare metal servers and containers. In short, organizations will need to look for an edge computing provider who can handle the implementation of sensors, network plugins, and gateways to handle remote operations.

Planning network architecture to the T: It is of utmost importance to build a network architecture that takes into consideration fulfilling the requirements of all users and applications.

The goal is to brainstorm with the team and decipher which components can be run on the edge and which need to be pushed to the cloud.

Edge solutions are usually multi-layered distributed architectures that balance the workload between the cloud, network the enterprise layer and the cloud layer. It is recommended to seek guidance from consultants who have experience with handling multiple vendors and have knowledge of cloud services to improve on models of network architecture.

Finding and building skilled staff and management: It can be challenging for companies to find engineering and manufacturing staff with the required skill sets for edge computing. As it stands, many IT departments are focused on on-site IT staff and central data centers, so its important to provide continued education and learning opportunities around edge computing for your workforce.

Automating the deployment configuration and management of an organizations edge computing landscape can help organizations manage both the compute platforms and the full application life cycle of edge applications. With remote management, organizations can help reduce the need for on-site IT support. Policy-based governance and proactive analytics can help organizations identify risks, prioritize remediation tasks, and ensure operations are both predictable and compliant with internal policies and external regulations.

Hence it makes sense for organizations to look for a partner who can run a consistent deployment model from the core to the edge. You can look for flexible architectural options to meet connectivity and data management requirements.

Additionally, many open-source technologies are emerging today to enable better optimisation of edge infrastructures.

Businesses need flexibility in terms of where they place workloads, even during times when the strategy needs an overhaul. A strategy that relies only on centralisation isnt the most optimal, owing to bandwidth, latency and resilience issues. This is where open-source innovation plays a critical role to ensure interoperability. Enterprise open source is a natural fit when it comes to multiple infrastructures working in-tandem with a multitude of software stacks.

In conclusion, to make the most out of edge computing, business leaders need to ensure three top deployment tips. One, plan the strategy around specific business goals. Two, by creating open standard based solutions that can access data without concerns for the underlying hardware. Thirdly, make sure to keep the future in mind, asking what the growth of the enterprise will mean for the edge strategy in the long term, and plan accordingly.

Views expressed above are the author's own.

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Managed IT Services in Raleigh: The 10 Biggest Cloud Migration … – Digital Journal

PRESS RELEASE

Published May 12, 2023

The 10 Most Common Cloud Migration Challenges Explained by Managed Services in Raleigh

Raleigh, United States - May 12, 2023 / ITSco - Managed IT Services Company Raleigh /

Cloud migrations are complicated and fraught with both business and technical risks.But they can also provide great advantages to growing businesses that want to be competitive in the marketplace. Understanding and overcoming the most common cloud migration challenges can help organizations address the biggest risks they will face on their way to creating a successful cloud strategy.

It is estimated that as many as70% of cloud migrations fail on the first attempt, with a corresponding loss of time, resources, and money.

To help prevent your business from being part of this frightening statistic,this blog will outline 10 of the most commoncloud migration challengesand provide tips on how to overcome them.

Keep in mind that the nature and extent of these challenges will vary depending on your businesss specific needs, but, by understanding the issues presented here, you will be better prepared to embark on asuccessful cloud migration!

Navigating the cloud is a key part of modern business.

Moving data, applications, and systems from on-site infrastructure to a cloud platform has the potential to give your organization greater scalability, flexibility, redundancy, and ROI. So, for most companies, its an option that simply must be evaluated.

A simple way to start your evaluation is by making a thorough assessment of your current IT infrastructure, and its ability to support your business plans:

If the answer to any of these questions is no, then its time to seriously consider various cloud solutions as part of your IT strategy.

Whether your cloud adoption strategy involves a simple lift and shift to a public cloud service, or has a more complex migration plan to go to a hybrid cloud environment, youll need to be aware of these top 10 cloud migration challenges to ensure your cloud migration strategy results ina successful first-time migration.

Data security is often the biggest concern when it comes to cloud migration, as you are entrusting your most valuable assets to an external provider making it potentially more difficult to ensure that data is protected from unauthorized access, theft, or loss.

To combat this risk:

Moving to the cloud requires different skill sets than managing an on-premises infrastructure, and organizations that lack experience in cloud computing may find themselves struggling to manage the migration process as well as the ongoing support of cloud infrastructure.

To overcome these challenges:

Many organizations have complex IT infrastructures that include a variety of on-premise and cloud-based systems, and ensuring that these systems can work together seamlessly is critical for the success of cloud migration efforts. Challenges may include:

And ways to address these challenges may include:

Cost management is a critical challenge for organizations during cloud migration. Cloud computing offers many benefits, including increased scalability, flexibility, and reduced IT infrastructure costs. However, without proper cost management, organizations can quickly see their cloud migration costs skyrocket, leading to unexpected expenses and budget overruns.

To overcome the challenge of cost management during cloud migration, organizations can take the following steps:

Legacy systems can be difficult to migrate as they often require complex custom integrations and manual data conversions.

To handle legacy systems organizations should:

One of the most overlooked issues associated with cloud migration is vendor lock-in. This refers to the situation where an organization becomes overly reliant on a particular cloud provider, making it difficult to switch providers or move applications and data to another cloud environment.

To avoid vendor lock-in:

While the cloud offers many benefits, including increased scalability, flexibility, and availability, it can also introduce new performance issues that organizations must address. Examples include:

To avoid costly performance issues:

Moving data to the cloud involves a significant amount of risk, including the risk of data loss, corruption, or theft.

To mitigate these risks:

If your business is subject to certain regulations like HIPAA, GDPR, or FINRA, then migrating data to the cloud will involve additional, critical compliance requirements.

You must research any laws or regulations that may apply to your specific industrybefore beginning the migration process.

Organizations should ensure that their cloud migration strategy complies with relevant regulations and standards. They should also work closely with their cloud provider to understand their compliance obligations and ensure that the provider is meeting their requirements.

Companies often struggle with introducing new technology into their existing IT infrastructure, as it can be difficult for employees to adjust to a new system. This can lead to challenges in adoption and implementation, which can impact the success of cloud migration efforts.

To overcome the challenge of resistance to change during cloud migration, organizations can take the following steps:

Migrating data into the cloud is no easy task, butwith proper planning and execution, you can overcome even the most difficult of challenges.

With ITSco as your trusted partner, you can rest assured that your cloud migration will be planned and executed by experienced professionals who will treat your business as if it were their own. We offer a comprehensive suite of professional services and managed IT services to help our customers understand and address a wide range of IT issues including the unique challenges and complexities associated with cloud infrastructure migrations.

Get in touch todayto learn how our managed IT services in Raleigh can help you make the switch!

Contact Information:

ITSco - Managed IT Services Company Raleigh

8480 Honeycutt Rd #200-V700 Raleigh, NC 27615United States

Mike Savino(844) 581-1319https://www.itsco.com/

Original Source: https://www.itsco.com/blog/cloud-migration-challenges/

COMTEX_432462207/2827/2023-05-12T05:59:20

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