started off with a mild drawdown as the majority of assets moved in the red zone, losing 1-2% of their value on average. However, some assets are facing increased selling pressure due to fundamental flaws users highlighted recently.After the massive drop of Ethereum's burn rate, the second biggest cryptocurrency on the market has not been getting any support from investors, as ETH is still consolidating at the local resistance level and has not yet broken through despite numerous attempts.
The decreasing burn rate results from suppressed network activity, which explains why Ethereum has been so anemic on the cryptocurrency market. Unfortunately, it is not clear when the network activity of Ethereum will return to levels we saw back in 2021. Two massive sources of network activity for Ethereum had been the NFT and DeFi industries.
, has recently become the subject of a dispute in the cryptocurrency community. Most investors worry about the state of stable assets after it briefly depegged to $0.97 without volatility spikes on the market or the appearance of excessive selling pressure.