Both Bitcoin (BTC) and Ethereum (ETH) experienced slight price declines earlier in the month – a slight pullback so far compared to July. Investors are looking forward to the next upward price movement.
Bitcoin, which was trading at $22,927, registered a weighted sentiment of 0.25, while Ethereum, worth $1,587, experienced a weighted sentiment of 0.32, according to statistics released on Aug. 2 by cryptocurrency analysis platform Santiment. Based on investor buying preferences during downturns, the platform suggests that the market is gradually moving away from fear and uncertainty.
#Bitcoin, #Ethereum and other assets start at low margins in August. At the time of writing, #Bitcoin has risen from a high of $24,000 to $22,000. The bearish sentiment seems to have started after a breakout attempt, with the bulls failing to keep prices above $24,300. #VAGMI💪
Merge update brings optimism
Information about the latest update mergerwhich marks the transition from the Proof-of-Work (PoW) mechanism of the Ethereum blockchain to the Proof-of-Stake mechanism, increased bullishness towards Ethereum.
In addition, according to the latest statistics from the Glassnode analytics portal, Ethereum gas has fallen to 17.5 Gwei, the lowest level since May 2020, and the token burn rate in the EIP 1559 proposal has reached an all-time high.
Bitcoin Resists Fed Policy
Investors especially liked Bitcoin’s reaction after EDI raised rates by 75 basis points. Despite the fact that the asset is trading against the backdrop of high inflation, bitcoin reacted positively, showing a slight increase.