Ethereum and Solana traders eye new presale token
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As Intel Markets’ presale goes live, investors of big projects like Ethereum and Solana are flocking to invest in INTL.
The crypto market is seeing a shift. The once darlings of the crypto world, Ethereum and Solana, are experiencing an unexpected exodus. Seasoned traders who once kept their SOL and ETH holdings as a hedge against inflation are now selling it.
They seem to be pouring their holdings into new projects such as the Intel Markets presale. Let’s dive into the details.
Ethereum price falls amid institutional outflows
On August 3, the price of Ethereum fell below significant resistance at $3,000; since then, the cryptocurrency has not been able to rise over this mark.
Today, ETH is trading 15% below the $3,000 mark at $2,576. Three potential reasons are impacting the drop in Ethereum price. Over the past eight days, spot Ethereum ETFs have consistently seen withdrawals. Bloomberg data reveal that Spot Ether ETFs launched in July had lost $112 million in institutional funds.
Furthermore, the early excitement surrounding Ethereum’s potential for deflation has probably faded. The demand and price of Ethereum are being adversely affected by spot Ether ETF outflows.
The Ethereum network’s most recent significant update was EIP-4844, or proto-danksharding, which resulted in transaction prices for Layer 2 chains dropping. The network’s income has fallen due to Layer 2 chains receiving a disproportionately large part of transaction fees.
The supply of ETH has also been impacted by this. Since EIP-4844, ETH has once again started to become inflationary. The amount of ETH in circulation is greater than it would be otherwise since there are lower transaction costs, which also means that less ETH is burned and collected in fees.
A higher volume of the asset available across exchanges and user wallets due to a larger circulating supply usually leads to higher selling pressure, stifling price increases.
Solana gains momentum with Robinhood listing
Solana has been recently introduced to the Robinhood wallet, according to a recent announcement made by Johann Kerbrat, General Manager of Robinhood Crypto. This update will improve the cryptocurrency wallet by combining new blockchains and digital assets.
Solana now become a part of Robinhood’s expanding list of cryptocurrency-supporting currencies, which also includes Ethereum, Polygon, and Bitcoin. Furthermore, Robinhood’s decision to support SOL followed its acquisitions and license expansions earlier this year, which increased its crypto offerings.
Following the news, the price of SOL increased slightly, indicating that the market is positive about this move. Transaction volumes may rise as a result of the capabilities of the Solana blockchain and the large user base of Robinhood.
A recent price analysis shows that SOL is poised for an 18% rise as it approaches a major flag pattern breakthrough.
Intel Markets presale goes live, raises over $175,000
Against the current bearish market trend is one of the new emerging projects, Intel Markets. Within the first two days of going live with its public presale, Intel Markets raised more than $140,000 in funding, now at a sum of over $175,000.
One of the key features of Intel Markets is its dual-chain structure trading platform. It enables it to operate on two different blockchains, Solana and Ethereum, giving investors a wide range of assets exposure and making use of the positives of two different blockchains.
With a 1000x leverage, Intel Markets provides advanced trading tools such as powerful charting software. Their main tool is their AI-driven trading bot, which is utilized by over 1200 traders and has a track record of lucrative performance. With these amazing features, users can take full advantage of any trade opportunity, maximizing their profits.
Users especially investors of Solana and Ethereum have been flocking to purchase the Intel Markets native coin, for discounted price of $0.009, due to the exchange’s massive potential.
To learn more about Intel Markets, visit the presale, and check out its Telegram and Twitter.
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