ETH tanked to a two-week low at press time. However, ETH’s staking activity was not massively impacted. The crypto space felt the pinch of yet another U.S. Securities and Exchange Commission (SEC) ruling. According to a 10 February tweet by Wu Blockchain, Kraken, the second-largest exchange in the U.S., “immediately” ceased its crypto staking-as-a-service platform […]
“Whether it’s through staking-as-a-service, lending, or other means, crypto intermediaries, when offering investment contracts in exchange for investors’ tokens, need to provide the proper disclosures and safeguards required by our securities laws.”The news created doubts in the minds of ETH investors, which was evident in the fall in ETH balances on exchanges, per data from Glassnode. At the same time, the number of daily active addresses also dipped by 5%.
The weighted sentiment for ETH went deeper into the negative territory, signifying investors’ uneasiness at the moment.At press time, ETH fell by over 5% to trade at $1547.13. It had traded in a range since 20 February but was in real danger of breaking to the downside. The Relative Strength Index went below neutral 50, which was a negative sign. The Moving Average Convergence Divergence line went below the signal line, paving the way for bears to take back control. Moreover, the On Balance Volume made lower-lows of late, adding evidence to the bearish idea.Subscribe to get it daily in your inbox.
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