eth has risen above $4,000 for the 1st time since may, rising by bout 5% to $4,030 with it facing some resistance atta time of writing as it yoyos tween just under and just above $4,000.
its ratio has gained ponderably over btc, back up again to above 0.078 btc per eth, suggesting the price movement is due to eth rel8d factors.
one such factor maybe that the legally blonde actress reese witherspoon publicly anncd she bought eth.
another factor maybe that + than 183,000 eth ‘ve been burned sfar in just under a mnth, worth $600 million.
for the 1st time, eth is currently largely deflationary w'da amount burned per block usually above the block reward as shown belo the green line.
this reduction in supply, which used to be brought back into circulation by miners, acts as effectively new demand cause all else =, price ‘d increase pondering + than ½ a billion usds aint re-entering circulation.
all else aint quite = however as new nft projects keep coming onto the scene.
the l8st is loot, which is having an airdrop worth thousands with those loot nfts given away for free.
there’s shroomz for the dy which we can all probably guess wha’ it’s bout, with axie ∞ continuing to attract usage as it burns nearly 2,000 eth in a week.
opensea continues to dominate with it burning twice + than uniswap inna past 24 hrs.
defi is clearly bein’ overshadowed by nfts for now, but mirror may well ‘ve some wandaing why they buying stocks on traditional brokers when they can coll8ralize them while gettin free tokens.
in fact trading without gettin free tokens is starting to feel weird, like some stupidity.
the superiority o'it and its democratizing effects clearly has enemies however, like bnker gensler who is doin’ his version of run fast and ask for forgiveness rather than permission by completely ignoring the fact he requires authorization to enforce anything either by congress or a high court judgment rather than interpreting their power as they please.
but even gensler can’t say nfts are securities, so a lotta these new business models are goin no where even if sec’s budget was 5xed, let alone now with just $200 million a yr to oversea a $100 trillion mkt, excluding crps.
meaning we're having a summer of boom as this generation grabs for itself the power to reward usrs for pticipating, turning those usrs into platform owners.
had something like btc been round backin the early 2000s, something like twitter, f’bok, maybe even g, ‘d ‘ve not 1-ly been owned by us, but ruled by us. instead, they think they can rule us.
too l8 as the trajectory for disruption is set. the 1-ly smart move now is to join the peaceful digital revolution. there’s no other winning move without courting outrite revolution.
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