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ETH on Fire, Call Buyers Don’t Tire, and NFTs Push Higher

Aug 9, 2021 · 4 min read

By Ashwath Balakrishnan

Market Update

It’s a great day to be a crypto bull. BTC and ETH were pushed down during the Asian session but both coins (and the rest of the market) caught a strong bid in the European session. ETH is just under its weekend high while BTC made a new high on the daily chart. Sentiment is so bullish even ICP is in the green today.

$53 Million of ETH Burned

EIP-1559 is living up to expectations as a potential deflationary force for ETH supply. Since the London Hard Fork (when the EIP was implemented) on Aug. 5, over 17,000 ETH, or $53 million as of the time of writing, have been burned. Before the EIP was implemented, miners would’ve pocketed all of that ETH as revenue for their services. However, with the new burn in place, miners earned just over 250 ETH in the same span of time. The average ratio of ETH burned to ETH sent to miners is currently 1:0.015 (or 1.5%). Ethereum miners made a killing over the last year as network usage and the median fee

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