GB Market Commentary 04/11/2021
by Frederick Williams
Bitcoin’s price declined to trade below the $63,000 mark. It is currently down over 1.5% with it trading just under $62,000. Ethereum has also dropped just over 1% and is currently trading at around$4500. Altcoins have been trading with gains over the last 24 hours. Solana has now reached the number 4 spot by market cap, overtaking Cardano. The coin reached a new ATH of $247 late last night. Shiba Inu, that has been on a record rally since the past few sessions, declined over 12%Avalanche is up 10%, Axie Infinity is up 17% and Telcoin is up 34% in the last 24 hours.
Rising costs on Ethereum, the world’s largest smart-contract blockchain, appear to be driving investors to coins associated with layer 2 products facilitating faster and cheaper transactions and rival programmable blockchains. The average fee on Ethereum, known as gas, has risen by a staggering 2,300% since late June.
Binance has launched an inquiry into the Squid Game token to trace funds associated with the epic 45,000% pump and dump a few days ago. The gaming token SQUID is suspected to be an exit scam or rug pull according to the exchange. Despite this, some extremely optimistic users are still buying the token in hope of a resurrection, with the price surging 600% in the last 24 hours.
Survey finds lower paid workers are quitting jobs thanks to crypto profits. Almost two thirds of respondents who quit their jobs after making life-changing gains from crypto had a total income of less than $50,000.