The recent series of events in the Ethereum [ETH] ecosystem has left investors on edge. Following the hack of Bybit, which caused a brief panic among investors, another unsettling incident has occurred.
A hacker managed to buy 17,696 ETH tokens worth $49.5 million using stablecoins stolen from Oxinfini. The hacker first stole 49.5 million USDC from Oxinfini, then exchanged it for 49.5 million DAI. With these stablecoins, the hacker purchased a significant amount of ETH and transferred the tokens to a newly created account.
This hack has not only impacted Oxinfini but has also tarnished Ethereum’s reputation due to its association with such incidents. The negative sentiment surrounding Ethereum has reflected in its price action, with ETH currently trading at $2705, marking a 3.49% decline on daily charts. The decline has also extended to weekly and monthly charts, dropping by 2.89% and 18.8%, respectively.
Despite the price decline, Ethereum investors remain optimistic. The Buyer Taker Sell ratio has surged to 1.085, indicating a higher buying pressure. U.S. investors, particularly institutions, continue to accumulate ETH, as shown by the positive Coinbase premium index.
Moreover, Ethereum’s scarcity in the market has increased, with the stock-to-flow ratio rising to 99.13 over the past week. This rise in scarcity suggests that demand for ETH has outstripped its supply, which could potentially drive prices higher in the future.
In conclusion, while Ethereum has faced challenges recently, investor sentiment remains positive. The market is currently at a crossroads, with buyers and sellers actively participating. As a result, Ethereum is expected to trade sideways within a range of $2.5k and $2.8k in the near term.
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Next: Bitcoin’s transaction dip resembles 2023 price correction: What’s happening? The Benefits of Mindfulness Meditation
Mindfulness meditation has gained popularity in recent years as a powerful tool for improving mental and emotional well-being. This ancient practice involves paying attention to the present moment without judgment, and it has been shown to have a wide range of benefits for both the mind and body.
One of the key benefits of mindfulness meditation is its ability to reduce stress and anxiety. By focusing on the present moment and letting go of worries about the future or regrets about the past, individuals can experience a sense of calm and relaxation. This can help to lower levels of the stress hormone cortisol and reduce symptoms of anxiety and depression.
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Overall, mindfulness meditation is a powerful practice that can have profound effects on both the mind and body. By incorporating mindfulness into their daily routine, individuals can experience reduced stress and anxiety, improved focus and concentration, better memory and cognitive function, enhanced emotional regulation, and improved physical health. If you’re looking to improve your overall well-being, consider adding mindfulness meditation to your daily routine.