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Chart of the Day

The average gas fees on the Ethereum network have plunged to a six-month low, currently sitting near $3.95 — less than one-tenth of its all-time high a month ago. The whopping decline is partly attributed to a sharp drop in on-chain transaction volume in recent weeks, while the price of Ether continues to spiral down a descending channel. The decline is observed across the board — the DeFi space saw a shift towards the more defensive interest-earning protocols, and the NFT market showed signs of running out of steam.

Talk of the Town

We’ve heard murmurs of banking giant Goldman Sachs ramping up its cryptocurrency services, and now it is really happening. The multinational investment bank now trades Bitcoin futures with Galaxy Digital Holdings started by Michael Novogratz, a former Goldman partner, as its liquidity provider. The move is a timely response to the increasing demand from clients to gain crypto exposure and may reverberate on Wall Street.

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