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Ethereum (ETH)
How $5.1 billion in Eth was burned to reduce its supply
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[QUOTE="Flow-er, post: 219023, member: 71012"] The recent actions taken by the developers of the cryptocurrency is a very surprising one. What the developers does is to reduce the amount of the coins in the blockchain network inoder to reduce its supply. If we follow the simple demand and supply dynamics, the lower the supply, the higher the demand and apparently, the higher the price of the commodity. This activity is dubbed " Burning " Burning is an artificial way of influencing the price of cryptocurrencies by reducing it quantity in circulation. It's simply taking the cryptocurrency out of circulation. We have been seeing cryptocurrencies been burnt recently and I kept wondering why, until I carried out a deep research into it. The recent burning was seen in the ethereum network, about $5.1 billion in ETH was burnt. The total quantity burnt was 1.9 million ETH within six months. This actions was taken across all major cryptocurrency exchanges. We hope that the burning will cause a significant spike in the price of ETH. However, what bug my mind is that- how will the cryptocurrency exchanges that engaged in the burning be compensated for the loss? Statistics show that Uniswap burned 220,000 ETH, OpenSea burned $600 Millon in Eth, which is equivalent to 230,000Eth. These are huge losses and who will provide coverage? [/QUOTE]
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How $5.1 billion in Eth was burned to reduce its supply
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