Crypto News

Binance Moving Funds On Ethereum (ETH) At Dips? CEO “CZ” Has This To Say

Binance is using the low gas fees opportunity to move funds on Ethereum. Binance CEO "CZ" confirms the high utilization of Ethereum by users.

Published by

Varinder Singh

Published 26 Jul, 2022 | 10:48:50 AM UTC

Binance Moving Funds On Ethereum (ETH) At Dips? CEO “CZ” Has This To Say

Ethereum (ETH) price corrects over 13% in a day after making a monthly high of $1655 last week as pressure mounts ahead of the FOMC meeting on July 27. Nansen CEO Alex Svanevik tweeted that Binance is using the low gas fees opportunity to move funds on Ethereum, with gas fee utilization jumping over 3000% in just an hour on Binance.

Binance CEO “CZ” replied and confirms the high utilization of Ethereum by users as gas fee drops to historic lows. The Ethereum gas fees dropping significantly before the Merge in September indicates possibilities of a successful transition from PoW to PoS.

Ethereum Transactions Jumps on Binance amid Low Gas Fees

According to Dune Analytics, the average gas fee reached 24 Gwei, a record low in a year. The minimum gas fee was reduced to 3 gwei, the current gas fee is 4 gwei, the ETH transfer cost is $0.34, and the ERC20 transfer cost is $0.67.

Nansen CEO Alex Svanevik reported a massive increase in Ethereum gas fees utilization on Binance on July 26. In fact, 28 ETH in total were spent as gas fees in just an hour on Binance, rising 3048% in an hour and 437% in the last 24 hours. Whereas, Coinbase is next on the list with just 5.35% and 135% jump in an hour and 24 hours, respectively.

Share of Gas Fees of Top 20 Spenders. Source: Nansen

“Looks like Binance is making good use of low gas fees to move funds on Ethereum – smart cz_binance.”

Alex Svanevik also reported that “90% of ETH transactions now use EIP-1559.” With the EIP-1559 having a significant role in Ethereum burning and the Merge, the prices will be deflationary after the Merge as the circulating supply will decline.

ETH Price Dives Lower Ahead of the FOMC Meet

The Ethereum (ETH) price plunges over 10% to the $1400 level before the Federal Reserve FOMC meeting on July 27. The FUD is rising with a 100 bps rate hike on the table. However, Fed officials and Chair Jerome Powell favored a 75 bps hike.

Crypto Tony shared that ETH has hit the first support at the $1400 level. The next two support levels are at $1350 and $1200.

Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Published by

Varinder Singh

Published 26 Jul, 2022 | 10:48:50 AM

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.