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Will the Ethereum Merge crash or revive the crypto market? | Find out now on The Market Report
On this week’s “The Market Report” show, Cointelegraph’s resident experts discuss the Ethereum Merge and how it might impact the crypto market To kick things off, we broke down the latest news in the markets this week. Surge or purge? Why the Merge may not save Ether (ETH) price from “Septembear.” Options data, macroeconomic catalysts and technical signals suggest a decline in Ether price is on the table despite the Merge. Ethereum’s native token, Ether, is not immune to downside risk in September after rallying approximately 90% from its bottom of around $880 in June. Can Ethereum prove analysts wrong and break out in price following the Merge or has the price already been factored in and we’ve already seen the price spike for the end of this year? ETH Merge: CoinGecko c...
Traders say Bitcoin price bounce is overdue after a ‘massive’ BTC long position appears
Bitcoin (BTC) traded in an increasingly narrow range on Sept. 6 as bets piled in over an imminent breakout. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Binance futures giant sucks in spent BTC Data from Cointelegraph Markets Pro and TradingView showed BTC/USD staying under $20,000 for a fourth straight day with bulls failing to crack resistance. As many wondered when and how the latest consolidation phase would end, two popular social media traders noticed an ongoing accumulation trend by an unknown large-scale Binance futures trading entity. With retail investors selling, that entity had spent several days soaking up the liquidity, and the result was likely obvious. “Bounce incoming,” Il Capo of Crypto predicted in part of an update on the phenomenon, describing the entity...
Hive Blockchain explores new mineable coins ahead of Ethereum merge
Cryptocurrency miner Hive Blockchain has been working to replace the mining of Ether (ETH) with other coins in the event of Ethereum’s upcoming transition to proof-of-stake, or PoS. The Canadian crypto mining firm has been analyzing options for mining with its GPU stash ahead of the Ethereum Merge, Hive said in its latest production update on Tuesday. According to the update, Hive started implementing beta-testing of various GPU-mineable coins this week as the Ethereum Merge PoS is expected to occur in mid-September. Hive’s technical division is specifically implementing a strategy to optimize its Ethereum mining capacity, which amounts to 6.5 terahashes per second. “The company acknowledges the potential Ethereum Merge to Proof of Stake,” Hive said in the update. It noted that it sees a c...
Exiled Myanmar democratic leaders want to issue CBDC to fund the revolution
Half a year after the military junta in Myanmar revealed its plans to launch a digital currency, the country’s government, ousted in a coup in 2021, voices its own intention to launch one using frozen national funds. In a Sept. 6 interview with Bloomberg, the minister of planning of exiled Myanmar’s National Unity Government, Tin Tun Naing, asked for the “U.S. blessing” to use “virtually” the country’s reserves, frozen by the Federal Reserve Bank of New York since Feb. 2021. The funds Naing mentions have been frozen on Singaporean, Thai and Japanese accounts and could amount to billions of dollars according to Bloomberg. While Naing doubts the United States could decide to allocate these assets directly to National Unity Government, he points to the possibility of using them as ...
Crypto investment product firm 21.co raises $25M to reach $2B valuation
21.co, the new parent firm of exchange-traded products (ETP) provider 21Shares, has become “Switzerland’s largest crypto unicorn,“ the firm announced on Tuesday. It raised $25 million in a funding round led by London-based hedge fund Marshall Wace. The new funding brings the firm’s valuation to $2 billion. 21.co is designed to unite 21Shares with third-party token provider Amun and other upcoming crypto projects aiming to build bridges into the crypto world, 21.co founder Hany Rashwan told Cointelegraph. All crypto ETP products launched by 21Shares will maintain the same nomenclature, Rashwan said. He also said that the new name won’t change much about the way 21Shares does business. According to Rashwan, the newly raised funds will help 21.co to continue expanding its business...
Reddit NFT avatars selling for a premium on OpenSea
Sales of recently launched Reddit blockchain-based avatars are rising on nonfungible token (NFT) marketplace OpenSea, outperforming the platform’s proprietary store. Reddit, the “front page” of the internet, plugged into the burgeoning world of NFTs with the announcement of collectible avatars in July 2022. The avatars became available to users in August and are already generating thousands of dollars in sales for artists. Reddit users are able to purchase a variety of avatars for their profiles using Vault, Reddit’s cryptocurrency wallet, with credit and debit cards accepted to make payments for the blockchain-based NFTs. Reddit Avatars are created by a number of independent artists that use the platform and are minted on purchase on the Polygon blockchain. Given that OpenSea features cro...
Vitalik reminds node operators to update client before the Bellatrix upgrade
Ethereum co-founder Vitalik Buterin is reminding node operators to upgrade their clients before the Bellatrix “hard fork,” slated for Sept. 6. Buterin said that the scheduled upgrade will be the final update that prepares the Beacon chain (proof-of-stake chain) for the Merge. The merge is still expected to happen around Sep 13-15. What’s happening today is the Bellatrix hard fork, which *prepares* the chain for the merge. Still important though – make sure to update your clients! — vitalik.eth (@VitalikButerin) September 6, 2022 An Ethereum client is the software that allows Ethereum nodes to read blocks on the blockchain and smart contracts. A “node” is the running piece of the client software. In order to run a node, one has to first download an Ethereum client applicati...
Kryptomon to Launch an Exclusive Physital NFT Collection on Binance NFT
Amsterdam, Netherlands, 6th September, 2022, Chainwire The blockchain game Kryptomon, a living-NFT-powered Metaverse project combining Play-and-Earn gaming with nostalgic charm, announced today its official sale on Binance NFT, the NFT marketplace of Binance, the world’s leading blockchain ecosystem, and cryptocurrency infrastructure provider. This launch features one of the world’s first “Physital NFT” collections. The “physital” concept comes from the merge between physical and digital. The digital items that will be included in the Mystery Box include a variety of Badges (silver, gold, platinum, and diamond) which will grant users an increased chance of obtaining Mystery Boxes in Kryptomon’s monthly Treasure Hunt event along with other unique in-game enhancements, a co-branded in-game “...
Binance to temporarily suspend ETH and WETH deposits and withdrawals ahead of the Merge
Cryptocurrency exchange Binance announced Monday that it plans to halt all deposits and withdrawals of Ethereum (ETH) and Wrapped Ethereum (WETH) on selected networks, starting September 6th at 2 am (UTC) in anticipation of Ethereum’s Merge event. #Binance will suspend deposits and withdrawals for Ether $ETH and Wrapped Ether $WETH on the following networks starting from September 6, 2022 at 02:00am UTC. ETH (Arbitrum) ETH (OP) WETH (RON) — Binance (@binance) September 5, 2022 In the announcement, the company shared a list of tokens and networks that will be impacted during the Merge — Namely ETH (Arbitrum), ETH (OP) and WETH (RON). The company stated that deposits of Ethereum (ETH) and Wrapped Ethereum (WETH) made on these networks during the suspension will not ...
Ethereum gone wrong? Here are 3 signs to keep an eye on during the Merge
The assumption that Ethereum will just transition to a fully functional proof-of-stake (PoS) network after the Merge somewhat ignores the risk and effort necessary to move an asset that has a $193 billion market capitalization and 400 decentralized applications (DApps). That is precisely why monitoring vital network conditions is essential for anyone willing to trade the event which is scheduled for Sept. 14, according to ethernodes.org. More importantly, traders should be prepared to detect any alarming developments in case things go wrong. Apart from the $34.2 billion in total value locked in smart contracts, another $5.3 billion in Ether is staked on the Beacon Chain. The network is currently used by many tokens, oracle providers, stablecoins, layer-2 scalability solutions, synthetic as...
74% of Ethereum nodes ‘Merge ready’ ahead of Bellatrix upgrade
As many as 73.5% of Ethereum nodes are now marked as “Merge ready” ahead of the upcoming Bellatrix upgrade for Ethereum on Sept. 6, according to data from Ethernodes. The Bellatrix upgrade is seen as one of the last necessary steps prior to the official Merge, which will see Ethereum transition to a proof-of-stake consensus mechanism between Sept. 10-20. To become Merge ready, Ethereum node operators must comply with the Bellatrix upgrade by updating its consensus layer clients prior to epoch 144896 on the Beacon Chain, which is scheduled to take place on 11:34:47am UTC on Sept. 6, 2022, according to the Ethereum Foundation. Percentage of Ethereum clients that are Merge Ready. Source: Ethernodes. However, with as many as 26.7% of nodes marked “Not-Ready” for the Ethereum Merge, Ether...
‘Far too easy’ — Crypto researcher’s fake Ponzi raises $100K in hours
Crypto influencer FatManTerra claims to have gathered over $100,000 worth of Bitcoin (BTC) from crypto investors in an investment scheme that was later revealed as fake. The crypto researcher said he created the fake investment scheme as an experiment and to teach people a lesson about blindly following the investment advice of influencers. The account on Twitter has around 101,100 followers and is mostly known for being a former Terra proponent that now actively speaks out against the project and founder Do Kwon following its $40 billion collapse in May. In a Sept. 5 tweet, FatManTerra told his followers he had “received access to a high-yield BTC farm” by an unnamed fund, and said that people could message him if they wanted-in on the yield farming opportunity. “I’ve maxed ou...
