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Results of the week: Bitcoin drops below $21,000 and Ethermine refuses to support ETHW

Bitcoin price plunged below $21,000, a potential ETHW fork made a new low, the EOS community kicked off the Antelope blockchain project and other events of the past week.

Bitcoin price drops below $21,000

On Friday, August 19, bitcoin price failed at $22,000. The next day, quotes were already below $21,000.

Over the weekend, digital gold showed some recovery, but the price failed to return to its original values.

Hourly BTC/USD chart. Data: Trade Outlook.

According to CoinGecko, the price of the first cryptocurrency has dropped 12.2% in the past seven days. Its capitalization at the time of writing is $410 billion.

Data: CoinGecko.

Among the top 10 cryptocurrencies of the CoinGecko rating, the prices of Ethereum (-18.3%), Cardano (-18%) and Solana (22.6%) went even deeper during the week.

Its total market cap is $1.07 trillion.

Based on data from the Difficulty Band indicator, Charles Edwards, founder of Capriole Investments, concluded that the period of capitulation of bitcoin miners has passed. He says it’s a “great buy signal.”

“Historically, capitulations of bitcoin miners have fixed massive price drops and served as excellent buy signals,” the analyst said.

Potential ETHW Fork Renews Low Price Amid Low Community Support

During a market correction, a potential Ethereum PoW fork – ETHW – failed at $50. This is about 3% of the price of the underlying asset of the mainnet asset ($1,617) at the time of writing.

Data: CoinGecko.

According to CoinMarketCap, ETHW peaked at $139.6 on August 8.

Earlier outgoing week, the developers behind the potential fork released code that included the removal of EIP-1559 along with the distribution of coins to miners. Soon the community discovered a serious flaw in it.

“People discovered a bug that would revert all blocks to pre-London hard forks. In the morning the team released a patch for this vulnerability,” wrote journalist Colin Wu.

Twitter user zhijie explained that the bug will block blocks that were released after the aforementioned hard fork was added to the chain.

“Alternative ether” supporters thanked developer Alexei Akhunov for solving the issue.

The largest Ethermine mining pool on the Ethereum network said it will not support any of the potential PoW-based forks.

“After seven long years of research and development, the Ethereum mining phase will end on September 15, 2022. After this date it will not be possible to mine ether using graphics cards (GPU) or ASIC miners,” the message says.

After merging the platform will switch to output only mode. All Ethereum pool Stratum servers will be shut down.

Ethermine will invite miners to participate in mining one of the other cryptocurrencies in the Ethhash algorithm:

  • Ethereum Classic (ETC);
  • Ravencoin (RVN);
  • Ergo (ERGO);
  • Beam (beam).

To motivate miners, the service will reset the commission on pools of these coins during the month of September.

Messari Researchers Worry About Ethereum and Solana Node Centralization

The three main cloud providers account for 69% of the 65% Ethereum nodes hosted in their data centers, while Solana owns 72% of the 95% nodes hosted by the same infrastructure players, as is the second largest cryptocurrency network by capitalization.

On Ethereum, these top three belong to Amazon Web Services (50%). The share of Hetzner and OVH is 15% and 4%, respectively. In Solana, Amazon Web Services owns just 4%, while Hetzner and OVH own 42% and 26%.

Ethernodes gives a more detailed picture of the other cloud providers in the second cryptocurrency network by capitalization. In particular, the share of Alibaba (3.9%) and Oracle (4.1%) is only slightly lower than OVH (4.2%). Google (3.5%), Digital Ocean (2%), netcup (1.9%) and Сontabo (1.8%) also stand out.

In terms of value, Amazon Web Services, Hetzner and OVH account for 15%, 20% and 8% of the total staked funds in Solana.

Messari experts, level RPC serves as a prime candidate for censorship. To date, the development of decentralized alternatives to Anker and Pocket has not qualitatively changed the situation, moreover, due to the peculiarities of managing their mechanisms, they have not solved the problem of a single point of failure.

World’s 5th Largest Auditor Approves Tether Collateral

Audit firm BDO Italia offered an opinion on the adequacy of Tether Holdings reserves to fully support the USDT stablecoin.

Experts analyzed the assets and liabilities of the issuer as of June 30, 2022.

Tether Holdings’ liabilities at the reporting date were $66.2 billion, assets – $66.4 billion. The latter consisted of:

  • $28.8 billion – US Treasury bills;
  • $8.5 billion – commercial securities;
  • $6.8 billion – money market funds;
  • $5.4 billion in cash.

The company announced an increase in the frequency of publication of audit reports – now they will be published monthly rather than quarterly.

EOS community launches Antelope blockchain project

The EOS Network Foundation (ENF), Telos, Wax and UX Network have pooled resources in an Antelope blockchain coalition with a common codebase.

The Antelope protocol is a fork of an early version of the EOS network with the addition of a host of new features. The first implementation of Leap v3.1 includes:

  • subjective billing;
  • automatic repetition of transactions;
  • the ability to estimate resources for a transaction without including it in a block;
  • reducing storage requirements by reducing block and delivery logs.

The new network also includes developer toolkits:

  • CDT – for distribution of smart contracts on Antelope blockchains;
  • DUNE – managing nodes, compiling smart contracts, running tests and other common tasks.

ENF notes that the company that launched the EOS network Block.one in mid-2021 has stopped supporting it. The organization has taken steps towards the continuation of the life of the project.

What to discuss with friends?

TRM Labs and Kraken head criticizes sanctions against Tornado Cash

Analysts at TRM Labs noted that the sanctions against the Tornado Cash mixer pose challenges in terms of regulatory compliance, especially in the case of “dust attacks.”

The company stressed that the sanctions against the mixer created uncertainty in the context of its implementation. this is the first time OFAC allowed a number of smart contracts instead of traditional wallets. With the help of the latter, as a rule, it is easy to track completed transactions, but in the case of smart contracts this will become difficult.

“The complexity is created by the fact that nearly everyone who deposits in Tornado Cash interacts with the mixing service’s smart contracts. Theoretically, it could send money to Tornado Cash and then transfer them to an address belonging to a random, unsuspecting person,” he said.

Jess Powell, CEO of Kraken cryptocurrency exchange, said that adding Tornado Cash to the sanctions list could violate the US Constitution and is more of a mechanical response to Terra’s collapse.

He described removing the project code from Github as “optional”.

“Citizens have the right to financial privacy. Let’s see if he can stand the test in this court. […] Authorities want to check the existence of the digital currency with such possible unconstitutional actions. “It scares me a little bit,” he said.

WhitePay launches payment with cryptocurrencies at Ukrainian hardware stores

The WhitePay platform, part of the WhiteBIT bitcoin exchange ecosystem, has launched payment for cryptocurrency products at the largest chains of hardware stores in Ukraine, including Techno Zhak and Stylus.

More than 130 cryptocurrencies are accepted for payment. Over time, the list will expand.

Buyers can pay via the purchase form in online stores or at offline points of sale via dedicated POS terminals.

Israel uncovers plan to launder millions of euros via cryptocurrencies

The IRS and Israeli Police have arrested three suspects in an international fraud scheme to launder millions of euros using cryptocurrencies.

According to authorities, a group of local residents systematically received money as a result of crimes committed abroad. Later, the assets were converted into cryptocurrencies on various digital platforms.

The fraud was aimed at the French treasury.

Police did not provide details on the alleged crimes.

In addition to the arrest of the three main suspects, a number of others were detained for questioning.

The investigation was conducted over several months in cooperation with Europol and the French police.

EU will have a single cryptocurrency regulator

EU officials to create a new regulatory body AMLAWho will be entrusted with direct oversight of the crypto business? This is stated in the sixth EU anti-money laundering directive (AMLD6).

The European Parliament will consider AMLD6 after the August holidays. Second, as soon as they approve their version of the bill, the three bodies will engage in a so-called trilogy to finalize their provisions.

PayPal Adds Bitcoin Support to Mobile App

Payments company PayPal has added the ability to buy, sell and transfer cryptocurrencies via a mobile app.

The service supports Bitcoin, Ethereum, Litecoin and Bitcoin Cash. The minimum transaction amount is $1.

Users have access to internal and external transfers, as well as the ability to pay with digital currencies for purchases made at “millions” online stores that support PayPal.

What else to read?

In their tutorial, they talked about the “vampire attack”, various bitcoin address formats, L2 solutions, the Ripple project and the XRP token and the second stablecoin in terms of market cap USDC.

We’ve rounded up the main events in the AI ​​space and major startup deals in recent weeks.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.

Source: Fork Log



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