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The Bellatrix update has been activated on the Ethereum network, Binance is converting some stablecoins to BUSD, the Ethereum Classic hash rate has updated its maximum in anticipation
The Bellatrix update has been activated on the Ethereum network, Binance is converting some stablecoins to BUSD, the Ethereum Classic hash rate has updated its maximum in anticipation of The Merge and other events of the outgoing week.
On the night of September 7, prices of the first cryptocurrency dropped to $18,500 for the first time since mid-July. Ethereum was currently trading below $1500.
The very next day, major cryptocurrencies returned to their previous levels of growth. On September 9, the Bitcoin exchange rate exceeded $ 21,000, and Ethereum – $ 1,700.
At the time of writing, digital gold is trading around $21,700.
In an interview with Cointelegraph, a trader under the pseudonym filbfilb allowed bitcoin to drop from current levels to $10,000-11,000. He gained notoriety for correctly predicting the end of the bear market in 2018.
All digital assets in the top 10 by market cap closed the week in green. Solana (+15.4) and Ethereum (+13.9%) showed the best dynamics.
Chainalysis allowed the price divergence between Ethereum and Bitcoin after The Merge. Analysts believe that staking will make the second largest cryptocurrency look like bonds or commodities through capitalization and can attract institutional capital accordingly.
The total capitalization of the cryptocurrency market has reached $1.1 trillion. The Bitcoin dominance index rose to 37.4%.
On September 6, the Ethereum team activated the Bellatrix update as per the previously announced plan. The upgrade is the last step before migrating the mainnet to the Proof-of-Stake (PoS) algorithm. Completion of the merge is scheduled for September 15. The previous day, 73% of Ethereum nodes signaled that they are ready to switch to PoS. Because of this, there has been an increase in missed blocks.
At the same time, DeFi protocols that provide lending services have voted to limit or stop Ethereum borrowing altogether, as they are used to generate potential fork tokens.
The situation is fraught with other problems – a high debt ratio hinders liquidation. This increases the likelihood of the protocol failing and also increases the rate divergence, making recursive stETH/ETH positions unprofitable. Something similar happened in the largest pool of Curve protocol – the stETH/ETH ratio dropped again to $0.95.
Leading decentralized exchange Uniswap has announced that their protocol will not support any Proof-of-Work Ethereum fork after The Merge.
Starting September 29, the Binance cryptocurrency exchange will automatically start converting USDC, USDP and TUSD stablecoins in user balances to BUSD at a 1:1 ratio. This is due to the desire to increase liquidity and capital efficiency for clients.
The changes will affect almost all functions and services of the platform – staking, spot, futures, Binance Pay, lending, etc.
Evgeny Gaevoy, founder of market maker Wintermute, saw a decline in USDT market share in the venture and a positive risk to the segment. According to him, such a measure would lead to a concentration of liquidity not in different ones, but in one “stablecoin”. Jeremy Allaire, CEO of USDC co-issuer Circle, joins Gaevoy’s position.
Ethereum Classic (ETC) hash rate reached a record level of 46 TH/s before Merge activation. For comparison, the computing power of the Ethereum (ETH) network is 910 TH/s, which is about 19 times higher.
Mining revenue per hash price is also higher for Ethereum – 95%. However, the upcoming The Merge update also has a positive impact on the ETC rate – the cryptocurrency showed the best growth (around 20%) among the top 20 assets in a week.
Ethereum Classic also received criticism this week from Cardano founder Charles Hoskinson. Second, he called blockchain a “dead project”.
On September 5, attackers hacked the Twitter account of accounting firm PwC Venezuela to promote a fake XRP gift on behalf of Ripple CEO Brad Garlinghouse. Eight hours after the incident, management was able to restore access to the page and remove the phishing links.
On September 7, the day the iPhone 14 was introduced, unknowns began the broadcast of an old interview with Apple CEO Tim Cook, attempting to steal cryptocurrencies under the guise of hijacking. They also added the bitcoin and ethereum logos and the “Breaking News” banner to the video feed. Currently, the viewership of the broadcast has reached 70,000 people, but the actual number of victims of fraud is not sought.
On the same day, Avalanche-backed DeFi platform Nereus Finance was fortified with a $51 million USDC flash loan. According to CertiK, the hacker’s loot was approximately 370,000 USDC.
On September 8, hackers hijacked The Sandbox metaverse’s Instagram account and placed a phishing link in its description. The number of victims and stolen assets was not reported.
At the same time, law enforcement, with the help of Chainalysis, an analytical blockchain company, arrested more than $30 million in cryptocurrencies stolen during the Ronin sidechain attack in March.
On September 4, an unknown person moved another 5,000 BTC, which entered the Kraken exchange. The user purchased their coins at a price of about $660 per 1 BTC in 2013.
Bitcoins are withdrawn as a result of internal transfers to wallets associated with Mt. Some facts indicate that these most likely belonged to the creator of the exchange, Jed McCaleb. Information about his assets was indirectly confirmed by the new owner of the platform, Mark Karpeles.
Poolin mining pool is facing liquidity shortage, but user funds are safe. Since August, users have been complaining about problems with withdrawals from wallets on the platform. The support service said this was due to risk management and that the storage and mining services work independently of each other.
Former BitMEX bitcoin exchange CEO Arthur Hayes allowed Ethereum prices to surge to $3,000 after the mainnet of the capitalized second-largest cryptocurrency switched to the PoS algorithm.
According to him, the decrease in the number of ETH will be a strong driver for the growth of the asset price. Hayes described the development of the DeFi segment as another factor in the increase in Ethereum demand.
Also on ForkLog:
Bitcoin dominance fell below 40% – to the level of 2022 and early 2018, with the Maker community worried about the threat of blocking DAI collateral, revenue for Bitcoin and Ethereum miners increased by 12% and 22% respectively. We analyzed the main events of August in the monthly report.
The educational cards explained what mining is, the RSI token, the Stellar blockchain, sidechains and spirit-linked tokens.
In traditional recaps, we’ve gathered the week’s main events in the areas of cybersecurity and artificial intelligence.
The decentralized finance (DeFi) sector continues to attract increasing attention from crypto investors. ForkLog has gathered the most important events and news of the last weeks into a summary.
Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
