The latest news on cryptocurrencies, blockchain and Defi

Ethereum developers performed the third and final merger on testnet Goerly. At around 9:50 pm on Thursday, the developers simulated the Goerli merger and switched from the PoW consensus mode (proof of work) to PoS consent (proof of participation). To do this, they had to “merge” Goerli’s code with its PoS-based fork called Prater. With Goerli’s trial union completed, the team has now completed all dress rehearsals for the upcoming merger. According to the official timeline decided by the Ethereum developer team, the next step will be to perform the full merger on the main network.

Source: Adobe

Following this latest successful test, Ethereum founder Vitalik Buterin announced that the transition will finally take place around September 15, 2022.

While the exact date may still be subject to change, the successes of the various testnet mergers could be a promising sign that the Ethereum mainnet will smoothly transition to Proof-of-Stake (PoS) consensus next month. Before the merger can be completed, the fork Bellatrix needs to be done, which will implement the software customers need to make the consent level work. This operation is scheduled for September 6, approximately 10 days before the merger. Certainly, apart from a last minute change, with the terminal difficulty set at 5875 trillion, Ethereum’s POW network now has a fixed number of hashes to process.

We will participate in bifurcation undisputed? Some actors intend to go in the opposite direction. There are growing rumors that some Ether miners, many of whom depend on the revenue generated from the rewards of PoW blocks, will continue to use the original PoW version of Ethereum to maintain their earning potential. Cryptocurrency miner and investor Chandler Guo especially leads the charge for miners forked the Ethereum network to create an Ethereum PoW (ETHW) chain. Guo seems to think there is enough room in the industry for two types of Ethereum to exist and has retweeted a number of reviews to support this notion. He has promised to release the code needed to fork ETH PoW that bypasses the difficulty bomb, a mechanism that drastically reduces the block reward for miners to dissuade them from attempting to produce more blocks (thus forcing a migration to the channel. proof of participation). The difficulty bomb will immediately precede the union of the main network. Since it is obviously possible to speculate on anything, the future value of an ETHW token is already negotiated. It went up to $ 150 and stands at $ 62.20 as of this writing.

Galaxy Digital created another earthquake in the cryptocurrency industry in an already eventful quarter. The firm run by billionaire Mike Novogratz announced Monday that it would end the deal it had offered to buy cryptocurrency keeper BitGo for $ 1.2 billion. According to Galaxy, the company has exercised its right to terminate the previously announced acquisition agreement “following BitGo’s failure to deliver, by July 31, 2022, certified financial statements for 2021 that meet the requirements of our agreement.” . It’s hard not to see parallels with Elon Musk’s recent turnaround and Twitter network purchase. This transaction was announced in May 2021, in a completely different market environment. It is entirely possible that what looked attractive 15 months ago was now a burden on the company, which was therefore looking for a way out. If Galaxy has announced that there are no exit fees, BitGo does not intend to stop there. The custodian of the estate has announced that he will seek compensation of $ 100 million or more from the investment company for having concluded an agreement to acquire it. According to BitGo, the merger deal would only expire at the end of this year. He hired the Quinn Emanuel law firm to sue Galaxy Digital. “Galaxy is known to have made a loss of $ 550 million in the last quarter, its shares are underperforming and both Galaxy and Novogratz were distracted by the Luna fiasco,” said R. Brian Timmons, a Quinn Emanuel partner, in a statement Monday. “Either Galaxy owes BitGo $ 100 million in termination compensation as promised, or it has acted in bad faith and faces damages of equivalent or greater amount.”

Almost five years ago, in September 2017, JPMorgan CEO Jamie Dimon publicly stated that he would fire any trader in the company who traded “the fraud that is bitcoin.” Today, bitcoin and cryptocurrencies in general have become a multi-billion dollar revenue stream for JPMorgan, which now has a research team dedicated to this space. While JPMorgan’s industry approval is crystal clear today, what is less remembered is that the world’s largest wealth manager simultaneously claimed that bitcoin was “the money laundering index.”

“If you can’t beat them, join them” goes the popular proverb. Blackrock announced in a blog post Thursday the launch of a new private bitcoin trust. BlackRock said: “Bitcoin is the oldest, largest and most liquid cryptocurrency and is currently the main focus of our clients in the cryptocurrency space. […] BlackRock is committed to providing clients with access to their choice of investment opportunities and has launched a private bitcoin spot trust. the confidence is available to US institutional clients and seeks to track bitcoin’s performance minus the expenses and liabilities of the confidence“. If we have been talking about the rise of institutional investment for years, there can be no clearer manifestation of Blackrock’s arrival. As former Grayscale CEO Barry Silbert commented,” Here comes Wall Street … “.

According to the Financial Times, during the last few months of Celsius’ “normal” operation, CEO Alex Mashinsky “took control” of the strategy of business of the company since January rumors announced that the US Federal Reserve was planning to raise interest rates. The man allegedly ordered the sale of “hundreds of millions of dollars” of BTC all at once, before buying them back at a loss less than 24 hours later. The outlet quoted a person familiar with the matter, who said the Celsius CEO “is convinced of the magnitude of the market downturn” and wants staff to “start reducing risk” by any means possible sooner. of the Fed meeting. The Celsius network has certainly been on a slippery slope since filing for bankruptcy in July. Recently filed court documents reveal that Celsius will run out of money by October. Filing Sunday in the United States Bankruptcy Court for the Southern District of New York, Celsius pointed out that it is expected to reach negative liquidity by October 2022, in the amount of approximately $ 34 million. However, speculators seem to remain perpetually optimistic. The price of the CEL token reached $ 4.74 this week, after dropping as low as $ 0.09.

Despite the current bear market, bitcoin has recently set new highs. According to data from Glassnode, bitcoin now has more than 1 billion unique addresses participating in transactions, which is the new all-time high for the asset. This figure is even more impressive when compared to the 158 million and 148 million unique addresses participating in Ethereum and Litecoin transactions respectively. Another highlight of bitcoin is that its network is estimated to have traded around $ 62 trillion in BTC over the past 12 months.

In the short term, we are looking at both the 30-day and 200-week moving averages for bitcoin, with both indicators pointing to the $ 23,200- $ 23,000 area. It is important to stay north of these levels to hope for a true $ 25,000 test, as the obvious resistance could not be broken during the week, despite the strength of the US equity markets.

This article was offered to you by Fonds Rivemont. The Rivemont cryptocurrency fund is the first and only actively managed cryptocurrency fund in Canada. Suitable for RRSP and TFSA. Accredited investors can find out more here.

Disclaimer: This column does not necessarily reflect the opinion of CryptonewsFR and does not constitute investment advice or trading instructions..

Follow our affiliate links:

  • To buy cryptocurrencies in the SEPA zone, in Europe and French citizensvisit Coinhouse
  • To buy cryptocurrency in Canadavisit Bitbuy
  • To generate interest with your bitcoinsgo to the BlockFi website
  • To protect or store your cryptocurrenciesyou get Ledger or Trezor wallets
  • To trade your cryptocurrencies anonymouslyinstall the NordVPN app

To invest in cryptocurrency mining or masternodes:

To accumulate coins while playing:

  • In poker on the CoinPoker gaming platform
  • To a global fantasy football on the Sorare platform

Stay informed with our free weekly newsletter and to our social networks:

Leave a Comment