All markets were waiting for Fed Chairman Jerome Powell’s words in Jackson Hole last week on Friday. This was to be the first official indication of future developments as, for the first time in many months, inflation was finally showing signs of slowing. More comments falcon ever by Powell, insisting on its intention to drastically raise interest rates, immediately weighed negatively on the markets. “Risk aversion has firmly returned and this has sent bitcoin below the $ 20,000 level,” wrote Edward Moya, senior market analyst at Oanda. Bitcoin has reacted in concert with other riskier assets in recent days. Since then, the cryptocurrency market has been desperate to keep its total capitalization above $ 1 trillion.
The Ethereum merger has an official launch date. The Bellatrix update, which kicks off the final countdown, is expected to go live on September 6th. The merger itself will be completed between 10 September and 20 September. Activation is scheduled for epoch 144896 on the canal Headlights, which should take place around 11:34:47 UTC. Hence, the Total Terminal Difficulty (TTD) value that will trigger the merge will be 58,750,000,000,000,000,000,000,000 Ethereum developers have hinted in previous calls pointing to September 15-16. The idea is that during this period, the difficulty level will increase to the point that, eventually, cryptocurrency mining by proof of work it will no longer be possible. Like a picture is worth a thousand words …
Remember that some industry players are proposing to change the code to undo this bomb of difficulty, which would allow recalcitrant miners to continue generating blocks on the chain. proof of workthus creating a hard fork. In this sense, the Coinbase exchange announced last week that it is considering the possibility of listing the resulting token, ETHW. “At Coinbase, our goal is to list all assets that are legal and safe to list, so as to create a level playing field for all new assets created in cryptocurrencies while continuing to protect our customers,” the company said. “If an ETH PoW fork follows [de la fusion]this asset will be scrutinized with the same rigor as any other asset listed on our stock exchange ”.
Ethermine, the largest Ethereum mining group in the world, announced yesterday the launch of a “miner pool” service for its users. This service, called Staking by Etherminewill allow users to contribute funds as low as 0.1 ETH in a huge pool of user contributions that will be collectively put into staking to create and earn new ETH on the new chain. However, this service will not be available in the United States. Once the merger has taken place, the individual validators will have to commit at least 32 ETH to start receiving rewards. Staking by Etherminethus eliminates this barrier to entry by allowing users to contribute as low as 0.1 ETH. However, nothing is free. For this service, the company will charge a scaled commission which will decrease according to the amount of ETH contributed. Users who contribute less than 32 ETH will be charged a 15% bounty.
On the Ethereum side, finally, we point out that according to Oklink data, the balance of the addresses of the Ethereum miners has exceeded 260,000 ETH with a total of 261,848 ETH for a value of over 415 million dollars at the current price. The accumulation of miners reached a new high in four years with similar levels last seen in April 2018.
The increasing accumulation of ETH by miners has been attributed to several factors, the first being the anticipation of a price increase following the upgrade. The sentiment to that effect seems decidedly leaning towards an impending bull market. Another important factor is the hard fork possible discussed above. ETH miners in favor of a hard fork to keep the PoW chain alive would receive ETHW tokens in equivalent number from their ETH balance, which could be an incentive to keep them in the short term.
Samsung is considering (again) launching its own cryptocurrency exchange in South Korea. Samsung stocks is one of seven national brokerage firms looking to start a cryptocurrency exchange in the first half of next year. Talks with local authorities to obtain a license are at an advanced stage. Samsung stocks He was also the first to launch an exchange-traded fund on the cryptocurrency sector in Asia. In short, there is no longer any doubt that the tech giant is about to join the growing cryptocurrency industry.
Anecdote that finally surprises, given that the Crypto.com platform sues a woman after sending her 10 million dollars by mistake. This woman requested a $ 100 refund from the cryptocurrency platform, but she received $ 10.5 million in error and then went on a rampage, according to reports. Specifically, she allegedly bought a luxury home worth $ 1.35 million. Two sisters from Melbourne, Australia, have been sued by the courts. Crypto.com noticed the error during an audit in December 2021. A Crypto.com employee accidentally entered an account number in the payments section and sent the money. The company has since taken legal action and the Supreme Court of Victoria has ordered the sale of the house and the return of the money.
The markets are at a key level right now. For the Nasdaq, we are in an area of past resistance which will now be tested for support. If it holds, it could allow a reversal of the week’s downtrend. If that happens, a bullish technical scenario for bitcoin could end up taking shape. The latter, in fact, seems to want to trace a double bottom, a bullish indicator when there is a break of the neck line with the volume. A convincing move to $ 25,000 would therefore pave the way for an upside of around $ 31,000.
Analysis firm Ecoinometrics also points out that whales that control between 1,000 and 10,000 BTC are starting to accumulate at these levels again. “This won’t end the bear market alone, but apparently many like bitcoin at $ 20,000.” It adds that “In this bear market, you want to take positions at your entry cost or buy a decline and wait.”
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Disclaimer: This column does not necessarily reflect the opinion of CryptonewsFR and does not constitute investment advice or trading instructions..
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