Among the cryptocurrencies tracked by CoinMarketCap, the best performance of the week was Celsius, up 22.51%.
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Bitcoin has extended a rally amid more favorable sentiment in global markets and as traders await US inflation data and watch a fundamental update of the Ethereum blockchain. Bitcoin jumped about 10% on September 9 and 3.9% on Monday, trading above $ 22,000. The move was encouraged by a weaker dollar and as investors waited for US inflation numbers, Bloomberg writes.
Ethereum has completed a fundamental overhaul of its blockchain network, marking the cryptocurrency world’s most ambitious software update to date. The change replaced the power-hungry computers used to sort transactions on the network with a more energy-efficient setup using stacks of the network’s native token, Ether. As a result, Ethereum’s power consumption will drop by about 99%, Bloomberg writes.
Among the cryptocurrencies tracked by CoinMarketCap, the worst performance of the week was Terra Luna, down 53.30%.
Bitcoin fell more than 10%, the biggest drop since cryptocurrencies fell in June, as the sell-off in financial markets spread to the digital asset sector. Ether was down nearly 9% even as its underlying Ethereum network was about to undergo a long-awaited energy-saving software update, Bloomberg writes.
BitGo is suing Mike Novogratz’s Galaxy Digital Holdings for over $ 100 million in damages after Galaxy abandoned its planned $ 1.2 billion acquisition of the crypto custodian. The lawsuit cited Galaxy’s “unfair repudiation and willful and international violation” of the merger agreement, according to a public filing related to the case and reported by Bloomberg.
The Blockchain Association, a major cryptocurrency trading group whose members include stablecoin issuer Circle and exchanges Crypto.com and Kraken, is launching its own political action committee (PAC). The move represents another attempt by an industry under pressure to push US policy in a more cryptocurrency-friendly direction, Bloomberg writes.
US trading titans and brokerage firms are building a cryptocurrency exchange that takes digital asset investments further into the realm of traditional finance by mimicking the structure of how other asset classes trade. According to a Bloomberg report, EDX Markets will begin trading a limited number of spot crypto tokens starting with a trial period in November with an official launch in January.
Two former Citadel Securities employees are listing a cryptocurrency market company they founded with the backing of $ 50 million from venture capitalists. Portofino provides crypto liquidity to financial institutions and high net worth individuals (HNWI), trading on centralized and decentralized and over-the-counter (OTC) exchanges. It also provides advice and technical support to Web3 startups wishing to list their assets on the stock exchange, Bloomberg writes.
Clients whose savings are frozen on the insolvent crypto platform Voyager Digital will turn to a bankruptcy auction on Tuesday to find out whether they will finally get their assets back or not. Voyager users have not been able to access their cryptocurrencies since July 1, when a digital asset crash forced the company to suspend transactions, deposits and withdrawals, according to an article published by Bloomberg.
Ethermine, the largest Ethereum mining service provider by computing power, will shut down its servers for miners once the blockchain completes its historic technical update. The news comes on the eve of Ethereum’s long-awaited software revision, dubbed the merger, which will move the most used blockchain from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) one. .
Ether pushed digital assets lower after the token’s groundbreaking underlying network software update morphed into what some market watchers have called a “sell the news” event. The second largest cryptocurrency by market cap after Bitcoin fell 8.9% to $ 1,460.
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