FTX Will Pause Ethereum Trades for the ETH Merge
The first confirmation of zero downtime elicited mixed reactions from Ethereum developers, with many calling it a “disaster” and arguing that it was the FTX’s responsibility to maintain Ether (ETH) on all blockchains until the September upgrade was complete. FTX action of suspending Ether deposits and withdraws was to safeguard users from losing their assets during the high-risk fork. Ethereum developers designed the Merge for a smooth Proof-of-Stake (PoS) transition with zero downtime by considering the total terminal difficulty (TTD). This will ensure that the transition is based on the total mining power used to build up the blockchain.
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The first confirmation of zero downtime elicited mixed reactions from Ethereum developers, with many calling it a “disaster” and arguing that it was the FTX’s responsibility to maintain Ether (ETH) on all blockchains until the September upgrade was complete. FTX action of suspending Ether deposits and withdraws was to safeguard users from losing their assets during the high-risk fork. Ethereum developers designed the Merge for a smooth Proof-of-Stake (PoS) transition with zero downtime by considering the total terminal difficulty (TTD). This will ensure that the transition is based on the total mining power used to build up the blockchain.
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UK elects crypto-friendly Liz Truss as new prime minister
Liz Truss is set to become the United Kingdom’s next prime minister after winning the election to replace Boris Johnson as Conservative Party leader. It is quite possible that Ms. Truss’s response to the cost of living crisis, which she vowed to implement within days of assuming office, will define both her premiership and her prospects of earning a mandate of her own at the subsequent general election. Interestingly, those in the cryptocurrency space are interested in how Britain’s new prime minister will deal with cryptocurrencies. In 2018 she tweeted that ‘we need to accept cryptocurrencies’ in a manner that does not limit their potential and liberate free enterprise by eliminating rules that hinder prosperity.
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Liz Truss is set to become the United Kingdom’s next prime minister after winning the election to replace Boris Johnson as Conservative Party leader. It is quite possible that Ms. Truss’s response to the cost of living crisis, which she vowed to implement within days of assuming office, will define both her premiership and her prospects of earning a mandate of her own at the subsequent general election. Interestingly, those in the cryptocurrency space are interested in how Britain’s new prime minister will deal with cryptocurrencies. In 2018 she tweeted that ‘we need to accept cryptocurrencies’ in a manner that does not limit their potential and liberate free enterprise by eliminating rules that hinder prosperity.
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Payment firm Wise rules out crypto remittances support citing high costs
British-based fintech firm Wise British-based fintech firm Wise has ruled out the possibility of facilitating cross-border crypto remittance, citing high costs for now. The payments platform, however, noted that cryptocurrencies come with additional advantages like speeding up the money transfer process but stated that it’s avoiding the costs of exchanging money. In this line, Barreiro noted that Wise is also exploring the Latin America region for the crypto option while singling out the vibrant digital assets market in the area. At the moment, Wise only allows users to purchase cryptocurrencies using funds in their accounts.
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British-based fintech firm Wise British-based fintech firm Wise has ruled out the possibility of facilitating cross-border crypto remittance, citing high costs for now. The payments platform, however, noted that cryptocurrencies come with additional advantages like speeding up the money transfer process but stated that it’s avoiding the costs of exchanging money. In this line, Barreiro noted that Wise is also exploring the Latin America region for the crypto option while singling out the vibrant digital assets market in the area. At the moment, Wise only allows users to purchase cryptocurrencies using funds in their accounts.
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Russia to reportedly consider crypto use for international payments
Russia’s central bank has revealed that the country could re-consider using crypto for international payments, local news agency TASS reported on Sept. 5. According to the report, Russia’s Deputy Finance Minister Alexei Moiseev said the apex bank and the finance ministry could legalize crypto payments soon. Russia has faced increased scrutiny and sanctions from western countries over its Ukraine invasion. The sanctions birthed talks of the possibility of Russia using crypto to evade these sanctions, but stakeholders in the crypto industry have insisted that this is not possible.
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Russia’s central bank has revealed that the country could re-consider using crypto for international payments, local news agency TASS reported on Sept. 5. According to the report, Russia’s Deputy Finance Minister Alexei Moiseev said the apex bank and the finance ministry could legalize crypto payments soon. Russia has faced increased scrutiny and sanctions from western countries over its Ukraine invasion. The sanctions birthed talks of the possibility of Russia using crypto to evade these sanctions, but stakeholders in the crypto industry have insisted that this is not possible.
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Cardano Creator Calls Ethereum Classic Dead Project
A rare day goes by in the crypto space without feuds between Cardano;s head and founder Charles Hoskinson and people who oppose him. Today was no exception, when, in response to accusations of a miner tax for ETC miners, Hoskinson made some loud statements regarding the entire Ethereum Classic project. The crypto enthusiast, who was recently a member of the Board of the ETC Cooperative, said that what some perceived as a tax should have been a sustainable development fund Ethereum Classic.
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A rare day goes by in the crypto space without feuds between Cardano;s head and founder Charles Hoskinson and people who oppose him. Today was no exception, when, in response to accusations of a miner tax for ETC miners, Hoskinson made some loud statements regarding the entire Ethereum Classic project. The crypto enthusiast, who was recently a member of the Board of the ETC Cooperative, said that what some perceived as a tax should have been a sustainable development fund Ethereum Classic.
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Almost half of Shiba Inu’s initial circulating token supply has been burned
Since its launch in August 2020, Shiba Inu has been burned in a bid to cut its 1 quadrillion circulating supply. The milestone half way point is fast approaching. Since the start of September, 329.8 million Shiba Inu tokens have been burned, according to shiba-burn-tracker.com. Shiba Inu tokens are burned on multiple occasions daily to tackle the issue of oversupply. Over the last 30 days, the most significant daily burn totaled 455,699,414 SHIB on Aug. 31. Shiba Inu’s initial supply was just short of 1 quadrillion tokens, which hinders the ability of capital inflow to impact the token price positively. The Shiba Inu community has its sights set on a ;0.01 token price.
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Since its launch in August 2020, Shiba Inu has been burned in a bid to cut its 1 quadrillion circulating supply. The milestone half way point is fast approaching. Since the start of September, 329.8 million Shiba Inu tokens have been burned, according to shiba-burn-tracker.com. Shiba Inu tokens are burned on multiple occasions daily to tackle the issue of oversupply. Over the last 30 days, the most significant daily burn totaled 455,699,414 SHIB on Aug. 31. Shiba Inu’s initial supply was just short of 1 quadrillion tokens, which hinders the ability of capital inflow to impact the token price positively. The Shiba Inu community has its sights set on a ;0.01 token price.
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Bellatrix upgrade goes live, sets stage for Ethereum’s Merge
The Bellatrix hard fork has just been activate on the Beacon chain and now only the Paris event remains before Ethereum;s switch to proof-of-stake. The Bellatrix upgrade was activated at epoch 144896 on the Beacon Chain and is now live. The Paris upgrade is next, and once activated, it will complete the Ethereum network’s transition to the proof-of-stake system. Earlier in the day, Ethereum co-founder Vitalik Buterin announced on Twitter that the Merge will be triggered between Sept. 13 to Sept. 15. Each Ethereum node is run on two layers, the consensus layer (‘C layer’) and the proof-of-work (PoS) layer — currently the main network — which communicates via an Application Programming Interface.
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The Bellatrix hard fork has just been activate on the Beacon chain and now only the Paris event remains before Ethereum;s switch to proof-of-stake. The Bellatrix upgrade was activated at epoch 144896 on the Beacon Chain and is now live. The Paris upgrade is next, and once activated, it will complete the Ethereum network’s transition to the proof-of-stake system. Earlier in the day, Ethereum co-founder Vitalik Buterin announced on Twitter that the Merge will be triggered between Sept. 13 to Sept. 15. Each Ethereum node is run on two layers, the consensus layer (‘C layer’) and the proof-of-work (PoS) layer — currently the main network — which communicates via an Application Programming Interface.
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Bitcoin exchange inflows sink to multi-year lows
Exchange flow metrics are used to assess investor sentiment and behavior. Inflows into exchanges usually denote token holders cashing out profits. Whereas outflows typically relate to holders moving tokens off exchanges for long-term storage. Both inflows and outflows have tapered off significantly from November 2021 market highs. Exchange inflow and outflow show the total amount of Bitcoin transferred to and from exchange wallets in USD. The chart below shows that over a 30-day moving average, inflows have exceeded outflows consistently since mid-2017.
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Exchange flow metrics are used to assess investor sentiment and behavior. Inflows into exchanges usually denote token holders cashing out profits. Whereas outflows typically relate to holders moving tokens off exchanges for long-term storage. Both inflows and outflows have tapered off significantly from November 2021 market highs. Exchange inflow and outflow show the total amount of Bitcoin transferred to and from exchange wallets in USD. The chart below shows that over a 30-day moving average, inflows have exceeded outflows consistently since mid-2017.
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Bitcoin Crashes to 6-Week Lows as Crypto Markets Shed ;60 Billion
The crypto market cap saw ;60 billion gone daily as bitcoin slumped to a 6-week low while ETH plummeted by nearly 10%. Yesterday’s brief price pump was short-lived as bitcoin reversed its trajectory and slumped below ;19,000 to mark a multi-week low. The alternative coins, many of which registered impressive increases yesterday. Ever since bitcoin lost the coveted ;20,000 line at the end of last month, the asset had remained relatively quiet, with a few unsuccessful attempts to reclaim that level. The latest such example came yesterday when BTC pumped to a daily high of ;20,300.
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The crypto market cap saw ;60 billion gone daily as bitcoin slumped to a 6-week low while ETH plummeted by nearly 10%. Yesterday’s brief price pump was short-lived as bitcoin reversed its trajectory and slumped below ;19,000 to mark a multi-week low. The alternative coins, many of which registered impressive increases yesterday. Ever since bitcoin lost the coveted ;20,000 line at the end of last month, the asset had remained relatively quiet, with a few unsuccessful attempts to reclaim that level. The latest such example came yesterday when BTC pumped to a daily high of ;20,300.
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47% of Bitcoin holders remain in profit despite BTC’s 60% price drop in 2022
A significant share of Bitcoin (BTC) investors have recorded losses as the flagship cryptocurrency’s price continues to correct further below the crucial ;20,000 level. However, despite some investors nursing the pain of the ongoing crash, data indicates that a big share of holders are still in profit. September 7, 47% of Bitcoin holders remain in profit at the current price while the majority at 52% are in a loss. The number of holders in profit can be considered significant, considering Bitcoin has corrected by about 59.95% in 2022. At the same time, Bitcoin is trading almost 70% from all-time high value of almost ;68,000 in late 2021.
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A significant share of Bitcoin (BTC) investors have recorded losses as the flagship cryptocurrency’s price continues to correct further below the crucial ;20,000 level. However, despite some investors nursing the pain of the ongoing crash, data indicates that a big share of holders are still in profit. September 7, 47% of Bitcoin holders remain in profit at the current price while the majority at 52% are in a loss. The number of holders in profit can be considered significant, considering Bitcoin has corrected by about 59.95% in 2022. At the same time, Bitcoin is trading almost 70% from all-time high value of almost ;68,000 in late 2021.
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Core Scientific Sold Over 1,100 BTC in August for ;26 Million
US crypto miner Core Scientific produced 1,334 BTC in August and sold 1,125 BTC of that amount for around ;26 million. The Texas-based cryptocurrency mining firm – Core Scientific – produced 1,334 BTC in August and sold 1,125 BTC of that stash for approximately ;25.9 million. In June this year, when the crypto market and bitcoin particularly dipped to record lows in years, Core Scientific parted with over 7,000 BTC for around ;167 million. Production was also on a high level. Last month, Core Scientific mined 1,334 BTC thanks to the deployment of approximately 17,000 new servers. Additional 43,000 self-mining ASIC servers are expected to reinforce the company’s operations before the end of 2022.
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US crypto miner Core Scientific produced 1,334 BTC in August and sold 1,125 BTC of that amount for around ;26 million. The Texas-based cryptocurrency mining firm – Core Scientific – produced 1,334 BTC in August and sold 1,125 BTC of that stash for approximately ;25.9 million. In June this year, when the crypto market and bitcoin particularly dipped to record lows in years, Core Scientific parted with over 7,000 BTC for around ;167 million. Production was also on a high level. Last month, Core Scientific mined 1,334 BTC thanks to the deployment of approximately 17,000 new servers. Additional 43,000 self-mining ASIC servers are expected to reinforce the company’s operations before the end of 2022.
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Law Firms Request Disqualification of Roche Freedman From Tether-Bitfinex Case
Roche Freedman’s troubles do not appear to be dying out anytime soon. After one of its Founding Partner – Kyle Roche – made some astonishing claims in an inebriated state, two other law firms – Kirby McInerney LLP (Kirby) and Radice Law Firm, P.C. (Radice) – submitted a document this week to the court to remove the company as interim co-lead from the Tether and Bitfinex Crypto Asset Litigation. Kirby and Radice are also representing three plaintiffs in the case that alleged stablecoin issuer – Tether – and cryptocurrency exchange – Bitfinex – manipulated the market by issuing unbacked USDT.
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Roche Freedman’s troubles do not appear to be dying out anytime soon. After one of its Founding Partner – Kyle Roche – made some astonishing claims in an inebriated state, two other law firms – Kirby McInerney LLP (Kirby) and Radice Law Firm, P.C. (Radice) – submitted a document this week to the court to remove the company as interim co-lead from the Tether and Bitfinex Crypto Asset Litigation. Kirby and Radice are also representing three plaintiffs in the case that alleged stablecoin issuer – Tether – and cryptocurrency exchange – Bitfinex – manipulated the market by issuing unbacked USDT.
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Ripple adviser teases ’more CBDC announcements in the next few weeks’
Ripple may soon unveil positive developments in its central bank digital currency (CBDC) projects, following hints from Ripple CBDC adviser Antony Welfare of more announcements to come. Crypto influencer Sentosumosaba shared on Twitter on Tuesday that Ripple was in the midst of several CBDC pilot programs, including one in Bhutan and the other in Palau. Ripple’s senior adviser Welfare, who handles CBDC Europe and global partnerships, responded on the same thread, teasing there could be “more CBDC announcements” in the “next few weeks.”.
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Ripple may soon unveil positive developments in its central bank digital currency (CBDC) projects, following hints from Ripple CBDC adviser Antony Welfare of more announcements to come. Crypto influencer Sentosumosaba shared on Twitter on Tuesday that Ripple was in the midst of several CBDC pilot programs, including one in Bhutan and the other in Palau. Ripple’s senior adviser Welfare, who handles CBDC Europe and global partnerships, responded on the same thread, teasing there could be “more CBDC announcements” in the “next few weeks.”.
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Ethereum Soars Above ;1.6K Leaving Over ;100 Million Liquidated in a Day
Over ;100 million ETH leveraged positions were liquidated in the past 24 hours as the cryptocurrency stages a recovery. It’s been a wild ride on Ethereum markets over the past 24 hours as the cryptocurrency went through considerable volatility. This caused a wave of liquidations across leveraged ETH positions. Data from Coinglass reveals that the past 24 hours saw almost ;200 million in total liquidations.
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Over ;100 million ETH leveraged positions were liquidated in the past 24 hours as the cryptocurrency stages a recovery. It’s been a wild ride on Ethereum markets over the past 24 hours as the cryptocurrency went through considerable volatility. This caused a wave of liquidations across leveraged ETH positions. Data from Coinglass reveals that the past 24 hours saw almost ;200 million in total liquidations.
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Celsius borrowers oppose US Trustee’s move to appoint internal examiner
McCarter ; English, a law firm representing four Celsius borrowers, has filed a motion asking for the appointment of a chapter 11 Trustee instead of an internal examiner from the U.S. Trustee’s office. The U.S. Trustee’s office had on Aug. 18 petitioned the court overseeing the bankruptcy process to appoint an independent examiner. A chapter 11 Trustee is appointed by the court to work on behalf of the creditors in investigating the debtor’s financial documents and managing its business until the bankruptcy process is completed. The borrowers argued that appointing a Chapter 11 Trustee would be in the best interest of all creditors and other stakeholders.
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McCarter ; English, a law firm representing four Celsius borrowers, has filed a motion asking for the appointment of a chapter 11 Trustee instead of an internal examiner from the U.S. Trustee’s office. The U.S. Trustee’s office had on Aug. 18 petitioned the court overseeing the bankruptcy process to appoint an independent examiner. A chapter 11 Trustee is appointed by the court to work on behalf of the creditors in investigating the debtor’s financial documents and managing its business until the bankruptcy process is completed. The borrowers argued that appointing a Chapter 11 Trustee would be in the best interest of all creditors and other stakeholders.
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German crypto tax policy one of the best in the world
Coincub’s annual tax ranking report shows that Germany offers its residents the best tax policies in the world, while Belgium is one of the worst places to own crypto due to its high taxation. The Coincub annual report ranks countries using a scoring system obtained. A few countries have adopted a low tax rate to retain their domestic population. Germany, Italy, Switzerland, Singapore, and Slovenia made Coincub’s list of the top five countries with friendly crypto tax policies. Germany topped the list with more-friendly tax policies for residents. Residents are not required to pay capital gains tax on assets held for over a year. As a result, more residents incline to save their investments in traditional savings accounts instead of spending outrightly. Gemini’s friendly tax policy has helped the country remain on the frontline of crypto adoption.
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Coincub’s annual tax ranking report shows that Germany offers its residents the best tax policies in the world, while Belgium is one of the worst places to own crypto due to its high taxation. The Coincub annual report ranks countries using a scoring system obtained. A few countries have adopted a low tax rate to retain their domestic population. Germany, Italy, Switzerland, Singapore, and Slovenia made Coincub’s list of the top five countries with friendly crypto tax policies. Germany topped the list with more-friendly tax policies for residents. Residents are not required to pay capital gains tax on assets held for over a year. As a result, more residents incline to save their investments in traditional savings accounts instead of spending outrightly. Gemini’s friendly tax policy has helped the country remain on the frontline of crypto adoption.
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Bitcoin Needs to Adopt an Upgrade Similar to Caradano’s to Survive: Charles Hoskinson
Charles Hoskinson believes that Bitcoin’s switch to a new protocol is necessary for its survival. The White House’s latest report mentions the excessive usage of energy by several industries, including cryptocurrency mining, was brought up by IOG CEO Charles Hoskinson. He went on to say that the paper. Cardano protocol, Ofelimous, could help Bitcoin to avoid the regulator’s ire and survive as a cryptocurrency. For the uninitiated, Ofelimous is a proof-of-useful-work (PoUW) protocol, and its main purpose is to minimize the carbon footprint of PoW chains, such as Bitcoin. Given the adoption scale of the digital asset space, Hoskinson believes carbon scoring of crypto mining by authorities across the world is inevitable.
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Charles Hoskinson believes that Bitcoin’s switch to a new protocol is necessary for its survival. The White House’s latest report mentions the excessive usage of energy by several industries, including cryptocurrency mining, was brought up by IOG CEO Charles Hoskinson. He went on to say that the paper. Cardano protocol, Ofelimous, could help Bitcoin to avoid the regulator’s ire and survive as a cryptocurrency. For the uninitiated, Ofelimous is a proof-of-useful-work (PoUW) protocol, and its main purpose is to minimize the carbon footprint of PoW chains, such as Bitcoin. Given the adoption scale of the digital asset space, Hoskinson believes carbon scoring of crypto mining by authorities across the world is inevitable.
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$TIME is the coin to choose!!!
On January 12, the high potential coin is on the ByVotes on Bybit, and on January 13, Airdrop to Time will be $120,000 💵
All users who voted for TIME are guaranteed to receive a reward.😱
As early as the end of January, the coin will be traded through the most reputable exchanges like Bitget, Huobi and it’s just the beginning.🚀
Subscribe to the channel and stay up to date!