Ethereum (ETH) has activated The Merge and shifted to Proof of Stake (PoS)!
Ethereum $ETH has activated The Merge and transactions are now being processed under Proof of Stake. The first epoch was finalized at 6:59 AM UTC today. The Merge has been in development since 2020, and represents the official switch to using the PoS Beacon Chain for block production. This reduces Ethereum's energy consumption by more than 99%. The Merge will also reduce Ethereum’s issuance of $ETH by roughly 90%.
Ethereum $ETH has activated The Merge and transactions are now being processed under Proof of Stake. The first epoch was finalized at 6:59 AM UTC today. The Merge has been in development since 2020, and represents the official switch to using the PoS Beacon Chain for block production. This reduces Ethereum's energy consumption by more than 99%. The Merge will also reduce Ethereum’s issuance of $ETH by roughly 90%.
The Ethereum Merge is complete. Proof-of-Stake is live
Good thing: the Merge hasn't imploded the market
Bad thing: we kinda lost the last bullish narrative we had
© Ethereum Merge ✔️
Good thing: the Merge hasn't imploded the market
Bad thing: we kinda lost the last bullish narrative we had
© Ethereum Merge ✔️
ETH Quick Take:
🔸 ETH is currently not looking good on the Daily Chart. It looks like the price is forming a big Head and Shoulder pattern (Bearish) which could play at no particular time.
🔸 The recent volume bar has a bearish engulfing as well. This shows that sellers are dominating the current move.
🔸 The 1,800-1,700 are still the crucial resistance zones for ETH to reclaim.
If ETH continues to move downward, the next support sits at 1,276 area. And the measured drop for the H&S pattern is at 1000$ zones.
🔸 Always manage your risk, the market is still uncertain until a clear bullish breakout is confirmed
© Ethereum Merge ✔️
🔸 ETH is currently not looking good on the Daily Chart. It looks like the price is forming a big Head and Shoulder pattern (Bearish) which could play at no particular time.
🔸 The recent volume bar has a bearish engulfing as well. This shows that sellers are dominating the current move.
🔸 The 1,800-1,700 are still the crucial resistance zones for ETH to reclaim.
If ETH continues to move downward, the next support sits at 1,276 area. And the measured drop for the H&S pattern is at 1000$ zones.
🔸 Always manage your risk, the market is still uncertain until a clear bullish breakout is confirmed
© Ethereum Merge ✔️
📣 Ethereum could face SEC scrutiny after The Merge.
Ethereum’s shift from proof of work to proof of stake may cause the Securities and Exchange Commission to take a closer look at regulating the cryptocurrency as a security, Chair Gary Gensler hinted on Thursday.
Gensler’s comments came hours after Ethereum’s big shift, known as The Merge, took place. The SEC chair mentioned the Howey test, a tool regulators use to determine whether an asset is a security, when he spoke with reporters after a Senate hearing.
“From the coin’s perspective…that’s another indicia that under the Howey test, the investing public is anticipating profits based on the efforts of others,” Gensler said, according to The Wall Street Journal. He noted he was not referring to a specific cryptocurrency.
Ethereum’s shift from proof of work to proof of stake may cause the Securities and Exchange Commission to take a closer look at regulating the cryptocurrency as a security, Chair Gary Gensler hinted on Thursday.
Gensler’s comments came hours after Ethereum’s big shift, known as The Merge, took place. The SEC chair mentioned the Howey test, a tool regulators use to determine whether an asset is a security, when he spoke with reporters after a Senate hearing.
“From the coin’s perspective…that’s another indicia that under the Howey test, the investing public is anticipating profits based on the efforts of others,” Gensler said, according to The Wall Street Journal. He noted he was not referring to a specific cryptocurrency.
Someone Paid $60K (36 ETH) in Fees to Mint the First NFT on Ethereum After The Merge
Someone paid a whopping 36 ETH to make history by minting the very first NFT on Ethereum after its transition to proof-of-stake. The Ethereum network went through its largest upgrade in history, transitioning to a Proof-of-Stake consensus algorithm. Immediately after that, users are finding clever ways to commemorate the event and to become part of history.
Minted at block height 15537394, the image itself represents a panda face and is called “The Transition.”.There’s a certain irony in the fact that someone paid so much to mint an NFT, but it’s also important to note that the Merge itself doesn’t do much to decrease gas fees on Ethereum’s network. The Merge has changed the overall consensus algorithm and doesn’t expand the network capacity – this is why it won’t significantly reduce the gas fees.
© Ethereum Merge ✔️
Someone paid a whopping 36 ETH to make history by minting the very first NFT on Ethereum after its transition to proof-of-stake. The Ethereum network went through its largest upgrade in history, transitioning to a Proof-of-Stake consensus algorithm. Immediately after that, users are finding clever ways to commemorate the event and to become part of history.
Minted at block height 15537394, the image itself represents a panda face and is called “The Transition.”.There’s a certain irony in the fact that someone paid so much to mint an NFT, but it’s also important to note that the Merge itself doesn’t do much to decrease gas fees on Ethereum’s network. The Merge has changed the overall consensus algorithm and doesn’t expand the network capacity – this is why it won’t significantly reduce the gas fees.
© Ethereum Merge ✔️
📈 Market Overview.
Bitcoin attempted to violate local lows on September 16 as the latest cross-crypto downtrend intensified. Bitcoin exchanges have seen huge volumes this month as price declines lead to renewed interest in trading. Data from Cryptorank.io showed BTC approaching $19,800 at the time of writing, with buyer support just avoiding a further drop.
The Top-10 cryptocurrencies are traded in different directions: XRPL +7.57%, Cardano +1.27%, Ethereum -2.85%.
Market capitalization: $1.01T (-0.25%)
The BTC dominance: 37.51% (+0.79%)
Fear & Greed Index: 22 (Extreme Fear)
ETH | BTC & ALTCOIN News
Bitcoin attempted to violate local lows on September 16 as the latest cross-crypto downtrend intensified. Bitcoin exchanges have seen huge volumes this month as price declines lead to renewed interest in trading. Data from Cryptorank.io showed BTC approaching $19,800 at the time of writing, with buyer support just avoiding a further drop.
The Top-10 cryptocurrencies are traded in different directions: XRPL +7.57%, Cardano +1.27%, Ethereum -2.85%.
Market capitalization: $1.01T (-0.25%)
The BTC dominance: 37.51% (+0.79%)
Fear & Greed Index: 22 (Extreme Fear)
ETH | BTC & ALTCOIN News
🟠 Binance accounting bug leads to $20m misallocation of $HNT tokens.
An accounting bug at Binance has led to a windfall in Helium Network’s native HNT token for some users and shouldered the world’s largest crypto exchange with a multimillion-dollar shortfall, according to people familiar with the matter.
Binance is down some 4.8 million HNT tokens that were erroneously disbursed to users, many of whom quickly sold the tokens for profit, the people said. At Friday’s prices those assets were worth about $19 million.
ETH | BTC & ALTCOIN News
An accounting bug at Binance has led to a windfall in Helium Network’s native HNT token for some users and shouldered the world’s largest crypto exchange with a multimillion-dollar shortfall, according to people familiar with the matter.
Binance is down some 4.8 million HNT tokens that were erroneously disbursed to users, many of whom quickly sold the tokens for profit, the people said. At Friday’s prices those assets were worth about $19 million.
ETH | BTC & ALTCOIN News
Bitcoin’s correlation with bonds and equities rises in September
Bitcoin’s correlation with both bonds and equities has resumed its increase in September after declining over the summer. Inflation uncertainty coupled with Fed tightening has resulted in a historical decline in both risk and fixed-income assets, challenging traditional asset allocation approaches. The iShares Aggregate Bonds ETF, which tracks the U.S. investment-grade bond market, declined by 12% YTD, the Nasdaq 100 lost 28% of its value while Bitcoin is down over 50%. Recent research shows that persistently high and more volatile core inflation could be among the explanations for the positive correlation between bonds and risk assets over the past months, as inflation negatively impacts all asset classes.
Bitcoin’s correlation with both bonds and equities has resumed its increase in September after declining over the summer. Inflation uncertainty coupled with Fed tightening has resulted in a historical decline in both risk and fixed-income assets, challenging traditional asset allocation approaches. The iShares Aggregate Bonds ETF, which tracks the U.S. investment-grade bond market, declined by 12% YTD, the Nasdaq 100 lost 28% of its value while Bitcoin is down over 50%. Recent research shows that persistently high and more volatile core inflation could be among the explanations for the positive correlation between bonds and risk assets over the past months, as inflation negatively impacts all asset classes.
In the last 24 hours, more than 88,000 traders have been liquidated, totaling more than $335 million🤯
BTC reached 18,126 at night and is now trading at 19,100. Overall, the market remains bearish. My guess is that we might see the bitcoin at 17,500 again, and maybe it will find the next support there. And what are you doing now? Buying? Or are you waiting below?
BTC reached 18,126 at night and is now trading at 19,100. Overall, the market remains bearish. My guess is that we might see the bitcoin at 17,500 again, and maybe it will find the next support there. And what are you doing now? Buying? Or are you waiting below?
📈 Market Overview.
After a significant drop on September 21 due to the Fed rate hike, Bitcoin (as well as a broader market) managed to recover and rise above $19,000. Bitcoin is currently trading around $19,291, which represents a +2.70% increase over the past 24 hours.
The Top-10 cryptocurrencies are traded in green zone: XRPL +28.9%, Dogecoin +6.6%, Cardano +5.6%.
Market capitalization: $999B (+3.7%)
The BTC dominance: 37.08% (-0.73%)
Fear & Greed Index: 20 (Extreme Fear)
After a significant drop on September 21 due to the Fed rate hike, Bitcoin (as well as a broader market) managed to recover and rise above $19,000. Bitcoin is currently trading around $19,291, which represents a +2.70% increase over the past 24 hours.
The Top-10 cryptocurrencies are traded in green zone: XRPL +28.9%, Dogecoin +6.6%, Cardano +5.6%.
Market capitalization: $999B (+3.7%)
The BTC dominance: 37.08% (-0.73%)
Fear & Greed Index: 20 (Extreme Fear)