The latest price moves in crypto markets in context for Sept. 26, 2022. First Mover is our daily newsletter putting the latest moves in crypto markets in context.
CoinDesk
Ethereum Supply Slowed After Upgrade, Will It Ever Trigger Growth?
The latest upgrade on Ethereum brought many changes to the crypto network. First, the Merge will improve efficiency and make the web more scalable. Also, ETH supply is expected to be lower in the proof of stake, making it a deflationary asset.
Usually, the miner’s reward on PoW is far higher than the stakes reward on the proof of stake network. So by that, the supply should be reduced and, in a normal circumstance, make Ethereum deflationary.
The supply of ETH has increased by more than 5,990 from the Merge day till now. However, this number is lower than it could have been under the proof of work consensus mechanism.
Where to Exchange ETH and Its Possible Forks After the Merge?
One of the biggest events in the crypto world is coming. Ethereum is finally set to undergo the Merge following six years of hard work. The soft deadline is on September 15th, but it may shift due to the technical complexity of the process. The event is significant indeed, as it will upgrade the blockchain to a completely new level, bringing more scalability and security.
Naturally, some users are worried about their ETH holdings, but they have no reason for that actually. The funds will be safe during, before, and after the transition, and users’ will still see ETH tickers in their wallets. Another question is where to exchange ether and its possible forks after The Merge. Read further to find it out.
After Big Rally Past $21K, Bitcoin’s Price Momentum May Not Last
Bitcoin’s price gain was the biggest in six months, leading a broad-market rally in cryptocurrencies that pushed the industry’s market capitalization back over $ 1 trillion.
CoinDesk
Bitcoin Miner CleanSpark Buys 10K New Machines for $28M After Discounts, Credits
The miner has been taking advantage of opportunities to expand in the bear market.
CoinDesk
Marketplace To Refuse Forked NFTs After ETH Merge, Claims OpenSea
OpenSea is a renowned marketplace similar to Esty, Amazon, and eBay. However, the only difference here is the items available for purchase. All items on the market are special digital collectibles that come as NFTs (nonfungible tokens). Market users can buy, sell, or mint these tokens.
OpenSea users carry out their transactions through self-executed smart contracts provided on the platform. This method of operation is quite significant for fair and successful trades.
The platform offers multiple trading options to users on the marketplace, such as atomic and peer-to-peer transactions.
OpenSea NFT Services Post Merge
El Salvador And Bitcoin After Bukele
Why the Bitcoin Law in El Salvador being reversed is more unlikely than you might think.
This is an opinion editorial by Jeremy, an advisor to Escape to El Salvador which is a community of professionals who assist expats in gaining residency and citizenship in El Salvador.
It has been wonderful to watch so many people visiting our beautiful country recently! They fall in love with our beaches and our jungles, our volcanoes and our pupusas. Eventually every tourist has that moment where they ask themselves, “Do we really have to go back?” and they’re only half-joking.
After 21 Bitcoin Songsheets, A Call To Bitcoiners: Fiat Delenda Est
To end the contagion of rent-seeking, ubiquitous politics and lack of truth, we must destroy the fiat system.
This is an opinion editorial by Jimmy Song, a Bitcoin developer, educator and entrepreneur and programmer with over 20 years of experience.
I’ve been saying this phrase for about 2.5 years now and have been ending my podcast, newsletters and speeches with this phrase. In this piece, I wanted to get to the heart of what this means and why I keep repeating this.
Cannabis Producers Could Use Some Crypto After Snub From Banks
Cannabis and crypto go a long way. They share the same “high” and miseries.
Still a taboo in many countries, the U.S. Cannabis industry sees cryptocurrency as its saving grace after being declined by the traditional banking sector. Being ignored by banks is just one of the many gnawing hurdles that the weed industry is facing today.
Even though cannabis use has been legalized for both recreational and medical or therapeutic use, it is still considered illegal under most laws. In fact, the pressing regulatory issues have caused many financial institutions to snub or leave out any transactions involving cannabis and the like.
Bitcoin Price Crumbles After Powell Says Fed Rates May Continue To Increase
Bitcoin price dropped about 5% to $ 20,822 after Federal Reserve Chairman Jerome Powell spoke at Jackson Hole, Wyoming, on Friday, stating that the central bank will “use its instruments decisively” and it will take time to combat inflation.
Powell talked briefly during the event and discussed the significance of price stability. He stated that it is “the foundation of the economy” and that the economy will not benefit anyone without it.
He emphasized that pricing stability must be restored and maintained, but until the economy gets to that point, “households and businesses will experience some pain.”
Image: Coinpedia
After Zipmex, Crypto Lender Hodlnaut Files For Creditor Protection
Hodlnaut, a cryptocurrency lender and borrower based out of Singapore has recently filed an application for judicial management. This shall help the platform restructure its business.
A little over a week ago, the crypto platform had suspended its withdrawals, deposits and swaps.
It also has frozen user assets on its platform itself. The crypto lender precisely allows users to deposit cryptocurrencies such as Bitcoin and Ethereum and then earn interest.
Hodlnaut is among one of many crypto lenders that have faced the aftermath of the crypto downturn.
Hodlnaut had recently informed its users that they have applied to the Singapore High Court for a judicial management.
Tornado Cash Token Loses 24% Of Value After Developer Arrest
TORN, the token of Tornado Cash, plummeted by nearly a quarter in the last 24 hours after Dutch authorities arrested a suspected developer for the crypto transaction mixing protocol in Amsterdam on Friday.
After the US Treasury added the mixing protocol on its sanctions list, Tornado Cash noticed a significant decrease in deposits and a rise in withdrawals.
According to sources, barely $ 6 million has been deposited into the system since the implementation of the sanctions. The numbers reflect a 79% decrease compared to the same timeframe the week prior.
Tornado Cash (TORN) Sheds 97% Since Feb. ATH
Energy Web Token Jumps 25% After BlackRock Gives Decarbonization Project a Shoutout
The low cap alt coin rallied after Energy Web appeared in a BlackRock press release.
CoinDesk
Bitcoin For Murder: Woman Gets 10 Years In Jail After Paying ‘Hitman’ To Kill Husband
Bitcoin is now being used by bad people to satisfy their hate.
The U.S. Department of Justice announced Tuesday that a Mississippi woman was sentenced to spend a maximum of 10 years behind bars for her role in an unsuccessful murder-for-hire plot.
Forty-year old Jessica Leeann Sledge pled guilty in February to hiring a purported assassin on the dark web and paying him in Bitcoin to kill her now ex-husband in Mississippi.
Judge Carlton Reeves of the U.S. District Court sentenced Sledge to 120 months in federal prison, followed by three years of supervised probation and a $ 1,000 fine.
Bitcoin Breaches Past $21,000 After IMF Clarifies Crypto Doesn’t Threaten Financial System
Bitcoin investors heaved a sigh of relief on Wednesday as the popular crypto abruptly reversed course and surpassed the $ 21,000 threshold as Asian trading hours began, Wednesday.
Since the International Monetary Fund reduced its global growth outlook for this year and 2023, BTC fell below the $ 21,000 barrier overnight, Forkas reported on Wednesday.
In its worldwide projection, the IMF cautioned that global economies may soon be on the verge of a full-blown recession, noting that the Ukraine-Russia crisis and ongoing COVID lockdowns has dealt a heavy blow to the world’s financial system.
Suggested Reading | These Robot Dogs Can Dig Up Lost Bitcoin – And Be Used As Killing Machines
Bitcoin Mining Difficulty Sees 3 Straight Negative Spikes After More Than A Year
On-chain data shows the Bitcoin mining difficulty’s latest negative adjustment means the metric has now seen three consecutive downspikes for the first time in more than a year.
Bitcoin Mining Difficulty Suffers Third Straight Negative Adjustment
As pointed out by an analyst in a CryptoQuant post, miner capitulation has meant that the hashrate has gone down recently, resulting in the difficulty going down.
The “mining hashrate” is an indicator that measures the total amount of computing power connected to the Bitcoin blockchain.
Shiba Inu Gets Major Boost After Listing On Philippines’ Popular Crypto Exchange
Shiba Inu acceptance is on the upswing as the meme coin gets listed on Coins.ph, a popular cryptocurrency exchange in the Philippines.
Coins.ph has more than 18 million registered users and is approved by the Bangko Sentral ng Pilipinas (BSP). This means that the dog-themed cryptocurrency is accessible to this massive number of users not only in this part of Asia but the whole world.
The so-called “Dogecoin-killer” Shiba Inu will be added to the existing 20 cryptocurrencies on the crypto market.
Coins.ph is one of the oldest cryptocurrency exchanges in the Philippines. Established in 2014, the exchange shifted its focus away from cryptocurrencies and toward conventional financial services.
Three Arrows Founders Speak Out After Hiding For Weeks Because Of Death Threats
The disgraced founders of Three Arrows Capital spoke comprehensively about the catastrophic failure of their once-flying hedge fund after five weeks of hiding out. They said that they had received threats to their lives, which is why they remained under the radar.
Bloomberg reported on Friday that Su Zhu and Kyle Davies, both 35 years old, asserted that Three Arrows’ margin calls on loans that should never have been made because of their botched crypto investment are now descending.
Zhu and Davies blame the sudden downfall of Three Arrows to their wildly ambitious assumptions, with Zhu stating that they set themselves for a market “that never materialized.”
Crypto Exchange Bit2Me Decides To Salvage 2gether Customers After The Account Block
Bit2me, a Spanish cryptocurrency exchange has decided to absorb customers from 2gether whose accounts have been frozen by 2gether, which is also cryptocurrency exchange. This Spanish crypto exchange has announced that it shall onboard 100,000 investors from 2gether.
2gether has been severely affected by the market downturn and was unable to sustain during the unfavourable industry conditions and imposed a ban on trading. 2gether is also a Spanish cryptocurrency trading exchange which had to shut down the trading service earlier this month.
Celsius Reclaims $410M of ‘stETH’ Tokens After Paying Down $81M Debt to Aave
The embattled crypto lender Celsius is inching closer to fully paying off its loans from decentralized finance protocols, reducing its outstanding debt to $ 59 million.
CoinDesk
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