Results of the week: Bellatrix was activated in Ethereum and bitcoin is back at $ 21,000

Results of the week: Bellatrix was activated in Ethereum and Bitcoin recovered at $ 21,000

The Bellatrix update has been activated in the Ethereum network, Binance converts some stablecoins to BUSD, the Ethereum Classic hashrate has updated the maximum in anticipation of The Merge and other events of the upcoming week.

The bitcoin rate dropped below $ 19,000 and then climbed back to $ 21,000

On the night of September 7, the first cryptocurrency’s prices dropped to $ 18,500 for the first time since mid-July. Ethereum is currently trading below $ 1,500.

The next day, the major cryptocurrencies returned to their previous levels. On September 9, Bitcoin’s exchange rate surpassed $ 21,000 and Ethereum’s by $ 1,700.

At the time of writing, digital gold is trading close to $ 21,700.

Results of the week: Bellatrix was activated in Ethereum and bitcoin is back at $ 21,000

Binance exchange BTC / USDT hourly chart. Data: Trading view.

A trader under the pseudonym of filbfilb in an interview with Cointelegraph allowed bitcoin to drop from current levels to $ 10,000-$ 11,000. In 2018 he became famous for correctly predicting the end of a bear market.

All digital assets in the top 10 by market cap ended the week in the green zone. Solana (+ 15.4%) and Ethereum (+ 13.9%) showed the best dynamics.

Results of the week: Bellatrix was activated in Ethereum and bitcoin is back at $ 21,000

Data: CoinGecko.

Chainalysis allowed for a price divergence between Ethereum and Bitcoin after The Merge. Analysts believe that staking will make the second cryptocurrency in terms of capitalization similar to bonds or commodities and, as a result, can attract institutional capital.

The total cryptocurrency market capitalization was $ 1.1 trillion. The Bitcoin dominance index rose to 37.4%.

Ethereum developers have activated the Bellatrix update

On September 6, the Ethereum team activated the Bellatrix update, according to the previously announced plan. The upgrade is the last step before migrating the core network to the Proof-of-Stake (PoS) algorithm. The Merge is scheduled for completion on September 15th. The day before, 73% of Ethereum nodes reported their willingness to switch to PoS. Because of this, there was a spike in missed blocks.

At the same time, the DeFi protocols providing lending services have voted to limit or completely stop the lending of Ethereum, as they are used to obtain potential token forks.

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The situation is fraught with other problems: a high borrowing rate discourages liquidation operations. This increases the chances of the protocol failing and also makes stETH / ETH recursive positions unprofitable, increasing rate decoupling. A similar thing happened in the largest pool of the Curve protocol: the stETH / ETH rate dropped again to $ 0.95.

Leading decentralized exchange Uniswap has announced that its protocols will not support any Ethereum Proof-of-Work fork after The Merge.

Binance converts USDC, USDP and TUSD balances to BUSD

From September 29, cryptocurrency exchange Binance will automatically convert USDC, USDP and TUSD stablecoins on user balances to BUSD at a 1: 1 ratio. The reason is the desire to increase liquidity and capital efficiency for clients.

The changes will affect almost all the functions and services of the platform: staking, spot, futures, Binance Pay, lending, etc.

The founder of the market maker Wintermute, Evgeny Gaevoy, saw in the initiative the risk of a decrease in the USDT market share and a positive for the segment. According to him, such a measure will lead to the concentration of liquidity in one “stablecoin”, and not in several. Jeremy Allaire, CEO of Circle, a co-issuer of USDC, agrees with Gaevoy’s position.

The Ethereum Classic hash rate has reached an all-time high

Prior to the activation of The Merge, the Ethereum Classic (ETC) hashrate reached a record 46 TH / s. For comparison, the computing power of the Ethereum (ETH) network is 910 TH / s, which is about 19 times higher.

Ethereum has 95% higher mining income per hash power (hash price). However, The Merge’s next update also has a positive effect on the ETC rate – the cryptocurrency showed the best growth among the top 20 assets in a week (around 20%).

Ethereum Classic was also targeted this week by Cardano founder Charles Hoskinson. The latter called the blockchain a “dead project”.

The bear market hasn’t stopped the hackers

On September 5, cybercriminals hacked accountancy firm PwC Venezuela’s Twitter account to promote a fake XRP giveaway on behalf of Ripple CEO Brad Garlinghouse. Eight hours after the incident, the administration managed to restore access to the page and remove the phishing links.

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On September 7, the day of the presentation of the iPhone 14, unknown aired an old interview with Apple CEO Tim Cook in an attempt to steal cryptocurrencies under the pretext of their distribution. They also added the bitcoin and ethereum logos and the caption “Breaking News” to the video feed. At the moment, the number of viewers of the broadcast has reached 70,000 people, but the number of real victims of fraud is not called.

On the same day, the Avalanche-powered DeFi Nereus Finance platform was arbitraged with a $ 51 million USDC flash loan. The hacker’s loot was approximately USDC 370,000, calculated in CertiK.

On September 8, hackers compromised The Sandbox metaverse Instagram account and placed a phishing link in its description. The number of victims and stolen property was not reported.

At the same time, law enforcement, with the assistance of analytical blockchain firm Chainalysis, arrested a cryptocurrency worth more than $ 30 million stolen during the March hack of Ronin’s sidechain.

< h2>What to discuss with friends?

  • The fake Bitcoin farm on Twitter raised $ 100,000 in a couple of hours.
  • Binance CEO agrees with Elon Musk’s statement about “90% of bots” in Twitter comments.
  • Another lone miner mined the Bitcoin block.
  • The crypt has flooded the meme-tokens dedicated to Queen Elizabeth II.

Another 5,000 BTC with Mt.Gox have started to move. They were related to Jed McCaleb

On September 4th, a stranger moved another 5,000 BTC, which went to the Kraken exchange. The user bought his coins in 2013 at a price of around $ 660 for 1 BTC.

The bitcoins were withdrawn following internal transfers to wallets associated with Mt.Gox. Numerous facts indicate that they most likely belong to the creator of the exchange, Jed McCaleb. The new owner of the platform, Mark Karpeles, indirectly confirmed information about his ownership of the assets.

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Bitcoin pool Poolin admitted liquidity problems

The Poolin mining pool faced a cash shortage, but user funds are safe. Since August, users have complained about problems with withdrawing funds from wallets on the platform. The support team said this is due to risk management and that the storage and mining services work independently of each other.

Arthur Hayes has predicted that Ethereum will rise to $ 3000 after The Merge

Former CEO of bitcoin exchange BitMEX Arthur Hayes allowed Ethereum quotes to rise to $ 3,000 after the main network of the second largest cryptocurrency by capitalization switched to the PoS algorithm.

In his view, the reduction in the number of ETHs will be a powerful impetus for the growth in the price of the asset. Hayes called the development of the DeFi segment another factor in the increase in demand for Ethereum.

Also on ForkLog:

  • MicroStrategy will sell shares worth up to $ 500 million. The proceeds can be invested in bitcoin

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  • Another lone miner mined a Bitcoin block
  • The price of Terra Luna Classic has increased by 400% after activating the token burn mechanism
  • Twitter’s fake “bitcoin farm” raised $ 100,000 in a couple of hours

What else to read?

Bitcoin’s dominance fell below 40% to its early 2022 and 2018 level, the Maker community worried about the threat of blocking DAI collateral, Bitcoin and Ethereum miners’ income grew 12% respectively and 22%. We have analyzed the main events of August in the monthly report.

In the educational papers, we mentioned what mining, the RSI indicator, Stellar blockchain, sidechain and soulbound token.

In traditional summaries we have collected the main events of the week in the areas of cybersecurity and artificial intelligence.

The decentralized finance (DeFi) sector continues to attract more attention from cryptocurrency investors. ForkLog has collected in a summary the most important events and news of the last weeks.

Read ForkLog’s bitcoin news in our Telegram: cryptocurrency news, rates and analysis.

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