What Will Happen if Bitcoin Repeats History? Golden Cross: a Boon or Bane?
With the latest gain, Bitcoin is likely to encounter its seventh “golden cross” in the past ten years, having risen more than 40% since the year’s beginning.
A “golden cross” pattern is expected this month, according to the daily period Bitcoin price chart. The 50-day SMA (blue) will cross over the 200-day SMA (red), resulting in a cross on the price chart. This is when the golden cross will happen. Although this typically denotes a positive market, historically speaking, not all Bitcoin price increases have followed golden crosses.
When the price of a security crosses its 50-day and 200-day simple moving averages (SMAs) on the price chart, this is known as a “golden cross.” Moving averages are indicators that look in the past, thus the signal simply informs us that the market’s recent advances have outpaced its historical increases.
Nevertheless, traders and chart analysts view it as a sign of long-term price increases. The last time a golden cross was observed for Bitcoin was in September 2021, when it resulted in a 135% increase in value. However, the one in May 2020 was much more substantial.
The 50-Day SMA of Bitcoin, the largest cryptocurrency in the world by market capitalization, should pass the 200-Day SMA in about a week, assuming there isn’t a sudden and prolonged decline of more than 30% in price.
Bitcoin’s value increased in 2019 as a consequence of one of the consequential golden crossings, which occurred when the asset was trading at around $5,000. As a result of the rise, Bitcoin reached an all-time high in 2021 of approximately $69,000.
All things considered, the approaching golden cross pattern is a bullish sign for the cryptocurrency market and might predict a promising future for Bitcoin. While keeping in mind that other technical indications lean to short-term bearishness, it will be interesting to see if it indicates a sustainable rally.
Cardano Update To Happen In Feb, ADA Price Rallies Nearly 2%
The crypto world woke up to the year’s first bankruptcy case filed by Genesis Global. This bankruptcy case happens to be a major blow to Barry Silbert’s Digital Currency Group as well. However, the crypto market is showing mixed signals.
The world’s first cryptocurrency, Bitcoin is selling at $20,951 with a surge of 0.88% in the last 24hrs. The similar pattern is followed by other altcoins including Cardano which has gained nearly 2% in the last 24hrs. The experts claim that the upcoming updates of Cardano network will fuel ADA prices.
As per the reports, the update is scheduled to take place on Feb 11 and is set to happen on test networks. While immediately after three days, that is Feb 14 the next update will be introduced. Once the update is successful, the smart contract developers on Plutus will have multi-threshold signature designs.
Why The Update ?
Cardano network’s IOHK Tim Harrison has shared the data related to upcoming updates on the network. This upgrade is focused on improving its interoperability along with supporting decentralized cross-chain applications.
The cross-chain applications will be supported once the update influences cryptographic primitives that are used on the network. This can be done when the common digital signature standards are introduced in the Plutus smart contract platform.
Next, Harrison describes the current issues with the algorithms which require more time, effort and are also expensive when connected with other blockchain networks like Bitcoin. Hence, the embedded features have to be introduced to support Cardano’s main digital signature called Ed25519 along with ECDSA and Schmitt signatures.
Ripple Vs SEC: This Might Happen If Ripple Losses The Case
The United States SEC – as with other federal agencies – has increased focus on cryptocurrency projects displaying ‘predatory’ tokenomics following the FTX implosion, with Ripple Labs at the top helm. Analysts cannot help but speculate on the future of XRP and the entire crypto market should Judge Torres deem Ripple sold unregistered securities.
Replying to Michelle Nightengale – CEO of Global Institute of Wellness Entrepreneurs – Jeremy Hogan, partner at Hogan & Hogan, indicated that XRP could lose approximately 25 percent of its utility should Judge Torres deem it a security.
Hogan derived the figure from the fact that the United States accounts for 25 percent of the world’s economic activity. Moreover, Ripple Lab’s CEO Brad Garlinghouse previously indicated that the company would relocate to a crypto-friendlier nation should it lose the ongoing lawsuit.
Nonetheless, losing the United States market is not a thing Garlinghouse will be proud of as the country controls the global reserve currency. As such, the 25 percent could technically worsen after the United States coax ally nations to control the XRP market in a similar manner.
The stakes in the Ripple vs SEC case have risen exponentially after Gary Gensler suggested Ethereum’s proof-of-stake (PoS) consensus mechanism, under the Howey test.
Bigger Picture on Ripple vs SEC Lawsuit
The Ripple vs SEC lawsuit has attracted tremendous attention from the crypto community particularly DeFi developers. As such, twelve crypto firms including Coinbase Global have joined the case through successful amici briefs. Furthermore, everything in the crypto market could fall like a domino effect should the SEC win against Ripple.
Notably, almost all of the cryptocurrency firms, except Bitcoin, have sold tokens to fund companies’ projects. These include IDOs and ICOs, which the SEC is likely to argue are unregistered securities under the Howey test.
With most altcoins deemed as unregistered securities, only Bitcoin and perhaps a few of its forks would be left for speculation from the United States traders. From a global perspective, crypto investors from the United States could be left out of investment opportunities that have made huge profits for many ordinary traders.
Additionally, the cryptocurrency market’s global adoption could significantly reduce and slow down in the next decade compared to the past ten years.
Prominent Research Firm Issues a Warning. Here’s What Will Happen if DCG Files for Bankruptcy
Arcane Research, in a new report, has highlighted that investors should keep an eye on Digital Currency Group’s (DCG) prolonged financial troubles because it could have a negative impact on the cryptocurrency market.
Analysts and investors have voiced a critical concern following the disclosure of Genesis’ issues: what would happen to Grayscale, a DCG subsidiary that owns a substantial amount of Bitcoin. The majority of market participants undoubtedly learned about the issues DCG had following the collapse of FTX and many other companies.
The research stressed that if DCG files for bankruptcy, then it will be forced to liquidate its assets. After this, it will force DCG into selling its sizable positions in GBTC and unknown positions in ETHE and other Grayscale trusts.
“Currently, GBTC trade at a 45% discount to its NAV, while ETHE trades at a 59% discount to its NAV. GBTC holds 3.3% of the circulating BTC supply and 2.5% of the ETH supply. A Reg M would cause a massive arbitrage strategy of selling crypto spot versus buying Grayscale Trust shares. If this scenario plays out, crypto markets could face further downside.”
Arcane Research also highlighted the open letter written by Cameron Winklevoss to DCG CEO Barry Silbert accusing Barry of acting in bad faith and using stall tactics. At the end of the letter, Cameron asked Barry to publicly promise to help and resolve the issue by January 8. In the meanwhile, Gemini’s intended course was not stated in the letter, but if Barry doesn’t answer, things could progress to the coordination of an involuntary petition for a DCG Chapter 11.
“Additionally, on December 28, investment advisor Valkyrie delivered a proposal to become the new sponsor and manager of GBTC while also announcing the launch of an opportunistic fund seeking to take advantage of the GBTC discounts.”
Here Is What A Top Analyst Predicts Will Happen To Polygon (MATIC), Solana (SOL), And Cardano (ADA)
The bulls appear to be gaining traction in the cryptocurrency market, with some speculating that a bull run may be imminent. According to CoinGecko, the total market capitalization of all cryptocurrencies has remained around $845 billion over the past 24 hours, still below the $1 trillion mark.
However, the market has been largely influenced by a recent increase in US consumer confidence, leading to a decline in the value of many cryptocurrencies.
Polygon (MATIC)
YouTube influencer Pizzino has warned his 279,000 followers in a new video that the cryptocurrency Polygon (MATIC) could potentially drop by 30% from its current price of $0.798 if it falls below a key support level in the near future. MATIC has remained stable between $0.70 and $1.00, but recent lower peaks on its weekly chart suggest a minor breakdown may be occurring.
If Pizzino were to trade this cryptocurrency, he would reportedly set stop orders below the $0.70 mark, which could potentially cause the price to fall to the range of $0.30 to $0.40. However, Pizzino advises caution and notes that if these lows are broken, MATIC may return to the $0.50s or $0.60s.
Solana
According to him, the cryptocurrency Solana, an alternative to Ethereum (ETH), may drop to $8 to $9 due to its inability to fully recover from a recent dip on the FTX exchange.
Solana will enter a risky period with potentially low returns if the market can hold at its current levels of around $12 to $14. At present, the cryptocurrency appears to be attempting to test its $11 support level. While a swift bounce after the FTX incident could have brought Solana above the $25 mark, it seems likely to fall again in the near future.
So if $11 is taken out now. It will be down 95%-96% from its all-time high. Dropping back to those earlier levels, between $8 and $9, would result in a loss of around 97%.
At this writing, the price of a share of Solana is $12.19.
Cardano (ADA)
According to Pizzino, the cryptocurrency ADA is expected to drop to around $0.20 before finding support. He suggests focusing on the range of $0.10 to $0.20 for this cryptocurrency. It is unclear whether a bottom pattern will form and lead to an upward breakout in the future.
Many of these cryptocurrencies may take a long time to recover and may test past resistance levels on linear charts before showing signs of a bear market downturn on logarithmic charts. Currently, ADA is in a state of limbo, and Pizzino warns that there may be a significant amount of difficulty in the coming weeks and months
The price of ADA is $0.255 at the time of writing.
Bitcoin Cash – A Crash Waiting To Happen. Toon Finance’s Stance On This Possible Catastrophy
Bitcoin Cash (BCH) is a form of cryptocurrency that was created in August 2017 as a hard fork of the original Bitcoin. Bitcoin Cash was created with the intention of increasing the number of transactions that could be processed on the Bitcoin network. Since its inception, Bitcoin Cash has become one of the most popular cryptocurrencies, with a market capitalization of over $4 billion as of June 2018.
What is Bitcoin Cash?
Bitcoin Cash (BCH) is a cryptocurrency that was created as a fork of the original Bitcoin. The purpose of creating BCH was to increase the number of transactions that could be processed on the Bitcoin network. BCH achieved this by increasing the block size limit from 1 megabyte to 8 megabytes.
Since its inception, BCH has become one of the most popular cryptocurrencies, with a market capitalization of over $4 billion as of June 2018. BCH is supported by a number of big names in the crypto world, including Roger Ver, Jihan Wu, and Kraken CEO Jesse Powell.
What is Bitcoin?
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.
How Bitcoin Works
Bitcoin is a decentralized digital currency, without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
Bitcoin is unique in that there are a finite number of them: 21 million. This makes bitcoins more attractive as an asset – in theory, if demand grows and the supply remains the same, the value will increase. Demand increased rapidly in 2013 after growing more slowly but steadily since 2010 until now it has leveled off somewhat (although this may simply be due to the dramatic fluctuation in price). The equation ensures that no matter how many bitcoins are created they will never exceed 21 million*making them scarce but not too difficult to acquire.
How is BCH different from BTC?
The key difference between BCH and BTC is in their purpose. BTC was designed to be a digital store of value, while BCH was created specifically for payments. This difference is reflected in their respective block sizes: BTC has a 1-megabyte block size limit while BCH raised this limit to 8 megabytes.
Another key difference between the two cryptocurrencies is their approach to scaling. BTC chose to scale through Segregated Witness (SegWit), which allows for more efficient usage of space in each block. BCH, on the other hand, opted for on-chain scaling through an increase in block size.
What are some advantages of using BCH?
Due to its large block size limit, BCH can process more transactions per second than BTC. This makes it ideal for use cases such as payments and retail transactions. Additionally, since BCH did not implement SegWit like BTC did, it is not compatible with second-layer solutions such as Lightning Network. This means that all transactions on the BCH network are recorded on the blockchain, further increasing transparency and trustworthiness.
Bitcoin Cash (BCH) is a cryptocurrency that was created in August 2017 as a fork of the original Bitcoin. Since its inception, Bitcoin Cash has become one of the most popular cryptocurrencies, with a market capitalization of over $4 billion as of June 2018. Key advantages of using BCH include its large block size limit, which allows for more transactions per second than BTC, and its transparency due to all transactions being recorded on the blockchain.
What are some disadvantages of using BCH?
Since its inception, Bitcoin Cash (BCH) has sought to provide a viable alternative to Bitcoin (BTC). While many believe in BCH’s new features and roadmap, there are certain cons investors should consider. Some disadvantages of BCH include branding issues, low adoption, and high volatility. While Bitcoin Cash may be a millionaire-maker, one should consider the risk-reward profile of Bitcoin Cash before investing.
Branding Issues
Bitcoin Cash has had trouble shaking the “altcoin” label. Thanks in part to its association with Roger Ver, often considered the face of Bitcoin Cash, BCH is often seen as nothing more than an ambitious fork of Bitcoin. This label creates an uphill battle for BCH in terms of both adoption and legitimacy. In order for BCH to succeed, it will need to distance itself from this image and be seen as a legitimate cryptocurrency in its own right.
Low Adoption Rates
One of the main problems facing Bitcoin Cash is low adoption rates. This is two-fold; not only are there few merchants who accept BCH as payment, but also few individuals are actually using it for transactions. For a currency to be truly successful, it needs to be used by both businesses and consumers on a regular basis. Unfortunately, this is not the case with BCH at the moment. In order for this to change, Bitcoin Cash needs to increase its merchant base and encourage more individuals to use it for transactions. However, this will likely be difficult given the low awareness of BCH among the general public.
High Volatility
Another issue facing Bitcoin Cash is high volatility. Cryptocurrencies are notoriously volatile, and this is especially true for BCH. Over the past year, the price of BCH has fluctuated wildly, making it difficult for investors to predict what will happen next. This unpredictability makes it risky to invest in BCH, as investors could end up losing a significant amount of money if the price suddenly plummets.
Investors should carefully consider the risks and rewards associated with investing in Bitcoin Cash before making any decisions. While BCH does have some unique features and benefits, there are also some significant drawbacks that cannot be ignored. Branding issues, low adoption rates, and high volatility all present serious challenges for Bitcoin Cash going forward. However, only time will tell whether or not these obstacles can be overcome.
In Bitcoin Cash’ Absence, Who Will Take Its Place?
Toon Finance is a protocol that is well equipped and ready to take over WEB3 when it launches in Q1 of 2023. They have been making a noise for a while now and has been receiving a lot of positive response from the populace. Their protocol might not be something new, but their features certainly are.
Toon Finance’s Features
One of the things that sets Toon Finance apart is their features. Here are some of the most notable ones:
• Governance: Toon Finance will have a decentralized governance model that will allow the community to have a say in the direction of the protocol. This is an important feature as it will allow Toon to stay agile and responsive to the needs of their users.
• Compliance: Toon’s compliance framework will ensure that all projects built on top of their protocol adhere to regulatory requirements. This is a critical feature as it will give enterprises the peace of mind that their project will not run into legal trouble down the road.
• Scalability: Toon’s scalability solutions will allow them to handle thousands of transactions per second. This is an important feature as it will allow them to keep up with the demand of their users.
In conclusion, Toon Finance is well positioned to take over WEB3 when it launches in Q1 2023. Their features are well thought out and offer enterprises the peace of mind that their project will be compliant with regulations. Additionally, Toon’s scalability solutions will allow them to handle a large number of transactions per second, which is important as they continue to grow in popularity.
To participate in Toon Finance’s presale, here are the links below:
Website: https://toon.finance/
Presale: https://buy.toon.finance/
CoinMarketCap: https://coinmarketcap.com/currencies/toon-finance/
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
Summary Judgement May not Happen on November 15
The Ripple vs SEC case is becoming more and more interesting by the day, and the agency is attempting to push the case every day. In a recent update, the SEC asked the court to extend the deadlines for filing responses to the various briefs in order to seal the summary judgment. However, the agency’s action is expected to impede its effectiveness because the summary judgment may be delayed beyond November 15.
James K. Filan recently shared the new timelines requested by the SEC for the next proceedings. According to the latest update, the SEC has requested an extension from November 11 to November 30, and the new dates are in the works.
As a result of the delay in filing the response, the court may not produce the summary judgment within the time frame specified. Because so many people have joined the fight against the SEC, responding to each entity may take longer than expected. However, it was widely expected that the SEC would continue to postpone the case because it did not have any substantial evidence against Ripple.
Currently, more than 11 entities have filed amicus briefs in support of Ripple against the SEC, with many more expected to follow suit. As a result, the lawsuit is expected to be extended beyond November 15, as previously reported. As a result, the Ripple vs SEC case’s resolution may be delayed beyond 2022.
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Breaking! Ripple vs SEC Settlement Could Happen On or Before November 15, 2022!
The ongoing Ripple vs SEC lawsuit has recently received a lot of attention, as the case is expected to be resolved in the coming months. While the SEC has no new evidence against the company, it is assumed that they will not attempt to file new motions to delay the case.
Ripple, on the other hand, is ready for a settlement if the claim that XRP is a security is dropped. Hence one can expect a closure around the second anniversary of the lawsuit.
Recently, Judge Torres overruled the SEC’s objections to turning over the Hinman email where-in he expressed his views on Ethereum. Jeremy Hogan, partner at Hogan & Hogan legal briefs & attorney closely following the lawsuit believes that the delay, due to Hinman’s documents may certainly not affect the judgement that may be ruled in time.
Attorney Hogan in a series of threads clears the misconception which was hovering around the due date for the SEC to file the reconsideration. He believes, SEC has another 60 days from the date of the ruling which is September 30th, if it wishes to file a reconsideration. However, he hopes the SEC may not appeal.
However, he also states that Hinman’s documents are not relevant to the core of the lawsuit, Section 5 violation, which is whether XRP is a security or not. It may be only relevant to the Fair Notice Defense, on which the summary judgement has been requested by the SEC & not Ripple.
Further, in responding to the query whether there is a chance of a settlement before November 15, the Attorney was affirmative.
Collectively, the Ripple vs SEC lawsuit is believed to reach closure in the coming days, with the SEC ruling in favour of Ripple. However, the SEC may continue with its attempts, while Ripple may prove in a court of law that XRP is not a security.
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What Would Happen If Dogecoin’s (DOGE) Price Undergoes Another 10x Run?
Dogecoin price had once been a well-talked topic within the crypto space as it was largely responsible for igniting the 2021 bull run. The 80% hike, followed by a 100% hike for three days straight, attracted the public’s attention. The DOGE price, however, lost its hold just as all other assets reached their peaks and has since been falling sharply.
As seen in the above chart, the DOGE price has been largely consolidated within the 0 & 0.23 FIB levels, failing to surpass the latter levels multiple times. If the trend continues, the price may be compressed between the 0.23 FIB level and the lower trend line, which could relieve the tension by bringing about a significant upswing in the near future. In such a case, a jump towards the next FIB levels at 0.38 at $0.07 may be expected soon.
While a bullish scenario prevails, the on-chain metrics continue to flash bearish signals!
A Huge Drop in Development Activity
The development activity on the platform has dropped heavily over the past couple of months. Moreover, fewer possibilities for a rise may be anticipated, which may in turn harm the DOGE price in the coming days.
Huge Drop in the Whale Holdings
The above chart signifies that the whales have been constantly losing their hold since the beginning of 2022. The holders holding between 10K and 10M DOGE have witnessed nearly a drop of more than a billion tokens at the moment.
Massive Slash in the Daily Active Address
The number of active addresses was rising slightly after the price rebounded from the lows in June. However, the levels have dropped below the previous lows, indicating the shift of focus of traders to other platforms.
Collectively, the Dogecoin(DOGE) price continues to remain within the influence of the bears and that said, is more prone to shed more gains in the coming days.
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I don’t Believe the Ethereum Merge Will Happen
The entire crypto industry, which has been throttled by the vast macroeconomic factors of late, is now looking forward to the highly anticipated merge event.
The crypto space is divided in its opinions; while half believe it will be successful, others are projecting it as just a hyped event.
What the Crypto Bulls’ Have to Say on the Merge Mania!
The CEO of cryptocurrency exchange BitMEX expresses his concern about the possibility that Ethereum’s (ETH) anticipated switch to a proof-of-stake (PoS) consensus methodology will not take place.
In a recent interview with Bankless, CEO Arthur Hayes stated that he and many others do not think the merger will actually happen.
In this context, he said that, “If you’ve been around long enough, you’ve heard the chatter of proof-of-stake for five, six, or seven years but still nothing has happened yet.”
“People no longer seem to think that the merger will take place. I can’t say with certainty that I believe they’ll convert to proof-of-stake because I’m not working in the trenches as the developers have since 2014.”
experts predict that the ETH merge is just a big bubble
According to Hayes, it will be feasible to demonstrate that Ethereum will be actually improved by demonstrating how proof-of-stake works and that current decentralized apps (DApps) are compatible with it.
Hayes believes that nothing has been provided to him as of yet that suggests the merge will take place.
“Enlighten me. None of that will convince me that [the shift] will occur until it really does, and I believe a lot of others share that belief.”
Based on his analysis, he claimed that no one has seen how it operates or that all the various applications would continue to operate as they did before. He also claimed that no one has yet demonstrated that there won’t be any bugs or edge cases that will require a hard fork to return to the proof-of-work model (PoW).
If successful, what will happen?
On the other hand, he added that if the ETH merge is successful, the price of ETH will significantly increase. In his interview, he also mentioned that the merger will significantly slow down the rate at which Ether is issued, having the same effect on Ethereum as if Bitcoin had been cut in half.
Therefore, regardless of whether the Federal Reserve decides to boost interest rates substantially higher or not, Hayes anticipates that Ether will surge well by the end of 2022.
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Here’s What Will Happen if There is Another Bitcoin (BTC) Price Crash
Along with traditional financial markets like shares and bonds, cryptocurrencies are having a terrible year due to high inflation and rising interest rates. While the market capitalization of all cryptocurrencies has decreased to below $1 trillion from a peak of close to $3 trillion in November of last year, Bitcoin has fallen 57% this year.
Despite the gloomy economic outlook and the fact that Fed Chair Jerome Powell reiterated his plans for aggressive interest-rate hikes at the Jackson Hole Economic Symposium last week, a number of metrics on the cryptocurrency market point to the possibility that depressed prices may represent an appealing entry point.
Some analysts claim that it’s appropriate to place short-term contrarian bets because a number of BTC measures are sitting around historic lows and crypto traders’ sentiment is predominantly negative.
Leading cryptocurrency analysts are advising investors to consider placing a contrarian bet on Bitcoin’s (BTC) price increase even as evidence of Federal Reserve moves to lower risky asset prices continues to build.
$17,000 is a crucial level for BTC
The head of research at cryptocurrency company Galaxy Digital Group, Alex Thorn, stated that even if another crash were to occur, investors who purchased bitcoin during earlier, less favorable periods in the cryptocurrency’s history would likely see a profit within a month.
He identifies $17,000 as a crucial level that would offer solid price support if the biggest cryptocurrency were to abruptly begin to decline. At the time of publication, the price of bitcoin was fluctuating about $20,000, a significant decrease from the record high of $69,000 set in November.
“While macroeconomic factors and monetary tightening can cause bitcoin to trade lower in the near term, for several reasons, both technical and fundamental, these levels should be considered opportunistic buying opportunities,” Thorn said in a report.
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Ethereum Merger Rescheduled! Know Why the Merger May not Happen on September 15! – Coinpedia – Fintech & Cryptocurreny News Media
Ethereum has evolved from just an idea to a whole ecosystem in its 8-year-long history. Moreover, with the launch of the Beacon Chain back in December 2020, the hope of a better platform for instant transactions was revived. Many Testnets and upgrades were carried out, and all went without any major technical flaws.
Mainly, after the final testnet Goerli went live successfully, the platform announced the transition of the Mainnet on September 15. Now when the entire crypto space is preparing for the upcoming merger, the event may not happen on the said day, but before the schedule.
Ethereum co-founder, Vitalik Buteirn had said previously that the exact date is depending on the hash rate of the asset. The merger will be triggered when the Total difficulty strikes 58,75,00,00,00,00,00,00,00,00,000 with an average hash rate of 872.2 THs. In a recent update, the ETH hash rate has been spiked heavily, hinting at the possibility of an early Merger.
The hash rate ever since dropped from highs above 1000 THs in May and has consistently maintained levels above 900 THs. Hence flashing the signals of an earlier Merger as the latest difficulty has reached 57,70,49,02,01,07,48,20,74,40,547 at the press time. According to some reports, the preparation is completed by nearly 98.21%.
If the current hash rate continues, or it receives an additional boost with the Bellatrix update scheduled on September 06, 2022, then higher possibility of the Merger getting triggered well before the announced date emerges.