Hut 8 and USBTC Merger Secure Final Approval from Regulatory Authorities!
Hut 8, a Canadian Bitcoin mining company, has received final approval from the Supreme Court of British Columbia for its planned merger with US Bitcoin (USBTC). The merger, which was announced in February 2023, was subjected to regulatory and shareholder approvals. The move will allow Hut 8 to expand its footprint in the United States and strengthen its position in the Bitcoin mining industry. The company expects the merger to create synergies, increase operational efficiency, and drive greater shareholder value. Hut 8 plans to integrate USBTC’s mining assets, technology, and expertise into its operations.
Uniglo.io Is Just As Positively Affected As Ethereum Classic By The Ethereum Merger
The Ethereum Merge was successful. The entire data stored on the Ethereum PoW (Proof of Work) mainnet was successfully transferred to the Beacon Chain, which operates using a PoS (Proof of Stake) consensus mechanism.
Uniglo (GLO), an Ethereum-based social currency, will see a massive benefit from the coming implementation of sharding, Ethereum Classic (ETC) looks likely to rally following the Merge, and Ethereum (ETH) holders brace for greater sell pressure.
Uniglo (GLO)
Uniglo’s unique approach to wealth preservation has come at an excellent time for many investors. With the value of fiat declining each day and digital assets experiencing violent volatility, investors have struggled for long-term solutions.
By leveraging asset ownership and holding a collection of digital and physical assets in the Uniglo Vault, GLO is a value-backed token that exposes investors to a broad range of assets. Including high-end luxury items such as real estate and fine art- typically less affected by market downturns. On top of this, GLO is hyper-deflationary, a further mechanism to guarantee a constantly appreciating price.
With the introduction of sharding coming in the next six to twelve months, Ethereum will see a huge boost in its scalability. The network’s economic bandwidth will grow, meaning more typical traditional businesses will utilise the network, leading to an increase in asset tokenization. This will be a massive boon for Uniglo, one of the pioneering platforms for holding real-world assets in NFT form.
Ethereum Classic (ETC)
Ethereum classic maintains the integrity of the original Ethereum blockchain. In 2016 a notorious incident known as The DAO exploit took place, seeing 3.6 million ETH stolen from The DAO’s treasury fund. The Ethereum developers made the highly controversial decision to roll back the blockchain before the incident took place and move the funds into another smart contract. This is fundamentally at odds with blockchain’s immutable nature and led to the Ethereum Classic hard fork.
With increasing fears of centralisation of the Ethereum network post Merge, due to the PoS (Proof of Stake) consensus mechanism prioritizing larger validators, many investors will move into ETC instead.
Ethereum (ETH)
Ethereum, the merge was successful, and now development continues until Sharding is implemented and ETH 2.0 becomes a reality. The transition to PoS was largely symbolic, with little effect on the network’s performance or throughput. It is Sharding which will make the throughput rocket.
Find Out More Here:
Join Presale: https://presale.uniglo.io/register
Website: https://uniglo.io
Telegram: https://t.me/GloFoundation
Discord: https://discord.gg/a38KRnjQvW
Twitter: https://twitter.com/GloFoundation1
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.
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Bitcoin Outperforms Ethereum After The Merger, Will The Centralized Nature of ETH Hinder Its Price Rally? – Coinpedia – Fintech & Cryptocurreny News Media
Ethereum Merger was widely talked about in the past couple of months as the bearish trend was expected to be ceased for a while. Nevertheless, the trend was flipped in a short time with the announcement of the fresh CPI rates which further led to a huge decline in the BTC & ETH prices. The past weekend dragged the BTC & ETH prices below $19,000 & $1400 respectively, also flashing major bearish signals in the coming days.
Presently, star crypto has managed to outperform the second largest crypto which is well-known for its steady behavior. Similar to ETH, BTC prices maintained a steady trend around the average levels. Regardless of the recent drop, the BTC price appears to be primed for a decent breakout, while the ETH price may continue to head towards the bottoms.
The above chart illustrates the price movements of Bitcoin & Ethereum post the Merger event. With the price movements, it is fairly visible that both assets maintained a homogenous trend just before the event. But soon after the transition, the ETH price dropped heavily to reach -18.14% away from the average levels. While the BTC price was less impacted as it maintained a stagnant trend until the latest crash.
The nature of the price plunge does indicate the second-largest crypto is being lately turned into a centralized platform and hence the ETH price could be in controlled hands. While Bitcoin continues to work on the same Proof-of-Work mechanism, follows the basic feature of blockchain of being decentralized.
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How Have The Markets Been Impacted By The ETH Merger? – Coinpedia – Fintech & Cryptocurreny News Media
Once again, the crypto market opened the week on a bearish note as the world’s first cryptocurrency, Bitcoin, went down by more than 7% in the last 24hrs and is trading at around $18,500. This move has also pulled down most of the other cryptocurrencies, including Ethereum.
ETH has lost more than 25% in the last 7 days and more than 10% in the last 24hrs after it tumbled to the $1300 level. The successful merger didn’t seem to impact the Ethereum price, on the contrary, the situation worsened.
Moreover, the ETH/BTC ratio has dropped nearly 15%.
The Impact Of The Ethereum Merge
However, as per VivekVentures, crypto and Ethereum influencer, the present trade setup displayed by Ethereum is just a short-term noise as the Bitcoin proponents are escaping FUD about Ethereum and the merger.
Furthermore, he also claims that issuance around the lead altcoin has plunged by 95% since the time the merge event started, which indicates that the Ethereum network should circulate 95% lesser coins without any security drop-off. Hence, just after 3 days of the merge, there was an issuance of only 3000 tokens but if it was in proof-of-work, Ethereum would have circulated 40,000 currencies.
There is also a difference in selling pressure and the expert asserts that the proof-of-stake has comparatively less selling pressure than proof-of-work. In the PoS mechanism, Ethereum validators are not allowed to sell their block rewards for 6 to 12 months, which is why the current ETH selling pressure is almost zero.
Additionally, Vivek explains that the present gas fee is more than 15 gwei, hence, there is an increase in buying pressure on Ethereum because of the merge’s deflationary effect.
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After The Successful Merger, What Can be Expected from Ethereum (ETH) in September? – Coinpedia – Fintech & Cryptocurreny News Media
After numerous delays, the Ethereum integration finally happened in the early hours of September 15. When Ethereum’s main net reached “terminal total difficulty,” a predefined threshold at which mining ETH became almost impossible, the network automatically switched to the proof-of-stake consensus method, causing the event to occur.
The upgrade is said to increase the network’s security and scalability, which supports a $60 billion ecosystem of crypto exchanges, loan businesses, non-fungible token (NFT) marketplaces, and other apps. It eliminates the network’s dependency on the resource-intensive cryptocurrency mining process, and it is anticipated to have an impact on the more significant blockchain sector.
The transition from POW to POS will result in an 80% decrease in the number of ethers issued per block. There is potential gain for Ethereum investors, according to experts. While some predict that the price of Ethereum will surge to $10,000, others are still pessimistic.
Effects of mergers on Ethereum price
After the successful Ethereum integration event, there was a significant price swing. The price of Ethereum fell below $1500 as the ramifications of the merger started to be seen. With another Fed rate increase announcement scheduled for next week, the price of Ethereum is anticipated to fluctuate over the next few days.
The price activity has not changed much since last Tuesday. It was determined that the price action’s demise would result in a $1750 hold, which wasn’t apparent. As a result, the price dropped and the action was seen to record lows around $1400.
The shorts would want the price to be restricted to around $1500 while the longs would want the price to break above $1774 which may trigger a swift acceleration towards $2000.
Collectively, new highs are yet to be reached, but they are anticipated to do so in the following weeks. It is expected that September will be a pivotal month for the market.
Although the merger has had a beneficial effect on Ethereum, experts remain dubious about it. Since the integration, the Ethereum(ETH) price has fluctuated and will continue to do so. Investors are advised to exercise caution when handling their assets with rigorous observation & research.
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Ethereum Dropped More than 11% on Merger Day, Have the Bulls Departed from the Markets?
The second-largest crypto faced a huge correction soon after the Merger was successfully implemented. At the press time, the ETH price is trading below $1500, at around $1472. Ethereum tried very hard to surpass the crucial resistance place around 50-day MA levels at $1676 after the Merger but eventually resulted in a huge drop of over $100 in no time.
However, the crypto asset continues to plunge down heavily as the bulls appear to have exhausted completely. Therefore, in such a case, will the price rise over the bearish influence before the end of 2022, or the ETH price will mark a bearish yearly close below $1200?
Ethereum has been bouncing well after each correction since June 2022, while multiple catalysts fuel the rebound. Woefully, the global macros have largely impacted the broader crypto market and hence the price remains unaltered after the much-awaited Merger.
The recent rejection compelled the price to slice through the lower support and break the symmetrical triangle. The bearish trend may continue for some more time until the asset validates a firm rebound after hitting the lower support zone between $1425 and $1399. In the worst cases, if the [price fails to hold at these levels, then the price could revisit the levels around $1200 or below.
On the brighter side, after Ethereum Merger, the upcoming triple halving could help the price to escape the bearish trap and propel highs.
The analyst here believes that during each cycle, the bull run begins from the regression band and also ends at these levels. However, the Ethereum (ETH) price is yet to enter the band and hence a notable drop may be expected that may induce a catapult action to ignite the next bull run in the future.
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Ethereum Merger Done & Dusted! Crypto Markets Now Prepare for a Gigantic Plunge – Coinpedia – Fintech & Cryptocurreny News Media
The strength of the crypto space has reduced to a large extent as the intensity of the upswings has depleted heavily. Therefore, the recovery phase does not prevail for a long time, due to which, the bears continue to dominate the markets. While many market participants believe the Q4 trades could be somewhat profitable, the markets are set to drop more than 50% during the same time.
The global market cap continues to hover below $1 trillion for the 3rd consecutive day with a huge drop in the trading volume, specifically buying volume. The global market cap from the past couple of days was trading along the lower trend line which was pierced in the early trading day. Therefore a huge plunge is feared to drag the crypto space by 50% to 80% as predicted by a popular analyst.
The analyst predicted the plunge quite a long time ago, as the market cap was trading within a bearish pattern from the time since the markets began to rise. Now when the trend is approaching the apex of the rising wedge, a steep fall could be imminent.
Therefore, if the market cap witnesses a steep drop, it may eventually land up shedding more than 50% to hit levels below $400 billion. Presently, Bitcoin on the whole shares more than $350 billion market cap, if the market cap plunges as frames, BTC price may shed below $10,000 in the coming days.
In such a case, the markets may require more than a couple of years to recover and get back to normal.
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Ethereum Merger Fails To Produce Impressive Results, Will The ADA Vasil Hardfork Meet The Same Fate? – Coinpedia – Fintech & Cryptocurreny News Media
September has been historically bearish and its strength was proved yet again as, despite the immense positive sentiments around the Ethereum Merger, the ETH price failed to surge.
impact the crypto price.
The ETH price underwent a short-term bounce which was followed by a drop below $1600 again. Now, when the Cardano platform is due to undergo a Hard fork in a week’s time, investors believe the trend may be mirrored.
The Vasil Hard Fork is believed to improve the performance of the Cardano chain and as per the developers, the fork will launch a significant upgrade to the Plutus script. The 3rd development epoch of Cardano carries multiple Cardano Improvement Proposals (CIP) which are designed to improve the performance of the Cardano blockchain.
The ADA price, regardless of the trends is expected to plunge hard after the pressure built up around $0.48 breaks.
The ADA price slipped to the lower bands of the parallel channel and headed towards the lower support. The token has formed a double bottom pattern and may rise beyond the middle bands in the coming few days. Currently, investors are struggling with the fast-moving components of the markets. Further, after a slight pullback, the traders jumped in which triggered a slight recovery but failed to recover the losses.
In the coming days, Ethereum’s price, which is currently stuck between $0.488 & $0.46 is expected to continue with its downside. Another leg down could trigger a drop to $0.42 levels in the coming days. However, it would be fascinating to watch whether the Vasil Hard Fork could induce significant bullish momentum soon or not.
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Ravencoin (RVN)- A Sleeping Gaint That May Hit $0.1 Soon After the Ethereum Merger – Coinpedia – Fintech & Cryptocurreny News Media
The Ethereum Merger is on the cards with less than 20 hours left and less than 5000 blocks to be mined. While a couple of altcoins like Ethereum Classic, Optimism, or Lido DAO were believed to be impacted largely. Optimism is a Layer 2 blockchain built by and for Ethereum developers & Lido DAO is a stalking solution for Ethereum.
Besides, many Ethereum mining pools like Antpool have confirmed their switch to Ethereum Classic (ETC) which would continue to work on the Proof-of-Work consensus mechanism. Now when all the 3 assets have been drowning in a sinking ship, yet another asset emerged as the leader. Ravencoin, which is a Proof-of-Work-based blockchain that facilitates the issuance of new tokens may be the next destination for the ETH miners.
The RVN price has been incremental since the beginning of the month and despite huge selling pressure, the asset managed to maintain a double-digit gain. The asset plunged while the crypto markets drain amid the fresh inflation rates, but managed to recover more than 90% since the early trading hours.
The RVN price has been undergoing a parabolic recovery since prices fell hard in May. However, the volume rose to as high as $550 million from just $10 to $15 million in the past 10 days which may be a result of the huge influx of ETH miners from an Ethereum Mining pool Hiveon.
Therefore, with a successful accomplishment of the Ethereum Merger, Ravencoin (RVN) price is also expected to rise high to gain levels beyond $0.1 shortly.
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Ethereum Price Slashes Hard With the Release of the Fresh CPI Rates! Can The Merger Revive The Rally? – Coinpedia – Fintech & Cryptocurreny News Media
The highly anticipated US CPI rates are out and as expected, the market has collapsed heavily. The Bitcoin price dropped close to $21,600 while the Ethereum price squashed close to $1600. The markets remained highly unstable since the early trading hours as the inflation rates were expected to decrease a little.
Despite the current drop, the ETH price still remains within a bullish pattern, and market participants hope for a rebound at the earliest.
The ETH price recorded a huge bearish candle with the highest ever hourly volume since the beginning of September. While the price continues to hold within the ascending triangle, the possibility of a rebound emerges. The asset is required to hold the $1600 support zone firmly and initiate a flip, or else it faces the possibility of a massive crash.
On a positive note, the market sentiments are increasingly positive toward the upcoming Ethereum Merger. This could lead to raising the ETH price.
It’s important to closely watch the price trends around the day’s close, as a bearish close could scotch the raising sentiments that could have held the ETH price above the crucial support.
Hence, the day’s close will prove to be immensely important for Ethereum & the upcoming Ethereum Merger.
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Has Terra’s Rally Ended? Will LUNA Price Ignite Massive Surge With Ethereum Merger? – Coinpedia – Fintech & Cryptocurreny News Media
There has been concrete evidence, supported by the investors’ bullish sentiment, that the infamous Terra ecosystem, which caused the market to crash four months ago, is attempting to recover and gain the trust of the participants once again.
LUNA, Terra 2.0’s cryptocurrency, stayed below the $3 threshold for nearly three months straight, and every subsequent price increase was quickly negated.
Nonetheless, LUNA exploded last week, increasing by almost 230%, with a single-day increase of 188.72% on September 9. It marked a spectacular comeback in the cryptocurrency market.
The Inevitable Retracement
Unfortunately, LUNA has started to decline again over the past 72 hours, losing almost 33.3% in that time, which has worried LUNA holders.
Undoubtedly, the altcoin had become overbought and this retracement or fall can be seen as a much-needed return to normalcy. It is poised to fall even further from here.
This rapid buying pressure can only be linked to FOMO among investors because there hasn’t necessarily been a significant event recently, which furthered the surge.
On the other hand, the website redesign, during which Terra included the ecosystem portal and developers’ guide features, was perceived as a move toward development and positive changes.
What can we expect next?
Several market participants are eager to know whether that surge would be repeated in the upcoming days. The answer would have been more positive four days ago when Terra was soaring uncontrollably. At the moment, it is anticipated that Terra will soon see price changes, given that LUNA volatility has soared by 500% this week.
It is advised to hold off on investing in LUNA right away, at least until it finds some stability, as this is the most volatile period in over three months as shown on the chart.
The wisest strategy for trading such a market would be to remain patient till the price hits a stable area and important level, as one can find a good entry at such spots.
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Here’s why Ethereum Could be Vulnerable to a 51% Attack Post ‘The Merger’! – Coinpedia – Fintech & Cryptocurreny News Media
The much-awaited event is just a day away to occur that may turn the tables for not only Ethereum but for the entire crypto space. As the market sentiments are uneven presently, the impact of the event on the crypto price still cannot be ascertained. Along with this, a fear of Ethereum becoming centralized hovers around as more than 50% of the staked ETH has been in control of a few validators.
In the latest report let out by Nansen, over 11% of the total staked ETH with 65% liquid & 35% illiquid with 426,000 validators & 80,000 depositors. Surprisingly, the report highlights a small group of entities command a huge portion of the staked ETH. A major portion, of about 30% is being held by Lido Finance of the total 13.4 million staked ETH.
Additionally, the on-chain data reveals that the ownership of Lido’s governance token (LDO) carries censorship risks as ownership is not bifurcated but concentrated. Hence the possibility of a 51% attack hovering around the second-largest cryptos after the Merger. As per a popular analyst, more than 51% of the stackable ETH has already been under the control of a small group of early insiders.
Therefore, the analyst believes the other honest stakers cannot do anything as this small group of investors may control the protocol, challenging the decentralization of the ecosystem. However, as per some reports, a censor-resistant switch will be activated by the core developers upon the merger which will help curb this issue.
Wrapping it up, the Ethereum ecosystem may have to deal with newer challenges after the transition. Hence a successful Merger within a decentralized environment could pave way for smoother functioning of the ecosystem.
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Analyst Maps the Striking Target for TerraClassic(LUNC) Price, Ethereum Merger Impact May Fade Soon! – Coinpedia – Fintech & Cryptocurreny News Media
The beginning of September marked a huge uptrend for TerraClassic (LUNC) which uplifted the price close to $0.0006 from the levels below $0.0002. While it was speculated that the price may continue to range towards the north to reach $0.0007, a huge drop dragged the price below $0.00035 at the press time. Presently, a huge selling volume has been accumulated due to which the LUNC price may roll down heavily.
What went wrong? Whether the impact of the Ethereum Merger faded away?
The crypto markets have begun to consolidate since the early trading hours, while the Bitcoin(BTC) & Ethereum (ETH) price struggle hard to sustain above $22,300 & $1700.
Presently, the crypto markets including LUNC price are consolidating within a narrow region but the descending trend may not remain for long.
A popular analyst, Altcoin Sherpa, lists the targets for Terra Classic (LUNC) price and believes the price to slump hard in the coming week or 10 days.
As per the trade set-up laid down by the analyst, the LUNC price is expected to continue with the current descending trend until it breaks the support around $0.00024. He advises his 183K followers to enter into a long deal at this point as the price could rebound finely and surge high to reach $0.00036 in the next 2 days.
Further, the bears may regain dominance and quickly drag the price below the crucial support hitting the levels around $0.00016 or below. Currently, the major area to hold for the Terra Classic price is around $0.000297. If the asset rebounds here, the bearish trajectory could differ to some extent, else a huge descending trend may be imminent for the LUNC price.
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Ethereum Merger Fast Approaching, This is how Dogecoin & Shiba INU May React! – Coinpedia – Fintech & Cryptocurreny News Media
The upcoming Ethereum Merger has induced a significant bullish momentum in the entire crypto space. Bitcoin price has surged beyond $22,000 while the ETH price is approaching $1750 levels. Many other altcoins like Solana (SOL), Polkadot (DOT), Avalanche(AVAX), etc have jumped notably. Conversely, the popular meme coins, Dogecoin (DOGE) & Shiba INU (SHIB) continue to trade around the break-even prices.
Dogecoin(DOGE) Price
The Dogecoin price continues to trade within a huge bearish triangle with depleted buying volume in the longer time frame. While in the short term, the asset has been displaying acute strength after a fine rebound from the lows at around $0.0575. The 13% jump indicates the coiling market sentiments ahead of the Ethereum Merger.
The DOGE price is maintaining its trade within an ascending triangle which is considered bullish. The price is testing the upper resistance for the past couple of days and has been constantly failing to slice through these levels. However, the price is expected to break above the stagnant trend and reach the August highs at $0.0708 initially.
If the Ethereum Merger makes a huge success, the positive market sentiments may escalate the price beyond $0.08 which may further head towards $0.0926. Else a drop towards $0.0510 may be imminent.
Shiba INU(SHIB) Price
After sustaining heavily above the local support at $0.00001214, the SHIB price surged but failed to surpass the $0.000014 levels. A huge drain in the volume has left the asset consolidated within a very narrow range. The narrow trend may be continued for some more time before the price breaks out of consolidation.
The SHIB price is heavily consolidating within the above-mentioned levels and presently flashing fewer chances of a breakout. The price is expected to coil up only if the asset raises above the immediate resistance and settles above the trend line. Therefore, the upcoming event of the Ethereum Merger is expected to induce significant volatility that may assist the price to reach the desired levels.
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Trouble in Ethereum Merger! Here’s What FTX CEO Sam Bankman-Fried Has To Say – Coinpedia – Fintech & Cryptocurreny News Media
Ethereum, the second largest cryptocurrency by market cap, has been leading the market run for a couple of days. One of the biggest reasons for this is the upcoming merge which will transform the Ethereum network from proof-of-work (PoW) to proof-of-stake (PoS).
This is one of the most spectacular events to take place in the crypto space. Any such developments naturally increase the confidence among market participants which will in turn push the currency’s price toward the north.
Meanwhile, Sam Bankman-Fried, FTX’s CEO, has given his opinion in regard to the outcome of the Ethereum Merge. In a recent interview with CNBC, Bankman-Fried claims that the Merger will be an exciting event for the community as this will make the network’s transactions faster and cheaper.
As per the expert, the initial stage of the Merge will not be a cakewalk as there will likely be some issues and that’s unavoidable. The early days of the event will bring chaos to the ETH community along with a lot of confusion and unpreparedness due to technical difficulties. This is because the network will see a transition and for this, many will have to update software to process a new chain.
The FTX CEO further says that there will be many who will be ready to update and a few will oppose. He foresees that APIs will cause an issue that many didn’t expect and this will see bug fixes on centralized institutions.
Sam Bankman-Fried is of the opinion that this is a massive transition that the network will experience as it’s not just a single entity that will get transformed, instead, entire decentralized and centralized entities will be involved in the transformation.
He ends his conversation by saying that “everything will not happen in one go and that people will take time to clean up.”
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Here’s How You Should Trade Ethereum (ETH) Before The Merger
As Bitcoin continues to hover around $19,000, the second largest cryptocurrency by market cap, Ethereum, is eventually moving towards retesting its lost range of $1,700.
Currently, Ethereum is changing hands at $1,626 after a massive gain of 7.05% in the last 24hrs. At the moment, Bitcoin is struggling to gain momentum and avoid another rejection, thus, market participants have turned Ethereum to be their saviour.
The upcoming Ethereum merger has gained both positive and negative speculations. A few market participants claim that the merger will lead to increased demand and drive the ETH price. Conversely, a few others believe that the merger will act as a mere ‘buy the rumour, sell the news kind of event.
CPI Data To Push Ethereum Price?
A ‘buy the rumour, sell the news event leads to a massive bull run but is never sustainable. If this perspective is indeed true, the ETH price would crash soon after the event comes to an end.
It’s also important to note that on the day of the merger, the US Federal Reserve is expected to disclose the Consumer Price Index (CPI) data which will also reveal the current inflation rate.
Many market experts claim that the CPI data will play an important role in market movement. Alex Kruger, a famous economist, supports this ideology and says that the data will let us know the market direction.
Further, Alex claims that if ETH is traded for the event, he would like to go long as the currency might move above $1,700 and hit a target between the $1,800 to $2,100 area.
On the other hand, in terms of Ethereum’s sustainability after the Merge, the expert asserts that it all depends on the currency’s price action capability. He believes that the merger will put the spotlight on ETH, but this is not enough for ETH to see a bull run. As per Alex, if there is a rebound seen in the equities markets after the CPI stats are released, then crypto will follow.
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How High Will Ethereum Classic (ETC) Price Reach Prior to Ethereum Merger?
As the Merge date which is scheduled around September 15 and 16 is approaching, Ethereum Classic (ETC) is gaining massive demand. This has pushed the price of the currency towards huge gains since June. This is because while the Ethereum (ETH) network will transform from proof-of-work (PoW) to proof-of-stake (PoS), mines will also make a shift towards Ethereum Classic (ETC).
Meanwhile, the largest crypto exchange, Binance, made an announcement that it plans to launch a new ETC mining pool without mining fees. The only condition that Binance has is that all the promotional activities will be under the company and there are also speculations that in the future Binance might bring up mining fees.
Also, Ethereum Classic is witnessing an increased PoW from 17.742 TH/S to more than 43 TH/S in just three months. The main reason is due to POW miners making a shift from ETH POW mining.
If Binance decides to continue with zero mining fees, the ETC will see an increased demand along with more network security and transaction speed. The other advantage is that this will attract more projects that are looking for POW networks.
Ethereum Classic Holders Are Benefitted Too
Next, when ETC holders are regarded, they will see an increased benefit with more demand and network utility. The demand will rise because of the rise in hash rate and utility which will in turn pave the way for a price surge. However, the profit share might decrease as more and more miners flock in.
Along with portraying a massive price surge, Ethereum Classic has recorded 34% gains in just September to date. The observers have also claimed that whenever there is a price surge, the demand also increases.
At the time of reporting, Ethereum Classic is selling at $38.91 after a push of 5.03% in the last 24hrs. Even Ethereum Classic’s Relative Strength Index (RSI) is trading above 50 along with Awesome Oscillator (AO) signaling a bullish trend.
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Beware Traders! The Ethereum Merger Could Set Off A Short-Term Price Plunge – Coinpedia – Fintech & Cryptocurreny News Media
Today, i.e., September 7th, the crypto market crashed to a large extent. Bitcoin, especially, dropped to the $18,000 price range and Ethereum price lost nearly 10% in the last 24hrs.
At the time of publication, Bitcoin is changing hands at $18,761 after a fall of nearly 6% in the last 24hrs.
For the last two weeks, Bitcoin and Ethereum have been struggling to trigger some bullish momentum for a positive run after maintaining above $19,000 and $1,600, respectively. Even the hype around the Merge has failed to push Ethereum’s price- which indicates just how intense the market crunch is, at the moment.
On the other hand, most of the market participants are taking advantage of ETH’s price plunge by accumulating more and more currencies. This is because investors are of the opinion that the market fall is an opportunity to buy currencies that would be profitable in the future once the Merger is completed. The Merger is scheduled to be completed by mid-September.
Ethereum Price To Surge Soon?
The merger will transform the Ethereum network from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. Also, once the merger is done, it is anticipated that the Ethereum price will hit a target of $2,000.
In a new video, analyst Jason Pizzino informs his 275,000 followers on YouTube that the Ethereum Merger will set off a short-term price plunge. The analyst claims that there are high chances that the Merge will have a negative impact and hence, the market participants should be prepared for it.
Furthermore, the ETH price might hit the resistance at $1,700, but if the currency fails to move beyond that level, the currency will be in a bad state. Here, Jason warns that Ethereum might form a lower top.
At the time of writing, Ethereum is changing hands at $1,531 after a pullback of 8.15% in the last 24hrs.
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Ethereum Preparing to Flip Bitcoin Ahead of Merger! Will Bitcoiners Still Remain Passive? – Coinpedia – Fintech & Cryptocurreny News Media
The Ethereum price is coiling up ahead of the much-awaited Merger which is scheduled for Mid-September. This event has led to massive surges in the ETH, ETC, and other altcoin prices.
However, the crypto community is divided. While some believe that the prices are likely to crash soon after the event, other analysts consider it as an opportunity to flip the star crypto Bitcoin.
The Ethereum protocol is set to undergo a major transit from the PoW to PoS and hence the asset prices are also expected to be heavily impacted. On the other hand, Bitcoin continues to trade sideways, struggling to rise above $20,000. Currently, the asset is attempting the break out of a range and hence may flip Bitcoin soon.
After surging by more than 18% from the lows, the ETH price is now experiencing a slight bearish pressure as the prices drop below $1650. The recent upswing had compelled the price to break above the rising parallel channel but it appears that the asset may make it within the channel again. However, the asset is believed to reach highs around $1800 to $1900 but is expected to drop before the official Merger.
The analyst, il Capo of Crypto has always warned his followers about the short-term bounces the assets undergo to trap the bulls. Hence as per his predictions, Ethereum is currently undergoing a similar bounce where the bulls could be trapped close to $2000.
However, the Ethereum Merger is approaching is very close and hence the impact of the event on ETH and the other asset may turn the tables for the entire crypto space.
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Ethereum Displays its Strength While Ethereum Classic Spikes High, Will ETC Price Hit $50 Before Merger? – Coinpedia – Fintech & Cryptocurreny News Media
Ethereum Merger’s first phase is about to kick off very soon with the release of the Bellatrix upgrade which is scheduled shortly. Hence, the entire crypto space is trying to get out of the bearish captivity ahead of the event. While ETH price is expected to surge beyond its ATH, ETC price may also make a larger move very soon.
As the Merger is approaching, the market sentiments are coiling up as the event is considered as important as the Bitcoin halving. Therefore, as the BTC price after each of its halving spikes high, the ETH price is also expected to spike high to reach $7000 to $10,000 by the end of the year.
The analyst, who claims to have sold BTC at the ATH twice and also called $18,000 the bottom, hopes ETH to form a new ATH soon. It is to be noted that the ETH price needs to rise by more than 350% in the next 3 to 4 months to reach the above-mentioned target. However, the analyst believes the crypto space is bigger now compared to 2017, and hence it may be possible.
Ethereum Classic Breaks out of Consolidation Ahead of Merger
Ethereum Classic is considered one of the assets to be positively impacted after the Merger as a large share of miners has switched to the ETC chain. With the announcement of the Merger date, the ETC price spiked nearly 190% and as the official process is about to kick off, the asset surged by another 30% & counting.
The ETC price despite a couple of spikes traded within the bullish falling wedge, waiting for a breakout. However, the price broke out of consolidation during the previous trading day and made a move beyond $40. However, the price is facing minor hindrances presently, while the bulls are self-assured to rise the price beyond the pivotal resistance between $44 & $45 to reach $50 this month.
Collectively, the upcoming Merger is expected to turn the tables for not only Ethereum or Ethereum Merger but for the entire crypto space. Therefore, a notable bounce can be expected while the Bitcoin(BTC) price may continue to hover within the pre-defined narrow ranges.
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Will Ethereum (ETH) Price Dump on the Day of Merger?
Ethereum (ETH) price is currently trading above $1500, displaying enough strength ahead of the crucial Merger which is scheduled on 13 September 2022. The asset is not displaying huge volatility and continues to trade within narrow regions. The consolidation within an ascending range clearly signifies the growing market sentiments ahead of the Ethereum Merger.
The second-largest crypto formed a couple of bearish flags and dropped hard ever since the price rose above $2000. The price has been on rising and trying to nullify the current bearish pattern. While the Merger is just a week away, the price may also forecast some strength ahead.
Despite holding significant strength, the ETH price still hovers within a bearish descending parallel channel. The asset is slowly landing up within the decisive phase, where-in the price may either break out above the consolidation or else drop back to the middle bands. However, many believe, the asset may fall prey to ‘buy the rumor & sell the news’ that may slash the price harder ahead.
Meanwhile, the Merger is fast approaching, and the spice around ETH vs ETHPoW is getting heated up, much similar to LUNA vs LUNC. ETHPoW, is the forked Proof-of-Work-based Ethereum, carried out by miners to continue with their activity. However, the ETHPoW is trading at extremely depleted levels compared to that of ETH.
Hence any drop in the Ethereum(ETH) price post the merge, may enable the ETHPoW price to gain traction.
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How Will NFT Market React To the Ethereum Merger Event? – Coinpedia – Fintech & Cryptocurreny News Media
This year Ethereum turned seven years old, surprising users with a present in the form of the Ethereum Merge. The much-awaited Ethereum Merge is officially scheduled for the 16th of September. The Ethereum Merge will significantly impact the crypto sector, including NFTs and digital collectibles. It is reported that 80% of total NFTs are traded on the Ethereum blockchain and witnessed an eye-popping revenue due to the NFT hype, including the two most famous NFT collections, CryptoPunks and Bored Ape Yacht Club. Therefore, a question arises for NFT creators, what will happen to millions of NFTs after the Merge?
Impact on NFT Market
NFTs are one of the essential sectors of the Ethereum network. After the Ethereum Merge, the NFTs will still be in your digital wallet. According to Adam McBride, if the Proof-of-Work fork remains, then the user will have two versions of NFT. One will be the NFT on the previous Proof-of-Work fork, and the other will be the post-merge Proof-of-Stake NFT. If everything works well, NFTs will actively function on Ethereum’s newly upgraded mainnet.
The NFT creators and investors might encounter a ‘replay attack’-double transaction, which means that a transaction may happen on the newly merged PoS fork if a user transacts on the PoW fork. Thus, there is a slight chance of compromising the security of NFTs as someone else can access your NFTs or any other digital asset, and your NFTs might get lost through an unknown transaction you never made.
We can even see price discrepancies in NFT floor prices due to this. However, we anticipate that the mentioned impact might not occur, but there is a probability of it, and you should be aware of that.
However, there are some excellent impacts also. The most robust effect will be reduced carbon consumption by up to 90% for minting and maintaining NFTs. In addition, analysts of the crypto sphere predict a sky-high surge of Ethereum after the Merge, and creating NFTs on the Ethereum network will become more convenient and easier.
Final Thoughts
To save NFTs from possible impacts, users are advised to delist their NFTs from sale and transfer them to their new PoS wallets. However, it is not guaranteed that everything will go as per the plan; users may take necessary steps to protect their NFTs.
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Ethereum Merger Involves Major Risk Factors – CNBC Analyst Brian Kelly Warns Investors – Coinpedia – Fintech & Cryptocurreny News Media
The Ethereum network is all set for its most awaited Merge that will transform the network from proof-of-work (PoW) to proof-of-stake (PoS).
Now, as the Merge is around the corner, Brian Kelly, CEO at the BKCM investment firm, doesn’t look that confident with the network transformation.
While in conversation at CNBC in a new episode of Fast Money, Brian Kelly claims that Ethereum investors will not see any gaining any big profit and this is because of ETH’s inflation.
He is of the opinion that this event is leaning more towards the ‘sell the news’ mechanism as this is not instinctive and he claims this because usually in the cryptocurrency sector the market participants would buy the news.
Ethereum Merge Will Not Yield Profit
He then says that market participants are purchasing Ethereum because of the Merge and with the hope of gaining massive profits. But as per Kelly, it’s just not about yield, in fact, it’s just that you’re receiving your inflation amount. Hence it’s just balancing the inflation but not making a profit.
Further, BKCM CEO believes that while most of the investors and traders are excited about the upcoming Merge that is scheduled in mid-September, this will lead to a sell-off. He also says that there are chances for a failure of the merger as well and this will have the worst effect on Ethereum’s price action along with the project.
Additionally, Kelly feels that there are a lot of questions about how the apps will react if the Ethereum network gets divided again. And if that happens he warns that there might not be just one chain fork, but two or three different, hence the risk is more than the profit.
In a broader analysis of the economy, the expert talks about the connection between cryptocurrencies and the tech stock market along with highlighting the key distinctions between Bitcoin (BTC) and Ethereum.
As every other analyst and expert, Brian Kelly too believes that Bitcoin’s connection with that of Nasdaq is almost near 60% whereas Ethereum’s is 70% seen in the last month.
Given that Bitcoin itself is not a tech stock, he believes there may be some variation here. Undoubtedly, it is an alternate form of money and digital gold. Then he continues that when the nation demolishes its currency, as many governments do nowadays, this currency will come into force.
Conversely, he feels that Ethereum is kind of a tech stock itself as it will shatter most of the things the present tech stocks are doing.
At the time of reporting, Ethereum is selling at $1,555 after a drop of 0.73% over the last 24hrs.
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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.