The biggest cryptoverse news for September 9 includes Bitcoin’s recent rally that took it above the $21,000 level; block calculation estimates indicating that Ethereum Merge will take place on September 14; and Binance’s decision not to apply the 1.2% LUNC token burn on spot and margin trades.
Top CryptoSlate Stories
Bitcoin Retests $21,000 As It Recovers Ground From Ethereum Ahead Of The Merge
Bitcoin is up 10.3% since 03:00 UTC on September 9. This increase restored Bitcoin to the leading role in the market since the recent surge in Ethereum which fell 0.8 BTC.
Ethereum Merge is 34,000 blocks away and set to take place on September 14
Tracker Ultrasound Money estimates the meltdown to be around 34,000 blocks away, which means the meltdown is expected to take place on September 14 at 9 p.m. UTC.
Binance will not apply the Terra Classic tax reduction to spot trading on the exchange
The LUNC community adopted two governance proposals that involved 1.2% consumption on all on-chain transactions. As trades are settled in an internal order book rather than on-chain, it is still unclear how exchanges will enforce the new burn policy.
Binance has announced that it will not enforce the Terra Luna Classic (LUC) ruling in its internal order book settlements or spot and margin trading.
ETHPoW Team Confirms They Will Use ChainID 10001 to Prevent Replay Attacks on Mainnet
The Ethereum PoW team has announced that they will be using a different ChainID than the mainnet. ETHPoW testnet currently uses ChainID 10002, and the team has announced that it will use ChainID 10001 once the merge is complete.
The community asked the ETHPoW team to clarify their ChainID, but there was no response. Finally, Coinbase submitted the same request, to which the ETHPoW team responded.
CryptoSlate spoke with Temoc Webber and Igor Mandrigin, CEO and CTO of Gateway.fm, about the potential for relay attacks via the ETHPoW chain. During the conversation, Mandrigin said there was “no reason” for the ETHPoW team not to update the code before The Merge.
Ethereum Name Service developer identifies challenges with Vitalik’s fee proposal
Ethereum Name Service (ENS) manager Nick Johnson said the protocol could not support the fee structure recently suggested by Vitalik Buterin.
Johnson said the protocol needs to make some changes before applying the new fee structure, which will be higher than the old one.
OK wow, literally half of you think someone should be able to lock down every five letter word in the Scrabble dictionary (which includes exotic stuff like “ZORIL”) for a hundred years for less than the price of four lambos. https://t.co/2AWSR0qkQh
— vitalik.eth (@VitalikButerin) September 5, 2022
Buterin argued that the old prices did not compensate for the ENS DAO.
US lawmakers warn that Facebook and Instagram are ‘becoming fertile ground’ for crypto scams
A recent report from the Federal Trade Commission (FTC) stated that Meta’s Facebook, WhatsApp, and Instagram host numerous crypto scams.
According to the figures, Instagram facilitated around 32% of the scams included in the report, while Facebook hosted 26% and WhatsApp held 9%. Reacting to the numbers, regulators asked Meta CEO Mark Zuckerberg to release a report revealing Meta’s methods of dealing with crypto scams.
A Coinbase employee accused Cobie of spreading an insider trading complaint because of FTX
Coinbase employee Pete Kim alleged that crypto influencer Cobi disclosed inside information against Coinbase. Kim argues that Cobi wanted to harm Coinbase because of the influencer’s partnership with FTX.
Coinbase employees insinuate that I provoked the insider trading investigation at Coinbase because the sponsors of FTX @UpOnlyTV 👍👍
I’ve kept all the details of how it all ‘happened’ private out of respect for @brian_armstrong and ~industry~.
Soon a new sub-stack? https://t.co/7SEp4IYqki
—Cobie (@cobie) September 8, 2022
Cobi responded to the allegations by saying he had no intention of spreading FUD or revealing inside information.
Research: Bitcoin Risk Signal Suggests Further Decline in Coming Weeks
Even though the September 9 Bitcoin rally instilled hope in the hearts of many, the signs point to a downward trajectory ahead in the coming weeks.
CryptoSlate analysis shows that the Bitcoin risk signal is still very high. The signal is graded between 0 and 100, where a risk-free environment translates to a number between 0 and 25. Even after today’s rally, Bitcoin Risk Signal is still at 87.
This indicates a possible downward rally for Bitcoin in the coming weeks.
News from all over the Cryptoverse
Mark Cuban loses crypto fever
Once, crypto-maximalist billionaire Mark Cuban said the crypto space had lost its luster, as The street reports it. Cuban admitted he’s no longer excited about the crypto space because it “lacks new applications.”
EU Preparation Method to Authenticate NFTs
The EU has launched a new initiative to combat intellectual property infringements. The new method will aim to authenticate NFTs and prevent counterfeit products.
Bitcoin registered an increase of 10.26% in the last 24 hours, reaching $21,192. Ethereum accompanied it with a 4.49% rise to trade at $1,703.