The last seven days have been action-packed, and it’s safe to say that these interesting developments have taken place on all fronts. Bitcoin has been through considerable volatility, and the Terra ecosystem facing both LUNC and LUNA has experienced a massive rollercoaster as the Ethereum Merge countdown officially kicked off with the Bellatrix upgrade. Let’s unpack.
Starting with Bitcoin, he started off on the wrong foot. During the first few days of last week, BTC was hovering around $20,000 – a trend we have seen for quite some time. On Tuesday, however, the sellers took control and pushed the price towards $18,000.
This level turned out to be crucial, as it had previously supported the price three times. Once again the bulls managed to hold the line and started a rebound earlier in the day. In less than 24 hours, buyers managed to send BTC towards $21,000, registering a huge increase of almost 10%. By doing so, they were able to turn the last seven days green as BTC saw gains of almost 5%.
Elsewhere, the Bellatrix upgrade has gone live on Ethereum’s Beacon Chain. This is the last upgrade to take place before the coveted Paris hard fork (more commonly known as “the merger”). Its purpose is to allow validators to start producing updated Beacon Blocks that will contain the code base for merging the two layers – the consensus and execution layers.
This puts fusion just around the corner. According to the latest estimates, it should take place on September 12. This will officially mark Ethereum’s transition to a proof-of-stake consensus algorithm – a feat that no other major cryptocurrency has achieved so far, if successful, of course.
The Terra ecosystem has also received a lot of attention in the face of both Luna Classic (the classic version of the cryptocurrency) and the one produced as a result of the hard fork that followed the collapse – LUNA.
The first (LUNC) has risen 67.3% in the last seven days, and the main reason for this is the new staking service that went live on the Terra Classic channel on August 27, offering investors a return high around 37% on their stakings, at the time of writing.
On the other hand, we have LUNA – the cryptocurrency that powers the chain produced after the hard fork. It’s up 300% today. The interesting part is that it took place in about two hours. After hitting the daily highs, however, the coin returned to where it is currently trading, registering an increase of around 170%, highlighting the huge volatility.
All in all, it was a very eventful week with a lot of excitement in the market. With the Ethereum merger set to take place next week, it remains particularly interesting to see how the market will evolve.
Market capitalization: 1,087 billion dollars | 24h volume: 94 billion dollars | BTC dominance: 37.1%
BTC: $21,091 (+4.7%) | ETH: $1,722 (+8.4%) | ADA: $0.495 (+8%)
This week’s crypto stocks you can’t miss
Ethereum Merger: What Does It Mean for Stakeholders and Miners? The transition to proof-of-stake will not only alleviate some of the energy concerns, but will also have far-reaching implications for staking, mining, and global adoption. Here’s what that means for existing miners.
Coinbase is funding a lawsuit against the Treasury Department for sanctioning Tornado Cash. Leading US-based cryptocurrency exchange, Coinbase, will support legal action against the US Treasury Department after sanctioning the Tornado Cash privacy protocol. The exchange “seeks to defend the crypto industry against actions that go too far.”
Ethereum is not money: Arthur Hayes. Co-founder and former CEO of derivatives exchange BitMEX – Arthur Hayes – argued that Ethereum does not represent money. He talked about the deflationary economics surrounding the upcoming merger and why there is more to the story when it comes to designing an effective monetary instrument.
The good, the bad and the ugly as El Salvador celebrates its first anniversary of Bitcoin adoption. This week marked exactly one year after El Salvador first adopted Bitcoin as legal tender. We take a look at everything that happened in between and what it really meant for the country.
Ethereum Classic is a dead project: Charles Hoskinson of Cardano. Charles Hoskinson, the founder of Cardano, argued that Ethereum Classic (ETC) is a dead project. He also said that it is useless and there is no argument for its existence.
What is the Bellatrix Hard Fork: the last Ethereum update before the merger. This week, the Ethereum network went through the Bellatrix hard fork. This is the final update before the merger, which will mark the protocol’s transition to Proof-of-Stake (PoS) governance consensus. Here’s everything you need to know about it.
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