Bitcoin and Ethereum have shown a strong upside over the last weekend. A strong weekly closing can result in a further price rally ahead this week.
Now that the September 19 date is in view, the Ethereum Foundation developers will set a timeline for the “Difficulty Bomb” to be activated.
Crypto market turned volatile following the US CPI inflation data on Wednesday. Owing to four-decade high inflation the Fed is likely to initiate aggressive QT measures which can force investors to move away from risk-ON assets like crypto.
Many believe the transition, once completed, will pit Ethereum favorably against Bitcoin, closing their gaps.
Additional reports from the analyst stated that this is the most recent in a string of fakeouts that will deceive many traders into thinking the bottom is in when, in fact, the trend is still downward.
Ethereum developers successfully conduct the Merge upgrade on the Sepolia public testnet. However, they still encountered minor hiccups during the launch.
The launch of Bitmain AntMiner E9 comes a year after the announcement. Also, the launch comes just before Ethereum’s move to the Proof-of-Stake blockchain raising doubts over its future sales.
The mini-rally recorded in the last 24 hours is believed to have been caused by the positive movement in Total Value Locked across Ethereum as well as improved on-chain activities.
Ever since Bitcoin price dropped to current levels of around $20k, miners are rewarded approximately $120,000 per successful mined block.
Ethereum gas fee plummets as NFT sales and DeFi activity on the platform are on a sharp decline over the last two months.
The Ethereum Foundation (EF) has announced its plans to shut down three of its major testnets after the much anticipated “The Merge” event that will transition the protocol fully to a Proof-of-Stake (PoS) model.
New predictions from Hayes are in line with that of many analysts who think prices could fall further if prices reach the $20k support.
Curbing the inflationary growth can indirectly ease off the pressure on the stock market, which is bound to translate to Bitcoin and the hoard of tradable altcoins.
Recently, Goldman Sachs has teamed up with Coinbase to come out with the first crypto-backed loan.
Despite the bearish market, Mike Novogratz believes the prices will not fall much further.