Bitcoin Pumps to Cross $21K; Ethereum Merge is expected on September 14th
The biggest news in the cryptoverse for September 9 includes Bitcoin’s recent rally that took it above the $21,000 level; block calculation estimates indicating that Ethereum merger will take place on September 14; and Binance’s decision not to use the LUNC 1.2% token burn on spot and margin trades.
CryptoSlate Top Stories
Bitcoin retests $21,000 as it reclaims ground from Ethereum ahead of The Merge
Bitcoin increased by 10.3% since 03:00 UTC on September 9. This increase put Bitcoin back to the leading role in the market since recently strong Ethereum fell by 0.8 BTC.
Ethereum Merge is 34,000 blocks away, expected to happen on September 14th
The Ultrasound Money tracker estimates that the merger is about 34,000 blocks away, which means that the merger can be expected to take place on September 14th at 21:00 UTC.
Binance will not use Terra Classic tax burn for exchange spot trading
The LUNC community passed two governance proposals that involved a 1.2% burn on all on-chain transactions. As transactions are settled in an internal order book rather than on-chain, it remains unclear how exchanges will apply the new burning policy.
Binance announced that it would not apply the Terra Luna Classics (LUNC) decision in its internal order book settlements or spot and margin trades.
ETHPoW Team Confirms They Will Use ChainID 10001 To Avoid Replay Attacks On Mainnet
Ethereum’s PoW team announced that they would use a different ChainID than the mainnet. The ETHPoW testnet currently uses ChainID 10002, and the team announced that they would use ChainID 10001 after the merger is complete.
The community has asked the ETHPoW team to clarify ChainID, but there has been no response. Finally, Coinbase submitted the same request, which was answered by the ETHPoW team.
CryptoSlate spoke with Temoc Webber and Igor Mandrigin, CEO and CTO of Gateway.fm about the potential for relay attacks through the ETHPoW chain. During the call, Mandrigin said that there is “no reason” for the ETHPoW team not to update the code before The Merge.
Ethereum Name Service developer identifies challenges in Vitalik’s fee proposal
Ethereum Name Service (ENS) head Nick Johnson said the protocol cannot support the fee structure Vitalik Buterin proposed recently.
Johnson said the protocol needs to make some changes before the new fee structure is adopted, which will be higher than the old one.
OK wow, half of you literally think someone should be able to lock down every five-letter word in the Scrabble dictionary (which includes exotics like “ZORIL”) for a hundred years for less than the price of four lambos. https://t.co/2AWSR0qkQh
— vitalik.eth (@VitalikButerin) 5 September 2022
Buterin argued that the old prices did not compensate for ENS DAO.
US lawmakers warn that Facebook and Instagram “become breeding grounds” for crypto scams
A recent report by the Federal Trade Commission (FTC) stated that Meta’s Facebook, WhatsApp and Instagram have been hosting quite a few crypto scams.
According to the figures, Instagram facilitated about 32% of the scams included in the report, while Facebook hosted 26%, and WhatsApp had 9%. In response to the figures, regulators have asked Meta’s CEO, Mark Zuckerberg, to release a report exposing Meta’s methods of dealing with crypto fraud.
Coinbase employee accused Cobie of spreading insider trading claims due to 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 imply that I caused the insider trading investigation at Coinbase because FTX sponsors @UpOnlyTV 👍👍
I kept the full details of how everything “went down” private out of respect @brian_armstrong and the ~industry~.
New sub-stack soon? https://t.co/7SEp4IYqki
— Cobie (@cobie) 8 September 2022
Cobi responded to the allegations by saying he had no intention of spreading FUD or revealing inside information.
Research highlight
Research: Bitcoin Risk Signal Suggests Further Downside in Coming Weeks
Although the September 9 Bitcoin rally instilled hope in the hearts of many, the signs indicate an upcoming downward trajectory in the following weeks.
CryptoSlate Analysis shows that the Bitcoin risk signal is still very high. The signal is ranked between 0 and 100, where a risk-free environment is reflected with a number between 0 and 25. Even after today’s rally, the Bitcoin Risk Signal is still at 87.
This indicates a possible bearish rally for Bitcoin in the coming weeks.
News from the entire Cryptoverse
Mark Cuban loses crypto fever
Once the crypto maximalist billionaire Mark Cuban said that the crypto space had lost its radiance, which The street reports it. Cuban admitted that he wasn’t excited about the crypto space anymore because it “lacks new applications.”
EU preparatory method for authenticating NFTs
The EU launched a new initiative to combat IP infringement. The new method will aim to authenticate NFTs and prevent counterfeit products.
Crypto market
Bitcoin registered an increase of 10.26% in the last 24 hours, reaching $21,192. Ethereum followed suit with a 4.49% increase to trade at $1.703.
