Crypto SWOT: Ethereum has completed a major overhaul of its blockchain network – Kitco NEWS | Jewelry Dukan

Strengthen

  • Of the cryptocurrencies tracked by CoinMarketCap, Celsius was the best performer of the week, up 22.51%.
  • Bitcoin extended its rally amid brighter sentiment in global markets and as traders await US inflation data and monitor a landmark upgrade to the Ethereum blockchain. Bitcoin rose about 10% on Sept. 9 and 3.9% on Monday to trade above $22,000. The move was fueled by a weaker dollar and as investors awaited US inflation numbers, Bloomberg writes.


  • Ethereum has completed a major overhaul of its blockchain network, marking the crypto world’s most ambitious software upgrade to date. The change replaced power-hungry computers used to order transactions on the network with a more energy-efficient facility that uses stacks of the network’s native token, ether. As a result, Ethereum’s energy consumption will drop by an estimated 99%, Bloomberg writes.

weaknesses

  • Of the cryptocurrencies tracked by CoinMarketCap, Terra Luna was the worst performer of the week, down 53.30%.
  • Bitcoin plunged more than 10%, the biggest drop since cryptocurrencies collapsed in June, as the broader financial market sell-off spilled over into the digital asset space. Ether fell almost 9% even though the underlying Ethereum network was poised for a long-awaited energy-saving software upgrade, Bloomberg writes.
  • BitGo is suing Mike Novogratz’s Galaxy Digital Holdings for more than $100 million in damages after Galaxy abandoned its proposed $1.2 billion acquisition of the crypto custodian. The lawsuit cites Galaxy’s “wrongful repudiation and willful and international violation” of the merger agreement, according to a public filing related to the case and reported by Bloomberg.

occasions

  • The Blockchain Association, a prominent crypto trading group with members that include stablecoin issuer Circle and exchanges Crypto.com and Kraken, is forming its own Political Action Committee (PAC). The move represents another attempt by a pressured industry to steer U.S. policy in a more crypto-friendly direction, Bloomberg writes.
  • US trading titans and brokerage firms are building a crypto exchange that will bring investing in digital assets further into the realm of traditional finance by mimicking the structure of how other asset classes trade. EDX Markets will begin trading a limited number of spot crypto tokens, beginning with a trail phase in November with the official launch in January, according to a Bloomberg report.
  • Two ex-citadel securities employees are releasing a cryptocurrency market-making firm they founded with $50 million in backing from venture capitalists. Portofino provides crypto liquidity to financial institutions and high net worth individuals (HNWIs) and trades on both centralized and decentralized exchanges and over-the-counter (OTC). It also offers advice and technical support to Web3 startups looking to list their assets on exchanges, Bloomberg writes.

threats

  • Customers whose life savings have been frozen on insolvent crypto platform Voyager Digital are looking at a bankruptcy auction on Tuesday for clues as to whether or not they are finally getting their wealth back. According to an article published by Bloomberg, Voyager users have been unable to access their cryptocurrencies since July 1, when the collapse in digital assets forced the company to suspend trading, deposits and withdrawals.
  • Ethermine, the largest Ethereum mining service provider by computing power, will shut down its servers for miners after the blockchain completes its historic technical upgrade. The news comes on the eve of Ethereum’s much-anticipated software overhaul, dubbed Merge, which will shift the most widely used blockchain from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS).
  • Ether led the digital assets lower after the token’s groundbreaking software upgrade to its underlying network became what some market watchers dubbed a “sell the news” event. The second largest cryptocurrency by market cap after bitcoin fell as much as 8.9% to $1,460.




Disclaimer: The views expressed in this article are those of the author and may not reflect those of the author Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not an invitation to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article assume no responsibility for any loss and/or damage resulting from the use of this publication.

Leave a Comment