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Casino season 🎰
Cryptocurrency prices are soaring this morning, with the market blazing as the long-awaited ethereal the fusion upgrade is entering its final stage. The bitcoins The price is up nearly 3% since this time yesterday while Ethereum has fallen slightly after making strong gains over the past week.
Ethereum Rival Solana topped the crypto top ten highest, up 8%, while Ripple’s XRP
dived. Further down the charts, moonthe relaunched backing coin of the collapsed terra blockchain network, began to crumble after a huge rally over the past week that prompted a researcher to declare that “degen casino season is back on”. Coindesk see you.
Good to know: Former Jack Dorsey boss is building a decentralized Twitter
The surprise appearance of Vitalik 🎉
Spotted: Ahead of a week that is shaping up to be “absolute madness” according to an Ethereum-linked group on Twitter, Ethereum co-founder and spiritual leader of the project, Vitalik Buterin, found time to make a surprise appearance at the Kyiv Tech Summit.
Missed Opportunities: Long before Russia invaded Ukraine, Buterin met with Russian President Vladimir Putin to discuss Ethereum and the opportunities created by blockchain and decentralization.
To be continued : “I’ve been following Ukraine closely since the beginning of the war,” the Russian-born Buterin said during the summit’s closing panel. Coindesk. “I wanted to come and see for myself [and] also let Ukraine know that many people in the blockchain, ethereum and crypto world really care about you and many people support you.”
Program: Buterin’s downfall at the crypto-heavy event comes as Ethereum is on the cusp of its much-publicized and long-awaited transition from using energy-demanding proof-of-work (PoW) as its cryptocurrency algorithm. hashing to the most energy-efficient proof-of-stake (PoS). The event is expected to occur sometime this week, likely early Thursday morning.
Merge explained: Ethereum’s so-called merger will see Ethereum’s existing runtime layer, its mainnet, combined with its new proof-of-stake consensus layer, the beacon chain, eliminating the need for power-intensive mining. to secure the network and issue new ethers. “Imagine Ethereum is a spaceship that is not quite ready for interstellar travel,” explains the Ethereum Foundation. “With the beacon chain, the community has built a new engine and hardened hull. After extensive testing, it’s almost time to hot-swap the new engine with the old one in mid-flight.”
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SBF 🤝 The Mooch
🛍️ Sam Bankman-Fried, the billionaire CEO of crypto exchange FTX, continued his shopping spree by buying 30% of the alternative investment fund SkyBridge Capital – set up by a former aide to US President Donald Trump, Anthony Scaramucci – for an undisclosed amount.
🗣️ “We saw there was an opportunity to work more closely together in a way that would complement our two businesses,” Bankman-Fried said in a statement in which Scaramucci called Bankman-Fried a “visionary.” “We look forward to working closely with SkyBridge on their crypto investment business and also working alongside them on promising non-crypto related investments.”
Bankman-Fried, often known simply as SBF, threw several lifelines at crypto companies this year as crypto prices crashed last week and struck a deal with Gamestop that will see the retailer video game companies and now the NFT Marketplace offer FTX gift cards.
Now read this: Wall Street doesn’t need bitcoin; Bitcoin doesn’t need Wall Street
The week ahead 🗓️
👀 Watch for these cryptocurrency and crypto-adjacent events this week.
💶 Today, the European Central Bank’s (ECB’s) seventh annual flagship research conference begins. Crypto isn’t on the agenda but it will likely come back.
🇳🇴 Kicking off today is the trial in Norway of crypto Twitter personality Hodlonaut who is being sued by Australian computer scientist Craig Wright. Wright has long claimed to be the pseudonymous creator of bitcoin, Satoshi Nakamoto. The trial, which is expected to last a week, seeks to determine whether Hodlonaut’s accusations that Wright is a fraudster and con artist are protected by freedom of speech in Norway.
Tomorrow, Twitter shareholders will vote on Elon Musk’s $44 billion acquisition of the company as former Twitter security chief turned whistleblower Peiter “Mudge” Zatko testifies before the Senate Judiciary Committee. One of the main issues is the prevalence of bots, especially those promoting crypto scams, on the platform.
– US Senators Urge Meta Platforms CEO Mark Zuckerberg to Fight Crypto Scams
📊 Also tomorrow, US Consumer Price Inflation (CPI) data for August is released and is expected to show general price pressures that could influence the Federal Reserve’s next move on interest rates later this month.
– US dollar decimates global currencies
⚡ On Thursday, the long-awaited Ethereum merger upgrade is set to go into effect, making the network a more energy-efficient proof-of-stake system.
The Merge: a blockchain revolution or just more hype?
🎤 Later on Thursday, there will be two high-level Regulator appearances. U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler will appear before the State Banking Committee and Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam will speak at the Senate Agriculture Committee on Crypto.
– SEC Chief Enforcement Officer Warns That Violation of Cryptography Law Cannot Be Ignored
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