Ethereum Financial News

Cryptocurrency miner Hive Blockchain has been working to replace the mining of Ether (ETH) with other coins in the event of Ethereum’s upcoming transition to proof-of-stake, or PoS.

Bitcoin (BTC) traded in an increasingly narrow range on Sept. 6 as bets piled in over an imminent breakout.

As the long-awaited Ethereum Merge draws closer, one of the most interesting facts about 2022’s bear market is that ethereum (ETH) has outperformed bitcoin (BTC) along pretty much every timeframe. 

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

Canadian mining firm Hut 8 saw its Bitcoin holdings surpass the 8,000 Bitcoin (BTC) mark as it continues to accumulate self-mined holdings through depressed cryptocurrency market conditions.

Open interest (OI) in ethereum (ETH) futures has retraced from the all-time highs in ETH terms reached in late August, despite Ethereum’s highly anticipated transition to proof-of-stake moving closer by the day.

As Ethereum Name Service (ENS) domains became more popular, the conversation has steered towards .eth domain pricing and what is considered to be a “fair” price to guarantee ownership for 100 years. 

crypto tokens as traded in a narrow band around $20,000the entire week, the longest stretch that it has dipped under that level since the market was rocked by turmoil in July. Investors continue to debate the implications of rising borrowing rates for riskier assets after the Fed Chair's hawkish commentary. Bitcoin is down roughly 60% this year and some other tokens have lost even more. Other cryptocurrencies including Polkadot and Dogecoin also declined. However, Ether was surging in anticipation of a groundbreaking software upgrade to its blockchain. Here's a weekly roundup of all the noteworthy stories from the crypto space:1. Meta rolls out NFT feature on Instagram and Facebook Users of Instagram and Facebook can now display their NFTs on the platform, according to a recent announcement from Meta.

Ethereum co-founder Vitalik Buterin is reminding node operators to upgrade their clients before the Bellatrix “hard fork,” slated for Sept. 6. Buterin said that the scheduled upgrade will be the final update that prepares the Beacon chain (proof-of-stake chain) for the Merge.

The Ethereum [ETH] foundation released an announcement dated 24 August. They confirmed that the eventual transition of the Ethereum Network into a proof-of-stake (PoS) consensus mechanism would be a two-phased event that will take place between 6 September and 20 September. 

Ethereum Classic has pumped 26% in the last 24hrs as miners continue to make the switch from Ethereum ahead of The Merge.

The Ethereum network’s transition from a proof-of-work (PoW) consensus is likely to flood the crypto industry with out-of-work ETH miners, causing severe disruption to all PoW tokens. 

Ethereum Name Service (ENS) domain names have surpassed Bored Ape Yacht Club (BAYC) as the most traded asset on NFT marketplace OpenSea over the last seven days — seemingly ahead of the Ethereum Merge. 

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

cryptocurrency industry has endured a terrible year. A devastating crash wiped nearly $1 trillion from the market, draining the savings of thousands of people. Several companies filed for bankruptcy. Now the industry is fixated on a potential saving grace: a long-awaited software upgrade to the most popular cryptocurrency platform, ethereum, which provides the technological backbone for thousands of crypto projects. The upgrade — known as the Merge — has gained near-mythical status after years of delays that left some insiders questioning whether it would ever happen. But if all goes according to plan, the Merge will take place around Sept. 15, more than eight years after it was initially discussed. The change would shift ethereum to a more energy-efficient infrastructure, addressing the widespread criticism that crypto's climate effect outweighs its possible benefits. And it would lay the foundation for future upgrades to reduce the hefty fees required to conduct transactions in Ether, the platform's signature currency and the second-most valuable digital asset after bitcoin. «This transition is essentially laying a road map to a future which is far more scalable, far more energy efficient and a lot more usable to the normal person,» said Joseph Ayoub, an analyst at Citi who has studied the Merge. «It's laying the groundwork for adoption.»

According to data from DefiLlama, the total value locked (TVL) for all decentralized finance (DeFi) protocols housed within different chains stood at $59.18 billion. Impacted by the general decline in the cryptocurrency market, the TVL within the DeFi ecosystem has declined by 65%.  

As many as 73.5% of Ethereum nodes are now marked as “Merge ready” ahead of the upcoming Bellatrix upgrade for Ethereum on Sept. 6, according to data from Ethernodes. 

The assumption that Ethereum will just transition to a fully functional proof-of-stake (PoS) network after the Merge somewhat ignores the risk and effort necessary to move an asset that has a $193 billion market capitalization and 400 decentralized applications (DApps).

Cryptocurrency exchange Binance announced Monday that it plans to halt all deposits and withdrawals of Ethereum (ETH) and Wrapped Ethereum (WETH) on selected networks, starting September 6th at 2 am (UTC) in anticipation of Ethereum's Merge event.

NFT market is well and truly in turmoil right now. It is in the midst of the worst trading volumes in over a year. Blue Chip NFTs including Bored Ape Yacht Club (BAYC) and CryptoPunks are all showing signs of weak demand.

Chainlink’s 7-day performance was commendable as it considerably outperformed most of the cryptos with higher market capitalization. The token registered more than 13% weekly gains with no red on its chart.