Part I of the Ethereum Merge Successfully Completed – Crypto Weekly Update
This week, the total market capitalization decreased to €945 billion. The decrease at the 7-day interval is 4.00%. Bitcoin price decreased by 9% during the week to a current value of over €18,870. Bitcoin dominance is at around 38%.
Total Market Cap in Eur
Part I of the Ethereum Merge Successfully Completed
The first part of the Ethereum hard fork codenamed Bellatrix was successfully completed on Tuesday, the 6th of September. Bellatrix was the last prerequisite required for the fork’s second part, which is expected to happen in the upcoming days around mid-September. The protocol change brought some unpleasant surprises in the form of 5% validators that dropped offline. While historically, this number hovers around 0.5%, the sudden spike was expected by part of the community. The higher number of validators going offline did not affect the functionality of the chain, though. Nor should it be a complication when it comes to the upcoming Merge that will switch to the Proof-of-Stake algorithm. Source: Cointelegraph
The Final Version of MiCA to Be Released in the Upcoming Weeks
MiCA, the long-awaited directive that will bring a new regulatory framework for crypto assets across the EU, will be released in the upcoming weeks of October. According to various sources familiar with the latest version of the document, NFTs and DeFi shall be out of scope. MiCA should mostly focus on the Crypto Asset Service Providers (CASPs), which will have to adhere to more strict rules. Source: Cointelegraph
The Sandbox Partners up With Renault Korea to Bring Automotive to the Metaverse
Sandbox, the Metaverse platform, has partnered up with the Korean subsidiary of the French automaker Renault to offer digital automotive experiences in the Metaverse. The partnership aims to provide consumers with new ways to experience vehicles in the digital space. The increasing hype about the Metaverse is likely to produce further similar cross-industry deals among various players. Sandbox also features a native utility token, SAND, that you can find in our Fumbi Index Portfolio. Source: The Sandbox
El Salvador Bitcoin Bond Delayed Again
Almost a year ago, El Salvador’s government announced its initiative to release so-called Bitcoin Bonds in an effort to raise more than a billion dollars from investors. The capital should be deployed to purchase bitcoins and develop “The Bitcoin City”. The bond release was planned for Q1 but got delayed because of the worsening geopolitical situation and unfavourable market conditions. Now the country’s government announced that bonds will be delayed again and should be released by the end of the year. Supposedly, the reason for the delay is the gang violence that has been spreading across the country and taking up significant government resources.
ETH Experiences Outflows From the Crypto Exchanges
Despite the declining ETH price, large amounts of ETH have been continually leaving exchange wallets. On August 29th, exchanges saw an outflow of over 476k ETH. This has been the third largest outflow of ETH since March. The largest outflow occurred when over 555k ETH was transferred out on July 7th.This can be mostly attributed to the upcoming Merge, which is currently scheduled to occur between September 13th-15th. The investors are withdrawing their capital in anticipation of the chain fork that could mean an airdrop for ETH holders. As most of the ecosystem participants declared their support only for the PoS chain, some investors prefer to hold their coins in their own wallets in an effort to maximise the odds of successful airdrop liquidation.
Zdroj: Delphi Digital
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