Weekly Crypto Market Update Reports (September 10th -16th, 2022): Ethereum Successfully Completes The Merge
Ethereum has successfully upgraded to the Proof-of-Stake blockchain, while the crypto market has not reacted positively to this news; MicroStrategy is planning to buy back Bitcoin and Do Kwon has finally been wanted from South Korea. Let’s review the main news of the market with CoinCu this week.
Market figures for the week
The crypto market’s capitalization: The index rose by less than 1% for the week. The market experienced a rally between September 10 and September 13, 2022, with capitalization reaching $1,076 trillion. The market dropped 5% in the first hour after US inflation data was updated. As a result, capitalization is currently hovering just below $1 trillion.
Trading activity dropped significantly: The indicator increased by nearly 34% over the previous week. The greatest increase in trading volumes occurred concurrently with the rise in crypto rates. Following the drawdown, market trading remains above the lower levels seen in recent months. The end of the summer vacation season may have contributed to the revival.
The Cryptocurrency Fear & Greed Index: The index reached 34 points for the first time in a month on September 13, 2022. For the majority of the week, the indicator was above the “Extreme Fear” threshold. Its week-to-week median value was 26 points.
Interesting news of the week
The Merge Successful, Ethereum Officially Started Using Proof-of-Stake
Finally, one of the biggest events in Ethereum history took place. The Merge took place very successfully to the expectation of the entire crypto community. The Ethereum network officially switched from PoW to PoS. For more specific information, you can read the article below:
Facebook And Instagram Are “Creating Breeding Ground” For Crypto Scams, According To US Senators
The Washington Post reported on September 9 that US senators have requested information from Facebook CEO Mark Zuckerberg regarding the company’s procedures for dealing with the increasing number of cryptocurrency frauds on Facebook and Instagram. For more specific information, you can read the article below:
DBS Bank Jumps Into The Sandbox Metaverse
DBS, a well-known provider of financial services in Asia, has partnered with The Sandbox to develop DBS BetterWorld, an immersive metaverse experience. For more specific information, you can read the article below:
Hodlnaut Struggling Crypto Lender Is A $35 Million Risk For Algorand Foundation
The Algorand Foundation said that it has a $35 million USDC exposure to Hodlnaut, a struggling cryptocurrency lender with operations in Singapore that stopped accepting customer withdrawals last month. For more specific information, you can read the article below:
Tether Launches USDT On Near Blockchain
Tether’s USDT stablecoin has been launched on Near, a Layer 1 proof-of-stake blockchain that promotes usability and scalability. For more specific information, you can read the article below:
Fidelity Considerations For Individual Customers Trade Bitcoin
Fidelity Investments is planning to allow users to trade Bitcoin in the near future, according to the Wall Street Journal. For more specific information, you can read the article below:
Ex-Coinbase Manager’s Brother Pleads Guilty To Insider Trading
Nikhil Wahi, brother of the former Coinbase Product Manager, pleaded guilty to insider trading in court yesterday. For more specific information, you can read the article below:
Twitter Shareholders Approved $44 Billion Bid Despite Elon Musk Canceled
Twitter shareholders voted in favor of billionaire Elon Musk‘s $44 billion takeover proposal on September 13, despite Elon Musk’s July announcement of the deal’s cancellation. Currently, the two sides are still using legal actions to achieve their own purposes. For more specific information, you can read the article below:
MicroStrategy Could Sell Up To $500 Million In Stock To Buy More Bitcoin
According to a fresh prospectus filed to the Securities and Exchange Commission (SEC), MicroStrategy has a deal with brokers Cowen and Company and BTIG to sell up to $500 million in stock with the potential to buy more Bitcoin. For more specific information, you can read the article below:
South Korea Attempts To Arrest Do Kwon
The CEO of Terra along with five others was issued an arrest warrant on Wednesday. However, Do Kwon is in Singapore. The two countries do not have a bilateral extradition treaty, so it is difficult to enforce the arrest warrant issued by the South Korean authorities. For more specific information, you can read the article below:
After The Merge, Dogecoin and Bitcoin are the remaining 2 PoW coins in the top 10 of the largest market capitalization cryptocurrencies, However, BTC price cannot hold the $20,000 mark. Looks like we need to wait a bit longer for this winter to get warmer for the crypto market. Follow CoinCu to update the latest news from the market.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews