Today, September 15, the entire Ethereum mainnet migrated from the extremely energy-intensive Proof-of-Work (PoW) mechanism to Proof-of-Stake (PoS) as part of the long-awaited Merge update. This update was the most significant in the history of the Ethereum rate chart.
Merge is expected to reduce power consumption on the network by ~99.95%. This could attract environmentally conscious investors to the blockchain. Also, the transition to the new algorithm should help the Ethereum ecosystem cope with the pressing problems of scalability and transaction processing speed.
However, the ETH rate today is in no hurry to react to this event. Although the long-term trend for the coin remains bullish, we may see a decline in the price first soon.
ETH rate today continues to decline
Popular cryptocurrency trader @CryptoCapo wrote that he expects ETH to rise towards $1,800 after Merge.
Meanwhile, the coin formed a high on August 15 and has been declining since then inside a structure resembling an A-B-C (black) correction structure. ETH must still be in wave B for the market to realize a rise towards $1,800.
Ethereum rate chart: long-term outlook
Despite the ambiguity of the daily timeframe, the weekly chart shows a bullish picture – regarding both price dynamics and technical indicator signals.
First, the weekly RSI came out of the oversold zone after posting a new all-time low in June. The last time something like that happened was in March 2020. At that time the market started rising.
Since then, the RSI has made a bullish breakout of the bearish divergence trendline (in green), but it has yet to move above 50.
Second, wave analysis is giving bullish signals. ETH completed the pullback of the 4th wave (red icon) and has now started the fifth and final wave, which could push the market to new all-time highs.
We previously reported on Ethereum and the Merge with PoS on September 15.
Korea begins blocking bitcoin holdings of Terra founder
The South Korean prosecutor’s office appealed to local cryptocurrency exchanges to block the assets belonging to Terra founder Do Kwon. Bloomberg writes about it citing law enforcement officials.
The prosecutor’s office sent demands to cryptocurrency exchanges KuCoin and OKX to freeze a total of 3,313 BTC worth about $67 million, which are owned by Kwon through Luna Foundation Guard. Representatives of KuCoinand OKX at the time of writing had not officially commented on the reports about the blocking of Kwon’s assets.
According to Bloomberg, citing research firm CryptoQuant, the LFG wallet address was created on September 15. After its creation, a total of 3,310 BTC were moved to KuCoin and OKX. Meanwhile, back on September 14, the South Korean prosecutor’s office announced an arrest warrant for Terra coin.
Meanwhile, Do Kwon continues to assure the cryptocurrency community via Twitter that he is not hiding from law enforcement. Moreover, the founder of Terra even questioned whether he was wanted by Interpol. He noted that he still can’t find himself on the Interpol wanted list.
Earlier we reported that the head of Celsius Network, Alex Mashinsky, had resigned.
Revolut and cryptocurrency news: Revolut received a license from the UK regulator for cryptocurrency services
Fintech broker Revolut can now provide cryptocurrency services in the UK thanks to a license from the Financial Conduct Authority (FCA). This is reported on the website of the regulator. Revolut and cryptocurrency were not previously linked.
In fact, the broker received approval from the regulator back on Monday, September 26, but it has become known only now. Before the license, Revolut provided cryptocurrency services through a temporary permit from the FCA. In addition to Revolut, CEX.IO, Copper Technologies, GlobalBlock and Moneybrain also provided crypto services on a temporary basis.
Revolut has long been exploring the expansion of cryptocurrency-related services. According to Revolut CEO Nikolai Storonsky, the company has been exploring options to introduce new services like Revolut cryptocurrency wallet. Revolut was also looking at integrating cryptocurrency stacking. However, it remains unclear whether the broker still plans to provide such services.
Earlier we reported that the head of FTX wants to buy the assets of the bankrupt Celsius Network.
U.S. exchange regulator fines Tether auditor company $1.5 million
Tether auditor company, Friedman LLP, was fined $1.5 million for improper services from 2017 to 2020. This was reported in a press release from the U.S. Securities and Exchange Commission (SEC).
According to the exchange regulator, the Tether auditing company didn’t properly develop audit procedures in its work for the iFresh product network. The company also didn’t exercise the necessary due diligence in auditing another unnamed company. Although the press release does not explicitly identify Tether, the issuer of the USDTstablecoin, as Tether, Friedman’s firm was Tether’s auditor from just 2017 to 2018.
Tether full audit
Earlier, a New York County court required Tether to disclose the USDT Stablecoin’s collateral and prove the assets linkage to the U.S. dollar. According to the court order, Tether is required to provide the company’s financials, income statements, cash flow statements, and so on. However, the time frame in which Tether must provide the statements is not specified.
The lawsuit is part of a legal battle between investors and Tether’s parent company, iFinex. The plaintiffs believe that Tether manipulated the cryptocurrency market by issuing unsecured USDT with the intention of artificially inflating cryptocurrency prices.
Earlier we reported that Vitalik Buterin announced the release of his book.
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