Monday, January 30, 2023
Dapps Club
  • Home
  • Cryptocurrency
  • Bitcoin
  • Ethereum
  • Blockchain Guide
  • Litecoin
  • Metaverse
  • Market And Analysis
  • Regulation
  • Top Exchanges
No Result
View All Result
DAPSS CLUB
No Result
View All Result
Home Ethereum

This Week in Coins: Bitcoin, Ethereum Sink on Freaky Fed Friday

Karel Kašpar by Karel Kašpar
August 27, 2022
in Ethereum
0
This Week in Coins: Bitcoin, Ethereum Sink on Freaky Fed Friday
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


This week in coins
This week in coins. Illustration by Mitchell Preffer for Decrypt.

The crypto market was having an uneventful week amid these late-summer doldrums—until Friday, when the world’s leading cryptocurrency dropped 4% in the space of 24 hours.

You might also like

Macro Guru Raoul Pal Unveils 2023 Bitcoin and Ethereum Forecast, Says Positive Year Ahead

Ethereum & Big Eyes Coin in the new year

CapyMagi World Could Raise Millions In Hours! – CryptoMode

The price plummet was triggered by Federal Reserve Chair Jay Powell’s remarks in Jackson Hole that the Fed will keep raising interest rates as long as it takes to combat inflation. The comments sent stocks reeling as well, not just crypto.

To kick off the weekend, all of the top 10 cryptocurrencies by market cap are showing a net loss over the past seven days, except for Cardano (ADA), which is anticipating a hard fork coming next month. Bitcoin (BTC) is down 5% in the past week, Ethereum (ETH) down 6%, Solana (SOL) down 10%, Dogecoin (DOGE) 8%.

Ethereum supporters still have high hopes that the upcoming merge event will pump ETH. But this week, the number of weekly ETH deposits sent for staking on the Beacon Chain hit an all-time low, as per data from Dune Analytics. 

The Beacon Chain is an Ethereum ledger that coordinates the network of Ethereum stakers. It has been running in parallel with Ethereum’s mainnet since its launch in 2020. When Ethereum completes its upcoming major network overhaul next month, dubbed the “merge,” the mainnet will be merged with the Beacon Chain to make a fully proof-of-stake (PoS) Ethereum network. 

Once Ethereum transitions to a proof-of-stake consensus protocol, the network promises to be faster, cheaper, more scalable, and 99% greener. 

The week’s biggest crypto news

The general inertia across the markets this week was reflected in the news cycle; it was a pretty slow news week as far as crypto adoption or regulation was concerned. 

The Australian Treasury said in a statement on Monday that it has a comprehensive plan to establish a crypto regulatory framework based on market research that it claims will be better than “anywhere else in the world.”

Australia will start with “token mapping” work this year, which it says will “help identify how crypto assets and related services should be regulated.” After the preliminaries are done, the Treasury says it will have a “timeline for changes to legislation and regulations.” The Australian Treasury also said it will “soon” release a public consultation paper about token mapping. 

On Tuesday, Coinbase CEO Brian Armstrong confessed to CNBC that the company is still feeling the effects of Crypto Winter. Coinbase laid off 18% of its staff earlier this year and will be cutting costs in an effort to plan for a bear market that lasts 12-18 months or longer. 

“We’re investing today so much in subscription and services revenue,” Armstrong said, because, “I’d like to get to a place where more than 50% of our revenue is subscription and services.”

According to Armstrong, 18% of Coinbase’s current revenue comes from subscription and services. Coinbase currently offers Coinbase Cloud, a suite of blockchain product development services, and Coinbase One, a service that offers higher-level customer support and other benefits.

Meanwhile, American investors waiting for an SEC-approved Bitcoin exchange-traded fund (ETF) will have to wait a little while longer after the SEC again delayed its decision on VanEck’s Bitcoin ETF application by another 45-day period. This means that the agency has until October 11 to “either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”

Finally, we got an update on Ethereum’s merge date—and it’s potentially even sooner than previously expected. According to a Wednesday blog post by the Ethereum Foundation, the network overhaul will now be fully completed between September 10 and 20. Ethereum core devs on Twitter have been even more specific: on or close to September 15.

After eight years of waiting, that’s truly right around the corner.

Stay on top of crypto news, get daily updates in your inbox.



Source link

Tags: BitcoinCoinsEthereumFedFreakyFridaySinkweek
Share30Tweet19
Karel Kašpar

Karel Kašpar

Recommended For You

Macro Guru Raoul Pal Unveils 2023 Bitcoin and Ethereum Forecast, Says Positive Year Ahead

by Karel Kašpar
January 30, 2023
0
Macro Guru Raoul Pal Unveils 2023 Bitcoin and Ethereum Forecast, Says Positive Year Ahead

Real Vision CEO Raoul Pal says he believes that 2023 is going to be a positive year for risk assets and cryptocurrencies. In a new interview on the...

Read more

Ethereum & Big Eyes Coin in the new year

by Karel Kašpar
January 30, 2023
0
Ethereum & Big Eyes Coin in the new year

The year 2022 will go down as a traumatic year for the crypto market. After witnessing a lot of the cryptocurrencies plummeting and making the headlines. With big...

Read more

CapyMagi World Could Raise Millions In Hours! – CryptoMode

by Karel Kašpar
January 30, 2023
0
CapyMagi World Could Raise Millions In Hours! – CryptoMode

Both a cryptocurrency and a blockchain platform, Etherium is a favorite of program developers because of its potential applications, like so-called smart contracts that automatically execute when conditions...

Read more

Floki Soars 19% After Vote To Burn $55M Tokens

by Karel Kašpar
January 30, 2023
0
Floki Soars 19% After Vote To Burn $55M Tokens

FLOKI FLOKI/USD is surging over 19% in the last 24 hours, beating Bitcoin BTC/USD and Ethereum ETH/USD gains.What Happened: The rally in FLOKI price came as holders voted...

Read more

Ethereum Classic (ETC) Rises 4.93%, Outperforms the Crypto Market Sunday

by Karel Kašpar
January 30, 2023
0
Ethereum Classic (ETC) Rises 4.93%, Outperforms the Crypto Market Sunday

Ethereum Classic (ETC) has been relatively average in terms of volatility when compared to other cryptocurrencies. So far Sunday, the crypto has gained 4.93% to $22.7. InvestorsObserver is...

Read more
Next Post
Researchers Slashes Targets for Argo Blockchain – The Coin Republic

Researchers Slashes Targets for Argo Blockchain - The Coin Republic

Related News

What is Dogechain? Dogecoin Meets NFTs, Games & DeFi

What is Dogechain? Dogecoin Meets NFTs, Games & DeFi

October 1, 2022
Tornado Cash’s Sanctions Show Shift in Crypto Regulatory Focus

Tornado Cash’s Sanctions Show Shift in Crypto Regulatory Focus

August 12, 2022
Bitcoin Price Prediction – Can BTC Hit a New All-Time High in 2023?

Bitcoin Price Prediction – Can BTC Hit a New All-Time High in 2023?

December 24, 2022

Browse by Category

  • Altcoin
  • Artificial Intelligence
  • Bitcoin
  • Blockchain Guide
  • Business
  • Cryptocurrency
  • Ethereum
  • Featured
  • Litecoin
  • Market And Analysis
  • Metaverse
  • News
  • Regulation
  • Top Exchanges

Recent News

Institutions Pour Capital Into Bitcoin (BTC) at Highest Rate Since July of Last Year: CoinShares

Institutions Pour Capital Into Bitcoin (BTC) at Highest Rate Since July of Last Year: CoinShares

January 30, 2023
Crypto Trading Firm Cumberland Can Trade Crypto With Canadian Dollars

Crypto Trading Firm Cumberland Can Trade Crypto With Canadian Dollars

January 30, 2023
Meta Masters Guild Blasts Past $2.1 Million Raised in Presale – Just 5 Days Remain in Stage 4

Meta Masters Guild Blasts Past $2.1 Million Raised in Presale – Just 5 Days Remain in Stage 4

January 30, 2023

Categories

  • Altcoin
  • Artificial Intelligence
  • Bitcoin
  • Blockchain Guide
  • Business
  • Cryptocurrency
  • Ethereum
  • Featured
  • Litecoin
  • Market And Analysis
  • Metaverse
  • News
  • Regulation
  • Top Exchanges

Follow Us

Browse By Tags

Altcoin Altcoins analysis Analyst Big Binance Bitcoin Blockchain BTC Buy Cardano Coin Coinbase crypto Cryptocurrency Digital dogecoin ETH Ethereum Exchange Exchanges Eyes FTX Global GUIDE Heres Inu Investors Latest Litecoin LTC MARKET Metaverse News Prediction Price Regulation Risk Shiba Solana Today Token Top Trading week

© 2021 DAPPS CLUB

No Result
View All Result
  • Home
  • Cryptocurrency
  • Bitcoin
  • Ethereum
  • Blockchain Guide
  • Litecoin
  • Metaverse
  • Market And Analysis
  • Regulation
  • Top Exchanges

© 2021 DAPPS CLUB

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?