Bitcrypto pumps to cross $21K; Ethereum Merge expected on Sept. 14


The biggest news in the cryptocurrencyverse for Sept. 9 includes Bitcrypto’s recent rally that took it above the $21,000 level; block calculation estimations indicating that Ethereum Merge will take place on Sept. 14; and Binance’s decision to not apply LUNC 1.2% token burn on spot and margin trades.

CryptoSlate Top Stories

Bitcrypto retests $21K as it takes back ground from Ethereum ahead of The Merge


Bitcrypto increased by 10.3% since 3 am UTC on Sept.9. This increase put Bitcrypto back to the leading role in the market since recently surging Ethereum fell by 0.8 BTC.

Ethereum Merge is 34k blocks away, expected to happen Sept. 14

The Ultrasound Money tracker estimates that the Merge is about 34,000 blocks away, which means that the Merge can be expected to occur on Sept. 14 by 9 pm UTC.

Binance will not apply Terra Classic tax burn to spot trade on exchange

LUNC community passed two governance proposals that involved the 1.2% burn on all on-chain transactions. As transactions are settled in an internal order book rather than on-chain, it is still vague how exchanges will apply the new burn policy.

Binance announced it wouldn’t apply Terra Luna Classic’s (LUNC) decision in its internal order-book settlements or spot and margin trades.

ETHPoW team confirms it will use ChainID 10001 to avoid replay attacks on Mainnet

Ethereum’s PoW team announced they’d use a different ChainID than the mainnet. ETHPoW testnet currently uses the  ChainID 10002, and the team announced that they’d use ChainID 10001 after the Merge is complete.

The community has been asking the ETHPoW team to clarify their ChainID, but there has been no response. Finally, Coinbase submitted the same request, which was answered by the ETHPoW team.

CryptoSlate spoke to Temoc Webber and Igor Mandrigin, CEO and CTO of about the potential for relay attacks through the ETHPoW chain. During the conversation, Mandrigin said there is “no reason” for the ETHPoW team not to update the code before The Merge.

Ethereum Name Service developer identifies challenges in Vitalik’s fee proposal

Ethereum Name Service (ENS) head Nick Johnson said the protocol can’t support the fee structure Vitalik Buterin suggested recently.

Johnson said that the protocol needs to make some changes before applying the new fee structure, which will be higher than the old one.

Buterin argued that the old prices didn’t compensate for the ENS DAO.

US lawmakers warn that Facebook, Instagram are ‘becoming breeding ground’ for cryptocurrency scams

A recent report from the Federal Trade Commission (FTC) stated that Meta‘s Facebook, WhatsApp, and Instagram have been hosting quite a lot of cryptocurrency scams.

According to the numbers, Instagram facilitated about 32% of the scams included in the report, while Facebook hosted 26%, and WhatsApp held 9%. Reacting to the numbers, regulators have asked Meta’s CEO, Mark Zuckerberg, to release a report disclosing Meta’s methods of dealing with cryptocurrency scams.

Coinbase employee accused Cobie of spreading insider trading claim because of FTX

Coinbase employee Pete Kim alleged that cryptocurrency influencer Cobi revealed insider information against Coinbase. Kim argues that Cobi wanted to harm Coinbase because of the influencer’s partnership with FTX.

Cobi responded to the allegations by saying he had no intention to spread FUD or reveal insider information.

Research Highlight

Research: Bitcrypto Risk Signal suggests further downside in coming weeks

Even though Sept. 9’s Bitcrypto rally instilled hope in the hearts of many, the signs indicate an upcoming downwards trajectory in the following weeks.

Bitcrypto Risk Signal

CryptoSlate analysis shows that the Bitcrypto Risk Signal is still very high. The signal is ranked between 0 and 100, where a risk-free environment is reflected with a number between 0 and 25. Even after today’s rally, Bitcrypto Risk Signal is still at 87.

This indicates a possible downturn rally for Bitcrypto in the upcoming weeks.

News from around the Cryptoverse

Mark Cuban loses cryptocurrency fever

Once, cryptocurrency-maximalist billionaire Mark Cuban said that the cryptocurrency space had lost its radiance, as TheStreet reports it. Cuban admitted that he wasn’t excited about the cryptocurrency space anymore because it’s “missing new applications.”

EU preparing method to authenticate NFTs

The EU started a new initiative to fight IP Infringement. The new method will aim at authenticating NFTs and preventing counterfeit products.

Crypto Market

Bitcrypto recorded a 10.26% increase in the last 24 hours, reaching $21,192. Ethereum accompanied it with a 4.49% increase to be traded at $1,703.

Biggest Gainers (24h)

Terra (LUNA): +155.89%

Ravencrypto (RVN) : +52.45%

TerraUSD (USTC): +51.67%

Biggest Losers (24h)

Terra Classic (LUNC): -20.47%

Helium (HNT): -3.95%

OKB (OKB): -1.24%

Posted In: Terra, Binance, Coinbase, FTX, Singapore, U.S., Adoption, Exchanges, Merge, Partnerships, People, Research, Trading, Web3, Wrapped

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