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All markets waited for the words of Fed Chair Jerome Powell in Jackson Hole on Friday last week. This would be the first official indication of future trends as inflation finally showed signs of slowing down for the first time in many months. The comments more hawkish Powell, who persisted in his resolve to raise interest rates sharply, immediately weighed negatively on the markets. “Risk aversion is firmly back and this has pushed bitcoin below the $20,000 level,” wrote Edward Moya, senior market analyst at Oanda. Bitcoin has reacted along with other riskier assets in recent days. The cryptocurrency market has since desperately tried to keep its aggregate capitalization above $1 trillion.

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The Ethereum merger has an official launch date. The Bellatrix upgrade, which starts the final countdown, will be activated on September 6. The merger itself will be completed sometime between September 10 and September 20. Activation is scheduled for era 144896 on the channel beacons, which should happen around 11:34:47 UTC. Next, the Total Terminal Difficulty (TTD) value causing the merge will be 58,750,000,000,000,000,000,000,000,000. Ethereum developers have hinted in previous calls that they are aiming for September 15-16. The idea is that during this period, the difficulty will increase to the point that, eventually, cryptocurrency mining by proof of work will no longer be possible. Because a picture is worth a thousand words…

Keep in mind that some industry players are proposing to modify the code to cancel this difficulty bomb, allowing unruly miners to continue generating blocks in the chain. proof of workcausing a hard fork. In this vein, Exchange Coinbase announced last week that it is considering listing the resulting token, ETHW. “At Coinbase, our goal is to list all assets that are legal and safe to list so that we create a level playing field for all new assets created in crypto while continuing to protect our customers,” the company said. “If an ETH PoW fork occurs after [de la fusion]this asset will be examined with the same rigor as any other asset listed on our exchange.”

Ethermine, the world’s largest Ethereum mining group, announced yesterday the launch of a “miner pool” service for its users. This service, called Turn off Ethermineallows users to contribute money from as little as 0.1 ETH to a huge pool of user contributions that are collectively in turn of to create and earn new ETH on the new chain. However, this service is not available in the United States. Once the merger has taken place, some validators must pledge at least 32 ETH to receive rewards. Turn off Etherminetherefore eliminates this barrier to entry by allowing users to contribute from 0.1 ETH. However, nothing is free. For this service, the company charges a sliding scale fee that will decrease based on the amount of ETH contributed. Users who contribute less than 32 ETH will pay a 15% premium.

Finally, on the Ethereum side, let’s point out that according to data from Oklink, the balance of Ethereum miners has crossed 260,000 ETH with a total of 261,848 ETH worth over $415 million at the current price. Miner accumulation reached a new high in four years with similar levels last seen in April 2018.

The growing accumulation of ETH by miners has been attributed to several factors, the first being the anticipation of a price increase after the upgrade. Sentiment in this direction certainly seems to be leaning towards an emerging bull market. Another important factor is the hard fork discussed above possible. ETH miners who favor a hard fork to keep the PoW chain alive would receive ETHW tokens in equivalent numbers of their ETH balance, which could provide incentive to hold them in the short term.

Samsung is considering (again) launching its own cryptocurrency exchange in South Korea. Samsung Effects is one of seven national brokerage firms looking to set up a cryptocurrency exchange in the first half of next year. Talks with local authorities to get a permit are said to be at an advanced stage. Samsung Effects was also the first to launch an exchange-traded fund on the cryptocurrency industry in Asia. In short, there is no longer any doubt that the tech giant is about to join the growing cryptocurrency industry.

Anecdote that ultimately surprises as the Crypto.com platform is suing a woman after accidentally sending her $10 million. This woman asked for a $100 refund from the cryptocurrency platform, but mistakenly received $10.5 million — then embarked on a spree, according to reports. In particular, she is said to have bought a luxury home worth $1.35 million. Two sisters from Melbourne, Australia are now facing charges in court. Crypto.com noticed the error during an audit in December 2021. A Crypto.com employee accidentally entered an account number in the payment section and transferred the money. The company has since taken legal action and the Supreme Court of Victoria ordered the sale of the house and the return of the money.

The markets are currently at an important level. For the Nasdaq, we are in a past resistance area that will now be tested as a support. It could, if held up, allow for a reversal of the week’s downtrend. If that were to happen, a bullish technical scenario for bitcoin could eventually take shape. The latter indeed seems to want to draw a double bottom, a bullish indicator when a break in the neckline with volume occurs. A convincing pass to $25,000 would therefore open the way to a rise to about $31,000.

The analysis firm Ecoinometrics also points out that whales that control between 1,000 and 10,000 BTC are beginning to accumulate at these levels again. “That won’t end the bear market in and of itself, but apparently many love bitcoin for $20,000.” It adds: “In this bear market you either want to take positions at your entry cost or buy a dip and just wait”.

This article is brought to you by Fonds Rivemont. The Rivemont crypto fund is the first and only actively managed cryptocurrency fund in Canada. RRSP and TFSA are eligible. Accredited investors can learn more here.

Disclaimer: This column does not necessarily reflect the views of CryptonewsFR and does not constitute investment advice or instructions to trade..

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