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While the markets finally showed encouraging signs, the higher than expected inflation data threw a true cold shower on most assets. Indeed, US stock indices experienced their worst day of 2022. Bitcoin followed the trend, losing 9% yesterday alone. This relapse comes at a particularly inconvenient moment for Bitcoin, the cryptocurrency that was finally closed above its advancing average of 50 days and his downward resistance was testing in the long term.

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Is the CPI data that bad? High, sure, but not that far from the predictions. What we saw yesterday appears to be a real repositioning of many investors, who, on the other hand, expected data that was below forecasts, mainly due to the sharp drop in petrol prices in August. It was the cost of services, excluding energy, that increased significantly. The fundamental change in itself is not strong, but sentiment in the markets has changed dramatically, at least in the short term.

The most disappointing is certain that Bitcoin continues its strong correlation with risky assets instead of acting as protection in an inflato context, as the nature allows so well, at least on paper. As Tyler Winklevoss from Gemini states: “Bitcoin falls higher than expected for the month of August after announcement of inflation (8.3% instead of 8.1%). Bitcoin is expected to be higher today. Its properties dictate that it should be inversely correlated with inflation. The fact that it’s downstairs shows how early we are [dans son histoire] “.

A few hours now separate us from to mergethis long-awaited passage from consensus mode proof of work Bee proof of commitment for the Ethereum chain. We went into detail about the technical challenge and the different steps that led us to this turning point. We will not repeat this exercise today. Let’s take this image of the Ethereum foundation itself: “Imagine that Ethereum is a spaceship that is not quite ready for interstellar travel. With the chain beacons, the community built a new engine and hardened hull. After extensive testing, it is almost time to swap the new engine with the old one mid-flight.” The success of the operation will be a phenomenal leap forward for the industry. Its failure would inversely be dramatic.

At the time of writing, exactly 85% of the client software is up-to-date and therefore ready for the merger. The exact time of this transition is unknown, the difficulty of the network is constantly changing according to the computer work that points to the chain. However, according to current best estimates, the key moment should occur between midnight and 2 a.m. Eastern Time the following night. From this moment on, it will be necessary for transaction blocks to be offered in the chain proof of commitment. Every 12 seconds, under Ethereum’s new system, a validator is randomly chosen to present the chain with a “block” – a list of transactions it wants to post to the ledger. “We wait like clockwork on a block every 12 seconds on the proof-of-stake chain,” said Ben Edgingtoon of ConsenSys. At each “slot”, which is a 12 second interval, the protocol chooses a validator to propose a block for that slot. If that validator is offline, is on a different fork or doesn’t participate properly, the block will disappear.” In short: “We’ll see right away” slot empty, slot empty, slot empty, and that will be the first sign of trouble. When we see ‘block, block, block, block, block,’ we know it’s right,” Edgington says. However, a few missed slots, Edgington says, are not an immediate cause for desperate concern.

However, real confirmation of the migration’s success will not come until the emergence for the new network is confirmed, when “the network collectively declares a shutdown – a checkpoint in time where it can never be reversed. We will never rewrite history at this point.” In other words, this is when transactions written to the new proof-of-stake ledger become irreversible. “The moment we pop the champagne is when we complete the fusion checkpoint, which will be somewhere between 13 and 15 minutes after the merger,” concludes Edgington. Interested in experiencing the moment live? login to follow the migration block by block and wenmerge.comfor a counter that brings us closer to the merger.

The team behind EthereumPoW (ETHW) is officially planning to launch its hard fork shortly after the merger. This chain is intended to continue the current mode proof of workallowing miners to continue collecting rewards through computer work instead of the turn of of ether. “ETHW mainnet will take place within 24 hours of the merger,” wrote the @EthereumPow Twitter account. “The exact time will be announced with a countdown 1 hour before launch, and everything including final code, binaries, configuration files, node info, RPCs, explorer, etc. will be made public when time is up.” Several exchanges have expressed interest or have already listed the forked ETHW, including Poloniex, Bitfinex, and Coinbase.

According to analysts at bank of America On Friday, next night’s upgrade could boost institutional adoption. In a memo, the second-largest bank in the United States claimed that the ability for Ethereum users to bet (i.e. pledge assets on the network) could boost interest from major investors. In addition, the 99.95% reduction in energy footprint with the new chain will greatly help justify such players to integrate the industry. “The significant reduction in energy consumption after the merger could allow some institutional investors to purchase the token, whereas they were previously prohibited from purchasing tokens that operate on blockchains using consensus mechanisms of type proof of work», Bank of America analysts Alkesh Shah and Andrew Moss wrote in their Friday note. The two analysts added that leveraging Ethereum and generating “higher quality returns (lower credit and liquidity risk) as a validator” – as opposed to “black box loan/loan type” – would also increase adoption by institutions. can promote. In other words, institutional investors are much more likely to participate in the turn ofof Ethereum to generate returns than to seek returns by lending and borrowing Ethereum-based assets on risky decentralized financing applications.

A South Korean court has issued an arrest warrant for Do Kwon, the co-founder of stablecoin issuer Terraform Labs, now extinct. The mandate comes four months after the collapse of the $40 billion Terra ecosystem, and its stable currency algorithmic (UST). The warrant was allegedly issued in connection with a violation of capital market rules and is aimed at five other individuals currently residing in Singapore. Terra’s collapse is the first domino in a string of industrial failures that have ushered in this new winter for the cryptocurrency market.

Digital asset custodian BitGo is holding out and signing its threats. The company has just filed a lawsuit against crypto investment firm Galaxy Digital, following its announced plan to seek more than $100 million in damages after Galaxy pulled out of its crypto project. Galaxy Digital previously claimed that it was not allowed to pay a termination fee for terminating the agreement. This is another saga that promises to spill a lot of ink in the coming months.

See you next week on the other side of that highly anticipated ETH network merger!

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