Among the cryptocurrencies tracked by CoinMarketCap, Celsius was the best performer of the week, up 22.51%.
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Bitcoin extended a rally amid more favorable sentiment in global markets and as traders await US inflation data and watch for a fundamental upgrade to the Ethereum blockchain. Bitcoin rose about 10% on September 9 and 3.9% on Monday, trading above $22,000. The move was encouraged by a weaker dollar and as investors waited for US inflation data, Bloomberg reported.
Ethereum has completed a major overhaul of its blockchain network, marking the most ambitious software upgrade to date in the crypto world. The change replaced the power-hungry computers used to order transactions on the network with a more power-efficient setup using stacks of the network’s native token, Ether. As a result, Ethereum’s power consumption will decrease by about 99%, Bloomberg writes.
Among the cryptocurrencies tracked by CoinMarketCap, Terra Luna was the worst performer of the week, dropping 53.30%.
Bitcoin fell more than 10%, the biggest drop since cryptocurrencies fell in June, as the sell-off in the financial markets spread to the digital asset sector. Ether fell nearly 9% even as the underlying Ethereum network was about to undergo a much-anticipated power-saving software upgrade, Bloomberg writes.
BitGo is suing Mike Novogratz’s Galaxy Digital Holdings for damages of more than $100 million after Galaxy dropped its planned $1.2 billion acquisition of the crypto custodian. The lawsuit cited Galaxy’s “wrongful denial and willful and international violation” of the merger agreement, according to a public filing related to the matter and reported by Bloomberg.
The Blockchain Association, a major crypto trading group whose members include stablecoin issuer Circle and exchange Crypto.com and Kraken, is launching its own Political Action Committee (PAC). The move represents another attempt by an industry under pressure to push US policy in a more crypto-friendly direction, Bloomberg writes.
US trading giants and brokerage firms are building a crypto exchange that takes digital asset investment further into the realm of traditional finance, mimicking the structure of how other asset classes trade. EDX Markets will begin trading a limited number of spot crypto tokens, starting with a trial in November with the official launch in January, according to a Bloomberg report.
Two former Citadel Securities employees are going public with a cryptocurrency market-making company they founded with the backing of $50 million from venture capitalists. Portofino provides crypto liquidity to financial institutions and high net worth individuals (HNWIs), trading on centralized and decentralized exchanges, and over-the-counter (OTC). It also offers advice and technical support to Web3 startups looking to list their assets on exchanges, Bloomberg writes.
Customers whose savings have been frozen on insolvent crypto platform Voyager Digital are turning to a bankruptcy auction on Tuesday to find out if they will finally get their assets back. Voyager users have been unable to access their cryptocurrencies since July 1, when a digital asset crash forced the company to suspend transactions, deposits and withdrawals, according to an article published by Bloomberg.
Ethermine, the largest provider of Ethereum mining services by computing power, will shut down its servers to miners once the blockchain completes its historic technical upgrade. The news comes on the eve of Ethereum’s highly anticipated software overhaul dubbed the merger, which will move the most widely used blockchain from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) mechanism. .
Ether caused digital assets to plummet after the token’s groundbreaking underlying network software upgrade turned into what some market watchers called a “sell the news” event. The second largest cryptocurrency by market cap after Bitcoin fell 8.9% to $1,460.
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