Ethereum’s Merge Pushes ETH Price To New Height Against Bitcoin

ETH Price Reaches New Height Against Bitcoin Before Ethereum's Merge

A positive feeling is being fostered amongst Ethereum holders as a result of the most widely awaited event, which is Ethereum’s Merge. After nine months of consistent growth, the price of Ethereum reached an all-time high when compared to that of Bitcoin. The bets that bears placed against Ethereum’s price increase saw significant liquidations, which was a blow to their positions.

During a large round of liquidation, Ethereum bears lost a total of $300 million.
The open interest in perpetual contracts, futures, and options was closed out within an hour on Thursday, which resulted in a loss of approximately $300 million for bearish in the Ethereum market. The cryptocurrency market breathed a sigh of relief at this news, and some experts saw it as a positive indication for the price of Ethereum.

Also Read: Selloff In Crypto Pulls Down The Market Value Below $1Trillion

An unexpected rebound in Ethereum’s price over the $1,600 mark resulted in a number of trades being liquidated and stop-loss orders being activated. A momentary fear was followed by an uptick in optimistic feeling among holders of ETH as the asset reached an all-time high in comparison to Bitcoin.

As the price surge continues Ethereum’s Merge, experts are keeping an eye on the $2,500 mark.

Since the beginning of 2022, the price of Ethereum has continued to exhibit upward momentum, resulting in gains. In the days running up to the Merge, analysts continue to have an optimistic outlook on the price of ETH. Following a new all-time high versus Bitcoin of 0.084, experts have set a target price of $2,500 for the alternative cryptocurrency.

Also Read: Bitcoin Price Falls Below $19,800, Ether Also Plunges To $1,552

The experts at JJCycles predict that Ethereum is on the verge of reaching the $2,500 goal before the Merge takes place. Yesterday, the price of Ethereum generated gains of about 10%.

The “flippening” storyline, in which it is proposed that Ethereum’s market valuation would eventually surpass that of Bitcoin, has not yet taken place. However, since the middle of June 2022, Ethereum has been making consistent gains against Bitcoin, which is a hint that advancements have been made toward the flippening.

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As the Merge event gets near, analysts have recognized a potential possibility for a price surge in Ethereum. Those that are bullish on Ethereum might profit from the price increases that occurred in the weeks prior to the Merge.

Selloff In Crypto Pulls Down The Market Value Below $1Trillion

Selloff In Crypto Pulls Down The Market Value Below $1Trillion (1)

After a selloff in crypto, which once again knocked the sector’s whole market worth below $1 trillion, Bitcoin is getting dangerously close to testing the lows it reached earlier this year.

In New York, the biggest digital token was trading at around $18,750. This is a loss of more than 6% since the beginning of the week. According to CoinGecko, the total market capitalization of cryptocurrencies has seen a decline of a comparable percentage during the course of the last twenty-four hours. Ethereum lost roughly 4.4% of its value on Tuesday, wiping away the day’s gains.

Also Read: Bitcoin Price Falls Below $19,800, Ether Also Plunges To $1,552

Cryptocurrency is not exempt from the pressure that is being heaped on a variety of risk assets as a result of rising real interest rates, which are considered as the actual cost of borrowing money. The decline in the price of bitcoin is bringing it closer to a bottom of around $17,600 that was reached in June as a result of meltdowns that occurred at crypto lenders and hedge funds.

Kevin Loo, head of investment analytics at IDEG Asset Management Ltd, said that “the macro story is extremely hard to be able to let go” and that it will drive risk assets. “Bitcoin prices are now below $20,000.” Because we have been in this position previously, it is possible that we may possibly go a little bit lower.

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At the same time, there is still some optimism left over from the forthcoming upgrading of the Ethereum network, which some experts believe may attract investment flows into Ether as well as other digital assets.

“Bitcoin was around $3,000 in the first crypto winter, and if you measure trough to trough, the tendency is we are headed higher in the long run,” said Loo. “If you measure, the pattern is we are moving higher in the longer term.”

Around sixty percent of the biggest tokens in the MVIS CryptoCompare Digital Assets 100 index have lost value so far in 2018. Bitcoin has seen a significant decline after reaching an all-time high of approximately $69,000 in November of last year.

Bitcoin Price Falls Below $19,800, Ether Also Plunges To $1,552

Bitcoin Price Falls Below $19,800, Ether Also Plunges To $1,552

Bitcoin price fell over September 3 and was quoted at US$ 19,800.40 at 5.44 pm UTC. The price of Bitcoin has decreased by 2.37% over the previous five days, and it has plummeted by 13.23% over the past month. In addition, its performance has been somewhat unfavorable during the most recent half-year, falling by 53.36%.

Nevertheless, most of the leading cryptocurrencies are exhibiting a positive trend today. The price of Ethereum was reported at US$ 1,552.90, representing a decrease of 1.36%. The last time we checked, Ethereum’s price reached USD 1,574—a development that should be noted with interest!

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The price of Litecoin was quoted at US$ 61.08, an increase of 0.26%; the price of Dogecoin was stated at US$ 0.0625, a rise of 1.88%; and the price of Cardano was listed at US$ 0.4801, an increase of 5.81%.

This is the first time in history that we have seen a market recovery after a market crash, with most cryptocurrencies recovering their losses and going up by around 10%. The only exception is Ethereum which has fallen by over 12% after its merge with EOS.

The fall was not caused by any significant event or news but rather by a report from CoinDesk that indicated that the Ethereum network would move to a proof-of-stake system instead of a proof-of-work system.

Also Read: Compass Mining Shuts 2 Bitcoin Mining Facilities Due To High Energy Price

This would potentially result in a boost in network speed and security while also resulting in a significant reduction in power needs necessary to operate the present Ethereum blockchain.”

Compass Mining Shuts 2 Bitcoin Mining Facilities Due To High Energy Price

Compass Mining Shuts 2 Bitcoin Mining Facilities Due To High Energy Price

Due to the rising electricity cost in Georgia, two of the facilities that Compass Mining used to operate are being shut down. Compass Mining is a mediator that enables individual investors to engage in the bitcoin mining process. 

According to Compass co-CEO Thomas Heller, the owners of the sites are ceasing operations because the local power supplier has raised costs by more than fifty percent, a significant expense associated with bitcoin mining. He said that the owner of the facility made the announcement to the corporation yesterday afternoon.

compass mining banner for news

Individual investors can acquire tiny quantities of mining capacity in locations all around the globe via Compass Mining. It does not have any ownership stake in any of the facilities that are accessible via its platform. The problems the firm has been having with downtime, delays in deployment, and mining rigs delayed in Russia have been so severe that Whit Gibbs resigned from his position as CEO in June, and the new management has eliminated 15% of the personnel.

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According to Heller, the location in Georgia was hosting over 5,000 machines for Compass Mining clients, which equated to approximately 15 megawatts (MW). According to the co-CEO, the operator operates 8,000 machines for Compass, which translates to 25 MW.

As per a snapshot of an email to consumers circulated on social media, users can have their machines transported to a location in Texas. The shipping procedure is expected to take around one month. According to Heller, Compass will endeavor to reduce the downtime of its customers’ experience and provide credits to those consumers.

Also Read: As Per Forbes, The Industry’s Global Daily Bitcoin Volume Was $128 Billion On June 14

The facility in Texas has had its share of problems to deal with. Because of the delay in its connection to the energy grid, it was necessary to operate the facility on generators for some time. According to Heller, these, on the other hand, were not always running due to heat and other factors, which caused the mining rigs to experience periods of inactivity. Compass made an offer in July to relocate the machines from Texas to Georgia to improve the site’s availability. Compass Mining subsequently announced that it would not go through with the transfer, citing the high cost of electricity in Georgia as the reason.

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According to Heller, the uptime at the Texas location since it was linked to the grid back in August has been “extremely excellent.” According to the screenshot, even though it is anticipated that the plant would generate more than 100 MW of energy throughout the operation, Compass will only allocate 25 MW of that total by the end of September.

Because of how skilled the operator was, the Georgia facilities have been described as “extremely solid till now.” According to Heller, Compass anticipates that the same will be valid for the facility located in Texas, which is handled by the same business.

Tesla Sells Bitcoin Worth $936 Million

Tesla Sells Bitcoin Worth $936 Million

Tesla’s distaste for bitcoin has been a drag on the market. But as bulls retreat from their monthly peak, the burden of Tesla’s distaste for bitcoin falls on the BTC/USD currency pair. Despite this, the Bitcoin/U.S.-dollar pair continues to be mildly bid at around $23,200 during the early hours of Thursday as traders get ready for new information.

Reuters reported that Tesla had “sold $936 million worth of bitcoin in the second quarter,” which came more than a year after the company had purchased $1.5 billion worth of cryptocurrency during its massive growth and popularity.

tesla sells bitcoin for 963 million

According to Tesla, the manufacturer of electric vehicles, the transaction contributed $936 million to the company’s balance sheet during the second quarter. In addition to this, the firm disclosed that bitcoin had an adverse impact on its profitability.

Also Read: Value Of BTC Is About To Touch $24,000

Elon Musk’s Comment As Tesla Sells Bitcoin

According to a report by Reuters, Tesla’s Chief Executive Officer Elon Musk stated that his company did not sell any of its dogecoin holdings when it sold 75% of its Bitcoin holdings. The cryptocurrency has been touted by Musk as a legitimate currency and he has been an advocate for making it easier for people to purchase goods with cryptocurrencies.

It is important to note that the rebound of the US Dollar in the midst of these fears could also have been a factor that weighed on BTC/USD prices. In spite of this, however, DXY continues to hover around 107.05 after recovering from a low point not seen in the past two weeks the day before.

The prior gains of the DXY could be linked to the market’s fears of recession emanating from Europe as well as strong inflation data from the UK as well as from Canada. Both of these countries contributed to the DXY’s gains. Additionally supporting the safe-haven demand for the US dollar were the tensions between China and the United States as well as China’s economic difficulties.

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Moving on, new information concerning the risk profile of the market and equities could help determine short-term moves in the BTC/USD pair. This is because negative sentiment could combine with Tesla’s news to put downward pressure on the Bitcoin pair.

It is not the first time that Tesla has sold bitcoin, nor is it the first time that its profits have taken a blow as a result of its gamble on the cryptocurrency.

In 2021, the firm also sold part of its assets, and during that year it reported bitcoin charges of around $101 million.

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The bulls in the BTC/USD market suffered an immediate loss at the 50-day exponential moving average level near $23,400, just in front of May’s low near $25,380. In the meanwhile, a decline has yet to materialise, barring a continuation of price action above the prior resistance level from June 21 at $22,950.

Value Of BTC Is About To Touch $24,000

value of btc

Value of BTC (Bitcoin) is trading above $23,800 and is showing signs of a break-out. The cryptocurrency is currently trading at more than $23,500 and could reach the value of $24,000 if it can keep itself above the $23,500 support.

Later, the value of btc climbed over 5% and experienced a move above the $23,500 resistance zone. The cost is now trading at more than the $23,862 level, and it can test the 100 hourly simple moving average.

A big trend line is going to form with support near $22,750 on the hourly chart of the BTC/USD pair. Later, the pair might increase when it clears the $23,500 and $22,750 levels.

value of btc chart

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On the other hand, a clear break below $23,500 could abort any further gains towards $24,000. The value of btc has already broken through many resistances in the past few days and might continue to move up further in the short term.

Bitcoin’s price started to increase again in the last week of June. The value of btc has increased above the $22,000 resistance zone and it had increased its speed for a move above the $23,000 resistance level.

Value exceeded the $23,500 mark and eventually settled above the 100-hour simple moving average. The value of bitcoin, which is currently trading at $23,782, may significantly grow in this scenario. Value has changed in the market to accumulating gains. However, below the $23,500 barrier, individuals will suffer a little negative adjustment.

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The market has seen bitcoin trading under the 23.6% Fib retracement level of the upward move, where the low swing was $21,403, and the high was $23,782. But the Bulls worked actively near the $23,000 support zone.

The market will see another trend line that was created with support near $22,750 on the hourly chart of the BTC/USD pair. When the price rises upside, the value of the BTC might face resistance adjacent to the $23,500 level. After that, the upcoming critical resistance level is seen adjacent to the $23,750 zone.

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A value near this level can increase by setting more upsides. When discussing this case further, it is possible that a price increase can reach as high as $24K or even $25K without any problems at all! However, if you want to make a profit on your trade then you should consider buying at a price lower than $23K and selling when it reaches its target level which will be around $24K or above depending on how much time you have left before it reaches its target level again after reaching its target level first time around!

President Approves Kazakhstan Crypto Bill Imposing Additional Tax On Miners

The President of Kazakhstan, Kassym-Jomart Tokayev, has just approved a Kazakhstan crypto bill. The crypto bill will increase the tax rates that cryptocurrency miners are required to pay. It is dependent on the volume as well as the average cost of power that the miners use mining digital currencies, and Bitcoin is one example of this.

When it comes to the distribution of hash rates for Bitcoin mining, the government of this country is among the largest ones in the world. A new bill that is based on the legislation of Kazakhstan on taxes and the tax code has been signed into law by Kassym-Jomart Tokayev.
A new bill that is based on the legislation of Kazakhstan on taxes and the tax code has been signed into law by Kassym-Jomart Tokayev.
Alterations Made to the Crypto Mining Process.

Kazakhstan Crypto Bill will impose additional tax

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According to the president, the appropriate level of taxes will be determined by the typical price of power. Regarding this matter, you have to be aware that the production of coins requires the usage of power. The changes are scheduled to take effect beginning in January of 2023. At the time of this writing, one Kazakh tenge is equivalent to $0.0021 in United States Dollars.

The most current legislation provides an improvement to the application’s tax code. Following that, it arranged various tax rates for the mining of cryptocurrencies. In addition, the PIT rate on dividends was increased from 5% to 10% as part of the new tax code. When referring to taxes, the abbreviation PIT stands for “personal income tax.”

The deduction does not apply to dividends received on securities that are registered on the stock exchange of the nation. These securities were not traded within the applicable tax period, and the aforementioned regulations satisfy the requirements that were set out by the government in this regard.

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During the crypto winter, the nation has reduced the amount of cryptocurrency mined, shut down coin minting operations across the whole of the country, and set limitations on the availability of power.

Miners of cryptocurrencies migrated to this nation when China imposed stricter regulations on bitcoin trading and mining a year before. The country that is now known as Central Asia formerly had an abundance of available electrical power. However, as a result of the inflow, the national infrastructure ran into difficulties meeting the demand.

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The tax rate for crypto farms that make use of electrical energy will be the lowest possible, coming in at 1 tenge per kWh. In this instance, the energy is generated using means that do not deplete natural resources. The supplemental fee was implemented on the first of the year 2022.

After then, the Central Asian nation had an increasing power shortfall throughout the year 2021. All of the blame for the scarcity was placed on the increase in the number of people mining cryptocurrencies, and these people agreed with China’s intention to tighten down on the business in May of 2021.

During the frigid winter months, the country sought to keep cryptocurrency mining to a minimum by placing limitations on the amount of power that could be supplied. In addition, Kazakhstan shut down its minting facilities for coins, which were located all around the country. Because of the restrictions, a few mining businesses were obliged to move their operations to other locations. In addition to that, they had no choice but to remove a significant percentage of the equipment from the country.

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In February, the president issued an order mandating that all cryptocurrency miners in the nation be recognized by the appropriate authorities and that their taxes be increased. In April, state auditors focused their attention mostly on mining companies that improperly utilized tax incentives.

During the same month, the government of Nur-Sultan announced their intention to increase the amount of taxation required on miners. The proposed linking the new rate, at least initially, to the value of the newly generated cryptocurrency. According to the official claims, the newly implemented tax laws will help to maintain a consistent load on the electrical system.

Tesla Faces A $440 M Loss As Bitcoin Price Slumps

Tesla Faces A $440 M Loss As Bitcoin Price Slumps

Tesla is facing a $440m (£363.5m) writedown on its Bitcoin holdings when a digital currency value slumps. This company, Elon Musk, bought a BTC value of $1.5b the previous year in a radical move. It makes Tesla the biggest company moving a part of its cash reserves into cryptocurrency.

But recently, people have experienced a massive crash in BTC as it reduces to an 18-month low. As a result, their bet has turned heavily loss-making. The final day of the second financial quarter was on Thursday, and BTC made around $19,000 trading, due to which the company’s value became an estimated $820.8m. 

tesla bitcoin loss and elon musk

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Value of Bitcoin Tesla held

Tesla recorded the BTC value at $1.26bn three months ago. The company has experienced the value of its holdings close to $2bn. Accounting practices indicate that Tesla doesn’t register gains on its investments until it sells.

The company will record an impairment on its Bitcoin holdings of around $440m. The value is similar to 9pc of its annual profit last year while reporting quarterly later this month. 

The cost of the cryptocurrency has decreased by 60pc from $46,700 at the year’s beginning. It goes almost 75pc in November, and the number reaches high for all time. Interest rates are rising, and inflation has increased also. These have dulled interest in digital assets, whereas crises affect the prices of cryptocurrency companies.

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The company used BTC or bitcoin as a payment process for the previous year. But it has suspended its use after Mr. Musk increased concerns about its carbon footprint. According the richest person worldwide, didn’t sell any cryptocurrency investments and told it last year. Many companies there have converted parts of their cash reserves to BTC. For instance, companies like Jack Dorsey’s Block, Coinbase, and MicroStrategy have experienced the situation as digital currency slumps. If we discuss, a total of $1.3 trillion has been wiped off this year. 

You should know that the full name of Mr. Musk is Elon Reeve Musk. He is an investor and business magnate. Besides, Mr. Musk is the CEO and founder of SpaceX. In addition, he is also the Chief Engineer there. Moreover, he is the CEO and angel investor of Tesla. He is also related to the Product Architect of Tesla, 

Also Read: Deutsche Bank Says Bitcoin Will Reach $28,000

He set up The Boring Company and also is the co-founder of Neuralink and OpenAI. In addition, he became the wealthiest person with US$221.4 billion as of July 2022.

What did Elon Musk say On Tesla’s loss?

According to Elon Musk, his company must cut around 10pc of its salaried workforce. The reason is that the new factories in Berlin and Texas get burnt through massive cash slams. 

According to the Tesla chief executive, an imminent US recession is predicted. 44pc has been lost for the company this year amid a widespread sell-off. The company is facing problems in meeting the demand for Shanghai’s lockdown and closing the company’s plant.

Bitcoin DAA Level Plummets By 2.35%

bitcoin daa

The mining difficulty level of Bitcoin has dropped dramatically in the last two weeks. It has fallen by 2.35 per cent and is now at 29.57 trillion. This means that people could easily mine bitcoin in the previous two weeks. The cause is that Bitcoin DAA (Difficulty Adjustment Algorithm) fell from 31.25 trillion to 29.85 trillion over two weeks.

If we calculate the reduction in Bitcoin DAA from July 17, 2021, this could be the largest ever recorded in history. At the time, the difficulty dropped by 2.35 per cent to 691,488 blocks which was a record high since May 11 last year when it began its steady decline until it reached 31 trillion on May 25 before falling by 5.39%.

Bitcoin mining difficulty is the amount of time it takes a miner to verify transactions on a block in the blockchain. These mining difficulty managements are associated with variations in mining hashrate and processing power level.

bitcoin daa level

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On May 2, 2022, the hashrate of Bitcoin was 275 EH/s when measured at a block height of 734,577. According to the opinions of the specialists, it reached an all-time high. Foundry USA was the most successful bitcoin mining pool in terms of global hashrate, with 51.10 EH/s, equivalent to 24.28 per cent of BTC’s total hashrate.

Foundry USA was also responsible for receiving 101 of the 416 blocks mined in the last three days. Antpool is now the second-largest pool after gaining 61 in only three days, and it has a total of 30.86 EH/s, which accounts for 14.66 per cent of the total amount.

Miners Are Leaving Mining Business

The difficulty of verifying a Bitcoin block has fallen over the last two weeks, thanks to a 2.35 per cent decrease. This means that miners can find blocks more quickly than in the previous two weeks, meaning that even though the DAA shift decreased by 2.35 per cent today, 2016 blocks can be found at a considerably slower pace.

Miners have been driven out of the mining business due to the decreased profits, increased operational expenses, and the impending Merge. Their leaving has caused a glut of GPUs to appear on the resale market. As a result of the unexpected increase in available supply, the price of particular machines, such as the GeForce RTX 3080 GPU, has dropped to a minimum of $523.

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As a point of reference, a brand new GeForce RTX 3080 graphics card costs around $1500. The fact that these machines are used does not change the fact that their prices are much lower than typical.

In desperation and in an attempt to recoup some of their losses, several miners have turned to Livestream auctions to sell their mining equipment. Others, meantime, have chosen to go about things sneakily. A user on Twitter pointed out that some dealers exploit the listed price as bait and ask for $600-$700 in their asking price.

FTX Acquires Canada Based Bitvo Inc.

FTX Acquires Canada Based Bitvo Inc.

The Bahamas-based FTX Exchange is planning to officially launch its business in Canada by acquiring Bitvo Inc. This Calgary-based cryptocurrency exchange is regulated by all 13 provincial and territorial securities commissions across the country.

FTX Exchange is one of the world’s largest cryptocurrency companies, with over $4 billion in revenue last year alone. FTX is acquiring Bitvo Inc at an exciting juncture for the cryptocurrency market, as we’re now seeing widespread price drops following a bubble-like burst earlier this year. However, this news speaks to the level of commitment that FTX has to this industry over the long term.

Several cryptocurrency companies, including Coinbase Global Inc., are implementing severe staff reductions to save money. The crypto lending company Celsius Network Ltd. has announced that it will be suspending operations indefinitely, which will leave millions of its customers in a precarious position while also accelerating a global selloff of cryptocurrencies.

Also Read: Bitcoin Price Tumbles Below $20K, Ether Price Hit Too

The acquisition will allow FTX Exchange to expand its offerings into Canada and help it compete with other exchanges such as Binance and Bittrex, which have already launched businesses here. The two companies have not divulged the precise terms or valuation of the acquisition, which is scheduled to be finalised in the third quarter of this year, pending approval from the relevant regulatory authorities.

Both companies’ chief executive officers have stated that users of their respective cryptocurrency platforms will not notice any changes shortly. However, they are expected to borrow certain features from one another in the coming months and make them available to users as a whole. The companies said that they do not anticipate that the deal will have any impact on the current levels of staffing.

In an interview, Mr Bankman-Fried said, “We’re focused and excited to be building a real Canadian footprint.”
He specifically cited the collaboration with a registered platform as one of the reasons for his optimism. “In particular, we’ve had some fantastic conversations with the government of Alberta, which has been constructive and is trying to take the lead in Canada and around the world for crypto policy and frameworks,” he said.

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The Alberta government has been quick to demonstrate “immense interest” in the cryptocurrency space. Earlier in the year, Mr Schweitzer stated that companies operating in the cryptocurrency space were quick to explain “immense interest” in the province after the Alberta government promised in its Throne Speech that it would make the area a global leader and hub for crypto.

FTX will launch its operation in Calgary, Alberta. The company’s CEO, Mr Schweitzer, stated that this new venture would help FTX grow its reputation and the opportunities it offers in technology and innovation.

Mr Bankman-Fried added that FTX is also looking into other opportunities across Canada, not just Alberta. He stated, “for the time being, we do not have any specific plans in mind.” However, he added, “as we’ve said before, we’re looking to expand in places where regulators are working with the sector to create meaningful opportunities.”