“Absolute Madness:” Bitcoin, Ethereum and Crypto Headed for a Wild Week Between Luna and Solana Price Swings — CryptoCodex

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Casino season 🎰

Cryptocurrency prices are skyrocketing this morning, with the market rising as the highly anticipated ethereum the merge update enters its final stage. The bitcoin the price has risen nearly 3% since this time yesterday, while ethereum has dropped slightly after making big gains in the past week.

rival of Ethereum solana is leading the cryptocurrency top ten higher, up 8%, while Ripple’s XRP

XRP
is immersed. Further down the charts, moonThe reborn support coin of the collapsed blockchain network has begun to collapse following a massive rally in the past week that prompted a researcher to declare “degen casino season is back”. Coindesk has more.

Good to know: Jack Dorsey’s former boss is building a decentralized Twitter
TWTR

The surprise appearance of Vitalik 🎉

Macchiato: Ahead of a week set to become “utter madness” according to an Ethereum-linked group on Twitter, Ethereum co-founder and project spiritual leader Vitalik Buterin found time to make a surprise appearance at the Kyiv Tech Summit.

Missed opportunities: Long before the Russian invasion of Ukraine, Buterin met with Russian President Vladimir Putin to discuss ethereum and the opportunities created by blockchain and decentralization.

Following: “I have been following Ukraine closely since the beginning of the war,” said Buterin, who was born in Russia during the closing panel of the summit. Coindesk. “I wanted to come and see for myself [and] also let Ukraine know that many people in the blockchain, ethereum and crypto world really care about you guys and many people support you. ”

Scheduled: Buterin’s entry into the crypto-heavy event comes as Ethereum is at the peak of its long-awaited and long-awaited transition from using energy-requiring proof-of-work (PoW) as a hashing algorithm to more energy-efficient proof. -of-stake (PoS). The event is expected to happen at some point this week, probably early Thursday morning.

The union explained: The so-called Ethereum merger will see ethereum’s existing execution layer, its mainnet, combined with its new proof-of-stake consensus layer, the beacon chain, eliminating the need for energy-intensive mining to protect the network. and emit new ether. “Imagine that ethereum is a spaceship that is not yet ready for interstellar travel,” explains the Ethereum Foundation. “With the headlight chain, the community has built a new engine and a reinforced hull. After significant testing, it is almost time to hot replace the new engine with the old flying vehicle.”

Now read this: Barclays eSports / crypto crossover: insert the coin

SBF 🤝 The Mooch

🛍️ Sam Bankman-Fried, the billionaire CEO of cryptocurrency exchange FTX, continued his shopping spree by buying 30% of the SkyBridge Capital AIF, set up by a former aide to US President Donald Trump, Anthony Scaramucci, for an undisclosed amount.

🗣️ “We saw there was an opportunity to work together in ways that could integrate both of our businesses,” Bankman-Fried said in a statement in which Scaramucci called Bankman-Fried a “visionary.” “We look forward to partnering closely with SkyBridge on its cryptocurrency investment business and also to work alongside them on promising non-cryptocurrency investments.”

🛟 Bankman-Fried, often known simply as SBF, threw several lifelines at cryptocurrency companies this year as cryptocurrency prices plummeted last week made a deal with Gamestop that will see the video game retailer and now the market NFT carry FTX gift cards.

Now read this: Wall Street doesn’t need bitcoin; bitcoin doesn’t need Wall Street

The week ahead 🗓️

👀 Look for these cryptocurrency and crypto-adjacent events this week.

💶 The European Central Bank (ECB) 7th annual flagship research conference begins today. Cryptocurrencies are not on the agenda but they will likely come out.

🇳🇴 The trial in Norway of Twitter cryptocurrency character Hodlonaut, sued by Australian computer scientist Craig Wright, kicks off today. Wright has long claimed to be the pseudonymous creator of bitcoin, Satoshi Nakamoto. The trial, which is expected to last a week, is trying to determine whether Hodlonaut’s allegations that Wright is a fraud and a scammer are protected by free speech in Norway.

🐦 Tomorrow, Twitter shareholders will vote on Elon Musk’s acquisition of the $ 44 billion company, as former Twitter security chief turned whistleblower Peiter “Mudge” Zatko testifies before the Senate judicial committee. The prevalence of bots, especially those promoting cryptocurrencies, on the platform is one of the key issues.

– US Senators Press Meta Platforms CEO Mark Zuckerberg To Fight Crypto Scams

📊 In addition, US consumer price inflation (CPI) data for August will be released tomorrow and are expected to show declining price pressures that could influence the Federal Reserve’s next interest rate decision by the end of the month .

– The US dollar is decimating world currencies

⚡ The long-awaited Ethereum merger update takes effect Thursday, making the network a more energy-efficient proof-of-stake system.

The Merge: a blockchain revolution or just more hype?

🎤 Later on Thursday, there will be two high-profile appearances for regulators. US Securities and Exchange Commission (SEC) chairman Gary Gensler will appear before the state banking committee and Commodity Futures Trading Commission (CFTC) chairman Rostin Behnam will speak at the Senate Agriculture Committee hearing on cryptocurrencies.

– The SEC chief of law enforcement has warned that the violation of the cryptocurrency law cannot be ignored

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