Bitcoin drops from key levels with whales on the move; Ethereum continues to gain ground with Bellatrix fork

The biggest news in the Cryptoverse on Sept. 6 included Bitcoin falling below the $19,000 support, liquidation surpassing $100 million, and Cryptovinco accusing Thaler of sending 200,000 BTC to Coinbase. That includes the launch of the Bellatrix fork of Ethereum.

CryptoSlate Top Stories

A crypto whale, purported to be a sailor, transferred over 200,000 BTC to exchanges in July.suspicious community

Twitter user cryptovinco Bitcoin maximalist Michael Saylor has convincingly claimed to be the whale behind the move to Coinbase of over 200,000 BTC in July. It claimed to be planning to sell all its tokens.

Nevertheless, the crypto community did not fully accept his claim on the grounds that the aforementioned wallet address holds more BTC than Thaler’s MicroStrategy.

Bitcoin loses $19,000 as $100 million liquidates in less than 4 hours

According to Coinglass, BTC price fell below $19,000 on Sept. 6, liquidating over $100 million in less than four hours. data.

The ripple effect on the market was that nearly 100,000 traders reportedly lost more than $407 million in total liquidations in one day.

Circle CEO says Binance’s decision to stop supporting USDC is good because it will increase utility

Circe CEO Jeremy Allaire has gone out of his way to endorse Binance’s move to convert users’ USDC holdings into BUSD. He said the decision is consistent with the convergent dollar book model that major exchanges such as FTX and Coinbase get.

Wintermute’s Gaevoy added that using converged would make the market more liquid, making it easier for users to deposit and withdraw USDC from the platform.

Bellatrix Upgrade Begins, Ready for Ethereum Merge

Bellatrix, the first step to merge was successfully activated today. An upgrade was triggered at the consensus layer by his 73% of Ethereum nodes.

With the successful execution of the Bellatrix upgrade, the community is preparing for the Paris upgrade. This marks the end of proof-of-work mining on Ethereum and ushers in a merge.

Ethereum hits year-to-date high against Bitcoin after Bellatrix hard fork ahead of The Merge

The news of a successful execution of the Bellatrix upgrade helped Ethereum gain up to 6% as the price hit $1,680.

Since the beginning of September, Ethereum has risen 15.6% when snapped against Bitcoin. A look at the ETH-BTC chart reveals that Ethereum has been trading as high as 0.84 BTC since June when it dropped to 0.49 BTC.

Charles Hoskinson calls Ethereum Classic a ‘dead project with no purpose’

Cardano co-founder Charles Hoskinson has been accused of trying to exploit Ethereum Classic after he proposed a 20% miner tax.

In response to the allegations, Hoskinson said Ethereum Classic is a โ€œdead project without a purpose.โ€ However, he advised users keen on using proof-of-work networks to look to the Ergo blockchain, which he said most Ethereum miners will adopt after the merger.

Sports NFT Market to Double to $2.6 Billion in 2022

A gradual shift from physical collectibles to digital collectibles will see the sports NFT market double from $1.3 billion to $2.6 billion by 2022, according to a Market Decipher report.

The study’s annual growth projections reveal that the sports NFT market is likely to reach $41.6 billion by 2032.

research highlights

Bitcoin exchange inflows sink to multi-year low

Bitcoin exchange flow metrics analyzed by CryptoSlate reveal that both inflows and outflows have declined overall, but inflows have increased, with more investors cashing out. indicates that

Bitcoin exchange inflows and outflows
Bitcoin exchange inflows and outflows (Source: Glassnode)

CryptoSlate has also taken into account the exchange heatmap, which tracks the total transfer volume of deposits and withdrawals to the exchange.

The forex inflow heatmap shows high inflows during the peaks of the bull market in December 2020, March 2021 and November 2021. Likewise, currency outflows peaked during the same period.

The analysis revealed that during the peak of the bull market, short-term holders were buying bitcoin while long-term holders were cashing out.

News around Cryptoverse

Singapore’s Largest Bank DBS Offers Cryptocurrency Services to 300,000 Investors

DBS CEO Piyush Gupta said the major bank is working to expand its cryptocurrency services to more than 300,000 investors across Asia. financial times.

As Singapore’s current regulatory measures restrict retail investors, only accredited institutional investors will be allowed access to cryptocurrencies.

crypto market

Bitcoin fell -04.49% to trade at $18,891 on the same day, while Ethereum traded at $1,573, reflecting a -1.8% decline.

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