Some of the biggest news in the Cryptoverse on Sept. 12 include Bitcoin’s 5% price drop after CPI report, Ravencoin’s hashrate and price increase, and Canada’s vote against the Conservative Party’s newly elected pro-Bitcoin leader. Includes criticism of the Prime Minister.
CryptoSlate Top Stories
Bitcoin falls as CPI hits 8.3%, unlikely to see 3 consecutive 75 bps gains
Bitcoin’s rally that started on September 9th ended with the release of the Consumer Price Index (CPI) on September 13th. In August he showed an increase of 0.1% for the CPI to reach 8.3%.
As soon as the CPI rate was announced, Bitcoin immediately recorded a 5% drop, dropping to $21,600. Moreover, the expert expects the Federal Open Market Committee to decide on a 75 basis point hike at its Sept. 20-21 meeting, which is expected to push Bitcoin further down.
Ethereum Proof-of-Work fork set to start 24 hours after merge
The Ethereum Proof of Work team announced that after the merge, the PoW mainnet will fork with a block height of 2048 blocks. Since it takes about 24 hours to mine 2048 blocks, the PoW hard fork can be expected on September 15th, the day after the merge.
The ETHW team announced the hard fork on their official Twitter account.
ETHW Core Announces Mainnet Plans#Ethereum #ethw #ethereum merge #ethereum fork $ethw $eth #ethpow
1/n pic.twitter.com/cnYOW6l1iU
— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) September 12, 2022
Trudeau says showing support for crypto is irresponsible leadership
The current Prime Minister of Canada, Justin Trudeau, has sharply criticized Pierre Polivre’s pro-crypto views.
“It is not responsible leadership to tell people they can opt out of inflation by investing in cryptocurrencies,” Trudeau tweeted.
On 13 September, Pierre Poirivre became the leader of Trudeau’s opposition Conservative Party.
Russian Prime Minister Sets December Deadline for International Crypto Payments Rules
Russian Prime Minister Mikhail Mishustin has instructed the country’s financial regulators to “establish an agreed position” on cryptocurrency regulation by December 19.
Mishustin said Russia will have to adapt to the world of cryptocurrencies because of the economic sanctions against it. He said there should be:
“An effective mechanism to provide the necessary financial resources to the economy and to maintain the continuity of businesses and industries, and thus employment.”
Ravencoin Price, Hashrate Soars As Merge Approaches
Ravencoin recorded a 13% price increase in the last 24 hours, reaching $0.06359.
Ravencoin is one of the PoW coins expected to attract ETH miners after the merge. The coin seems to be attracting new owners successfully, as it recorded a 70% price increase in the last seven days.
Algorand takes hat to the ring as Helium community opens vote on Solana transition
Helium developers were looking for alternative blockchains before signing the deal with Solana. Candidates include Polkadot, Ethereum, Polygon, Avalance and Algorand.
Algorand executives said they are confident it is the best blockchain for Helium. Algorand’s CEO and his CTO tweeted to let Helium know they were ready to enter into a partnership.
BitGo sues Galaxy Digital for $100 million in failed merger deal
Galaxy Digital had agreed to buy BitGo for $1.2 billion in stock and cash in May 2021. However, Galaxy Digital said he ended the purchase plan on August 15, 2022.
Late yesterday, BitGo filed a lawsuit against Galaxy Digital, seeking more than $100 million in damages arising from Galaxy’s improper denials and willful breach of its merger agreement with BitGo.
— Bitgo (@BitGo) September 13, 2022
In response, BitGo filed a lawsuit against Galaxy Digital. The company is seeking $100 million in damages for breach of the merger agreement.
research highlights
Study: Ethereum Price Volatility Expected After Merger As Open Interest Options Surge On Bearish Divergence
crypto slate An analysis of Ethereum derivatives shows that traders expect a price drop after the merger.
Indicators such as the volatility smile, open interest in options, and annualized perpetual funding suggest that investors are cautious about buying Ethereum and are preparing for a price drop after the Sept. 14 merger.
News around Cryptoverse
Celsius plans to reboot after winter is over
Collapsed crypto lending platform Celsius plans to revive after winter markets are over, it says of new york times,
Celsius CEO Alex Mashinsky has reportedly met with all staff to develop a detailed turnaround plan for the company. It is reported that Celsius will put effort into custody this time.
BlockFills and Isla Verde Capital Shake Hands to Support Green Mining
Crypto exchange BlockFills and renewable energy-focused global company Isla Verde Capital partnered Support green mining by providing carbon emission offsets and renewable energy credits.
Duo supports mining initiatives willing to use carbon-free or carbon-negative methods for mining.
crypto market
Bitcoin fell 9.33% to $20,310. Ethereum also fell 6.86%, trading at $1,606.
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