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Topics - Fawpac2

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The Merge is expected to be one of the crypto industry’s biggest events. It’s the point in time when the Ethereum blockchain will shift from a proof-of-work consensus mechanism to a proof-of-stake mechanism. It’s just one step in a broader roadmap to make the Ethereum blockchain more scalable, more secure and more environmentally friendly. The momentous event has been in the works for years with collaboration taking place around the world from industry groups to individual developers and contributors. 

With 119 core developers working on The Merge, however, and thousands of programmers contributing to the overall Ethereum protocol, it’s impossible to give any one person credit for the blockchain's evolution. Regardless, some people undeniably have played crucial roles in making The Merge happen. Here are 10 people who have been integral in contributing to the historic switch. source

2
Asection of the crypto community is anticipating potential Ethereum proof of work in parallel with the new proof of stake chain. However, chances of success of the proof of work chain are highly unpredictable at the moment. On the other side, there are high chances of ETH miners shifting to Ethereum Classic (ETC) after Merge. Also, it will be interesting how ETC price movement could pan out to be post September 15.What About Proof Of Work Ethereum After Merge
After the main Ethereum network ‘Merges’ with the Beacon Chain, the old proof of work will continue to exist. Also, people could still continue to trade the old coin associated with proof of work. And there would be no stopping of trading the old coin. In addition, miners would be looking to maximize on mining the old coin before it shifts to the new mechanism. The possibility of a hard fork of the Ethereum blockchain would also come with some drawbacks. It could cause major confusion and potential technological issues, going forward.
Those Ethereum holders who wish to stick with the upcoming proof of stake chain would be carried forward by default. After the Merge, all the old ETH coins of traders would have already be running on the new consensus mechanism. source

3
Despite pushing the price higher earlier in the week, the bulls have lost momentum as the days went on. As the date of the Merge approaches and the Ethereum market grows hotter, speculation about the future of the price has reached its peak.The Daily Chart
The formation of lower highs and lower lows suggests a bearish structure. The recent bullish leg stalled when it reached the resistance of the 20-day moving average line (in yellow). However, the 100-day moving average (in white) accompanies the asset as support.
If the buyers are to initiate another increase ahead of the Merge, they should push the price above $1,720. Positive sentiment will dominate the market in the short term if this occurs.
Alternatively, the support zone is between the horizontal line at $1420 (in green) and the MA100, which lies at $1500. A break and close below this zone would kill any hopes of starting a bullish rally.
In conclusion, the bearish presence remains strong until the price goes above $1720. Also, having the cryptocurrency drop below the mentioned support could trigger future cascades.
Key Support Levels: $1420 & $1300
Key Resistance Levels: $1720 & $2000

Daily Moving Averages:
MA20: $1616
MA50: $1650
MA100: $1500
MA200: $2124
source

4
Ethereum price has been trying to secure small gains over the last 24 hours. In the past week, the king altcoin brought home gains which were close to 6%.
At the current moment, however, the coin was mostly moving laterally.
Ethereum price had also broken below its head and shoulder pattern as seen in the chart below. This pattern is related to bearishness.In accordance, the buyers were low in the market. The technical outlook also continued to look weak on the one-day chart.
Broader market weakness has caused many prominent altcoins to move down their respective charts.
Bitcoin price has also remained weak under the immediate resistance of $20,000. source

5
Bitcoin price is back to struggling below the $20,000 price level. The coin over the last 24 hours has barely depicted any movement.In the last week, Bitcoin price fell by 1.7%. Overall, the king coin has been consolidating at this price mark over the last week now.The technical outlook of Bitcoin has remained negative as the charts have not been favouring bulls.Broader market weakness has been prevailing for almost a few months now. Sellers have become more active in the past week.
Bitcoin at the moment has been trading at a 71% low as compared to its all-time high which happened a little less than one year ago.
Buyers have to reclaim the immediate price ceiling for the asset to defeat the bulls. If BTC trades above the overhead resistance mark for long enough then the bulls could again attempt to defend the $20,000 price level. source

6
Bitcoin is struggling to settle above $20,500 against the US Dollar. BTC could decline heavily if there is a clear move below the $19,500 support zone.
Bitcoin is stuck near the $20,000 zone and trading below the $20,500 resistance.
The price is now trading below the $20,000 level and the 100 hourly simple moving average.
There is a short-term rising channel forming with support near $19,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate lower if there is a clear move below the $19,600 and $19,500 levels.
Bitcoin Price Remains in a Range
Bitcoin price traded in a range below the $20,500 and $20,550 resistance levels. BTC failed on many occasions to clear the $20,500 resistance zone.
At the same time, the bulls were active above the $19,500 support zone. The recent low was formed near $19,600 and the price is now moving higher in the range. There was a minor increase above the $19,750 resistance zone. The price climbed above the 23.6% Fib retracement level of the recent decline from the $20,397 swing high to $19,600 low. Source

7
The world’s largest cryptocurrency Bitcoin (BTC) has been trading for under $20,000 for a while now. As of press time, BTC is trading at $19,887 with a market cap of $380 billion. As per the latest development, a Bitcoin whale address has become active for the first time in nine years and moved 5,000 Bitcoins worth $100 million to crypto exchange Kraken. Citing data from OKLink, a popular crypto reporter Colin Wu stated:The Bitcoin whale address (18xGHNrU26w6HSCEL8DD5o1whfiDaYgp6i ) transferred out 5000.01 BTC at 04:50:38 (UTC+8) on September 5th to the Kraken, which is worth about $100m now. The wallet was created and bitcoins were transferred to this address in 2013.source

8
It’s been over 9 months since Bitcoin’s all-time high at $69K in November 2021. The cryptocurrency continues its gruesome downtrend and has yet to show any signs of recovery. The market is currently quiet, but next week’s price action could be key to determining the mid-term future.The Daily Chart
Looking at the daily chart, the price has been consolidating in a tight range between $19,500 and $20,500 over the past few days, showing little intent for a significant move in any direction. The $20K support area seems to be holding the price for now.
If a bullish rebound is to happen, the 50-day and 100-day moving average lines around $23K and the $24K resistance level would be key areas to watch for as they can initiate a bearish continuation.
On the other hand, a breakdown from the $17K-$20K area could prove disastrous for the market, as, in this case, a rapid decline towards $15K and beyond would be probable. This would prolong the bear market significantly as bottom formation and accumulations take months at the end stage of bear markets.https://cryptonews.net/11827959/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared

9
The Daily Hodl
Total Ethereum (ETH) Staked Sees Over 100% Increase in Year Leading Up to the Merge: Crypto Analytics Firm
Daily Hodl Staff September 2, 2022
A market intelligence firm says that the total amount of Ethereum (ETH) staked has more than doubled in the year leading up to the top altcoin’s much-anticipated merge.
According to crypto insights firm Arcane Research, the total amount of staked ETH has seen over a 100% increase from 6.5 million to 13.4 million in the last year despite the leading smart contract platform taking a 51% drop in price.
ETH’s transition from a proof-of-work mechanism to a proof-of-stake one will considerably alter how the blockchain operates as it will rely on validators to secure the network rather than token miners.
“Scheduled for September 15, the merge is fast approaching and will drastically change Ethereum’s economy. Instead of miners securing the network, it will rely on validators staking ETH to the network, allowing them to run block-producing nodes and earn staking yields.”
Arcane Research’s data reveals that roughly 10% of Ethereum’s total supply has been staked in anticipation of the merge.
The crypto analytics company goes on to debunk fear centered around a massive dump of ETH after the ability to withdraw staked Ethereum becomes unlocked. Currently, staked ETH tokens are locked in place and cannot be moved.https://cryptonews.net/11720883/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared

10
Ethereum saw a further decline in total value locked a few days to the highly anticipated “Merge” due to a continuous drop in the amount of liquidity poured into decentralized finance (DeFi).
Ethereum has been the go-to blockchain for thousands of developers and millions of dApp users ever since decentralized finance was coined by a group of entrepreneurs and Ethereum developers in 2018.
An overall bearish market that followed the new milestones reached in 2021 earlier in the year has extended into the third quarter of the year. Unfortunately, Ethereum as the leader of the DeFi sector has not been spared as the chain shed 7% of its opening day value locked.https://cryptonews.net/11750833/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared

11
As Ethereum (ETH) prepares for the highly anticipated Merge upgrade, the network continues to record significant activity, considering that the blockchain update is viewed as a bullish sentiment for the asset. In this line, the number of newly created Ethereum unique addresses is surging ahead of the September 15 event.
As of September 2, the Ethereum network had 204,571,827 unique addresses, representing a growth of 2,210,529 addresses from the 202,361,298 recorded on August 2. Therefore, over the 30 days, Ethereum added about 71,307 addresses daily, according to Etherscan data. https://cryptonews.net/11757987/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared

12
The world’s largest cryptocurrency Bitcoin (BTC) has been showing strong volatility over the last few weeks and will continue this behavior in July as well. All eyes are on the unlocking of the January Grayscale Bitcoin Fund (GBTC), scheduled ahead this month on July 18.
As per data on Bybt, on July 18, GBTC stocks worth 41852.26 BTC shall be unlocked. This will be the largest single-day unlocking of the GBTC shares so far in history.
Analysts expect that this unlocking will lead to higher Bitcoin price volatility ahead of this month. Over the last few weeks, the BTC price has been oscillating in the price range of $30,000-$35,000. Earlier this week, BTC made a short attempt to move past $35,000 levels, however, failed to sustain them.Source

13
Bitcoiners have referred to the recent fire in the Gulf of Mexico as an example of how much Bitcoin miners’ work, who constantly seek alternative sources of energy for their rigs, is safer for the environment that traditional energy industry based on oil and natural gas.
Among them is analyst Willy Woo, venture investor Anthony Pompliano and Kraken’s Dan Held.
One Bitcoin enthusiast with over 111,000 subscribers has tagged Elon Musk to dare him to say more stuff about BTC being bad for the environment compared to the oil boiling the ocean.Source

14
The owner of an exclusive Beverly Hills residence, listed for $65 million, is allowing buyers to pay with Bitcoin to acquire the property. If executed, the deal will break the record for the most expensive estate sold for cryptocurrency.
BTC Invades Beverly Hills
The American business magazine Forbes reported that the multimillion-dollar home in Beverly Hills, called Elementi, can be purchased for either $65 million in cash or the bitcoin equivalent to the fiat currency – around 1950 BTC with today’s prices. The listing agent Aaron Kirman, who is one of the co-listers of the property, commented on the news:
Crypto is something the sellers are very interested in, and it’s a growing movement that I believe will be incorporated into the residential sphere.”
Despite the ongoing decline of the crypto market, Kirman affirmed that many real estate businesses, especially sellers, prefer digital assets as a payment method. He even said that never before the levels of crypto transactions have been that high.Source

15
Elon Musk founded Starlink Technology, a satellite internet service that is seeing a boom in adoption around the globe and Musk expects the number of users to grow up to half a million within a year. The serial entrepreneur also said he would invest upto $30 billion in the company to boost its progress. ICYMI: Elon Musk said his satellite internet service Starlink was growing quickly and he expected the number of customers to reach half a million over the next 12 months https://t.co/l3sAOd8m0w pic.twitter.com/J25API5bsC
— Reuters (@Reuters) July 3, 2021
Many see Starlink as the future of censorship-resistant forms of the internet. The satellite internet service work quite similar to Dish Antena-based TV connections where the user has a small home base antenna to catch the signal from a satellite hovering around the earth. The firm has also launched an array of satellites into space recently to boost its star link project to make the internet accessible in most remote locations. Star link also has been a part of the discussion in the crypto community especially Bitcoin and how it could boost the prospects of the top digital currency in near future. Some of the top use cases of Starlink discussed by the crypto community includes,Source

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