As Ethereum prices increased by 3% today and Bitcoin was able to retain support around $21.6k; the cryptocurrency markets are starting to show signs of life, with most cryptos showing green candles.
The market worth of all cryptocurrencies has increased by 1.81% over the previous day, reaching $1.05 trillion. This is due to the little movement as Bitcoin and Ethereum fought to sustain support.
Key Ideas
- Ethereum is exhibiting signs of life amid an anticipated network merge date. However, cryptocurrency markets are still largely flat.
- Coinbase users can spend their ETH2 rewards without unstaking their Ethereum with its utility coin Wrapped Staked ETH (cbETH) launch.
- Afghan authorities detained the personnel of sixteen cryptocurrency exchanges during a weeklong closure.
- Bitcoin’s next move isn’t certain, as it will likely continue trading within the $21k range.
Bullish Ethereum Markets Ahead Of Network Merge
The proof-of-stake consensus model will replace the proof-of-work approach in the impending network merging of Ethereum. This particular update is currently the most talked-about update in the cryptocurrency market, as traders are excited to see this happen. The network upgrade will help Ethereum transition to be more environmentally friendly. As a result, Ethereum will become the largest blockchain network that doesn’t use a lot of electricity to secure its transactions.
Ethereum Foundation announced through a blog post that on or around September 15th that Ethereum’s Merge is expected to be completed. Also, despite a few snags along the way, the integration of the Ethereum testnet networks was successful.
It is expected that in the coming weeks, the price of Ethereum may surpass $2000, especially if the integration comes up soon.
Coinbase Launches New Cbeth-Wrapped Ethereum Token
A new cbETH-wrapped Ethereum token was also introduced by Coinbase, allowing users to stake the cryptocurrency on the platform and earn incentives.
Coinbase will add support for Coinbase Wrapped Staked ETH (cbETH) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds will be lost.
What is cbETH? Let’s dive in 🧵👇 pic.twitter.com/n3Dp4OA6HO
— Coinbase Assets 🛡️📞 (@CoinbaseAssets) August 24, 2022
With the token, users can earn incentives while selling, using, or spending the ETH they have staked. Rather than just letting it idle without any use.
The utility token cbETH, which may be staked through the network, is described by Coinbase as representing ETH2. Furthermore, cbETH can be transferred or sold off-platform because it is a standard ERC-20 token, while ETH2 is locked until a later protocol update.
In summary, Through cbETH, users can redeem their ETH rewards without having to move their staked assets and forfeit their staking benefits. It’s a well-liked choice that’s emerging among numerous tokens and projects. This is because it lets users “double dip” for rewards by allowing them to stake digital assets and use them for other things.
Afghan Authorities Goes After Crypto Exchanges, Shuts Down Sixteen of Them
Afghan authorities have shut down sixteen cryptocurrency exchanges this week and detained the staff members. This is coming after the Afghan government declared that the country should ban the trade of digital currencies due to increased fraud.
Due to accusations that cryptocurrency is used to defraud people, Afghanistan’s central bank is fighting against cryptocurrencies in the nation. An antiquated approach to addressing challenges with emerging financial technologies is to stifle innovation and technical advancement owing to the government’s ignorance of, regulation of, and oversight over cryptocurrency.
Afghanistan’s decision to ban crypto trading will increase the illicit cryptocurrency market and harm individuals who want to join the crypto-based global economic revolution. This will eventually harm the country, as it will miss out on what the emerging technology offers the finance system, which is decentralization.
Conclusion
Bitcoin is still stable at around $21.6k, up 1% over the last day, even though it is prohibited in Afghanistan. One particular ecosystem, Cosmos ecosystem, saw massive price spikes on some of its top tokens today, like ATOM recording a 7% increase, making it a 40% increase within the last 30 days. Evmos also recorded an over 21% increase.
Bitcoins market valuation is at $415 billion, with a 24 hours volume of trade at around $32 billion. Before the market’s preparation for its next move the following week, Bitcoin is anticipated to trade in the mid $20k zone.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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