- Among the cryptocurrencies tracked by CoinMarketCap, the percentage score was the best performer for the week, up 22.51%.
- Bitcoin extended its rally amid a brighter mood in global markets and as traders await US inflation data and keep an eye on the fundamental update of the Ethereum blockchain. Bitcoin jumped about 10% on September 9 and 3.9% on Monday, to exceed $22,000. The move was encouraging due to the weak dollar and as investors await US inflation figures, Bloomberg wrote.
- Ethereum has completed a major overhaul of its blockchain network, marking the most ambitious software upgrade in the crypto world to date. The change replaced power-hungry computers that were used to request transactions on the network with a more energy-efficient setup using heaps of the network’s token, ether. As a result, Ethereum’s energy consumption will decrease by an estimated 99%, according to Bloomberg.
- Among the cryptocurrencies tracked by CoinMarketCap, the worst performer during the week was Terra Luna, down 53.30%.
- Bitcoin slumped more than 10%, the biggest drop since the crypto’s plunge in June, as widespread selling in financial markets extended to the digital asset sector. Ether is down nearly 9%, even as the Ethereum core network prepares to upgrade its long-awaited energy-saving program, according to Bloomberg.
- BitGo is suing Galaxy Digital Holdings from Mike Novogratz for more than $100 million in damages after Galaxy abandoned its planned $1.2 billion acquisition of the crypto custodian. The lawsuit cited “false repudiation and willful and international breach” of the merger agreement by Galaxy, according to a public filing linked to the case and reported by Bloomberg.
- The Blockchain Association, a prominent crypto trading group with members including stablecoin issuer and exchange circuit Crypto.com and Kraken, is launching its own Political Action Committee (PAC). The move represents another attempt by an industry under pressure to push US policy in a more crypto-friendly direction, Bloomberg wrote.
- Trading giants and brokerage firms in the United States are building a crypto exchange that brings digital asset investment into the traditional finance realm, by mimicking the structure of how other asset classes are traded. EdX Markets will begin trading a limited number of spot cryptocurrencies starting in a November trial period with the official launch in January, according to a Bloomberg report.
- Two former Citadel Securities employees have announced the crypto market maker they founded with the support of $50 million from venture capitalists. Portofino provides crypto liquidity to financial institutions and high net-worth individuals (HNWIs), trading on both centralized, decentralized and over-the-counter (OTC) exchanges. It also provides advice and technical support for Web3 startups seeking to list their assets on exchanges, Bloomberg writes.
- Customers whose savings have been frozen on troubled crypto platform Voyager Digital are looking to Tuesday’s bankruptcy auction for clues as to whether or not they will recover their assets. Voyager users have been unable to access their cryptocurrency since July 1, when a crash in digital assets forced the company to suspend trading, deposits and withdrawals, according to a Bloomberg article.
- Ethermine, the largest provider of Ethereum mining services by computing power, will shut down its servers to miners after the blockchain completes its landmark technical update. The news comes on the eve of a highly anticipated renewal of Ethereum’s program, dubbed Merge, which will transform the most widely used blockchain from a Proof of Work (PoW) consensus mechanism to a Proof of Stake (PoS).
- Ether drove the digital asset lower after a flagship software upgrade of the token core network turned into what some market watchers described as a “news sell” event. The second largest cryptocurrency by market capitalization after Bitcoin is down as much as 8.9% to $1,460.
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