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3 signs Ethereum price is on track toward $2.5K by September

Ethereum’s native asset, Ether (ETH), has more than doubled in value since bottoming out at around $885 in June 2022. Now, it eyes a decisive move toward $2,500 in August per a slew of technical and fundamental indicators.

Ethereum chain split means more tokens

A big part of Ether’s ongoing rally has appeared due to the Merge, a network upgrade that will switch Ethereum's underlying blockchain protocol from proof-of-work (PoW) to proof-of-stake (PoS) in September.

Simultaneously, switching to PoS will also eliminate the role of miners in the chain by replacing them with validators. This fear has prompted Chandler Guo, a Chinese crypto miner, to resist the Merge by keeping Ethereum’s PoW version alive.

A chain split is possible as a result. Guo has already branded his version of the Ethereum PoW chain as ETHPoW, alongside its native token ETHW. Furthermore, some crypto exchanges have already listed the token for trading, with even Binance considering doing the same, if necessary. 

A key takeaway from a potential chain split is existing Ether holders will receive an equal amount of tokens from the new chains.

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Market Analysis

Ethereum Merge on track as Goerli test merge successfully finalized

With the Goerli merge going successfully, there is growing confidence that there will be no further delays to the Ethereum Merge set for mid-September.

Ethereum

21-year-old got ‘thought-provoking’ questions after teaching crypto to old folks

When the 21-year-old Quai Network marketing associate was asked to present a crypto class to residents of an assisted living community, he was more than happy to oblige.

Bitcoin

21-year-old got ‘thought-provoking’ questions after teaching crypto to old folks

When the 21-year-old Quai Network marketing associate was asked to present a crypto class to residents of an assisted living community, he was more than happy to oblige.

Blockchain

88% of Nomad Bridge exploiters were 'copycats' — Report

Copycats used the same code as the original hackers but modified the target token, token amount, and recipient addresses.

Blockchain

Decentralized apps on Polygon hit 37,000, rocketing 400% this year

It comes as the number of monthly active teams for the blockchain reached 11,800 in July, up from 8,000 in March.

Blockchain

Decentralized apps on Polygon hit 37,000, rocketing 400% this year

It comes as the number of monthly active teams for the blockchain reached 11,800 in July, up from 8,000 in March.

Ethereum

Cross-chain bridge RenBridge laundered $540M in hacking proceeds: Elliptic

The blockchain forensics firm said cross-chain bridges provide an "unregulated alternative" to exchanges for transferring value between blockchains.

Blockchain

Truly decentralized Web3 needs more developers: Animoca co-founder

Animoca Brands' Yat Siu said developers continue to “struggle under the yoke of centralized platforms," urging them to move into the Web3 space.

Blockchain

Wealth managers and VCs are helping drive institutional crypto adoption — Wave Financial execs

“Things are much more encouraging, even though this is clearly a time of pain,” said Wave Financial’s head of business development Mike Jones.

Bitcoin

Coinsquare chief operating officer shares thoughts on being the first regulated crypto dealer exchange in Canada

The past actions of bad actors has forced the country's regulators to take a tough stance on crypto exchanges.

Regulations

Coinsquare chief operating officer shares thoughts on being the first regulated crypto dealer exchange in Canada

The past actions of bad actors has forced the country's regulators to take a tough stance on crypto exchanges.

Blockchain

SBI Group reports investee getting CFTC approval for OTC derivatives trading in US

Under the U.S. Commodity Exchange Act and CFTC regulations, derivatives exchanges must have approval to operate as a Designated Contract Market or a Swap Execution Facility.

Regulations

$475M in Bitcoin options expire this week — Are bulls or bears poised to win?

BTC futures data shows bulls are not sure that Bitcoin price will hold above $24,000, but range-bound action could help them profit from Aug. 12’s $475 million options expiry.

Bitcoin

Crypto exchange Hotbit says it froze customer funds due to alleged criminal ties of formal employee

It's not yet clear how the alleged criminal misconduct of a former employee led to a law enforcement freeze on users' funds.

Blockchain

Crypto exchange Hotbit says it froze customer funds due to alleged criminal ties of formal employee

It's not yet clear how the alleged criminal misconduct of a former employee led to a law enforcement freeze on users' funds.

Regulations

Price analysis 8/10: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

The Aug. 10 Consumer Price Index (CPI) report shows year-over-year inflation rose 8.5% in July and while this figure is below economists’ expectations of 8.7%, it is still high. Although inflation remains much higher than the Federal Reserve's 2% target, the marginal slowdown raises hopes that the rate hikes by the Federal Reserve have started to work. That has reduced the probability of a 75 basis point rate hike in the September meeting from 68% on Aug. 9 to 37.5%, according to CME group data.

Risky assets, including the cryptocurrency markets, responded positively to the CPI print. Compared to Bitcoin (BTC), the altcoins are enjoying a stronger rally. This has pulled Bitcoin’s dominance near its yearly lows while Ether (ETH) has climbed near its yearly high.

Daily cryptocurrency market performance. Source: Coin360

According to CoinShares data, Ether-related products have seen inflows of $159 million in the past seven weeks. This indicates that Ether seems to be garnering attention from institutional investors in anticipation of the Merge, which is scheduled for Sept. 19.

Could Bitcoin and altcoins sustain the higher levels? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin turned down from $24,245 on Aug. 8 and dropped to the 20-day exponential moving average (EMA) ($22,966) on Aug. 9. The bulls aggressively purchased the dip on Aug. 10 and are attempting to push the price above the overhead resistance at $24,668.

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Altcoins

Price analysis 8/10: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

After Aug. 10’s neutral CPI print, Bitcoin and altcoins are attempting to flip stiff overhead resistance levels to support in order to prepare for the next leg up.

Bitcoin

Price analysis 8/10: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

After Aug. 10’s neutral CPI print, Bitcoin and altcoins are attempting to flip stiff overhead resistance levels to support in order to prepare for the next leg up.

Ethereum

CryptoPunk to be split into pieces: Nifty Newsletter, Aug 3–9

Ethereum co-founder Vitalik Buterin proposed a way to anonymize NFT transactions using smart contracts.

Ethereum

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