The biggest news in the cryptoverse for Sept. 9 includes Bitcoin’s recent rally that took it above the $21,000 level; block calculation estimations indicating that Ethereum Merge will take place on Sept. 14; and Binance’s decision to not apply LUNC 1.2% token burn on spot and margin trades.
CryptoSlate Top Stories
Bitcoin retests $21K as it takes back ground from Ethereum ahead of The Merge
Bitcoin increased by 10.3% since 3 am UTC on Sept.9. This increase put Bitcoin back to the leading role in the market since recently surging Ethereum fell by 0.8 BTC.
Ethereum Merge is 34k blocks away, expected to happen Sept. 14
The Ultrasound Money tracker estimates that the Merge is about 34,000 blocks away, which means that the Merge can be expected to occur on Sept. 14 by 9 pm UTC.
Binance will not apply Terra Classic tax burn to spot trade on exchange
LUNC community passed two governance proposals that involved the 1.2% burn on all on-chain transactions. As transactions are settled in an internal order book rather than on-chain, it is still vague how exchanges will apply the new burn policy.
Binance announced it wouldn’t apply Terra Luna Classic’s (LUNC) decision in its internal order-book settlements or spot and margin trades.
ETHPoW team confirms it will use ChainID 10001 to avoid replay attacks on Mainnet
Ethereum’s PoW team announced they’d use a different ChainID than the mainnet. ETHPoW testnet currently uses the ChainID 10002, and the team announced that they’d use ChainID 10001 after the Merge is complete.
The community has been asking the ETHPoW team to clarify their ChainID, but there has been no response. Finally, Coinbase submitted the same request, which was answered by the ETHPoW team.
CryptoSlate spoke to Temoc Webber and Igor Mandrigin, CEO and CTO of Gateway.fm about the potential for relay attacks through the ETHPoW chain. During the conversation, Mandrigin said there is “no reason” for the ETHPoW team not to update the code before The Merge.
Ethereum Name Service developer identifies challenges in Vitalik’s fee proposal
Ethereum Name Service (ENS) head Nick Johnson said the protocol can’t support the fee structure Vitalik Buterin suggested recently.
Johnson said that the protocol needs to make some changes before applying the new fee structure, which will be higher than the old one.
OK wow, half of yall literally think that someone should be able to lock down every five-letter word in the Scrabble dictionary (which includes exotic stuff like “ZORIL”) for a hundred years for less than the price of four lambos. https://t.co/2AWSR0qkQh
— vitalik.eth (@VitalikButerin) September 5, 2022
Buterin argued that the old prices didn’t compensate for the ENS DAO.
US lawmakers warn that Facebook, Instagram are ‘becoming breeding ground’ for crypto scams
A recent report from the Federal Trade Commission (FTC) stated that Meta‘s Facebook, WhatsApp, and Instagram have been hosting quite a lot of crypto scams.
According to the numbers, Instagram facilitated about 32% of the scams included in the report, while Facebook hosted 26%, and WhatsApp held 9%. Reacting to the numbers, regulators have asked Meta’s CEO, Mark Zuckerberg, to release a report disclosing Meta’s methods of dealing with crypto scams.
Coinbase employee accused Cobie of spreading insider trading claim because of FTX
Coinbase employee Pete Kim alleged that crypto influencer Cobi revealed insider information against Coinbase. Kim argues that Cobi wanted to harm Coinbase because of the influencer’s partnership with FTX.
Coinbase employees are implying that I caused the insider trading investigation at Coinbase because FTX sponsors @UpOnlyTV 👍👍
I kept the full details of how everything ‘went down’ private out of respect for @brian_armstrong and ~the industry~.
New substack soon? https://t.co/7SEp4IYqki
— Cobie (@cobie) September 8, 2022
Cobi responded to the allegations by saying he had no intention to spread FUD or reveal insider information.
Research Highlight
Research: Bitcoin Risk Signal suggests further downside in coming weeks
Even though Sept. 9’s Bitcoin rally instilled hope in the hearts of many, the signs indicate an upcoming downwards trajectory in the following weeks.
CryptoSlate analysis shows that the Bitcoin Risk Signal is still very high. The signal is ranked between 0 and 100, where a risk-free environment is reflected with a number between 0 and 25. Even after today’s rally, Bitcoin Risk Signal is still at 87.
This indicates a possible downturn rally for Bitcoin in the upcoming weeks.
News from around the Cryptoverse
Mark Cuban loses crypto fever
Once, crypto-maximalist billionaire Mark Cuban said that the crypto space had lost its radiance, as TheStreet reports it. Cuban admitted that he wasn’t excited about the crypto space anymore because it’s “missing new applications.”
EU preparing method to authenticate NFTs
The EU started a new initiative to fight IP Infringement. The new method will aim at authenticating NFTs and preventing counterfeit products.
Crypto Market
Bitcoin recorded a 10.26% increase in the last 24 hours, reaching $21,192. Ethereum accompanied it with a 4.49% increase to be traded at $1,703.
