So, another week has passed and the world of cryptocurrencies has still survived. In fact, many crypto are on the rise again. If it bear market rallies are or more than that, we will see in the near future. In any case, a lot of important things have happened.
Bitcoin price is doing well
As for the rates; they are rising again. Tokens such as ethereum (ETH), cardano (ADA) and also memecoin shiba inu (SHIB) have made a lot of investors happy. Cardano is a godsend, some analysts say, and one whale predicted fireworks for the United States this week layer 1 token. Now it has once again overtaken XRP, one of the other largest altcoins. Despite the fact that we are in a bear market, the token is holding up surprisingly well.
Bitcoin is also doing well. A Bloomberg analyst thinks it’s inevitable that BTC will go to $100,000. Bitcoin maxi Michael Saylor still thinks Bitcoin is going to take over the monetary properties of gold. But another analyst thinks we’re in a fake out so the new one could cause another spike in the price.
Ethereum merge
In the camp of Ethereum, there is also some interesting news. The date of the long-awaited and also long-delayed ‘merge’ is fast approaching. In fact, the date has never been closer. The developers chose to postpone it each time.
Perhaps the merging of the beta chain with the regular Ethereum blockchain will now actually take place. The date has now been set for September 15 or 16. After this, the blockchain of Proof of Work on Proof-of-Stake have switched.
Crypto mixer declared illegal
One of the news that people have noticed less is that the use of the crypto mixer Tornado Cash has become illegal in the United States. The service has been linked to the laundering of criminal money, including stolen tokens from North Korea. The US now wants to prevent that once and for all.
It also led to the arrest of one of the developers, who was in Amsterdam. The crypto community thought that was a bizarre move by the Dutch government. He would have just made the service, and criminals took advantage of it. It could lead to a fundamental lack of (financial) privacy. Tornado Cash has now been completely taken offline after the sanctions, even the DAO no longer exists.
Stablecoins discussion point again
The news surrounding Tornado Cash further led to the news that stablecoin issuer MakerDAO no longer has faith in Circle’s USD Coin (USDC). Circle was forced to freeze the USDC in the wallet addresses of the mixer. MakerDAO has now voted to sell a portion of the USDC in the MakerDAO addresses for ETH. So it prefers decentralization to stability, and one of the founders expects people to choose this more often.
But because of that, there would be a good chance that the DAI stablecoin would not be able to maintain its link with the dollar. ETH could be too volatile for that in the near future. It would mean that DAI would deliberately become a regular, volatile cryptocurrency. Ethereum co-creator Vitalik Buterin thinks it’s a terrible and risky idea. So maybe this story will have another tail.
All in all, a hectic week in crypto, despite the fact that many crypto assets are back on the plus side. Let’s hope the coming week is positive, but let’s also prepare for the worst.
