Since our last blog on the latest crypto news, the crypto market has seen many ups and downs. Out of them, a few updates have really outshined the others in contributing to shaping the crypto market.
Crypto News: Latest news on Bitcoin, Monero, Ethereum, SHIBA INU and other
Monero introduced a hard fork to be hard on the scams
Monero, known for privacy, has elevated its security standards in its latest forking event. Its newly launched hard fork comes with improved security and privacy features. Moreover, the ring signature size of Monero, which is considered responsible for making its transactions almost impossible to trace, increased from 11 to 16 to further enhance its privacy factor. The algorithmic changes of the hard fork will also boost transaction speed by an estimated 5-7%. Monero's (XMR) price increased by over 7% in a day amid the launch of its hard fork. However, Monero is already infamous for its intractability and privacy because they make it a safe haven for the cryptojackers. Therefore, it would be worthwhile to see what effect the hard fork will have on the price of XMR.
Memecoin season is here
Though the crypto market is still processing the previous price crash, the meme coins seem to have different plans. Both the famous meme coins Shiba Inu and Dogecoin recorded notable gains on the second Sunday of august. SHIB rose from $0.00001516 to $0.00001774 with a surge of 30% by mid-day. At the same time, the DOGE coin went up from $0.0771 to $0.0838, which means a rise of 8% in 24 hours.
The sudden bull run of SHIBA is said to be powered by a buzz about a new Shiba Inu-focused game called Shiba eternity. On the other hand, the rise of SHIBA has also been related to the Ethereum upgrade because the underlying blockchain of SHIBA is Ethereum. The news of the upcoming Ethereum upgrade has made many altcoins and meme coins start an upward trend these days.
Talking about the DOGE coin, the recent statement by its godfather Elon Musk stating that he has not sold any of their doge coins seems as the key reason for its recent hike. Well, whatever the cause, the meme coin supporters are enjoying the surge.
Bitcoin celebrating its small win
Bitcoin gave its investors a short relief when it hit the $25k mark after nine weeks. The coin went up 5.85% in one week, which can be considered its small yet required win. However, many analysts have indicated this rise as the beginning of another bearish phase since bitcoin could not hold its mark. Due to this possibility, many traders are not taking any chances on the current bull run. An emerging possibility of inflation lowering is causing investors to gain confidence in the coin again can be the main reason for the latest rebound of BTC. Bitcoin is still down by 64% from its ATH of $69,044.77. Thus, it needs a powerful upward force to recover the value and make a new ATH.
Ethereum is on Fire
The upcoming upgrade of Ethereum named the Merge is almost around the corner, and its believers are filling their pockets with Ethereum (ETH) more than ever. The biggest altcoin continued its bull run and reached its $2,000 level late on 12 August for the first time since May 2022. The Goerli test net, which is like the final dress rehearsal for its upgrade launch, went successful at the beginning of August. As a result, the supporters of the upgrade showed their excitement by buying more ETH, taking its price to the $2k mark. The Ethereum upgrade will take place on September 15 or 16 as per its official website.
Not just Ethereum (ETH), but also the hard fork of the Ethereum blockchain, i.e. Ethereum Classic (ETC), jumped on the price bandwagon of Ethereum. The price of ETC hit its four-month high of $42.29 after increasing 15% in just 24 hours. This strong rebound of ETC is powered by the increased interest from the Ethereum miners in its proof-of-work mechanism. As with the upgrade, Ethereum will move from proof-of-work to proof-of-stake, its proof-of-work miners are planning to switch to Ethereum classic, which works on the proof-of-work mining mechanism. Hence, ETH is one of the top cryptocurrencies to look for in august 2022.
Ripple may save the day for Celsius
In our last part of the top 10 latest crypto news and updates, we discussed that famous crypto lending platform Celsius is planning to file for bankruptcy. Now, some reports are suggesting that Ripple labs, the blockchain payment company for XRP coin, might be interested in purchasing the assets of Celsius. However, it may not wholly acquire Celsius as per the reports. This news spurred the growth of 23% in the native token of the Celsius platform.
The Curve hacks
The famous DeFi platform, Curve finance confirmed on 9 August that it suffered a frontend attack. As per the reports, the hackers hacked a Curve website or domain name to redirect the users and their transactions to a malicious destination. They hijacked the landing page of the DeFi platform to convert stolen funds to various tokens through different exchanges and wallets. On an estimate, the hackers made off with laundering $570000 in ETH. The issue got resolved in a few hours.
Earlier that week, the Solana network also faced a massive attack under which some users of software Solana wallets had their funds drained. Approximately, 7767 wallets were affected including both mobile wallets and browser extensions. It caused a stole of $8 million questioning the security of the Solana network.
Saylor will be sailing for BTC
The famous crypto whale and bitcoin supporter, Michael Saylor stepped down from his 33-year-old position of Microstrategy's CEO. Saylor moved to the chairman position and informed that he took this decision to focus more on the BTC acquisition of his company. His love for bitcoin seems far from over despite the ongoing crypto winters.
Iran made its international crypto entry
Iran, which is struggling to make its international trade amid the long-going economic sanctions, has placed its first international order by paying in crypto. It placed the order with $ 10 million worth of cryptocurrencies. The officials have not disclosed any details about the imported goods. However, they said the cryptocurrencies and smart contracts would be widely used for foreign trade by the end of September.
Long jump by Bitcoin Mining Revenue
2022 has been a weird year for Bitcoin. While its lightning network capacity and wallet addresses reached their ATH, other derivatives like price and mining revenue experienced a hard time. The bitcoin mining industry faced significant losses due to the prolonged bearish sentiments. As a result, the miners experienced the lowest revenue on June 13. However, things changed for good as their mining revenue surged by 68.63% in a month. This impressive increase reassures that bitcoin mining is still a good source of income.
Fed to give master accounts to crypto banks
The Federal Reserve issued new guidelines that might allow American crypto banks to perform crypto and traditional banking functions simultaneously. Until now, the financial institutions in the US had to choose between traditional banking services and crypto transactions. The crypto-centric institutions might get master accounts, which will allow them to perform direct payments like all the other federally-chartered banks.
That’s all for now.
We'll meet you soon with our next part of the latest updates.
