Investors FLEE after ETH MERGE
In today’s newsletter:
ETH, BTC edge lower after ethereum merge.
Pre-Merge Ether Exchange Inflows of Over $1B Trigger Fears of Price Drop
Co-founder of Terra Do Kwon's passport may be invalidated by South Korea
ETH, BTC edge lower after ethereum merge.
At 6:43 UTC, the "Merge," which marked the network's transition to a more energy-efficient "proof-of-stake," took place. Ether (ETH) then experienced a brief increase from $1,600 to $1,655. Bitcoin (BTC) and ether were trading flat as at the time of publication.
Bitcoin (BTC) fell 0.96 per cent to $20,179.
The global crypto market capitalisation fell by 0.52 per cent to $991.5 billion, and the total crypto market volume decreased by 10.2 per cent to $89.1 billion in the last 24 hours
Solana’s price rose by 1.23 per cent to $33.94. Its market cap increased by 1.34 per cent to $12.01 billion. Cardano’s price increased by 0.82 per cent to $0.4766. Its market cap increased by 0.82 per cent to $16.2 billion.
Pre-Merge Ether Exchange Inflows of Over $1B Trigger Fears of Price Drop
Prior to Ethereum's crucial technological upgrade, the Merge, a sizable amount of ether (ETH) is being transferred to centralised cryptocurrency exchanges.
The rush of ether onto exchanges is causing the crypto community to fear a price decline.
The cumulative inflow of $1.2 billion is supposedly the largest in six months. The total number of ETH held in centralized exchange wallets has jumped to a two-month high of 25.34 million.
Perhaps coins have been moved to exchanges to collect potential Ethereum fork token ETHPOW on an exchange, so those can be liquidated immediately instead of receiving the so-called airdrop in a hardware wallet indicates investors are trying to hedge their position in case of price volatility around the Merge
Co-founder of Terra Do Kwon's passport may be invalidated by South Korea: Report
A South Korean court has issued an arrest warrant for Do Kwon, the primary developer of Luna and the founder of blockchain platform Terraform labs.
Do Kwon along with five others, all South Korean nationals, are residing in Singapore. They were issued with an arrest warrant on Wednesday by a South Korean court and were charged with violating the Capital Markets Act.
The warrants were issued after the $40 billion Terra ecosystem collapsed months later, causing a "bloodbath" in the cryptocurrency market and several linked bankruptcies, including Singapore-based hedge fund Three Arrows Capital.
As it usually takes a month for the passport to be invalidated, the prosecutors are likely to pressure the six individuals to return their passports before that time lapses.