Market Falls Hard after the ETH Bellatrix Upgrade
In today’s newsletter:
Bitcoin's price remains below $20,000 market takes a fall after Ethereum “bellatrix” upgrade
Bank of Russia agrees to legalise crypto for cross-border payments
Following the proposed move to Solana, Helium Drops 15%
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Bitcoin's price remains below $20,000 while Ethereum gains 4% as it prepares for the “bellatrix” upgrade
Bitcoin (BTC) traded below the $20,000 level even though stock futures had risen slightly due to the long Labor Day weekend. As soon as Vitalik Buterin announced that the Bellatrix hard fork would happen today in a tweet, ETH outperformed BTC. ALthough after hours as the stock market took a sharp fall so did the crypto Market. For the upcoming Merge that is scheduled on 13th september, the Bellatrix will "prepare" the chain.
Ethereum rose 3.98 per cent to $1,638.43, taking its seven-day rise to 6.7 per cent after he upgrade before falling to 1500$ with the stock market dump.
Bank of Russia agrees to legalise crypto for cross-border payments
The Bank of Russia has been reluctant of cryptocurrency payments since there is only one legal money in the country—the Russian ruble.
A local news source, TASS, reports that the Russian central bank has changed its mind on how to handle cryptocurrency regulation and has chosen to collaborate with the finance ministry to give it legal status for foreign transfers.
Alexei Moiseev, the deputy finance minister made clear that this needed to be done in Russia, involving organisations governed by the central bank and mandated to follow Know Your Customer and anti-money laundering legislation.
A significant crypto regulation called “On Digital Financial Assets” was approved by Russia in 2020, outlawing the usage of cryptocurrencies like Bitcoin (BTC) as payment methods.
In May, the Minister of Industry and Trade declared that Russia would legalise crypto payments “sooner or later.”
Following the proposed move to Solana, Helium Drops another 15%
Amid uncertainty about a potential move over to Solana, Helium's HNT is losing value—and it’s now down 47% over the last month.
Since developers proposed a plan to switch the network over to Solana, the value of Helium's HNT has significantly decreased.
HNT has decreased 47% over the past 30 days and 32% over the past week overall.
As the core developers of the cryptocurrency-powered wireless network intend to switch from its own blockchain to Solana, Helium may soon undergo major change. However, if the price of Helium's token is any indication, investors and users might not be entirely behind the ambitious goal.
The price of Helium's native HNT cryptocurrency has declined by around 15% since the Solana migration proposal was made public on Tuesday afternoon, down to a current price of $4.75 per token.