The cryptocurrency market has been rather calm this week. Since it last reached that level two months ago, bitcoin has had difficulty reaching $25,000. But Ethereum, its second-in-command, achieved a significant milestone that briefly raised its market price past $1,900.
Decide why. The Mainnet integration of Ethereum may happen earlier than anticipated, according to a developer of the Ethereum protocol. Good news for supporters of the DeFi king.
On the other hand. Without a hacking news, a crypto week is truly not complete. Is it? While the details of last week's $6 million Solana wallet theft are still being worked out, another claim that DeFi Protocol, Curve Finance was hacked and $507,000 was taken, surfaced late Tuesday.
The main cryptocurrency updates from this week are as follows:
In one month, the value of cryptocurrencies increased by $250 billion.
After months of negative realities, the prognosis for the cryptocurrency sector is progressively improving as seen by the $250 billion capitalization increase it has had in the last 30 days.
According to statistics from CoinMarketCap, as of press time, the overall market cap of cryptocurrencies climbed from $911 billion to $1.14 trillion, representing a calculation based on the previous 30 days.
Despite the fact that those numbers are still far below the ATH of $2.9 trillion in November 2021, the cumulative rise is encouraging for cryptocurrency investors. Additionally, it has shown the market's return above the psychologically significant $1 trillion market cap milestone.
The Consumer Price Index (CPI) data from the United States Bureau of Labor Statistics (BLS), which came out better than anticipated, is one of the factors contributing to the recent rise.
According to the most recent statistics, inflation has slowed down, falling from 9.1% in June to 8.5% in July, which has lessened the FUD in the cryptocurrency market that had been impacting the price of cryptocurrencies.
New information on the Ethereum Merge
The Ethereum Mainnet integration may happen earlier than anticipated, according to Ethereum protocol engineer Terence Tsao.
Tsao claims that TTD 5875000000000000000000 is the tentative date for the integration of Ethereum's Proof-of-Work (PoW) and Proof-of-Stake (PoS). Thus, on September 15 or 16, 2022, Ethereum lovers could see the Merge Mainnet update.
It should be noted that the Mainnet Merge upgrade was originally predicted to happen on September 19, 2022. Tsao pointed out that there's a chance the date might change right before the event.
“Note: nothing is final until it’s in client release, so do expect changes at the last minute due to unforeseen circumstances,” – Tsao said.
The Merge is a crucial component in the introduction of Ethereum 2.0. ETH 2.0 may be wonderful news for investors, but miners are not very enthusiastic about the change. Their source of income, the incentives paid to miners, would disappear if the Ethereum PoW consensus mechanism is switched to PoS.
Hacking occurs at Curve Finance
Hackers allegedly stole almost $570,000 from the Curve decentralized finance (DeFi) system, according to a late-Tuesday Twitter post.
Finance.
According to Cointelegraph, the hacker probably got into Curve Finance's nameserver and changed Curve's IP address to his or her own, sending users to the hacker's website where a malicious link was placed to steal their stablecoins.
Prior to being identified, the hacker stole over 605,000 USDC and 6,700 DAI stablecoins, which are each valued about $570,000 USD and were all exchanged for ETH.
The hacker submitted 292 ETH to the FixedFloat exchange after laundering 27.7 ETH via the Tornado Cash crypto mixer service. When the assault was uncovered, the exchange was able to freeze 112 ETH.
Sadly, but luckily for the con artist, the remaining ETH was converted to BTC, LTC, and BNB before the hack was made public, and these currencies were then transferred to their respective blockchain networks where they are now unreachable.
Curve.
The CRV token rewards emissions from the DeFi ecosystem, which provide money for a number of other protocols, make finance a crucial component of the ecosystem.
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