Signs of a thaw? Confidence returns to the crypto market | Ian Lowe on Cracking Crypto

This week on Ausbiz Dacxi CEO, Ian Lowe talks about how relative stability has returned to crypto markets, at least for now. This after a solid week of gains for many of the majors with Bitcoin retesting US$22,000 and Ethereum surging 40% over the past 7 days. Ian Lowe from Dacxi says the significant appreciation in Ether comes with the update on “the Merge” when it transitions from proof of work to proof of stake. Ethereum Foundation member Tim Beiko has suggested Sept. 19th as the provisional launch date for the Merge for the world’s biggest smart contract blockchain.

Meanwhile, new data shows that crypto miners are rapidly exiting their bitcoin positions amid turbulent markets. 14,000 bitcoin, or more than US$300 million at its current price, were transferred out of wallets belonging to miners in a single day. In the past few weeks, miners have offloaded the largest amount of bitcoin since January 2021. Elsewhere, Binance is facing a penalty in the Netherlands after failing to obtain regulatory approval to operate in the country.

The central bank of the Netherlands fined the exchange 3.3 million euros for offering local crypto services while not being registered with the authority. But this news is tempered by the fact that Binance has flipped competitor Coinbase to become the exchange holding the most bitcoin globally.