What’s Next for Crypto: The Merge, Upcoming Events, and Much More

The Merge

Deposits for ETH, USDT, and DACXI are enabled again on our platform. If you’ve been waiting for deposits in the exchange, you will have them credited to your account. We will be disabling deposits again for a few hours at the last step of the Merge. Withdrawals will stay disabled until after it’s complete and we have finished all necessary security testing.

It’s all looking good to go. Ethereum developers have confirmed the successful completion of the prerequisite ‘shadow forks,’ which help developers stress test permanent upgrades. Ethereum research and engineering company Nethermind has confirmed that the transition in Mainnet-Shadowfork-13, the last shadow fork, was successful, signaling the readiness of the network to migrate to a Proof of Stake (PoS) consensus mechanism.

Weekly highlights

  • The International Monetary Fund continues to be bullish on blockchain tech and cryptocurrencies, saying that crypto is no longer niche and regulators must act now so they can be integrated into the world’s financial system with proper oversight and regulatory approval.
  • UK’s Secretary to the Treasury Richard Fuller wants the UK to be the dominant global hub for crypto technologies. The U.K. is trying to catch up with the European Union, which is close to pushing through its wide-ranging crypto bill that has a heavy focus on stablecoins. Fuller claims that by making the UK a hospitable place for crypto technologies, it can attract investment, generate new jobs, benefit from tax revenues, create a wave of groundbreaking new products and services, and bridge the current position of U.K. financial services into a new era. The new Truss government plans to carry on with the financial services and markets bill, which is intended to help the regulators govern crypto used for payments like stablecoins.

Bitcoin update

A good week for Bitcoin this week. Despite a bit of a dip early in the week, toward the latter part, the price was firmly bid up, ending with a positive return of 9.10% week on week, its largest weekly increase in 9 weeks.

Ethereum update

Ethereum did alright too, posting a weekly gain of 11.91%. Like Bitcoin, it was a little up and down during the week but rallied towards the end. Sentiment around The Merge seems generally positive — helped no doubt by the success of the shadow fork mentioned earlier.

Dacxi’s market analysis is produced in partnership with Zerocap, a leading market analyst and crypto asset trader.

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