Cryptocurrency Market Jumps $100B in Value, Bitcoin Price Surpasses $12,000
Cryptocurrency prices made significant gains on Sept. 6, with the market capitalization of all digital assets rising by over $100 billion. The price of Bitcoin (BTC) climbed above $12,000 for the first time
- Ethereum's long-awaited upgrade to its proof-of-work consensus algorithm has finally arrived, and it's already paying dividends. The new Beacon Chain, which is powered by the proof-of-stake algorithm, went live today after months of anticipation. And, so far, it seems to be living up to the hype. Ether, the native cryptocurrency of Ethereum, has outperformed bitcoin today as a result of the upgrade.
- As digital currencies continue to gain mainstream adoption, it's no surprise that we're seeing more and more altcoins emerge. Ethereum Classic is one of the latest to make waves, with a 27% growth today.
- The staked ether (stETH) discount is set to widen as the Merge gets closer. This is due to the fact that stETH will be worth more after the Merge, so stakers will be able to sell their staked ether at a higher price.
Looking to save on your next purchase? Check out our price point guide!
Market Moves: Keep Your Eyes on These Stocks
Chart of the Day
- The staked ether (stETH) token currently trades at 0.96 ETH, representing one unit of ether (ETH) that has been locked in Lido's liquid staking service. This is a great way to earn interest on your ether holdings while remaining liquid, and we expect the price to continue to rise as more users adopt this service.
- The discount on stETH may widen as some holders may switch to ETH to receive the potential Ethereum forked token ETHPOW. This could provide greater buying power for those looking to invest in ETHPOW, and may also lead to more widespread adoption of the token.
- There is a lot of excitement surrounding Ethereum's upcoming hard fork. The fork is expected to split the Ethereum blockchain into two separate chains - a proof-of-stake (PoS) chain and a proof-of-work (PoW) chain. This could potentially have a big impact on the cryptocurrency community and the way that Ethereum is used.
- The ETHPoW coin will be distributed to ETH holders for free, and will be the native coin on the PoW chain. This coin will have a variety of benefits for users, including instant transactions and a secure network.
Get the latest news on what's happening around the world.
- The Three Arrows Capital wallet has removed $33M of staked Ether from the Curve pool. This is the first activity from the wallet in 10 days. It is unclear why Three Arrows Capital has decided to remove their liquidity from the Curve pool.
- The final countdown to Ethereum's long-awaited merge has finally begun. The activation of the Bellatrix upgrade marks the start of the process, which is expected to be completed sometime around Sept. 13-16. This highly anticipated event will see the Ethereum network finally come together as one, bringing with it a host of benefits and improvements. For all those involved, this is an exciting time and the culmination of a lot of hard work.
- As the cryptocurrency market continues to experience volatility, traders are increasingly turning to GMX tokens as a way to bet on Ethereum's layer 2 solution Arbitrum. GMX tokens have almost doubled in value in the past two weeks, providing traders with a way to profit from the continued development of the Arbitrum protocol. With the market for decentralized exchanges expected to continue to grow, GMX is well positioned to become a leading player in this space.
- Kyber, a popular DeFi platform, says it has removed the attack vector that allowed a hacker to steal $265,000 from one of its wallets on September 1. The affected wallet has been compensated for the losses. Kyber is urging all users to update their wallets to the latest version to protect against future attacks.
- The Aave community is worried that users may increasingly borrow ether ahead of the Merge, exposing the protocol to liquidity issues and injecting volatility into Lido's staked ether market. Aave's decision to stop lending ether may help to mitigate some of these risks, but it remains to be seen how effective this measure will be in the long run. Ethereum users will need to be careful in the lead up to the Merge, as there could be significant volatility in the markets.
- This is a big blow to the crypto exchange Bybit, which has been barred from brokering securities in Brazil. According to the CVM, Brazil's stock exchange B3 is the only one authorized to intermediate securities in the South American country. This will limit the ability of Bybit to expand its business in Brazil, and could potentially lead to other exchanges following suit.