Crypto Market Overview August 11th | Dex-Trade
One of the Ethereum’s developers, Marius van der Wijden, tweeted that the merge with the latest testnet, Goerli, is completed and the upgrade is going smoothly, despite some failures that previously occurred in the ecosystem due to the insufficient update speed of a number of nodes’ validators that simply did not have time to set up. Responding to the concerns of some users in the comments under the tweet, van der Wijden also noted that the most serious problems that all three testnets have encountered so far have not been related to the code itself, but to errors in correctly updating validators. And this is definitely a positive side of the issue, since developers do not need to edit the code, but rather refer to errors in validators to properly configure systems. The Goerli testnet, in addition to being the latest in the Ethereum ecosystem, is also the most similar to the existing mainnet of the coin, so the results obtained from the merge will help developers figure out what to expect from the operation of the blockchain when the it’s finally takes place and fully launched in the mainnet. Recall that the long-awaited transition of Ethereum to the Proof-of-Stake (PoS) protocol will occur when the developers successfully merge the Ethereum mainnet with the Beacon PoS chain. This is expected to take place in September. If the ecosystem will upgrade successfully, fees for transactions in Ethereum and their duration will significantly decrease, and the coin will become more environmentally friendly and safe.
ETH Targets $2,000 Amid Latest Merger
The rise in the price of Ethereum’s native coin, ETH, clearly demonstrates the interest of the crypto community in positive changes in the ecosystem, since the dynamics of the token’s rise in price now exceeds even the growth rate of BTC, on which much more “bets” seemed to be made. Today, ETH confidently jumped the $1,750 mark, and its daily growth exceeded 12%. But on this, consumer demand did not dry up and the coin overcame powerful resistance at the level of $1,880. The price of crypto silver even briefly exceeded $1,900, but a little later there was a price consolidation. Note that the weekly growth of ETH was 16%, and this trend is clearly far from over. Analysts report that the uptrend has already allowed the formation of support for the coin at the price levels of $1,850, $1,800 and $1,750. At the same time, the nearest resistances are near the levels of $1,920 and $2,000, where selling pressure may increase. But at the moment, interest in the coin and the ecosystem as a whole is only growing, so market analysts expect the $2,000 Rubicon to be overcome sooner or later. By the way, Bitcoin experienced a sharp drop on Wednesday, but found support at $22,773, after which there was a rebound and a return to the uptrend. Therefore, we once again draw your attention to the fact that the causes of large-scale market changes are quite certain events, and not pure accidents and changes in investor sentiment.
Biden Under Fire for Zero Inflation in July
US President Joe Biden, citing the latest data from the Consumer Price Index (CPI) report, has publicly stated that there was zero inflation in the US economy in July. The president's statement immediately caused a flurry of criticism on Twitter, as it was clearly not enough time after the US Federal Reserve announced in July the highest inflation rate in the last 40 years, which amounted to 8.5%. For example, American writer Jeffrey Tucker called Biden's zero-inflation claim “a bogus math trick,” noting: “This is the overall one-month index change. Overall that means that the big drop in fuel oil and gas (following previous massive monthly increases) swamped the huge increases everywhere else.” Tucker also suggested that using the same tactic, you can now say that electricity prices rose by 19.2% in just a month, but no one does this because it's stupid. The actual increase in prices is 15.2% — this is exactly the figure obtained when calculating taking into account several years. The Twitter community was divided into two camps, the representatives of the first of which came to the conclusion that Biden was manipulated and did not understand the basics of the economy, and the representatives of the second decided that the president was deliberately manipulating public opinion. But in both cases, measures to combat inflation have already been taken, and it seems that the introduced certainty has had a positive effect on at least the crypto industry.
