CryptoSlate Wrapped Daily: Bitcoin pumps to cross $21K; Ethereum Merge expected on Sept. 14 CryptoSlate Wrapped Daily: Bitcoin pumps to cross $21K; Ethereum Merge expected on Sept. 14
Binance decided not to apply LUNC 1.2% tax burn on spot and margin trades and much more in this edition of CryptoSlate Wrapped Daily.
3 min read
Updated: Sep. 10, 2022 at 1:07 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The biggest news in the cryptoverse for Sept. 9 includes Bitcoin’s recent rally that took it above the $21,000 level; block calculation estimations indicating that Ethereum Merge will take place on Sept. 14; and Binance’s decision to not apply LUNC 1.2% token burn on spot and margin trades.
CryptoSlate Top Stories
Bitcoin retests $21K as it takes back ground from Ethereum ahead of The Merge
Bitcoin increased by 10.3% since 3 am UTC on Sept.9. This increase put Bitcoin back to the leading role in the market since recently surging Ethereum fell by 0.8 BTC.
Ethereum Merge is 34k blocks away, expected to happen Sept. 14
The Ultrasound Money tracker estimates that the Merge is about 34,000 blocks away, which means that the Merge can be expected to occur on Sept. 14 by 9 pm UTC.
Binance will not apply Terra Classic tax burn to spot trade on exchange
LUNC community passed two governance proposals that involved the 1.2% burn on all on-chain transactions. As transactions are settled in an internal order book rather than on-chain, it is still vague how exchanges will apply the new burn policy.
Binance announced it wouldn’t apply Terra Luna Classic’s (LUNC) decision in its internal order-book settlements or spot and margin trades.
ETHPoW team confirms it will use ChainID 10001 to avoid replay attacks on Mainnet
Ethereum’s PoW team announced they’d use a different ChainID than the mainnet. ETHPoW testnet currently uses the ChainID 10002, and the team announced that they’d use ChainID 10001 after the Merge is complete.
The community has been asking the ETHPoW team to clarify their ChainID, but there has been no response. Finally, Coinbase submitted the same request, which was answered by the ETHPoW team.
CryptoSlate spoke to Temoc Webber and Igor Mandrigin, CEO and CTO of Gateway.fm about the potential for relay attacks through the ETHPoW chain. During the conversation, Mandrigin said there is “no reason” for the ETHPoW team not to update the code before The Merge.
Ethereum Name Service developer identifies challenges in Vitalik’s fee proposal
Ethereum Name Service (ENS) head Nick Johnson said the protocol can’t support the fee structure Vitalik Buterin suggested recently.
Johnson said that the protocol needs to make some changes before applying the new fee structure, which will be higher than the old one.
OK wow, half of yall literally think that someone should be able to lock down every five-letter word in the Scrabble dictionary (which includes exotic stuff like "ZORIL") for a hundred years for less than the price of four lambos. https://t.co/2AWSR0qkQh
— vitalik.eth (@VitalikButerin) September 5, 2022
Buterin argued that the old prices didn’t compensate for the ENS DAO.
US lawmakers warn that Facebook, Instagram are ‘becoming breeding ground’ for crypto scams
A recent report from the Federal Trade Commission (FTC) stated that Meta‘s Facebook, WhatsApp, and Instagram have been hosting quite a lot of crypto scams.
According to the numbers, Instagram facilitated about 32% of the scams included in the report, while Facebook hosted 26%, and WhatsApp held 9%. Reacting to the numbers, regulators have asked Meta’s CEO, Mark Zuckerberg, to release a report disclosing Meta’s methods of dealing with crypto scams.
Coinbase employee accused Cobie of spreading insider trading claim because of FTX
Coinbase employee Pete Kim alleged that crypto influencer Cobi revealed insider information against Coinbase. Kim argues that Cobi wanted to harm Coinbase because of the influencer’s partnership with FTX.
Coinbase employees are implying that I caused the insider trading investigation at Coinbase because FTX sponsors @UpOnlyTV 👍👍
I kept the full details of how everything ‘went down’ private out of respect for @brian_armstrong and ~the industry~.
New substack soon? https://t.co/7SEp4IYqki
— Cobie (@cobie) September 8, 2022
Cobi responded to the allegations by saying he had no intention to spread FUD or reveal insider information.
Research Highlight
Research: Bitcoin Risk Signal suggests further downside in coming weeks
Even though Sept. 9’s Bitcoin rally instilled hope in the hearts of many, the signs indicate an upcoming downwards trajectory in the following weeks.
CryptoSlate analysis shows that the Bitcoin Risk Signal is still very high. The signal is ranked between 0 and 100, where a risk-free environment is reflected with a number between 0 and 25. Even after today’s rally, Bitcoin Risk Signal is still at 87.
This indicates a possible downturn rally for Bitcoin in the upcoming weeks.
News from around the Cryptoverse
Mark Cuban loses crypto fever
Once, crypto-maximalist billionaire Mark Cuban said that the crypto space had lost its radiance, as TheStreet reports it. Cuban admitted that he wasn’t excited about the crypto space anymore because it’s “missing new applications.”
EU preparing method to authenticate NFTs
The EU started a new initiative to fight IP Infringement. The new method will aim at authenticating NFTs and preventing counterfeit products.
Crypto Market
Bitcoin recorded a 10.26% increase in the last 24 hours, reaching $21,192. Ethereum accompanied it with a 4.49% increase to be traded at $1,703.
Biggest Gainers (24h)
- Terra (LUNA): +155.89%
- Ravencoin (RVN) : +52.45%
- TerraUSD (USTC): +51.67%
Biggest Losers (24h)
- Terra Classic (LUNC): -20.47%
- Helium (HNT): -3.95%
- OKB (OKB): -1.24%
Mentioned in this article
Bitcoin 
Ethereum 
Terra Classic 
Ravencoin 
Terra 
TerraClassicUSD 
Helium 
OKB 
Coinbase 
Animoca Brands 
FTX 
Meta 
Ethereum Name Service 
Mark Cuban 
Vitalik Buterin 
Mark Zuckerberg Posted In: Wrapped
Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,357.63
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Terra Classic
$0.00011
Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
Ravencoin
$0.02252
Ravencoin is a digital peer to peer network that aims to implement a use case specific blockchain, designed to efficiently handle one specific function: the transfer of assets from one party to another.
Terra
$0.43025
Terra (LUNA) is a public blockchain protocol that emerged from Terra Classic.
TerraClassicUSD
$0.02113
TerraUSD (UST) is a decentralized and algorithmic stablecoin on the Terra blockchain.
Helium
$5.68754
Helium (HNT) is a blockchain-based cryptocurrency that powers the Helium Network, a decentralized wireless infrastructure designed to support Internet of Things (IoT) devices.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Animoca Brands
Animoca Brands, a Deloitte Tech Fast winner and ranked in the Financial Times list of High Growth Companies Asia-Pacific 2021, is a leader in digital entertainment, blockchain, and gamification.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Meta
Meta (formerly known as Facebook, Inc.) is an American online social media and social networking service company based in Menlo Park, California.
Ethereum Name Service (ENS) offers a secure and decentralised way to address resources both on and off the blockchain using simple, human-readable names.
Mark Cuban is an American billionaire entrepreneur, television personality, and media proprietor whose net worth is an estimated $4.7 billion, according to Forbes, and ranked No.
Vitalik Buterin stands as the pioneering force behind Ethereum, a transformative community-driven platform that fuels the cryptocurrency ether (ETH) and underpins a myriad of decentralized applications.
Mark Elliot Zuckerberg is an American programmer, Internet entrepreneur, executive, and philanthropist.