CryptoSlate Wrapped Daily: Bitcoin sinks 5% after CPI numbers; ETH PoW fork is expected Sept. 15 CryptoSlate Wrapped Daily: Bitcoin sinks 5% after CPI numbers; ETH PoW fork is expected Sept. 15
Canada's PM criticizes newly appointed pro-crypto conservative party leader for being irresponsible; Russia PM says the country must adjust to crypto by Dec. 19 and much more in this edition of CryptoSlate Wrapped Daily.
3 min read
Updated: Sep. 14, 2022 at 7:22 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The biggest news in the cryptoverse for Sept. 13 includes Bitcoin’s 5% price fall after the CPI report, Ravencoin seeing an increase in hashrate and price, and the Canadian Prime Minister’s criticism of the newly elected pro-Bitcoin leader of the conservative party.
CryptoSlate Top Stories
Bitcoin sinks as CPI inflation hits 8.3%, shortening odds of 3rd consecutive 75 bps hike
The Bitcoin rally that started on Sept.9 ended on Sept. 13 with the Consumer Price Index (CPI) release. The CPI showed a 0.1% increase in August to reach 8.3%.
As soon as the CPI rate was announced, Bitcoin recorded an immediate 5% fall, degrading to $21,600. Moreover, experts are anticipating that Federal Open Market Committee will decide on a 75 basis point hike during their meetings on Sept. 20-21, which is expected to push Bitcoin even lower.
Ethereum Proof-of-Work fork set to launch 24 hours post-Merge
The Ethereum Proof of Work team announced that the PoW mainnet will fork at the block height of the 2048 blocks after the Merge. The time to mine 2048 blocks is roughly 24 hours so the PoW hard fork can be expected a day after the Merge, on Sept. 15.
The ETHW team announced the hard fork on their official Twitter account.
ETHW Core Announced the Plan for Mainnet#ethereum #ethw #ethereummerge #ethereumfork $ethw $eth #ethpow
1/n pic.twitter.com/cnYOW6l1iU
— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) September 12, 2022
Trudeau says showing support for crypto is irresponsible leadership
The current Prime Minister of Canada, Justin Trudeau, harshly criticized Pierre Poilievre’s pro-crypto views.
Trudeau tweeted, “Telling people they can opt out of inflation by investing in cryptocurrencies is not responsible leadership.”
Pierre Poilievre won the leadership of Trudeau’s opposing Conservative Party on Sept. 13.
Russia PM sets December deadline for international crypto payments rule
Russia’s Prime Minister Mikhail Mishustin directed the country’s financial regulators to “develop an agreed position” for crypto regulations by Dec. 19.
Mishustin said Russia would have to adjust to the crypto world because of the economic sanctions against the nation. He said that there should be:
“effective mechanisms that will provide the economy with the necessary financial resources, preserve the continuity of enterprises and industries, and therefore jobs.”
Ravencoin price, hashrate spike as Merge draws closer
Ravencoin recorded a 13% price increase in the last 24 hours to reach $0.06359.
Ravencoin is one of the PoW coins that was expected to attract ETH miners after the Merge. It seems like the coin has been successfully luring in new holders, as it recorded a 70% price increase in the last seven days.
Algorand throws hat in ring as Helium community begins vote on Solana migration
Helium developers have been looking for alternative blockchains before inking the deal with Solana. The candidates include Polkadot, Ethereum, Polygon, Avalance, and Algorand.
Algorand executives stated their confidence in being the best-suiting blockchain for Helium. Algorand CEO and CTO tweeted to let Helium know they’re ready to settle a partnership.
BitGo sues Galaxy Digital for $100M over broken merger agreement
Galaxy Digital had agreed to purchase BitGo for $1.2 billion in stocks and cash in May 2021. However, Galaxy Digital terminated the purchase plan on Aug. 15, 2022.
Late yesterday, BitGo filed a lawsuit against Galaxy Digital seeking damages of more than $100 million arising from Galaxy’s improper repudiation and intentional breach of its merger agreement with BitGo.
— BitGo (@BitGo) September 13, 2022
As a counter-action, BitGo filed a lawsuit against Galaxy Digital. The company is asking for $100 million in compensation for damages due to breaching the merger agreement.
Research Highlight
Research: Ethereum price volatility expected post-Merge as open interest options soar with bearish divergence
CryptoSlate analysis of Ethereum derivatives indicates that traders are expecting a price dip to occur after the Merge.
Indicators like the volatility smile, options open interest, and annualized perpetual funding show that investors are careful with their Ethereum purchases and brace for a price fall after the Merge on Sept. 14.
News from around the Cryptoverse
Celsius is planning to re-launch after the winter is over
Bankrupt crypto lending platform Celsius is plotting to come back after the winter market is over, according to The New York Times,
Celsius CEO Alex Mashinsky reportedly met with all the staff and created a detailed revival plan for the company. It has been reported that Celsius will focus on custody this time.
BlockFills and Isla Verde Capital shake hands to support green mining
Crypto exchange company BlockFills and renewable energy-focused global firm Isla Verde Capital partnered up to support green mining by offering carbon emissions offsets and Renewable Energy Credits.
The duo will support mining initiatives that are willing to use carbon-free or carbon-negative methods for mining.
Crypto Market
Bitcoin fell by 9.33% and decreased to $20,310. Ethereum also recorded a fall of 6.86% to be traded at $1,606.
Biggest Gainers (24h)
- Terra Classic (LUNC): +5.89%
- Trust Wallet Token (TWT): +2.24%
- Kyber Network (KNC): +1.25%
Biggest Losers (24h)
- The Graph (GRT): -11.91%
- Ravencoin (RVN): -10.71%
- THORChain (RUNE): -9.93%
Mentioned in this article
Bitcoin 
Ethereum 
Ravencoin 
Helium 
Solana 
Polygon 
Polkadot 
Avalanche 
Algorand Bitcoin 
THORChain 
Terra Classic 
Trust Wallet Token 
Kyber Network 
BitGo 
Galaxy Digital 
Celsius Network 
Alex Mashinsky 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
$3,351.61
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Ravencoin
$0.02318
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.
Helium
$5.66381
Helium (HNT) is a blockchain-based cryptocurrency that powers the Helium Network, a decentralized wireless infrastructure designed to support Internet of Things (IoT) devices.
Solana
$260.083
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Polygon
$0.51566
Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.
Polkadot
$7.26527
Polkadot development is on track to deliver the most robust platform for security, scalability, and innovation.
Avalanche
$44.0369
Avalanche is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading and other services.
Algorand
$0.28073
Algorand removes the technical barriers that for years undermined mainstream blockchain adoption: decentralization, scale, and security.
Bitcoin
$98,736.70
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
THORChain
$5.63021
THORChain is built for cross-chain permissionless digital asset liquidity.
Terra Classic
$0.00012
Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
Trust Wallet Token
$0.98075
Trust Wallet Token (TWT) is the official token of Trust Wallet, a user-friendly and versatile mobile cryptocurrency wallet that supports a wide range of assets across various blockchains.
Kyber Network
$0.57137
Kyber Network is a hub of liquidity protocols that aggregates liquidity from various sources to provide secure and instant transactions on any decentralized application (DApp).
BitGo
BitGo is a market leader in institutional-grade cryptocurrency investment services, providing institutional investors with security, compliance, and custodial solutions for blockchain-based currencies.
Galaxy Digital
Galaxy (TSX: GLXY) is a digital asset and blockchain leader providing access to the growing digital economy.
Celsius Network
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.
Alex Mashinsky, born in 1965 in the Soviet Union to a Jewish family, moved to Israel in the 1970s.
