Crypto Weekly News — September, 4

What important crypto events happened last week?


The DeFi token of the yEarn.Finance (YFI) project continues to conquer new heights. In 30 days, YFI is up 644%. The asset price briefly rose above the $38,000 mark, and the capitalization crossed the $1 billion mark.

Emirex is a digital commodity exchange based in Dubai, United Arab Emirates. They have added BSV/USDT and BSV/EUR exchange pairs.

Ethereum dropped to $85 in March, but then, due to the recovery in Bitcoin prices, ETH rose sharply. Thus, Ethereum has formed a higher high on the macro time frame, suggesting that it is ready to rise in the coming months. However, analysts believe Ethereum is facing a major resistance level that will stop any rally.

On October 17th, Monero will implement the next network upgrade. The transaction size will be reduced by 25%. Verification performance is expected to improve by 10%. Meanwhile, popular Australian exchanges have delisted Monero and other anonymous cryptocurrencies such as Komodo (KMD), Bytecoin (BCN), and ZCoin (XZC).

As a result of the next recalculation of the difficulty of Bitcoin mining, the indicator increased by 3.6%, to 17.55 trillion hashes. The increase in complexity occurred against the background of a decrease in the hashrate of the Bitcoin network.

According to experts’ calculations, the depth of the reorganization was 7000 blocks, which is equivalent to about two days of mining. The Ethereum Classic team recommended miners, exchanges, and other services to set the number of transaction confirmations at least 7000 for some time.

Projects, Startups

This partnership will ultimately allow users to pay for goods at a price in USD, but using Bitcoin (BTC). The company will also release an application that will work with EUR “in a few weeks”.

One of the world’s most popular porn sites has expanded the list of cryptocurrencies that can be used to pay for access to premium content to Bitcoin (BTC) and Litecoin (LTC). Initially, since 2018, this feature extended only to Verge (XVG). Previously the resource has added Tether (USDT), Horizen (ZEN), and Tron (TRX) as a payment option.

Ethereum co-founder Vitalik Buterin ranked the economics of profitable yield farming projects and the aggressive monetary policy of the US Federal Reserve on a par. For Buterin, the aggressive issuance of management tokens for such DeFi projects is causing pressure on prices for “coins that are printed non-stop to pay liquidity providers.”

Law, Mass Adoption

Brian Armstrong mentions the challenges of scalability, usability, privacy, and security. He also mentions the urge for clear regulatory frameworks.

This will ensure real transparency of elections at any level, down to the smallest municipalities, which rarely attract the attention of observers, the media, and the public.

The People’s Bank of China has yet to set an exact launch date for digital yuan, but the coin should go into circulation before the start of the Beijing Olympics, scheduled for February 4, 2022. This is due to the fact that the department intends to use digital currency during sporting events.

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