The Recap: ETH Merger, Sheriff Binance, BTC & BlackRock…

The Recap: ETH Merger, Sheriff Binance, BTC & BlackRock…

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The Merge take great strides and ETH climb; Binance collect money from hack; BlackRock stands on Bitcoin and Tornado Cash is banned… The main crypto news of the week.

The summer period proves to be particularly favorable for Ethereum and the course of its native token, ETH. Saturday August 13, the price of Ether returned to 2000 dollars. How to explain such an improvement? The answer is simple: The Merge. Investors are betting – albeit in the short term – on the upcoming merger and the move to Proof-of-Stake.

Traders see the merger primarily as an opportunity for price exposure, and less as an argument for a more fundamental spot position at this time, Glassnode analysis. On the technical side, the development progresses with this week the Goerli stage reached. After repeated delays, The Merge may finally be ahead of schedule. And the merger effect does not only benefit the price of ETH. His little brother, Ethereum Classic, is also soaring. Be careful, however, at the end of this rally.

Tornado Cash targeted by sanctions

The popular cryptocurrency mixer Tornado Cash is now prohibited for all US citizens. The penalty was issued by the Treasury Department. The latter accuses him of having played an active role in the laundering of more than 7 billion dollars in crypto-currencies since its creation. The Lazarus State Hackers are said to be 455 million active users of the mixer.

While the ban had an immediate effect on the volume of transactions carried out on Tornado Cash, however, it has not signed its closure. Daily volume on the crypto mixer was holding at 1000 ETH this week. The limitations of the US decision underscore the complexity of regulating a decentralized crypto service.

Short reprieve for Coinbase

The American Exchange Coinbase gathers good and bad news. After the announcement of a partnership with BlackRock, the crypto exchange saw its stock market share take a leap forward. At the same time, the company has trouble with the SEC, which is investigating its token listing practices in particular. However, this does not prevent Coinbase from adding additional tokens, such as NEAR.

The quarterly results of the exchange, however, displeased the financial markets, which sanctioned the title CORNER. After the publication of the figures, the action fell by 10%. Over one year, the firm went from a profit of 1.59 billion to a loss of 1.1 billion dollars. For Coinbase co-founder and boss Brian Armstrong, don’t panic. The company has already survived several crypto winters in the past.

Curve and Binance hack to the rescue

Not all hacks of bridges, protocols or wallets have a favorable outcome. On the contrary, the trend is quite the opposite. That of CurveFinance therefore stands out. First, the flaw was quickly identified and patched to prevent further attacks on the DEX. Just as quickly, part of the stolen funds were frozen on an exchange using the Lightning Network.

Binance did the rest of the work. The hackers obviously thought they could pass the fruit of their larceny through the first stock exchange on the market. Changpeng Zhao, the founder and CEO gave them a scathing denial. His company recouped $450,000 and CZ made it clear on Twitter. A revenge for the leader whose firm has been put in difficulty in several articles criticizing the flaws in its controls.

BlackRock: one more foot in crypto

The global asset management giant is interested in cryptocurrencies. It’s no longer a secret. BlackRock demonstrated this again very recently by facilitating access to digital assets for institutions via an agreement with Coinbase. But the firm intends to go even further, and in particular by competing with one of the precursors of Bitcoin with institutions: Grayscale.

BlackRock opened direct exposure to Bitcoin to this clientele this week. The manager announced for this his first “Bitcoin private trust” in cash, but only in the United States. The information lacks specifics, however. Contacted by Coins.co.ukBlackRock refuses for the time being to provide more details.

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