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Why did Ethereum drop despite successful merge? What to do next?

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Why did Ethereum drop despite successful merge? What to do next?

The Ethereum Merge was touted as game-changing for not just Ether, but for the entire cryptocurrency ecosystem. Investors for a while believed that the change from the proof-of-work to proof-of-stake verification process would bring unending value to Ether.

While the Merge went off without a hitch recently, the value of Ether has dropped precipitously. On September 15, when the Merge happened, Ether stood at $1,467.38. Six days later, on September 21, it stood at $1,313.12 — a drop of 10.5%. Over the last month, it has dropped a resounding 18.7%.

That is not at all what most people expected to happen. So, why did Ethereum drop in value so much?

We’ll discuss that below, as well as three new crypto projects that have much better outlooks for investors — Tamadoge (TAMA), Lucky Block (LBLOCK) and Battle Infinity (IBAT).

The Merge Was Already Priced In

In the middle of June, Ethereum announced that it would be initiating the Merge, a major change in the verification process for the widely-popular blockchain. Immediately following that announcement, the value of Ether surged.

From a low point on June 19 of $880.93, Ether surged to $1,982.92 by August 13, a massive 125% increase. Investors were very excited about the prospects of Ether due to the Merge and the new proof-of-stake verification process that would be much quicker, more efficient and more environmentally friendly.

The problem as the Merge drew closer, though, is that this high price of August 13 already included the anticipation of the Merge. In other words, investors had already “priced-in” the Merge when they gobbled up shares of Ether in mid-summer.

By the time the Merge happened, the sell-off was mainly due to people responding in what is known as a “sell the news” situation. In other words, they figured that once the news became widespread — once the Merge actually happened — it was time to collect on all those gains.

That sent the price tumbling down, and it’s unlikely to increase back to previous levels any time soon.

As a result, savvy crypto investors are turning to newer and more promising post Ethereum merge projects that are very promising and could bring outstanding returns. Three of those — Battle Infinity, Tamadoge and Lucky Block — are discussed below.

Battle Infinity Taking on Fantasy Sports Giants

Battle Infinity (IBAT) is revolutionizing blockchain gaming as we know it. It’s a Play-to-Earn (P2E) fantasy sports universe that is going head-to-head with the fantasy sports giants in India known as the Mobile Premier League and Dream11.

Users are able to own everything within the game directly and build value of their NFTs over time on the metaverse. They do this by accomplishing various goals, increasing the value of not just their own NFTs but IBAT as a whole over time.

These NFTs can be competed with in the IBAT Battle Arena, which is the place in the metaverse where the different games are hosted. 

IBAT’s concept is one that many investors latched onto right away. The presale ended 65 days earlier than was originally expected. You can now purchase it on Pancakeswap, and it’ll soon be available for purchase on LBANK as well.

Battle Infinity is going to start with the Indian Premier League when it’s fully launched, which will come during Phase 7 of its roadmap.

Battle Infinity

>>>Buy Battle Infinity Here<<<

Tamadoge Changing Meme Coins Forever

Tamadoge is completely changing the way people think about meme coins. These are no longer just jokes; they can build immense value for users and investors, and TAMA is taking the lead in this regard.

TAMA’s Beta sale performed very well, and its presale ended early, too, after raising $19 million. 

Tamadoge separates itself from other meme coins on the market by combining the NFT and P2E marketplaces all into one. It’s built on the very popular Tamagotchi toy of the 1990s, too, which makes it very recognizable as well. 

Users are able to take their doges onto the Tamaverse (metaverse), where they can hang out with their friends. They can also build value in the NFTs over time by breeding and training them, and then battling it out to see how high up the monthly leaderboard they can climb. 

Once again, this unique approach to meme coins is what is resulting in the built-in and long-term value of this meme coin. It’s why Tamadoge is able to fight off a lot of the volatility that other cryptos such as Ethereum aren’t able to — even with the positive news of the Merge.

tamadoge

>>>Buy Tamadoge Now<<<

Lucky Block Rewards Everyone

Lucky Block is no longer just a jackpot prize drawing. It’s grown into a full-blown global NFT competitions platform. 

LBLOCK gives users a unique experience they can’t get elsewhere. Just for holding onto and building the value of their NFT, users are entered into drawings where they can win big jackpot prizes such as a Lamborghini, a $1 million house and even $1 million worth of bitcoin.

It’s a full-blown decentralized autonomous organization that is fully controlled by its users. This makes it a very valuable and unique NFT to invest in while crypto such as Ether plunges

luckyblock.

>>>Buy Lucky Block on Lbank<<< 

Buy These Three NFTs Instead of the Hype of the Merge

There was a lot of publicity surrounding the Ethereum Merge, and for good reason. It went off without a hitch and could truly end up being game-changing for the second-largest blockchain in the world. 

However, if you wanted to get in while the getting was good, you would have had to do so over the summer — a few months before the Merge actually happened. Now, it’s seemingly too late, as you have missed the boat.

That doesn’t mean that other cryptos based on the Ethereum blockchain should be ignored, though. Battle Infinity, Tamadoge and Lucky Block are three cryptos that are well worth the investment despite Ether’s drop following the Merge. So, don’t be too late on these three NFTs.

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Elon Musk Says Sam Bankman-Fried Probably Donated Over $1B To Support Democratic Elections

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Elon Musk Says Sam Bankman-Fried Probably Donated Over $1B To Support Democratic Elections
  • Elon Musk hints on his official Twitter account that SBF may have donated more than $1B to the Democratic elections.
  • SBF the ex-CEO of FTX confirmed that he has made undisclosed donations to the republican party, and donated the same amount to both parties.
  • Republican Senator Ted Cruz also called FTX “a Bernie Maddof style fraud that cost investors Billions”.

Sam Bankman-Fried, the ex-CEO of now-bankrupt exchange FTX and FTX.US, is said to have donated “dark money” to the democratic party. Elon Musk took to Twitter to say that he believes the undisclosed number of democratic party donations probably reached over $1B, whereas only $40M were disclosed.

That’s just the publicly disclosed number. His actual support of Dem elections is probably over $1B. The money went somewhere, so where did it go?

— Elon Musk (@elonmusk) December 3, 2022

In a recent interview with crypto journalist Tiffany Fung, SBF stated that he donated to both parties equally.”I donated to both parties. I donated about the same amount to both parties,” Bankman-Fried tells Tiffany Fung on a phone interview.

“All my Republican donations were dark,” he said, referring to political donations that are not publicly disclosed. “The reason was not for regulatory reasons; it’s because reporters freak the fuck out if you donate to Republicans. They’re all super liberal, and I didn’t want to have that fight.”

As SBF admits that some of the donations were not publicly disclosed, it seems likely that more non-publicly disclosed donations to the democratic party.

Undisclosed donations have been made possible by the supreme court’s decision in the Citizen United case, which allows donors to donate anonymously. Since this decision, more than $1bn have poured into federal elections since 2010.

Elon Musk is very vocal on Twitter regarding the SBF case and the FTX bankruptcy scandal. On 13th of November Musk tweeted to hint that SBF is a major donor on the democratic party therefore he believes there will be no investigation by the SEC towards the exchange.

Republican Senator Ted Cruz also called FTX “a Bernie Maddof style fraud that cost investors Billions”.

On December 1st Senate held a hearing to discuss and urge lawmakers to act quicky in installing a regulatory framework for digital assets.The hearing was hosted by the Senate Agriculture Comittee and did not include the main person at the center of this scandal, CEO Sam-Bankman Fried. The person invited to testify was Rostin Banham, the Chairman of Commodity Futures Trading Commission (CFTC), agency that regulates the derivate markets. Benham called on immediate oversight of most crypto markets and “comprehensive market regulation.”

Benham’s testimony is controversial as he had a very close working relationship with Bankman-Fried over the last year. The Bill advocated in the hearing was the same one that Bankman-Fried encouraged himself earlier this year which has been questionable.

Denis Keheller, the president of advocacy group Better Markets argued over the influence SBG would have had on the CFTC. It is unclear how much access influence Sam-Bankman Fried may have bought at the agency.

“When something like this happens, typically you have an overreaction of elected officials of the need to crack down on the industry,” he says. “Instead, this hearing is to push a bill that was endorsed and pushed by FTX.”

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FTX’s Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report

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FTX’s Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report
  • A report by Forbes reveals that Sam Bankman-Fried knew about Alameda Research’s financial dealings.
  • SBF previously denied being “deeply aware” of Alameda’s finances. 
  • The former FTX chief regularly shared documents related to Alameda with Forbes over the past 2 years. 
  • The report indicates that SBF was well aware of Alameda’s business activities. 

An exclusive report published by Forbes has shed light on information that is in contradiction with recent claims made by Sam Bankman-Fried, the man behind the bankrupt crypto exchange FTX. 

Sam Bankman-Fried was aware of Alameda’s finances

In an interview at the DealBook Summit, SBF claimed that he was surprised by how big Alameda’s position was, referring to the risky trades made by his quantitative trading firm. The disgraced CEO tried to avoid accountability for Alameda’s actions by claiming that he was not involved in its day-to-day operations. “Alameda’s finances I was not deeply aware of. I was only surface-level aware of Alameda’s finances” he claimed. 

However, the report by Forbes provides an insight into the discussions they had with SBF in order to calculate his net worth for their annual World’s Billionaires list. During these discussions, Bankman-Fried shared several details that indicated that he was in fact well aware of Alameda Research’s finances. 

In order to prove his net worth, SBF detailed some of Alameda’s major holdings and several transactions involving Solana and Serum tokens as well as the notorious FTT. Some of these details were shared as recently as August 2022. The level of information found in the documents shared by Sam Bankman-Fried suggested that he knew more about Alameda than he revealed during his controversial interview. The former FTX CEO included details about his quant trading firm’s funds along with its token holdings, which at the time included 53 million SOL, 176 million FTT, and more than 3 billion SRM. According to this, the value of his share of Alameda’s funds under management was $8.6 billion. 

FTX's Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report 11

While it is still unclear as to how involved Sam Bankman-Fried was in the day-to-day operations at Alameda Research, the detailed description of the trading firm’s finances shared by him suggests that he knew more than he let on. 

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Mike Novogratz’s Galaxy Digital might buy crypto custodian GK8 from Celsius

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Mike Novogratz’s Galaxy Digital might buy crypto custodian GK8 from Celsius

Summary:

  • Galaxy Digital won a bid to buy one of Celsius’s assets as part of bankruptcy proceedings for the crypto lender.
  • Mike Novogratz’s company will buy GK8, a custodial business that Celsius acquired over a year ago in November 2021.
  • The custodian plans to launch crypto trading and lending for institutional investors.

Galaxy Digital submitted a successful bid for GK8, a crypto custodial service listed as an asset by Celsius during the lender’s bankruptcy proceedings. Both entity did not disclose the acquisition sum at press time. 

GK8 was acquired by Celsius in November 2021 when the bull run was near its peak. Months after, the lender was crippled by slumped crypto prices and Terra exposure. Celsius paused withdrawals shortly after LUNA and UST imploded in May, before declaring bankruptcy in July,

CEO Mike Novogratz said in a statement that adding GK8 to Galaxy Digital’s businesses offers a key ingredient for growth. Novogratz also addressed concerns regarding possible conflict of interest from the deal, ensuring that “clients will have the option to store their digital assets at or separate from Galaxy”.

Adding GK8 to our prime offering at this pivotal moment for our industry also highlights our continued willingness to take advantage of strategic opportunities to grow Galaxy in a sustainable manner.

Galaxy will also expand its workforce by some 40 employees as part of the deal. The firm hopes to onboard blockchain developers and cryptographers to name a few.

Galaxy Digital scoops Celsius asset after $76.8 million FTX exposure 

The digital asset firm reported losses in Q3 earnings after weathering contagion from Terra’s $40 billion crash. Galaxy’s earning report also revealed exposure to the bankrupt crypto exchange FTX. 

EWN reported that Novogratz’s firm tried to withdraw $47.5 million of the total sum from FTX before Sam Bankman-Fried’s exchange froze withdrawals.  The company

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