A weekly report on some of the biggest moves in crypto markets, with commentary from industry experts.
The leading cryptocurrency by market cap has soared more than 11% in the past week.
Following that, all eyes will be on The Merge as Ethereum is finally set to move to proof of stake this week, currently expected to happen around 3 a.m. ET on Thursday – though it's subject to change. Ether derivatives have soared over the past few weeks as investors bet on the transition.Jonah Van Bourg, global head of trading at Cumberland, told The Block on Monday that it's telling how closely the crypto ecosystem is watching the CPI print this week.
"As such, there would be little to challenge the perception that the Fed tightening cycle will end sometime in Q1 next year with a terminal Funds rate at or around 4%," She said. This should help maintain the recent short-term positive price momentum." "With the Beacon Chain, the community has built a new engine and a hardened hull. After significant testing, it's almost time to hot-swap the new engine for the old mid-flight. This will merge the new, more efficient engine into the existing ship, ready to put in some serious lightyears and take on the universe.Traders have been taking bets on ether in the lead up to the upgrade, with derivatives soaring throughout the month of August.
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