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Ethereum Merge, Coinbase Credit Rating Cut, Ripple FTW

by | Aug 16, 2022 | Market Chummary | 0 comments

Weekly Market Chummary: August 15th, 2022

This is not financial advice. This is for informational purposes only. Remember to do your own research!

Buterin Ends the Wait

Ethereum’s eccentric co-founder, Vitalik Buterin, announced last week he anticipates the blockchain’s move to Proof-of-stake to take place on September 15th. This upgrade, coined “The Merge”, will theoretically reduce ETH’s environmental footprint and improve network security. PoW requires mining computers to complete complex math problems to validate transactions (thus requiring A LOT of computing power and electricity), while PoS relies on users to validate transactions by virtue of staking their coins.

One to Zero

Vauld’s Flipvolt, a Peter Thiel-backed crypto exchange, stumbled upon some misfortune last week as India’s Directorate of Enforcement (sounds intense) froze roughly $46MM worth of the exchange’s assets. Apparently this was in response to wallets suspected of holding “proceeds of crime derived from predatory lending practices”.

Coinbase Credit Rating Cut

Ratings firm S&P Global slashed Coinbase’s credit rating to BB from BB+ after a weak earnings report and loss of market share. S&P also cited uncertainties about the broader crypto market decline as well as low confidence in the company’s ability to manage operating expenses. Yikes. That along with the pending SEC investigation around if certain coins should be listed as securities has certainly weighed on Coinbase as of late.

The Coin Down Undah

The Reserve Bank of Australia, in partnership with the Digital Finance Cooperative Research Center, is exploring use cases for a retail central bank digital currency (CBDC). This would involve the development of a smaller-scale CBDC pilot in a control environment but still facilitating real claims on the Reserve Bank. Moreover, Thailand’s central bank announced it will likely be initiating a pilot study for a CBDC by year-end.

Ripple FTW

Supposedly Ripple, the blockchain-based payments firm, is looking into acquiring the assets of the troubled crypto lender Celsius. Despite the broader market decline, Ripple remains steadfast in looking for M&A opportunities.

NFTs to Watch:

We all Survived Death – FREE MINT ALERT… They are widely regarded as a leader in the mobile game development space (founders behind 2048, Two Dots, Marshmello Music Dance, and more) and now they’re looking to web3 as their new frontier. Pre-Sale will take place on August 20th @ 12 PM EST, public sale will follow August 21st.

Yin Yang Gang – A SECOND FREE MINT ALERT… This time for WL members. I might just go ahead and refer to August 15th as “Free Mint Day”. Starting the Holiday myself… you heard it here first. Anyway, Yin Yang Gang (aka YYG) was founded in part by the well known Maison Ghost, who has worked on several projects in the past. Roadmap coming soon…

Term of the Week: Dropped Transaction

A dropped transaction is a transaction that was not mined or confirmed on the blockchain, causing the transaction to be dropped from the queue in the mempool. Common causes of dropped transactions include a low nonce value, high nonce value, and insufficient gas.

Check it Out:

Can you guess this coin’s 7 day chart..? If you guessed SHIB, you’re correct. Looks like news of the new play-to-earn game had a nice effect…

Read More: SHIB Spikes on Sunday, Dogecoin Climbs – Decrypt


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