Let me get real with you!
You guys are quitting on Crypto way too early.
You hear a sudden dip and that’s it.
I mean if it were such bad news, why else would Adnan Bhai have a dedicated Newsletter for it?
If it were such bad news, why else would Biden be talking about it?
Yes, Biden!
That’s what I’m here to tell you.
The all-important weekend Crypto Updates!
Here is what I have for you today:
Not so Fun fact about September
Biden to Release Executive Order on Crypto
Launch of the Ethereum Bellatrix upgrade
Let’s get Started!
Not so Fun fact about September
In recent years, September has been one of the worst months for cryptocurrency.
In 4 of the previous 6 years, the price of ETH decreased.
6 out of the past 9 years have seen a drop in BTC.
September typically sees a 7% decline in Bitcoin prices (the worst dip of any month)
There are two widely accepted explanations as to why this occurs:
Some investors and funds sell their market positions to lock in the year's tax profits or losses.
In September, the S&P 500 also declines. Since 1928, the average monthly decline in stock prices is 1.1%, which is by far the worst.
So will this September be any different?
Although we can't anticipate the future, three major occurrences could make or break it:
September 13: CPI Data Published
September 13–15: Ethereum Merge
September 21: The Fed announces interest rate hikes.
It could be another difficult September given the Fed's warning that "more pain is coming" and that interest rates would probably rise.
Biden to Release Executive Order on Crypto
Today marks exactly the 6-month deadline to release Bidens Executive order on digital assets.
Get ready to expect some sort of framework from the government soon!
The objective is straightforward: get every relevant Federal agency to understand and develop policy positions that address the risks associated with digital assets.
It is one of the biggest government-wide crypto initiatives ever, and various organizations were given particular topics to examine, such as:
The role of cryptocurrency in the energy transition.
Whether and how the utilization of digital assets could support the American economy.
What should be done to identify, investigate, and prosecute criminal activities relating to digital assets by law enforcement agencies.
Clear government regulations will enable mass adoption and encourage major players to participate in bigger games.
Efucate yourself on Crypto using my online course!
Find the course here 👇
Launch of the Ethereum Bellatrix upgrade
Bellatrix's update became operational. This was the last significant update before the Merge when Ethereum would switch from proof-of-work to proof-of-stake.
You must be wondering how did the Bellatrix update turn out?
Very good! With one minor exception, a rise in "missed block rate" occurred ( some transactions failed on the first try).
The reason, according to developers, is that not all network operators implemented the required changes.
Only 77% of nodes are actually "Merge-ready," in reality.
But do not sweat. Only those who manage Ethereum nodes should be concerned about this.
We only need to wait for the Merge to take place and enjoy the performance.
Also, it's probably a scam if somebody encourages you to “Upgrade” your ETH before the Merge.
Quick links
Some more mention-worthy highlights of the week
Google Cloud to Validate Transactions on Axie Infinity’s Ronin Network
Queen Elizabeth II Ethereum NFT Tribute Project Holds Final Auction
White House: Bitcoin Mining Must Be Greener—Or the US Should Ban It
MEME Of The Week
We’ll see you on Tuesday with the Technical Analysis!
Until then,
Zain - signing off
From Inspired Analyst’s Team.
Disclaimer: This is not financial advice or recommendation for any investment. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.