Bitcoin And Ethereum’s Revival In Fortunes March On

Cryptocurrency, Asset, Electronic Payment, Payment

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Bitcoin and Ethereum’s revival in fortunes marched on last week with both cryptoassets extending their summer rally.

Since 21 July, bitcoin has experienced a stunning reversal, climbing from a 2021 low around $29,600 to now trade in the $43,400 range - a rise of around 47% in three weeks. On Sunday the world’s largest cryptoasset briefly touched above $45,200 marking its highest point since mid-May.

Likewise, Ethereum is on the march, heading above $3,000 over the weekend, before trading down slightly above $2,900 this morning. The cryptoasset has seen a similarly stunning rally, rising from its 2021 low of $1776 on 21 July - a 64% rally in just under three weeks. 

Ethereum’s share price popped over the weekend on the back of the London hard fork, covered in more detail below. 

Ethereum hard fork kicks off

Ethereum’s London hard fork finally took place on Thursday, with the cryptoasset’s creator Vitalik Buterin hailing the moment as a step toward making it more energy-efficient.

The hard fork is the single biggest upgrade to the Ethereum network since 2015 and has significant implications for the cost of fees on the blockchain - so-called ‘gas’ fees.

But according to the founder Buterin, it has implications for the energy efficiency of ETH. Speaking to Bloomberg News in Singapore, Buterin said EIP-1559 could reduce emissions caused by the network by 99%.

Cryptoassets such as ETH and bitcoin have come in for criticism in recent times for high energy usage. Tesla chief executive Elon Musk triggered a major selloff in May with comments on the high emissions of the bitcoin mining process.

Biden backs tough crypto tax reporting laws

Crypto traders in the US could soon be subject to tougher rules on reporting income earnings after Joe Biden’s administration gave its backing to a key bill amendment.

While the infrastructure bill was set to be voted on over the weekend, no outcome has yet been decided for the amendment that would have significant ramifications for the US crypto industry. 

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Disclaimer: This article should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been ...

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