Ethereumereum (Ethereum-X) is closing in on all-time highs while Bitcoin (BITCOMP) has reached above $50,000 for the first time since mid-May.

Ethereum surged in the last week coming close to breaching the $4,000 level. The cryptoasset began the week below $3,200 but rose quickly through the week, reaching $3,981 by Friday. Over the weekend gains have flattened but remain trading in this range.

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A confluence of factors is contributing to the rising price of  Ethereum. Ethereum burning, staking, gas fees, transactions and locked away tokens on DeFi are all working in concert to support price levels.

BTC meanwhile has hit above $50,000 for the first time since mid-May. The cryptoasset started the week with falls to below $47,000 before rallying midweek above $50,000. In early trading today BTC has surged again, closing in on $52,000. 

Ethereum inflation rate down sharply

The rate of inflation on cryptoasset Ethereum is plummeting according to crypto research firm Delphi Digital.

For the first three weeks of August, according to the Delphi Digital data, Ethereum’s inflation rate hovered just below 3%. This rose to touch 3% around 23 August before collapsing totally by the end of the month.

Ethereum’s inflation rate was around 0.5% as of 31 August. This is largely down to the increase in burning of Ethereum tokens, with some 150,000 Ethereum burned since the EIP 1559 ‘London hard fork’ was implemented.

The downward movement of Ethereum’s inflation rate is indicative of earlier predictions that the cryptoasset could become deflationary. As more Ethereum in the network are burned, scarcity will increase. As this scarcity rises, it could have significant further effects on price levels. 

Twitter may soon accept BTC for digital tips

Twitter (TWTR) users could soon be able to tip their favorite tweeters in BTC or Ethereum.

The firm’s product lead Kayvon Beykpour confirmed that the social media network is looking to integrate Bitcoin’s Lightning Network to the platform.

Twitter has begun testing a new feature for content creators on the platform called ‘tip jars’ where users with over 10,000 followers can monetize their tweets and receive tips from followers.

Inclusion of the Lightning Network would allow users to tip content creators in BTC.

85,000 Swiss merchants can now take crypto payments

Payments provider Worldline has made crypto payments accessible to 85,000 merchants in Switzerland. 

The service is set to be provided by Worldline in partnership with Bitcoin Suisse, a regulated Swiss crypto trading platform. 

The partnership will allow some 85,000 Swiss merchants accept payments in bitcoin or Ethereum at the point of sale. For prices quoted in the local fiat currency the Swiss Franc (FXF), instant price conversions to BTC or Ethereum can be made using the WL Crypto Payments mobile app.