The Ethereum Merge inches closer to completion.
Cardano rallies in anticipation of Vasil upgrade.
And just because Luna Classic pumped 300% doesn't mean you should buy it.
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Hi! My name is Deezy.
This is your nightly crypto news wrap-up.
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The long-awaited Ethereum Merge is in its final steps,
and in the next nine days, it will finally be completed!
Early this morning, the first of the two final stages,
the Bellatrix hardfork,
which prepares the Beacon Chain for the Merge,
commenced at epoch 144,896.
The second and final stage of the Merge that will happen next week is called the Paris upgrade.
This is when Ethereum officially starts producing proof-of-stake blocks
once the Terminal Total Difficulty is reached.
When the TTD hits that threshold,
that will mark the end of proof-of-work mining on Ethereum's blockchain.
Although Vitalik accurately stated that the Merge will happen between the 13th and 15th,
Blockworks pointed out that based off Ethereum's hashrate,
the Merge is expected to go down shortly after 9PM on Wednesday the 14th.
Now, the crypto community at large continues debate
on if the Merge is going to take us to the moon
or if it's a sell-the-news situation.
Ethereum has rallied roughly 7% in the past few days,
and it very well could go higher,
but on the side of caution,
I do see the debate for the bear side of this argument.
The DXY has continued to pump,
and the CPI numbers that will come out on the morning of the 13th
will likely push the dollar even higher.
The Mt. Gox creditors also have a deadline for the 15th,
and the creditors will receive a base payment,
but the timeline for the rest of the payment schedule is still unclear.
Don't get me wrong.
No one wants to see ETH pump to the moon more than me.
But my point here is that there are factors in the macro environment that could hurt us
more than they could help us.
Let's pass it to Frankie Candles for a market watch.
Thanks, Deezy!
Alright, guys. Let's jump in and do a little market watch here.
We've got Bitcoin coming in at $18,878.
Down about 5% on the day
Ethereum coming in at $1,565
Holding up just a little bit better
Down only about 3.5% on the day
Now, I do want to bring you guys over to the Bitcoin chart.
Obviously, if you guys watch the channel,
you will know that we have been looking for this level for quite some time
as it is a Value Area Low
and we have lost the point of control right here.
So, this whole time as we were ranging here,
we were expecting to get a break down to this level at about $18,825.
We have finally hit this level.
It felt like it would never happen.
Next major level of support underneath us if we lose this Value Area Low
is going to be this 786 Fibonacci level at $17,954 roughly.
This will be the next level that I am watching and kind of the last hope
before we see things get very ugly for Bitcoin.
Now, we do have some new bearish signs popping up on the higher timeframes.
We now have a 16-hour yellow X and a 12-hour yellow X printing,
which is definitely on the bearish side.
If you guys want to follow me for more technical analysis,
you can find me on YouTube at Frankie Candles or @Frankie_Candles on all socials.
Back to the news.
It looks like "Septembear" is the month of groundbreaking updates
for the biggest names in crypto.
It doesn't matter if it's a bearish month or not
because the projects that are built to last continue to update and grow
during the rainy days of the bear market.
Just like how Ethereum is upgrading
and there's macro implications that could hold it back,
the story isn't that much different for Cardano and their Vasil hardfork,
except Vasil is coming a week later on September 22.
Cardano has pumped around 12% with $2 billion being added to the market cap
since the start of the month,
raising ADA into the 50¢ territory.
Input Output states that Vasil is the most significant Cardano upgrade to date
bringing increased network capacity and lower cost transactions.
Cardano is also that much more accessible to the masses
now since it's available on Robinhood.
I wouldn't advise to use Robinhood for crypto,
but it's bullish that ADA is available there.
Also, just like there's macro implications that could hold back the bullish price action
with the Ethereum Merge,
don't forget the next Fed meeting begins on September 20,
just two days before Vasil commences for Cardano.
Will crypto's groundbreaking updates outperform the bearish notion of the fight against inflation?
Let us know what you think in the comments.
I don't even really want to bring this topic up,
and just talking about it gives it attention it doesn't need,
but I have to say something
so the BitSquad doesn't lose any more money from LUNA than they already have.
Yes, Luna Classic has pumped 300% in the past 30 days,
and in crypto, it's great to have a short memory,
but how short are we talking here?
What's attracting traders back to LUNA is it's curiously high staking rewards.
But has this last season of countless insolvencies not taught us anything
about when something is too good to be true?
Also, the supply burn coming on September 1 giving it a deflationary mechanism
is making people FOMO even more despite it pumping 300% already.
If you want to gamble,
go play poker, blackjack, or even a scratch-off.
But after seeing how many lives were ruined earlier this year from LUNA,
the last thing we will ever do is tell anyone this is a good idea.
Be careful out there.
That's all I got.
Deezy out.