The community celebrated the ninth anniversary of the launch of Ethereum, the Fed kept the key rate, the complexity of bitcoin mining increased by 10.5%, Elon Musk promised not to promote cryptocurrencies and other events of the outgoing week.
The price of bitcoin has fallen below $60,000
The first cryptocurrency started the week at $69,000, but on Monday, July 29, it fell below $67,000. On Thursday, August 1, digital gold broke the $63,000 mark. On August 3, the asset price dropped below $62,000.
At the time of writing, bitcoin is trading at $59,300.
The BTC/USDT hourly chart of the Binance exchange. Data: TradingView.All digital assets from the top 10 by capitalization ended the week in the "red zone". Solana (-26.7%) and Dogecoin (-20.1%) lost the most.
Data: CoinGecko.The total capitalization of the cryptocurrency market is $2.18 trillion. The Bitcoin dominance index is 57%.
The community celebrated the ninth anniversary of the launch of Ethereum
It has been nine years since the launch of the Ethereum mainnet and the creation of the genesis block. The developers and other network members congratulated each other on the local holiday.
On July 30, 2015, the former commercial director of the Ethereum Foundation, Stefan Tual, wrote a blog post announcing the launch of the blockchain.
"The vision of a censored "world computer" that everyone can program, paying exclusively for what they use, and nothing more, has now become a reality," the message said.In nine years, the Ethereum network has become one of the main ecosystems of the industry, and its native coin is the second most capitalized crypto asset with an indicator of $340 billion.
"Happy ninth anniversary, Ethereum! We are looking forward to what the next decade will bring," wrote Vitalik Buterin, co—founder of the blockchain.The congratulations were joined by the cryptocurrency exchanges KuCoin, HTX and other members of the community.
Ethereum was created by a large team of developers, the most famous of whom are Buterin, as well as Charles Hoskinson, Gavin Wood, Joseph Lubin and Anthony Di Iorio.
The platform became an integral part of the "ICO boom" at the end of 2017, as well as the "DeFi summer" in 2020.
Since then, Ethereum has gone through many technical updates. Probably one of the most important was the upgrade of The Merge, which changed the network's consensus algorithm from Proof-of-Work to Proof-of-Stake.
https://forklog.com/exclusive/inflyatsiya-ili-deflyatsiya-chto-izmenilos-v-ekonomike-ethereum-posle-hardforka-dencunThe next important step was the Dencun hard fork, launched in March 2024. He has reduced commissions in second-tier networks.
Ethereum is now preparing for the Pectra upgrade, scheduled for early 2025. The initiative combines updates from Prague and Electra, designed to expand the capabilities of wallets and make the network more efficient.
The Fed has kept the key rate
On July 31, the US Federal Reserve (FRS) maintained the key rate range at 5.25–5.5% per annum for the eighth time in a row. The decision coincided with market expectations.
On July 11, the U.S. Federal Bureau of Labor Statistics released a report on consumer prices. The index value was below the forecast — 3% versus 3.1%.
What should I discuss with my friends?
Hamster Kombat developers will allocate 60% of tokens to "tapers".The Notcoin team will launch the Lost Dogs Telegram game.Pavel Durov entered the billionaires rating from Bloomberg.Donald Trump has opened a pre-order of "bitcoin sneakers".Bitcoin Mining Difficulty Increased by 10.5%
As a result of another recalculation, the complexity of mining the first cryptocurrency increased by 10.5% to 90.67 tons.
The average hashrate for the period since the previous value change was 933.84 EH/s, the interval between blocks was less than seven minutes.
According to Glassnode, the smoothed 7-day moving average of computing power reached maximum values of about 637 EH/s.
The SEC will withdraw the requirement to recognize Solana and other assets as securities
The U.S. Securities and Exchange Commission (SEC) intends to seek changes in the original lawsuit against Binance. The proposal could potentially affect the need for a court ruling on whether assets like Solana are considered securities.
"The changes will eliminate the need to issue a verdict regarding the sufficiency of the allegations regarding these tokens at the present time," the petition says.The SEC filed a statement on July 29 in response to a court order dated July 9, according to which representatives of the department and the company had to agree on a proposed timetable for further proceedings. This document should specify the time frame for submitting a request for amendments to the complaint, the order says.
In June 2023, the regulator sued the bitcoin exchange and its CEO Changpeng Zhao. In addition to SOL, the Commission also qualified the following assets as securities: BNB, BUSD, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO and AXS.
Also on ForkLog:
The US authorities have moved 28,000 BTC confiscated in the Silk Road case.The Lava Network project launched the mainnet and started airdrop.An Ethereum ICO participant moved 2000 ETH for the first time.Mt.Gox has moved Bitcoins by $2.25 billion.Elon Musk has promised not to promote cryptocurrencies
Tesla and SpaceX CEO Elon Musk does not intend to promote cryptocurrencies, at best, "as a joke."
Expressing his opinion about bitcoin, he noted that the first cryptocurrency and, perhaps, some others have "their advantages". The billionaire also admitted that he sympathizes with Dogecoin (DOGE) because he likes "dogs and memes."
However, he made it clear that if someone discovers a video where he "pumps" any digital asset, then it is a deepfake.
Musk also called for "double checking whether his alleged statements regarding cryptocurrencies or platforms, quoted in X.
What else should I read?
This week, ForkLog explained why the number of listings did not turn into quality and what is interesting about the potential update of OP_CAT on the bitcoin network.
https://forklog.com/exclusive/mosty-pora-szhechThe traditional digest contains the main events of the week in the field of cybersecurity.
https://forklog.com/news/kalendar-na-avgust-yubilej-forklog-i-zakon-ob-ii-v-esThe most important news from the participants of the crypto industry was published in a separate digest.
https://forklog.com/exclusive/novye-boty-bektesty-i-eksklyuzivnaya-rassylka-obzor-obnovlenij-platformy-veles