What Happened on the Crypto Market While Everyone Was Sleeping – Review of August 25

The issuer of the most capitalized stablecoin Tether will not freeze addresses associated with the Tornado Cash bitcoin mixer without a government order, Coinbase users got the opportunity to “unfreeze” staked ETH, Ethereum developers introduced a new timing for token migration to PoS

Behavior of cryptocurrencies - capitalization leaders

Bitcoin (BTC), according to CoinMarketCap, started Thursday with a slight increase. As of 06:40 (UTC), the cryptocurrency is trading at $21,474. The minimum coin for 24 hours is $21,249, the maximum is $21,783. Bitcoin price chart.

Ethereum, the second largest cryptocurrency by capitalization, also started the day with a slight increase. As of the time of writing the review, the coin is trading at $1668.

In the top 10 most capitalized cryptocurrencies, the best result for 24 hours was recorded by Ethereum (+3.39%). Within the week, all coins, with the exception of a number of stablecoins, showed a negative trend. The largest losses were recorded in Dogecoin (-15.26%). Within 24 hours, BNB was losing in price more actively than others (-0.13%). Top 10 most capitalized cryptocurrencies. Source: CoinMarketCap

In the top 100 most capitalized cryptocurrencies, according to the CoinGecko resource, the best result for the day (+24.7%) and the week (+38.0%) was recorded by Evmos. During the last 24 hours, Chiliz (-5.3%) lost more actively in price. Celsius Network (-50.7%) recorded the biggest losses for the week.

Top cryptocurrency news on the morning of August 25

Moving Ethereum from extremely energy-intensive PoW to a more environmentally friendly PoS mining algorithm may take place earlier than previously planned. Recall that the developers wanted to carry out the migration on September 15-16, 2022. According to updated data, the process may take place between September 10-20, 2022.
Timing of ETH migration from PoW to PoS. Source: project blog

Why Ethereum needed to move to PoS, we figured out earlier. Here are some more articles on the topic:

Critical bugs found in Ethereum client protocols
Ethereum on PoS will be resistant to censorship and OFAC actions
Ethereum forecast: has the market taken into account the transition to PoS in the current value of ETH

Read also: What will happen to Ethereum after a successful migration to PoS and in case of problems with the “move”

Popular crypto exchange Coinbase is launching Coinbase Wrapped Staked ETH (cbETH) liquidity staking token ahead of Ethereum’s transition to PoS. The developers presented the details of the initiative in a white paper.
In the video presentation, Coinbase describes the initiative as a way to “unlock your staked ETH” while continuing to earn staking rewards.

With Coinbase Wrapped Staked ETH, you can sell, spend, or use for another purpose Ethereum that is staked.

Coinbase users will be able to get cbETH tokens on the crypto exchange in exchange for ETH, which the trading platform will stake after Ethereum switches to PoS. Clients of the trading platform will be able to get access to Coinbase Wrapped Staked ETH, subject to liquidity conditions, from August 25.

The issuing company of the most capitalized stablecoin, Tether, does not plan to freeze the addresses associated with the Tornado Cash bitcoin mixer, until the relevant regulations are received from the authorities. This statement appeared on the official website of the organization.

Recall that in early August 2022, the bitcoin mixer fell under the sanctions of American regulators. Against the backdrop of claims being made to the platform, the issuer of the second USDC stablecoin in terms of capitalization, Circle, froze Tornado Cash user tokens. The decision of the organization was the reason for many members of the crypto community to switch to Tether.

According to DappRadar analysts, the sanctions of the bitcoin mixer may affect the position of BTC.