Cryptos today: Bitcoin drops and Ethereum loses strength with possible “doubling”; CEL surprises and accumulates a high of 1,200%

Bitcoin (BTC) starts the day down 1.7% in the last 24 hours, trading at $23,691, just below the $24,000 hit yesterday amid a positive move in US stock markets. Traders are on hold, awaiting the release of the latest consumer inflation data in the US, which will be released tomorrow.

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The biggest cryptocurrency by market cap has been rallying for the past four days amid hopeful signs that inflation will soon be under control without triggering a sharp recession.

“Bitcoin remains close to its recent highs as cryptocurrency traders look to see if the crypto winter is over,” says Oanda Senior Market Analyst Edward Moya.

Ethereum (ETH) follows a similar pattern, and is trading at $1,742 this morning after hitting $1,800 yesterday, its two-month high.

On the other hand, the price of Ethereum in the futures market is at its biggest discount in relation to the spot market since March 2020, amid a movement of traders looking to protect themselves from a possible fork in the network in the month that he comes.

The movement is due to the possibility of miners, dissatisfied with the end of mining after the update scheduled for September 19, to organize themselves to “duplicate” the network and thus create a new Ethereum.

Vitalik Buterin, the main name behind the project, played down the possibility of the situation affecting Ethereum. But traders already work at least with the possibility that a fork, as this type of event is called, will in fact occur.

Justin Sun, founder of Tron (TRX), publicly supports the fork that would create the EthereumPow network, and the ETHW token, in reference to the proof-of-work mining system (p.roof of work or PoW). The new system is called proof of stake (PoS).

Among other altcoins, the highlight of the day is the token of crypto lending platform Celsius Network (CEL), which filed for bankruptcy last month. The crypto surged yesterday and today is trading at $1.90, a higher price than before the company went into crisis.

The cryptocurrency dropped to as low as $0.15 on June 12, as Celsius announced the interruption of customer withdrawals. Its current price therefore marks a more than 12-fold increase in less than two months, and a 300% gain since July 13, when Celsius filed for bankruptcy protection.

“It seems that many speculative assets like CEL or even meme stocks (meme stocks) are skyrocketing as stocks try to recover,” Brett Sifling, managing director at Gerber Kawasaki Wealth & Investment Management, told CoinDesk.

Check out the performance of the main cryptocurrencies at 7 am:

cryptocurrency Price Change in the last 24 hours
Bitcoin (BTC) US$ 23,691.02 -1.7%
Ethereum (ETH) US$ 1,742.23 -1.5%
Binance Coin (BNB) US$ 320.43 -2.9%
XRP (XRP) US$ 0.375412 -1.5%
Cardano (ADA) US$ 0.525548 -3.5%

Cryptocurrencies with the biggest gains in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Celsius Network (CEL) $1.90 +21.2%
Zcash (ZEC) $76.18 +5.8%
Oasis Network (ROSE) US$ 0.107593 +4.1%
Stepn ([ativo=GMT]) US$ 1.00 +4.1%
Chain (XCN) US$ 0.088646 +3.9%

Cryptocurrencies with the biggest drops in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Read DAO (READ) $2.25 -13.1%
FILecoin (FIL) $8.44 -9.3%
Quantity (QNT) US$ 122.33 -7.4%
Avalanche (AVAX) $27.63 -7.3%
Enjin Coin (ENJ) US$ 0.682568 -6.7%

Check out how cryptocurrency ETFs closed in the last trading session:

ETF Price Variation
Hashdex NCI (HASH11) BRL 22.00 +2.31%
Hashdex BTCN (BITH11) BRL 29.21 +2.49%
Hashdex Ethereum (ETHE11) BRL 26.89 +2.63%
Hashdex DeFi (DEFI11) BRL 27.86 +4.34%
Hashdex Smart Contract Platform FI (WEB311) BRL 23.11 +8.24%
QR Bitcoin (QBTC11) BRL 7.65 +1.19%
QR Ether (QETH11) BRL 6.65 +5.89%
QR DeFi (QDFI11) BRL 5.21 -0.57%
Crypto20 EMPCI (CRPT11) BRL 6.19 +3.85%
Invest NFTSCI (NFTS11) BRL 34.88 +4.3%

See the main crypto market news for this Tuesday (9):

Ethereum is “blamed” for July’s crypto surge, says JPMorgan

For JPMorgan analyst Ken Worthington, the anticipation of the Ethereum upgrade, called the Merger, was a considerable force behind the big move in July both in ETH and the crypto market in general.

After the completion of two tests before the event, the price of ETH jumped 70% last month, while BTC is up 27% and Solana (SOL) is up 38%.

The movement has also been strongly helped by the decentralized finance (DeFi) segment, where the total amount blocked (TVL), a metric that indicates the volume of investments in projects in the sector, increased 22% last month.

“Given that DeFi tends to be built on Ethereum, improving earlier sentiment of concern about DeFi, along with good news about the Ethereum Merger, is likely driving the particularly strong appreciation of the ETH price against Bitcoin.” , wrote Worthington in the report.

Ark dumped Coinbase shares over SEC fears

Ark Investment Management sold part of its stake in Coinbase Global in late July after it came to light that the US Securities and Exchange Commission (SEC) was investigating the exchange for allegedly listing tokens considered securities, CEO Cathie Wood told Bloomberg yesterday.

Wood mentioned a slight increase in “thesis risk” at Coinbase. The manager discarded 1.1 million COIN shares — “very little,” Wood said — in a volatile trading day. The fund still owns nearly five million Coinbase shares (according to Ark data).

Ark chose to sell part of its large stake in Coinbase because of the SEC investigation and how it could change the exchange’s business model.

How far will cryptocurrencies go? What’s the best way to buy them? We have prepared a free class with step by step. Click here to watch and receive InfoMoney’s cryptocurrency newsletter

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