Weekly results: Ethereum anniversary and Fed rate retention

The community celebrated the ninth anniversary of the launch of Ethereum, the Fed kept its main rate, Bitcoin mining difficulty increased by 10.5%, Elon Musk promised not to promote cryptocurrencies and other events last week .

Bitcoin price drops 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 lost on $63,000. Asset price 3 August has fallen below $62,000.

At the time of writing, Bitcoin is trading at $59,300.

Hourly BTC/USDT chart of the Binance exchange. Data: TradingView.

All digital assets from the top 10 by capitalization finished the week in the “red zone”. The biggest losers were Solana (-26.7%) and Dogecoin (-20.1%).

Data: CoinGecko.

The total capitalization of the cryptocurrency market is $2.18 trillion. Bitcoin dominance index – 57%.

The community celebrated the ninth anniversary of the launch of Ethereum

He turned nine years old since the launch and creation of the Ethereum mainnet genesis block. The developers and other network partners congratulated each other on the local holiday.

On July 30, 2015, former Ethereum Foundation Chief Trading Officer Stefan Thual wrote a blog post announcing the launch of the blockchain.

“The vision of a censorship-proof “global computer” that anyone can program, paying only for what they use and nothing more, is now a reality,” said the a message.

Over nine years, the Ethereum network has become one of the leading ecosystems in the industry, and its native coin has become the second largest crypto asset by capitalization with $340 billion.

“Happy 9th Anniversary, Ethereum! We look forward to what the next ten years will bring,” wrote blockchain co-founder Vitalik Buterin.

Cryptocurrency exchanges KuCoin, HTX and other members of the community together in congratulations.

Ethereum was created by a large team of developers, the most famous of which is Buterin, as well as Charles Hoskinson, Gavin Wood, Joseph Lubin and Anthony Di Iorio.

The platform has become an integral part of “ICO-boom” at the end of 2017, as well as the “summer of DeFi” in 2020.

Since then, Ethereum has gone through many technical upgrades. Perhaps one of the most important is the upgrade The Unionwhich changed the network’s consensus algorithm from Proof of Work forward Proof-of-Stake.

The next step was important Dencun hard forklaunched in March 2024. It reduced commissions in networks second level.

Now Ethereum is preparing for an upgrade Pectrascheduled for early 2025. The initiative combines updates to Prague and Electra, designed to expand wallet capabilities and make the network more efficient.

The Fed kept its key rate

July 31 US Federal Reserve System (FRS) maintain a prime rate range 5.25-5.5% annually for the eighth time in a row. The decision coincided with market expectations.

July 11 US Federal Bureau of Labor Statistics published consumer price report. The index value was lower than expected – 3% compared to 3.1%.

What should be discussed with friends?

• Hamster Kombat developers distribution 60% marks to the “tappers”.
• Notcoin team will launch Lost Dog Telegram Game.
• Pavel Durov entered in the list of billionaires from Bloomberg.
• Donald Trump open “Bitcoin sneakers” pre-order.

Bitcoin mining difficulty increased by 10.5%

As a result of the next recalculation mining problem first cryptocurrency increased by 10.5% – up to 90.67 tons.

The average hashrate for the period since the previous value change was 933.84 EH/s, the time between blocks was less than seven minutes.

According to Glassnode, the smooth 7-day moving average of hashing power peaked at around 637 EH/s.

SEC will withdraw requirement to recognize Solana and other assets as securities

The US Securities and Exchange Commission (SEC) plans to complete changes in the original lawsuit against Binance. The proposal could affect the need for a legal decision at least are assets like Solana considered securities?.

“The changes will eliminate the need to make a determination regarding the adequacy of the allegations regarding these marks at this time,” the motion states.

The SEC filed its filing on July 29 in response to a July 9 court order requiring agency and company officials to agree on a proposed timetable for further proceedings. This document requires the filing date of a motion to amend the complaint, the order states.

In June 2023, the regulator sue to the Bitcoin exchange and its CEO Changpeng Zhao. In addition to SOL, the Commission has also accredited the following funds as securities: BNB, BUSD, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO and AXS.

Also on ForkLog:

Elon Musk promised not to promote cryptocurrencies

Tesla and SpaceX CEO Elon Musk it does not intend to promote cryptocurrenciespreferably, “as a joke.”

Giving his opinion on Bitcoin, he noted that the first cryptocurrency “has its advantages” and, perhaps, others. The billionaire also admitted that he likes Dogecoin (DOGE) because he likes “dogs and memes”.

However, he made it clear that if anyone finds a video of him pumping any digital asset, then this deep.

Musk also called to “double check if” his alleged statements regarding cryptocurrencies or platforms mentioned in X are true.

What else to read?

This week ForkLog explained why the number of lists it did not become a quality and what is interesting possible OP_CAT update on the Bitcoin network.

The traditional roundup gathered the main events of the week in the field cybersecurity.

The most important news from participants in the crypto industry has been published in a separate section in the matter.

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