As September 13th, the date of the much anticipated Ethereum mainnet merge approaches, the crypto community believes it will determine the fate of both the Ethereum blockchain and the wider crypto ecosystem. However, there is another event set to take place on the same day that may impact the market, the release of the US CPI and inflation data.
Crypto Analyst: The Merge Will Not Impact The Fate of ETH And The Wider Crypto Market
The reputable crypto analyst, Cred, has evaluated the hype surrounding the upcoming Ethereum Merge event. He concluded that it would have no bearing on the crypto market and ETH price, whatever happens.
Related Reading: Why Ethereum Price Longs Might Profit Ahead Of “The Merge”
The Merge is set to go live on the 13th of September after several test nets have successfully launched. It would finally ease the Ethereum Blockchain off its previous energy-intensive PoW consensus mechanism and onto the PoS mechanism with 99.95% less energy consumption.
The merge has already caused the price of ETH to spike over 40% from around $1000 to $1500 in July. Then it went from $1600 to $2000 mid-August when the final Goerli testnet ran successfully. Supporters of the Merge have proposed that when it completely rolls out, it will cause both ETH and the general crypto market to spike.
The Real Game Changer: CPI And Inflation Data Publication
However, according to Cred, the actual event that would make the difference, happening the same day, is the release of the latest inflation data.
The US Consumer Price Index (CPI) publication and inflation data are also going live on the 13th of September. If the Fed softens its stance and goes dovish, things will look up for ETH and crypto in general. If the Federal Reserve retains its hawkish outlook or stays neutral, the crypto winter might tarry longer.
Cred: The Market Will Credit The Wrong Catalyst
However, the analyst predicts that the crypto community will likely credit the Ethereum Merge for whatever happens rather than examining macroeconomic data. That’s because the last time that ETH rallied was due to the “big counter-trend rally in stocks” caused by “macro” that bounced into Ethereum. Cred believes the same will happen in the merge coinciding with the inflation data print.
Related Reading: Why Extreme Fear Is Back In Crypto In A Big Way
According to the crypto analyst,
“if ETH dumps, as a result, everyone will say, ‘Oh look well the merge is priced in. It was obvious.’ If ETH doesn’t dump; as a result, people will say, ‘The merge wasn’t priced in, and it’s just the start.’”
Either way, Cred believes it is a false causality.
Per CoinMarketCap, Ethereum is currently trading at around $1,500.
Featured image from Pixabay and chart from TradingView.com
Pro-Russian Groups Raised $400,000 In Crypto Since Ukraine Invasion, Report Reveals
Groups supporting Russia’s war effort in Ukraine have been actively collecting cryptocurrency to fund paramilitary operations and evade sanctions, researchers say. According to a new report, these organizations use Telegram to raise money then used to pay for equipment and training.
Paramilitary Groups Employ Cryptocurrency to Fund Russian Operations in Ukraine
Pro-Russian groups have reportedly raised a serious amount of cryptocurrency for Russia’s military activities in Ukraine, circumventing U.S.-led sanctions. According to a study carried out by the digital asset compliance and risk management firm TRM Labs, the total had reached $400,000 as of Sept. 22, CNBC reported on Monday.
The study unveiled that these organizations were using the popular encrypted messaging app Telegram to offer supporters options to send funds, which were later spent to purchase supplies for Russian-affiliated militia groups and pay for their combat training at locations near the Ukrainian border.
One of these, Task Force Rusich, has been labeled by the U.S. Treasury as a “neo-Nazi paramilitary group that has participated in combat alongside Russia’s military in Ukraine.” The department’s Office of Foreign Assets Control (OFAC) has placed it under sanctions. It was trying to raise money for items such as thermal imaging equipment and radios on a Telegram channel.
Another group identified by TRM Labs, the Novorossiya Aid Coordinating Center, raised about $21,000 in cryptocurrency, mainly bitcoin (BTC), with the aim of buying drones, the report added. The organization was established in 2014 to support Russian operations in Ukraine.
The findings come amid mounting sanctions against Russia over its decision to attack Ukraine in late February, which have severely limited its access to the global financial system. The Russian government is now working to legalize crypto payments for international settlements in order to circumvent the restrictions.
Crypto Said to Lack Liquidity for Large-Scale Russian Transactions
While the crypto space may not have the sufficient liquidity Russia would need to move large sums of money, as experts have pointed out, it has enough to allow paramilitary groups to make transfers for the items they need to acquire. Ari Redbord, head of legal and government affairs at TRM Labs, elaborated:
They’re probably using non-compliant exchanges to off-ramp those funds… Of course, there’ll be more. But will it be billions of dollars? Highly unlikely.
To pinpoint the groups, TRM Labs used publicly available wallet addresses and cross-checked other websites and online activity. Redbord remarked, however, that it’s not possible to establish with certainty whether they were working with the Russian government.
“I think an interesting part of this story is that crypto is just a form of payment in these cases. It’s a way to move funds. And there’s an example of it being used for good and example of it being used for bad in this context,” the executive added. Ukrainian volunteer groups and government have been also relying on crypto donations to fund their defense and humanitarian efforts.
The latest research on the topic comes after, earlier this year, a report by blockchain analytics firm Chainalysis identified 54 pro-Russian groups that had collectively received over $2.2 million in various cryptocurrencies. Although most of the crypto funds were sent to several of these organizations, the rest had received considerable amounts as well, the company said.
Tags in this story
conflict, Crypto, Crypto Donations, Cryptocurrencies, Cryptocurrency, fund raising, Funds, Groups, invasion, operations, organizations, paramilitary, Russia, russian, transactions, Ukraine, ukrainian, War
Do you think groups on both sides in the conflict in Ukraine will continue to raise funds in cryptocurrency? Share your thoughts on the subject in the comments section below.
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
BudBlockz Ganja Guruz; The Best NFT Collection Since Crypto Cannabis Club
There is something so effortlessly thrilling and risqué about the Cannabis culture. That is why NFT projects like the Crypto Cannabis Club’s NFTokers and BudBlockz’ Ganja Guruz are so enthralling.
Founded by Jimmy and Kevin Fitzpatrick, the Crypto Cannabis Club immediately had a significant impact on the Cannabis community on the Blockchain. In a little over a year after the club’s launch in July 2021, CCC has already attracted over 6000 registered members.
Unifying the Blockchain cannabis community
The NFTokers collection sold out its 10,000 collectibles a week after the club’s launch as well. This, in addition to its jam-packed events, goes out to show just how popular the NFTokers collection is in terms of unifying the Cannabis Blockchain and Metaverse community.
And while many other Cannabis NFT collections have been launched since the Crypto Cannabis Club, none seem to have prospects as strong as those of the upcoming Ganja Guruz NFT collection.
So what makes Ganja Guruz a worthy successor and, frankly speaking, a worthy challenger to the Crypto Cannabis Club?
A premier Cannabis NFT collection
The Ganja Guruz NFT collection is the premier collection from BudBlockz – a one-of-one decentralized Cannabis e-commerce platform. The following are some of the qualities that make the Ganja Guruz NFT collection the best since Crypto Cannabis Club;
1. Fractional ownership
The Ganja Guruz collection will enable holders of its NFTs to have ownership stakes in Cannabis dispensaries, stores, and farms across the world. This is immensely beneficial as it will not only provide NFT holders with a reliable source of passive income.
Rather, it will also eliminate barriers to participation and enhances inclusivity. This is because people with limited resources will also get a chance to own portions of income-generating assets. This is without necessarily acquiring the large capital outlay that would otherwise be required.
2. Exclusive access to membership benefits
Owning Ganja Guruz NFTs will grant BudBlockz fans unrestricted access to Cannabis facilities in the BudBlockz ecosystem worldwide. This is because the NFTs will act as membership licenses that will prove the eligibility of users.
Additionally, Ganja Guruz NFT holders will enjoy various benefits intended for verified members only. For instance, holders will receive promotional codes with which they will be able to purchase Cannabis products from Cannabis stores at discounted rates.
3. Robust and inclusive NFT marketplace
Most NFT marketplaces promote and sell the collectibles/products of the parent NFT project almost exclusively. However, the BudBlockz Ganja Guruz NFT marketplace will be unique in this regard.
This is because Ganja Guruz community members will also be allowed to join in on the action. Verified holders will be allowed create their own Cannabis-themed NFT collectibles, promote, and sell them in the BudBlockz NFT marketplace along with original Ganja Guruz NFTs.
Additionally, holders of Ganja Guruz NFTs will be able to sell their NFT collectibles and transfer their fractional ownership stakes to everyone including unregistered users who are neither BudBlockz community members nor NFT holders.
This will serve to infinitely expand the income possibilities for BudBlockz community members beyond owning Ganja Guruz NFTs and staking $BLUNT tokens.
A worthy successor to the Crypto Cannabis Club
All the qualities outlined above prove that Ganja Guruz will significantly transform the Cannabis NFT landscape in terms of utility, membership benefits, inclusivity, and accessibility.
Therefore, investors should definitely look forward to be part of the project once it is launched. This will set them up to reap the future benefits of Ganja Guruz and BudBlockz infinite potential in the decentralized Cannabis market.
Learn more about BudBlockz (BLUNT)
Official Website: https://budblockz.io
Presale Registration: https://app.budblockz.io/sign-up
Telegram Group: https://t.me/BudBlockz
Discord Server: https://discord.gg/s7hBFgvTmN
All BudBlockz Links: https://linktr.ee/budblockz
To purchase your $BLUNT tokens
Step 1: Visit the official BudBlockz website https://budblockz.io
Step 2: Click the “sign up” button at the top of the page
Step 3: Create a Budblockz account. Ensure you use a valid email address.
Step 4: From your client dashboard, click the “buy $BLUNT” button
Step 5: set the amount you want to purchase and the currency you want to order in
Step 6: Make the payment to the provided wallet address
Step 7: Receive your tokens!
The post BudBlockz Ganja Guruz; The Best NFT Collection since Crypto Cannabis Club appeared first on Analytics Insight.
Tether Strives To Regain Community Trust, Slashes Commercial Paper Holdings
In an effort to increase transparency, Tether has recruited a new accounting company to undertake routine audits and attestation reports to guarantee that its stablecoin is appropriately backed by US dollars. As of September 30, 2022, Tether, the company that issues stablecoins, had less than $50 million’s worth of commercial paper units in its portfolio.
Unsecured, short-term debt instruments known as “commercial paper” are issued by corporations. It is frequently employed to finance short-term commitments like payroll, accounts payable, and inventories. While treasury bills are touted as more reliable than commercial papers, they offer “zero default risk” because investors are assured of recouping the purchase price.
Tether’s chief technology officer Paolo Ardoino made the statement in a tweet on October 3 and added that the percentage of US Treasury bills in Tether’s overall portfolio grew to 58.1%, up 25.1% from the 43.5% it held as of June 30.
To increase the stability of its ecosystem and the USDT stablecoin, Tether stated in June that it planned to roll USDT’s commercial paper backing into short-maturity U.S. Treasury bills, eventually reducing it to “zero.”
To increase transparency and frequently provide audit and attestation reports, it recruited BDO Italia, a European accounting firm, as a new auditor to independently assess its stablecoin reserves in July.
The United States District Court in New York ordered Tether to prove that the USDT stablecoin was backed 1:1 by US dollars on September 19.
Tether is well along the way to selling off all of its holdings of commercial paper by the end of 2022, having reduced its reserves from 20 billion units in Q1 2022 to 8.4 billion units in Q2 2022.
As of the writing of this article, USDT is trading at $1, with a market value of $70,163,891,644, and a 24-hour trading volume of $41,421,937,703. There is a market supply of 67.95 billion USDT. All the indicators are displaying a bullish momentum at the moment.
Was this writing helpful?
Billionaire Hedge Fund Founder Ray Dalio Steps Down As Co-CIO Of Bridgewater Associates
Billionaire hedge fund founder Ray Dalio has stepped down as chief executive of Bridgewater Associates, according to a transfer of...
NFT Collection Veefriends Physical Collectibles To Debut At Macy’s And Toys’R’Us
In recent times, non-fungible tokens (NFTs) and their physical counterparts have started to debut at well known retail stores and...
This Tether update may finally bear some good results in the weeks to come
Tether, the firm behind USDT, the largest stablecoin made some key changes to its asset reserves. On 3 October, Chief...
Pro-Russian Groups Raised $400,000 In Crypto Since Ukraine Invasion, Report Reveals
Groups supporting Russia’s war effort in Ukraine have been actively collecting cryptocurrency to fund paramilitary operations and evade sanctions, researchers...
MATIC – The how and why of this buying opportunity
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice....
Over $4B laundered through DEXs, coin swaps and cross-chain bridges, Elliptic reports
Over $4B laundered through DEXs, coin swaps and cross-chain bridges, Elliptic reports Oluwapelumi Adejumo · 11 mins ago · 2...
Can MakerDAO’s latest development drive MKR towards its next bull rally
MKR holders that aped in towards the end of September are pleased with their decision considering the healthy run-up in...
Bankrupt Crypto Lender Celsius’ Asset Sale Is Scheduled, Sources Say FTX CEO May Bid
According to a filing published by the U.S. Bankruptcy Court for the Southern District of New York, the crypto lending...
DOGE up 8% as Elon Musk makes new acquisition offer for Twitter
DOGE up 8% as Elon Musk makes new acquisition offer for Twitter Liam ‘Akiba’ Wright · 16 mins ago ·...
Cardano’s [ADA] price reacts this way as Voltaire hint airs
Late in September, Cardano [ADA] released the Vasil hardfork. Positive feelings persisted after the fork, as the network continued to...
Sears Home Warranty Review
Sears Home Warranty Ratings at a Glance While you likely already know Sears for the company’s series of department stores,...
Riot Blockchain produced over $7.1M worth of BTC in September
Riot Blockchain produced over $7.1M worth of BTC in September Andjela Radmilac · 2 hours ago · 1 min read...
Crypto giants criticize Twitter on scam, bot accounts impersonating them
Crypto giants criticize Twitter on scam, bot accounts impersonating them Oluwapelumi Adejumo · 2 hours ago · 2 min read...
Will Litecoin’s new update improve its chances of winning the PoW race
Litecoin [LTC] has been making improvements to its existing technology for quite some time now. In line with the same,...
Ethereum Marks Three Consecutive Red Weekly Closes, Will Uptober Change Its Trajectory?
Ethereum has been one of the cryptocurrencies that have received major support from the crypto community regardless of how the...
Mastercard Debuts Blockchain Surveillance Tool For Banks And Crypto-Centric Card Issuers
On Tuesday, the multinational financial services corporation Mastercard revealed that it is launching a new crypto monitoring product called Crypto...
Research: Grayscale’s GBTC drops to all-time low of $12.5K; conversion to spot ETF could trigger rebound
Research: Grayscale’s GBTC drops to all-time low of $12.5K; conversion to spot ETF could trigger rebound Christian Nwobodo · 2...
Biggest Movers: MATIC Hits 3-Week High, LINK Up Almost 10%
Polygon raced to a three-week high during today’s session, as bullish sentiment returned to cryptocurrency markets. Chainlink was also in...
I’m6 days ago
I’m Doing What Most Parents Are Scared To — Handing My Son A Pile Of Cash When He Turns 21. Here’s Why
Cryptocurrency5 days ago
Is Do Kwon Guilty? How Investors Are Dealing With the Terra Collapse?
Alladin4 days ago
A Recent SEC Filing Shows The World’s Largest Asset Manager Blackrock Plans To Launch A Metaverse ETF
Bancorp5 days ago
Circle Launches Cross-Chain Transfer Protocol, USDC Issuer Acquires Payment Orchestration Firm Elements
Analysis5 days ago
Bitcoin, Ethereum Technical Analysis: BTC, ETH Continue To Consolidate Ahead Of U.S. Consumer Sentiment Data
Brazil5 days ago
Brazilian Securities And Exchange Commission CVM Subpoenas Mercado Bitcoin On Fixed Income Token Investments
Company News5 days ago
Web3 Wellness Platform Amino Celebrates Historic Career of Four-Time NBA Champion Klay Thompson in Inaugural Drop of the GRAILS NFT Collection
Analysis5 days ago
Bitcoin, Ethereum Technical Analysis: BTC, ETH Continue To Consolidate Ahead Of US Consumer Sentiment Data