Crypto SWOT: Ethereum Has Completed A Key Overhaul Of Its Blockchain Network

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  • Among the cryptocurrencies tracked by CoinMarketCap, the best performer of the week was Celsius, up 22.51%.
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  • Bitcoin extended a rally amid more favorable sentiment in global markets and as traders await US inflation data and watch for a fundamental upgrade to the Ethereum blockchain. Bitcoin jumped around 10% on September 9 and 3.9% on Monday, trading above $22,000. The move was encouraged by a weaker dollar and as investors awaited US inflation numbers, Bloomberg writes.
  • Ethereum has completed a key overhaul of its blockchain network, marking the crypto world’s most ambitious software upgrade to date. The change replaced the power-hungry computers that were used to order transactions on the network with a more power-efficient setup using stacks of the network’s native token, Ether. As a result, Ethereum’s power consumption will decrease by around 99%, writes Bloomberg.


  • Among the cryptocurrencies tracked by CoinMarketCap, the worst performer of the week was Terra Luna, down 53.30%.
  • Bitcoin fell more than 10%, the biggest drop since cryptocurrencies fell in June, as the sell-off in financial markets spread to the digital asset sector. Ether fell nearly 9% even as its underlying Ethereum network was about to undergo a long-awaited power-saving software upgrade, writes Bloomberg.
  • BitGo is suing Mike Novogratz’s Galaxy Digital Holdings for more than $100 million in damages after Galaxy dropped its planned $1.2 billion acquisition of the crypto custodian. The lawsuit cited Galaxy’s “wrongful repudiations and willful and international violation” of the merger agreement, according to a public filing related to the case and reported by Bloomberg.


  • The Blockchain Association, a major crypto trading group whose members include stablecoin issuer Circle and exchanges and Kraken, is launching its own political action committee (PAC). The move represents another attempt by an industry under pressure to nudge US policy in a more crypto-friendly direction, Bloomberg writes.
  • US trading titans and brokerage firms are building a crypto exchange that takes investing in digital assets further into the realm of traditional finance, mimicking the structure of how other asset classes trade. EDX Markets will begin trading a limited number of spot crypto tokens starting with a trial period in November with the official launch in January, according to a Bloomberg report.
  • Two former Citadel Securities employees are going public with a cryptocurrency market-making firm they founded with the backing of $50 million from venture capitalists. Portofino provides crypto liquidity to financial institutions and high net worth individuals (HNWIs), trading on centralized and decentralized exchanges and over-the-counter (OTC). It also provides advice and technical support to Web3 startups looking to list their assets on exchanges, writes Bloomberg.


  • Customers whose savings are frozen on insolvent crypto platform Voyager Digital are turning to a bankruptcy auction on Tuesday to find out whether or not they will finally get their assets back. Voyager users have been unable to access their cryptocurrencies since July 1, when a digital asset crash forced the company to suspend transactions, deposits and withdrawals, according to an article published by Bloomberg.
  • Ethermine, the largest Ethereum mining service provider by computing power, will shut down its servers for miners once the blockchain completes its landmark technical upgrade. The news comes on the eve of Ethereum’s much-anticipated software overhaul, dubbed the merger, which will move the most-used blockchain from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) one. .
  • Ether drove digital assets lower after the token’s groundbreaking underlying network software upgrade turned into what some market watchers called a “sell the news” event. The second-largest cryptocurrency by market capitalization after Bitcoin fell 8.9% to $1,460.

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Crypto SWOT: Ethereum Has Completed A Key Overhaul Of Its Blockchain Network

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