Bitcoin sinks 5% after CPI numbers; ETH PoW fork is expected Sept. 15

The biggest news in the cryptoverse for Sept. 12 includes Bitcoin’s 5% price fall after the CPI report, Ravencoin seeing an increase in hashrate and price, and the Canadian Prime Minister’s criticism of the newly elected pro-Bitcoin leader of the conservative party.

CryptoSlate Top Stories

Bitcoin sinks as CPI inflation hits 8.3%, shortening odds of 3rd consecutive 75 bps hike

The Bitcoin rally that started on Sept.9 ended on Sept. 13 with the Consumer Price Index (CPI) release. The CPI showed a 0.1% increase in August to reach 8.3%.

As soon as the CPI rate was announced, Bitcoin recorded an immediate 5% fall, degrading to $21,600. Moreover, experts are anticipating that Federal Open Market Committee will decide on a 75 basis point hike during their meetings on Sept. 20-21, which is expected to push Bitcoin even lower.

Ethereum Proof-of-Work fork set to launch 24 hours post-Merge

The Ethereum Proof of Work team announced that the PoW mainnet will fork at the block height of the 2048 blocks after the Merge. The time to mine 2048 blocks is roughly 24 hours so the PoW hard fork can be expected a day after the Merge, on Sept. 15.

The ETHW team announced the hard fork on their official Twitter account.

ETHW Core Announced the Plan for Mainnet#ethereum #ethw #ethereummerge #ethereumfork $ethw $eth #ethpow

1/n pic.twitter.com/cnYOW6l1iU

— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) September 12, 2022

Trudeau says showing support for crypto is irresponsible leadership

The current Prime Minister of Canada, Justin Trudeau, harshly criticized Pierre Poilievre’s pro-crypto views.

Trudeau tweeted, “Telling people they can opt out of inflation by investing in cryptocurrencies is not responsible leadership.”

Pierre Poilievre won the leadership of Trudeau’s opposing Conservative Party on Sept. 13.

Russia PM sets December deadline for international crypto payments rule

Russia’s Prime Minister Mikhail Mishustin directed the country’s financial regulators to “develop an agreed position” for crypto regulations by Dec. 19.

Mishustin said Russia would have to adjust to the crypto world because of the economic sanctions against the nation. He said that there should be:

“effective mechanisms that will provide the economy with the necessary financial resources, preserve the continuity of enterprises and industries, and therefore jobs.”

Ravencoin price, hashrate spike as Merge draws closer

Ravencoin recorded a 13% price increase in the last 24 hours to reach $0.06359.

Ravencoin is one of the PoW coins that was expected to attract ETH miners after the Merge. It seems like the coin has been successfully luring in new holders, as it recorded a 70% price increase in the last seven days.

Algorand throws hat in ring as Helium community begins vote on Solana migration

Helium developers have been looking for alternative blockchains before inking the deal with Solana. The candidates include Polkadot, Ethereum, Polygon, Avalance, and Algorand.

Algorand executives stated their confidence in being the best-suiting blockchain for Helium. Algorand CEO and CTO tweeted to let Helium know they’re ready to settle a partnership.

BitGo sues Galaxy Digital for $100M over broken merger agreement

Galaxy Digital had agreed to purchase BitGo for $1.2 billion in stocks and cash in May 2021. However, Galaxy Digital terminated the purchase plan on Aug. 15, 2022.

Late yesterday, BitGo filed a lawsuit against Galaxy Digital seeking damages of more than $100 million arising from Galaxy’s improper repudiation and intentional breach of its merger agreement with BitGo.

— BitGo (@BitGo) September 13, 2022

As a counter-action, BitGo filed a lawsuit against Galaxy Digital. The company is asking for $100 million in compensation for damages due to breaching the merger agreement.

Research Highlight

Research: Ethereum price volatility expected post-Merge as open interest options soar with bearish divergence

CryptoSlate analysis of Ethereum derivatives indicates that traders are expecting a price dip to occur after the Merge.

Indicators like the volatility smile, options open interest, and annualized perpetual funding show that investors are careful with their Ethereum purchases and brace for a price fall after the Merge on Sept. 14.

News from around the Cryptoverse

Celsius is planning to re-launch after the winter is over

Bankrupt crypto lending platform Celsius is plotting to come back after the winter market is over, according to The New York Times,

Celsius CEO Alex Mashinsky reportedly met with all the staff and created a detailed revival plan for the company. It has been reported that Celsius will focus on custody this time.

BlockFills and Isla Verde Capital shake hands to support green mining

Crypto exchange company BlockFills and renewable energy-focused global firm Isla Verde Capital partnered up to support green mining by offering carbon emissions offsets and Renewable Energy Credits.

The duo will support mining initiatives that are willing to use carbon-free or carbon-negative methods for mining.

Crypto Market

Bitcoin fell by 9.33% and decreased to $20,310. Ethereum also recorded a fall of 6.86% to be traded at $1,606.

Biggest Gainers (24h)

Biggest Losers (24h)