Daily Crypto Update 10/23/21
In today’s letter:
💰Ethereum in front of Altair update
Earlier this year Ethereum went through one of the most exciting updates. EIP-1559, which came into effect in August, made ETH a deflationary asset. The transaction fees used to go to the miners as a reward for their transaction verification but after the latest update, they are burnt. Now it is time for the next update Altair, which will come alive on October 27.
Altair will connect the beacon chain, which is helping transition the network away from proof-of-work, with the main network.
The bean chain, which started operating in December 2020, is part of Ethereum’s transition from proof-of-stake to proof-of-work. Ethereum 2.0 is expected at some point next year and will change the miners with validators. They will stake ETH on the blockchain to process transactions.
💰DOGE jumps after Musk’s tweet
This is not the first and won’t be the last time Elon Musk’s tweets affect Dogecoin.
Yesterday UberFacts Twitter, which has over 13M followers, wrote “Elon Musk is predicted to become the world's first trillionaire, thanks to SpaceX.” Spotting a great opportunity to give pump its favorite meme coin Musk replied “*In Dogecoin.”
There were a ton of comments and retweets. Expected or not the price of DOGE started to rise and hit $0.2528, an increase of 5%. Despite that, it is $0.2454 as of writing.
💰Valkyrie to launch Bitcoin futures ETF
If you think that we are talking about a Bitcoin ETF recently, you are right. We’ve been waiting for too long for SEC’s approval so we have to celebrate our crypto milestone.
The next company to receive SEC’s approval is Valkyrie and their Bitcoin Strategy ETF. The ETH will be traded on the Nasdaq under the symbol BTF.