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Binance: There are no plans to convert Tether automatically, but this “may change”

Hi there!

We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

Quick weekly news

The Ethereum Merge is a hot topic at the moment

The locations in the globe that are most interested in the impending Ethereum Merge were revealed in a recent analysis from CoinGecko.

According to the research, Singapore is by far the most interested nation. Singapore came in first with a score of 377, more than 100 points ahead of Switzerland and Canada, who tied for second place with 286 points each. The remaining top five positions were occupied by Germany, the United States, and the Netherlands.

Ten search phrases’ frequency was analyzed to provide scores, which were then added together to produce the total ranking. These phrases included, among others, “Ethereum Merge,” “ETH Merge,” and “Ethereum PoW.” In Switzerland, people searched for “ETH alone” more frequently than anywhere else. In Singapore, some phrases, such as “Ethereum Merge,” “ETH Classic,” and “Ethereum,” had a specific potency.

According to Body Ong, COO, and co-founder of CoinGecko, the “effects will ripple throughout the entire cryptocurrency ecosystem” when the Ethereum network switches from proof-of-work (PoW) to proof-of-stake (PoS).

The community on Crypto Twitter is busy and filled with excitement as the globe waits for the Merge. Several people express optimism for the Ethereum community. Others predict imminent consequences for Ether (ETH), the native coin of the network.

Binance: There are no plans to convert Tether automatically, but this “may change”

The cryptocurrency exchange shocked the market on September 6 by announcing it would stop supporting USD Coin (USDC), a stablecoin linked to the US dollar, along with USDP Stablecoin (USDP) and TrueUSD on its platform (TUSD).

On September 29, users still holding any of the three stablecoins will start automatically converting such holdings to BUSD at a 1:1 ratio over 24 hours.

Binance said that the decision was made to improve liquidity and capital efficiency for users but noticeably left out Tether USDT, the biggest stablecoin by market size.

A spokesman for Binance confirmed to Cointelegraph that there are currently no plans to do the same with USDT but warned that this might change in the future:

We do not have plans to auto-convert USDT to BUSD as of now, but it may change.

Media coverage of the Merge: risky move or environmental utopia?

The significance of next week’s Ethereum Merge is beginning to be recognized by mainstream media, which has described it as a “major overhaul” that can either speed up the adoption of cryptocurrencies or, if it fails, have catastrophic repercussions for the entire market.

The Merge includes switching from a proof-of-work (PoW) consensus mechanism that requires a lot of power to an effective proof-of-stake (PoS) consensus mechanism without significantly altering the blockchain. It has been under development since the initial Ethereum white paper.

The no-downtime upgrade has been compared to “[changing] the engine of a spaceship mid-flight,” according to the American business newspaper Forbes. At the same time, Swan Bitcoin CEO Cory Klippsten said the upgrade is like “trying to fix an airplane in mid-flight” in an interview with the Wall Street Journal.

The Evening Standard, a British newspaper, claimed that cryptocurrency traders have been “holding their breath” in anticipation of the impending Merge. Since a botched update may put the entire cryptocurrency ecosystem “at risk.

According to Anna Becker, CEO and co-founder of EndoTech, it will be “quite troublesome for the industry to survive” if something goes wrong and the blockchain stops:

Ethereum is the infrastructure for many companies to manage their blockchains, so if something goes wrong, we have the halt of the industry […] it will be quite troublesome for the industry to survive this period.

The Washington Post stated that because the PoS technique is “less battle-tested” than PoW, whose security has been established over a more extended period, “new vulnerabilities could be found.

Cardano’s Vasil hard fork will happen on September 22 — three months after the intended date

Cardano has scheduled September 22 for its Vasil mainnet update, inventor of the blockchain Charles Hoskinson said on his YouTube video Friday. The hard fork initially slated for June this year has faced two delays.

Three crucial critical mass indicators have been met, according to Input Output Hong Kong (IOHK), a Cardano-affiliated R&D business that worked on the upgrade:

1. 75% of mainnet blocks being created by the final Vasil node candidate (1.35.3)  2. approximately 25 exchanges upgraded (representing 80% of ADA liquidity)  3. top 10 DApps by TVL confirming they have upgraded to 1.35.3 on PreProduction and are ready for mainnet.

MexC and Bitrue are “ready” for the update, while Binance is “nearly there,” and Upbit, Coinbase, WhiteBit, BKEX, and HitBTC are “in progress” according to IOHK’s list of the top 12 cryptocurrency exchanges.

The hard fork, which will include the first significant change to the Plutus script, the programming language used for smart contracts on the Cardano blockchain, will result in increased scalability and cheaper fees, according to developers.

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We are proud to announce that PRO subscriptions are now available on the web!

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The MACD histogram and crossovers crypto trading strategy

MACK_5

The histogram shows how far apart the two moving averages are from one another.

The crossover in the MACD histogram is the same as the crossover in the  Moving Averages. Therefore, when employing the MACD in a MACD histogram technique, it is the clearest and most compelling signal for a sell or a buy. As a result, the MACD histogram trading method is founded on the same crossover as the Moving Averages show.

Trading with the MACD histogram is relatively easy. The histogram will cross when the Moving averages do. The crosses indicate a shift in momentum. To further our understanding, we will look at the price chart in conjunction with the indication.

The MACD crossed at precisely the time indicated by the vertical lines. Following are the first three crosses: bearish, bullish, and eventually bearish once again. The strongest bearish price action is associated with the fourth indicator, the last cross that occurred on this BTC/USD daily chart. There was a drop of almost 50% between the point of crossing and the plummet’s lowest point.

When buyers or sellers shift their positions in the market, this is known as a crossover. As a result, momentum fluctuates from bullish to bearish, like a pendulum.

Find more Crypto Trading Strategies based on the MACD indicator in the Article!

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Top Crypto Meme of the Week

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We hope this digest was valuable and informative for you! If you want to be the first one to receive new crypto insights and stay up-to-date with the market, follow us on Twitter or Telegram. Become a better trader with the Good Crypto App!

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September 9, 2022

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