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The Ethereum Foundation confirms that the planned Merge upgrade won’t lower gas fees

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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 Foundation confirms that the planned Merge upgrade won’t lower gas fees

The impending proof-of-stake transitory network upgrade, known as the “Merge,” will not lower gas costs, the Ethereum Foundation clarified in a new statement on Wednesday. To this end, the Ethereum Foundation wrote:

Gas fees are a product of network demand relative to the network’s capacity. The Merge deprecates the use of proof-of-work, transitioning to proof-of-stake for consensus, but does not significantly change any parameters that directly influence network capacity or throughput.”

NY judge permits Celsius to mine and sells Bitcoin

A New York judge permitted cryptocurrency lender Celsius Network to mine and sell Bitcoin (BTC) during its bankruptcy, less than a day after disclosing a three-month cash flow forecast that threatened to deplete all available money completely.

On the other hand, Judge Martin Glenn, Southern District of New York, expressed doubts about the BTC mining industry’s capacity to make money immediately because of the significant upfront costs associated with building mining infrastructure.

After reports of bankruptcy arose in July 2022, Celsius Networks has been in the crosshairs of American authorities, endangering the live savings of many cryptocurrency investors.

The Bitcoin price hits $25k, and critics declare it’s a “double top”

BTC/USD rose significantly, reaching $25,050 on Bitstamp in a $350 hourly candle, according to TradingView and Cointelegraph Markets Pro. This increase topped out on June 13th, offsetting the increased loss from the still significant BTC price drop that day.

However, the market situation continued to have its regular unpleasant undertones.

The well-known Twitter account Il Capo of Crypto stated that the most recent highs appeared to be the final element needed before a new decline started. Before Bitcoin’s decline, Il Capo had estimated a peak of $25,000–$25,500.

Crypto Tony also cautioned and emphasized that Bitcoin must move from its multi-month range resistance at $24,500 to support before going long.

Some, like Dave the wave, were confident in the trend’s ability to last and noted the Bitcoin moving average convergence divergence (MACD) indicator was supported.

As Genesis Trading restructures leadership, another cryptocurrency CEO resigns

Genesis said on Wednesday that Moro, the CEO of the business since April 2016, will step down from that position. Moro claims that once the company switches to new management, he will support Genesis’ “next phase of growth” in an advising capacity.

While Genesis’ board searches for a new CEO, chief operating officer Derar Islim will temporarily serve in that position. In an effort to strengthen the “company’s overall risk management,” Genesis announced the employment of new chief risk officers, chief compliance officers, chief technology officers, chief legal officers, and chief finance officers. Bloomberg reported on Wednesday that the trading firm was also laying off 20% of its 260-person workforce to reduce expenses.

How to Use DCA Bots To Gain?

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Some of the greatest crypto bots to use during uptrends or downtrends are dollar cost averaging (DCA) bots. A DCA bot lowers the average price of an asset by taking advantage of volatility and buying and selling at regular intervals.

When carried out manually, investors can gather cryptocurrency using the user-friendly DCA trading approach. As seen in the graphic, trading DCA entails paying a predefined amount for a cryptocurrency asset regularly, independent of its price at the time.

However, a DCA bot method operates quite differently. In this instance, the DCA trading bot initiates a position and establishes a percentage-based take profit target. Then, the bot closes the position and earns money if the price reaches the goal. On the other hand, if the market does not move in the direction that the DCA crypto bot expects, the software will continue to purchase assets at lower prices, hence lowering the asset’s average price.

By the way, DCA will be available in the GoodCrypto App soon. To know everything about various bots and strategies to use to increase the profitability of your trading, follow the link!

Receive an instant notification when a new coin is listed with GoodCrypto’s PRO plan.

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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August 18, 2022

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