Among the outstanding news of the week is the activation of the hard fork London in Ethereum, an event that occurred at the height of block 12,965,000 on August 5. With this update, the EIP-1559 improvement proposal was implemented, through which the mechanism for payment of fees to miners was modified, introducing the concept of “tip” and adding the burning of commissions to the network.
The price of bitcoin approached $ 45,000 for the week. On average, the pioneer cryptocurrency rose by more than 7% over these seven days. For the morning of Monday, August 9, BTC exceeds this level by trading at USD 45,555, as reflected in the market price of Latin America and Spain, according to the CriptoNoticias price calculator.
With CriptoNoticias, those interested can keep up to date on price changes in the bitcoin and ether market in relation to their local currency. To do this, you can visit the BTC and ETH Prices section, which has a calculator to make conversions quickly and easily to your national currency.
These are the most outstanding news:
- The 5 August, almost all major exchanges supported the hard fork London on Ethereum, temporarily suspending the trading of ether (ETH). After the event, which occurred at 12:33 UTC on August 5, EIP-1559 was activated. It is expected that with this improvement the currency will become deflationary and that the amount of commissions will fall . But this is a change that is likely to materialize in the long term. As explained in this medium, ETH will most likely become a deflationary asset after the network has passed proof of stake (PoS) with the implementation of Ethereum 2.0.
- Commission burning was activated from day one from the London fork. 24 hours after the event, around 5,000 ETH had been burned, which is equivalent to about USD 13 million. Among the first effects after the update is the rise in the price of the cryptocurrency . ETH surpassed $ 3,000 on August 7, an amount it hadn’t reached since last May.
- The Secretary of the Treasury of the United States, Janet Yellen, has shown her support for the proposed infrastructure law, a project that raises tax to miners and developers of cryptocurrencies . The official does not agree with the amendment presented by probitcoin senators Ron Wyden, Cynthia Lummis and Pat Toomey, which plans to exempt these sector operators from paying taxes. For that reason, Yellen has lobbied for the changes that these senators are planning to not be approved.
- According to the analysis of members of the ecosystem, if the project is approved infrastructure law in the US would be affected practically anyone who interacts with blockchain networks . That would include developers, node operators, miners, and any other middle man. Among the questions, there is talk of the ambiguity of the terms used in the proposal, which qualifies both miners and cryptocurrency operators as brokers.
- The Commissioner of the European Union, Maired McGuiness, recently proposed to set a limit of 10,000 euros on cash payments to reduce their use within three years. The main purpose of this measure, which is part of a broader package of projects, is to combat money laundering. Instead of paper transactions, the economy would turn to card payments and bank transactions , according to McGuiness in his message.
- In a document shared by the President of El Salvador, Nayib Bukele, the Bank of America refers to four benefits of the adoption of Bitcoin as legal tender in the Central American country. According to the agency, aspects such as remittances, financial digitization, greater options for consumers and the possibility of opening business channels with foreign companies would benefit. Meanwhile, in Uruguay, a bill was presented to regulate Bitcoin. The plan establishes that the regulation would be exercised from the presidency of the Republic. It is also proposed that the State issue up to four types of licenses for this industry.
If you want To know the meaning of several words in the terminology of the crypto world, you can consult them in the extensive Glossary of CriptoNoticias.
HODL: in its beginnings, it was a typographical error of a user of the Bitcointalk forum in 2013. This changed Holding (keep or conserve) by Hodling, to refer to the tactic of many users of keeping their bitcoins or cryptocurrencies without selling them even when they fall in price. The error became popular and is now used to refer to the phrase “keep as if your life were in it”, in reference to the cryptocurrency market.
CryptoNews Glossary.
