The Ethereum (ETH) network will be forking on Thursday the 15th of September at approximately 10am Sydney time, 8am Singapore time. The exact time of the fork will be determined based on an algorithm explained here. If the timing changes significantly, we will send an update closer to the time.
Independent ReserveMarket update
After a shaky first quarter, Bitcoin hit a new high for the year on March 29 around AU$65.6K. Glassnode reports that over the past week a net US$1.5 billion (AU$2B) worth of Bitcoin and US$1.7B (AU$2.25B) of Ethereum departed exchanges, while a net US$451.8M (AU$599M) of USDT flowed in. The Bitcoin price however finished the week down 5% at AU$61,650 (US$46.5K), while Ethereum increased 1% to AU$4,650 (US$3.5K). Cardano was down 2%, XRP lost 8% and Dogecoin also finished flat despite a spike in the aftermath of Elon Musk buying a slice of Twitter. The Crypto Fear and Greed Index is at 52, or Neutral.
Independent ReserveMarket update
Normal service has resumed, with Bitcoin now up by 35% since Russia's invasion of Ukraine tanked markets in February. Analyst Will Clemente observed: “Bitcoin has closed above short term holder cost basis for the first time since Dec. 3. Hard to be bearish as long as BTC is above.” Tether just printed 1 billion USDT in four days, Ethereum gas fees for DeFi transactions are back around US$20 (AU$27) and memecoin insanity has returned because of course there's already a Will Smith slap token and a DAO. The BTC price is up a whopping 11% since this time last week and currently sits at around AU$63,000 (US$47,100). Analysts who were bearish recently, are now talking about a new all time high. Ethereum gained 11% and is trading around AU$4,500 (US$3.3K), XRP was flat, Cardano added 24% and Polkadot was up 13%. The Crypto Fear and Greed Index is at 60, or Greed, for the first time in March.
Independent ReserveMarket update
With the market growing more accustomed to the Ukraine war, and inflation and interest rate rises, the Crypto Fear and Greed Index has recovered slightly to 30, or simply 'Fear'. Bitcoin has spent most of the week in the mid AU$50Ks, and it’s currently 1% up on seven days ago to trade around AU$55,500 (US$41K). With signs the years-in-the-making Merge is finally coming closer to reality Ethereum jumped 8% to trade at AU$3,900 (US$2.8K). Separately, XRP increased 5% and Cardano and LINK are up 10%.
Independent ReserveMarket update
Although Bitcoin managed to break above AU$60K (US$43K) a few times, at the time of writing it had pulled back to around AU$58,700 (US$42.3K) for a -2% finish to the week. Ethereum gained 1.5% this week and is up around AU$4,400 (US$3.2K) while Cardano surged on positive network metrics and announcements and is up significantly by 38%. XRP was flat, Polkadot (4.5%) and Dogecoin (17%) both saw more significant gains. The Crypto Fear and Greed Index is at 22, or Extreme Fear which is pretty much where it's been stuck so far in 2022.
Independent ReserveMarket update
Crypto markets are seeing a price correction with many altcoins down by double digits this week. As usual, there are plenty of potential contributing factors, with inflation hitting a 40 year high in the US potentially forcing the Federal Reserve to accelerate its tapering plan and Chinese real estate giant Evergrande being declared in restricted default after failing to repay overseas bond holders. Bitcoin has also dipped below the 200-day moving average, which is never a good sign and finishes the week down 10% to trade around AU$65,500 (US$46,800). Ethereum lost 16% and is trading just above AU$5,300 (US$3,800). Cardano (-16%), XRP (-8%) and Dogecoin (-14%) all lost ground. The Crypto Fear and Greed Index is at 28, or 'Fear'.
Independent ReserveMarket update
'Moonvember' isn't quite as catchy as 'Uptober' but Bitcoin and Ethereum have still been making new all time highs. On November 10, Bitcoin hit AU$93,450 (US$68,514) before plunging 10%. It’s currently 3.9% down for the week and is trading around AU$87,100 (US$64K). ETH's new ATH that same day was AU$6,612 (US$4,834) and it is currently 4.3% down for the week at AU$6,238 / US$4,563. Cardano lost 4.8% during the past week, XRP lost 8% and Dogecoin (-7.2%). The Crypto Fear and Greed Index is at 72, or ‘Greed’. Onchain analyst Willy Woo thinks high expectations are holding back a bigger price run. "Whenever everyone's bullish, it's very difficult for the price to run upwards because you get a whole lot of speculative long positions in the markets and that makes it very, very profitable to take the other side and short it," he said. "The majority is very seldom right."
Independent ReserveMarket update
After a big surge yesterday, and another one this morning, Bitcoin is officially in all-time high territory again against USD, AUD, SGD, and NZD. The price is up 7% in 24 hours, and 9.5% on the week. Analyst Rekt Capital has just posted a chart suggesting a blistering end to the year: “One final resistance left before #BTC enters its parabolic phase of the cycle.” Ethereum cruised on through to hit a new all-time high of AU$6,503 (US$4,822) a few hours ago and is currently trading up 8% on the same time last week at AU$6,480 (US$4,800). Cardano was up 6%, XRP gained 14%, Polkadot (4%). The Crypto Fear and Greed Index is at 75 or Greed.
Independent ReserveMarket update
Uptober was a great month for investors, with Bitcoin up 39.9%, for the best result since December last year. Glassnode points out that in USD value, the total price range of the candle of $23,205 (AU$30,850) was larger than Bitcoin's entire price range in the decade or so from genesis to December 2020. (Incidentally, October 31 marked 13 years since the release of the Bitcoin white paper). This week however the coin fell 6% and finished up around AU$81,250. Ethereum also pushed into price discovery on October 29 with a half trillion USD market cap (AU$676B) and is currently around AU$5,750. XRP was fairly flat, Polkadot gained 9%, Dogecoin was up 2.2% (but was pushed out of the top ten by meme clone Shiba Inu), Uniswap gained 2.2% and Cardano lost 12%. The Crypto Fear and Greed Index is at 74 or Greed.
Independent ReserveKnowledge base
On August 5 2021, Ethereum developers implemented five improvement proposals to the network. EIP-1559, a fee burning mechanism, was one of these upgrades introduced in the ‘London’ hard fork on this date. The Ethereum network had never burned tokens until this hard fork.
Independent ReserveMarket update
‘Uptober’ seems to be going well for Bitcoin in particular, with the price increasing 13% this week to around AU$78,000 (US$57.3K), its highest level in five months. Expectations are now high for a big fourth quarter, and with April’s ATH of AU$84.7K (US$64.9K) back in sight, "all data science models suggest that BTC will peak much higher than US$100,000 (AU$136K) in this cycle,” analyst Rekt Capital said. While alt season may be a little way off just yet according to trader Pentoshi, it is coming. Ethereum was up 4% to around AU$4,800 (US$3.5K), XRP (9.35%), Polkadot (9.1%). But Cardano fell 1.1%, Dogecoin (-3.8%), Chainlink (-5.6%). The Crypto Fear and Greed Index is at 71, or Greed.
Independent ReserveMarket update
Bitcoin topped US$50K (A$69.3K) in the past 24 hours, its highest level since early May. Bitcoin peaked at almost US$65K (A$87K) in April then lost more than half its value between mid-May and late June. Bitcoin is up 4% for the week and 44.6% for the month and it's currently trading around A$69K. Ethereum increased 2.2% for the week and is trading at A$4,620. Cardano is up 35.4% for the week as anticipation for the "Alonzo" upgrade grows. The Crypto Fear and Greed Index is at 79 or extreme greed.
