Coinlive Morning Post - August 25

headlines

▌Ethereum Foundation Confirms September 6th as Ethereum Merger Date

Ethereum developers have officially confirmed September 6th as the date for the ethereum merger. “After years of hard work, Ethereum’s proof-of-stake upgrade is finally here. All public testnet upgrades are now complete and the merge has been scheduled for Ethereum mainnet,” the Ethereum Foundation said in a blog post on Wednesday. Will be split into two upgrades, called Bellatrix and Paris. According to the blog post, Bellatrix is on September 6th at 11:34am UTC, while Paris will be triggered sometime between September 10th and September 20th.

cryptocurrency

▌Data: 998 BTC transferred from Gemini to Coinbase

▌Coinbase will list cbETH, which represents pledged ETH and pledged interest

Coinbase will support Coinbase Wrapped Staked ETH (cbETH) on the Ethereum network. The cbETH price does not track the ETH price 1:1. cbETH represents the pledged ETH plus all its accrued pledge interest, starting from the conversion rate and balance of cbETH when initializing Start (19:34 UTC, June 16, 2022). Currently, Coinbase already supports cbETH deposits, and if the liquidity conditions are met, trading will begin on or after 9:00 AM PT on August 25, 2022. Once a sufficient supply of the asset is established, trading for the CBETH-USD trading pair will be launched in stages. It is reported that Coinbase Wrapped Staked ETH (cbETH) is a utility token representing ETH2, which is ETH pledged through Coinbase. cbETH can be sold or sent off-platform, while ETH2 will remain locked until future protocol upgrades.

▌Tether: U.S. law enforcement agencies have not contacted Tether to request the freezing of OFAC sanctioned addresses

Tether's official statement stated that it has not received any instructions from relevant law enforcement agencies to "freeze Tornado Cash's addresses subject to OFAC sanctions", and will maintain the status quo and wait for instructions. Tether said it has been working closely with law enforcement around the world to assist with the investigation, including freezing addresses. Liaising with major law enforcement officials almost every day, when Tether receives a legitimate request from a verified law enforcement agency to freeze private wallets, the company will comply with the regulations (will not freeze wallets of trading platforms or encryption services).

important economic developments

▌Nobel Laureate Stiglitz: Raising interest rates too quickly may exacerbate inflation

Nobel laureate economist Joseph Stiglitz said central banks raising interest rates too aggressively to curb supply-driven inflation risk exacerbating price rises. "Raising interest rates is not going to solve the supply side of things," he said. "It could even make it worse because what we need to do now is invest more in supply-side bottlenecks, and raising interest rates will make those investments more difficult." "How higher rates will bring more food , more energy, and solve the chip supply problem? Not at all,” Stiglitz said. "They won't address the underlying root causes of the problem, and there is a real risk that it will get worse."