With new allegations about Avalanche, the cryptocurrency market is leaving behind a turbulent August. In this article, we have compiled 5 developments that will be effective over the next week.
SEC’s Grayscale warning directly affects the cryptocurrency market
The US regulator SEC is requesting information about the funds Grayscale made available this week. cryptocoin.comAs you follow, the 3 cryptocurrencies on Grayscale’s list are under the spotlight. Talks between the SEC and Grayscale are going on over Stellar Lumens (XLM), Horizen (ZEN), and Zcash (ZEC). If the SEC makes a restrictive decision, Grayscale trust products may be forced to withdraw from the market.
Ethereum’s historic update starts next week
The first concrete steps for the Ethereum merge are coming next week. The first leg of Merge is the Bellatrix update, which will go into effect on September 6th. Ethereum developers are reporting that the Paris upgrade will go into effect on September 10-20. In the coming days, clearer dates and roadmap will be announced about the merge. The latest details are in the blog post below.
Impact of global markets
The global outlook will be one of the key factors influencing the trend in cryptocurrencies next week. One of the important data is the US non-farm payroll data. In addition, PPI data and leading indicators for European CPI will be announced in the next week. Investors in Asia will closely monitor the increasing Covid cases in China. Atlanta Fed chairman Raphael Bostic will finally make new statements this week.
The main item on the agenda is Tornado Cash
One of the most popular topics in the ecosystem in recent weeks has been Tornado Cash. Developer Alexey Pertsev was jailed in the Netherlands after the platform was banned in the US. After these events, it is a matter of curiosity how other platforms will react to the Tornado Cash ban. Tether, one of the company with the strangest attitude, has announced that it will not freeze Tornado Cash-related assets at sanctioned addresses unless specifically requested. Further progress in this area is expected in the coming week.
Additionally, US Senator Tom Emmer, who supports crypto assets, is pressing Treasury Secretary Janet Yellen to provide more information on the penalties.
New developments from bankrupt crypto money companies
Celsius, one of the crypto money companies that collapsed during the June sales, expects an important development next week. On September 1, there will be a discussion of the procedure for the company that declared bankruptcy in the EU to sell its assets by auction. In addition, litigation will take place in the US Bankruptcy Court for the Southern District of New York to obtain authorization for the calendar. As it is known, large companies such as Binance and FTX are allegedly competing for the opportunity to buy assets that are expected to go on sale.
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