Bitcoin price is above $22,100 currently. A glance at the daily chart reveals the price rallied last Friday as Wall Street ended higher third straight session – the first series of three daily gains in a row in the last twenty sessions. The downward trend reversal is not complete yet, but is likely to happen – if sentiment doesn’t flip again!
Traders are awaiting the US inflation report due tomorrow, hoping that consumer price index data for August will show that US inflation retreated further from 40-year highs it hit earlier this year. Meanwhile Ethereum started its Merge, Coinbase sued the US Treasury Department and Celsius Network was accused of running a Ponzi scheme
Ethereum began its transition to the highly anticipated proof-of-stake consensus algorithm last Tuesday. The network is concluding the first phase of its update with the Bellatrix upgrade, which will prepare the Ethereum blockchain for the merge. The next "Paris" upgrade will complete the merge, which is expected to finalize sometime between September 15-20.Crypto exchange
The cryptocurrency exchange Coinbase announced it is funding a lawsuit brought by six people challenging the US Treasury Department’s sanctions of the Tornado Cash smart contracts. The lawsuit claims sanctions exceed Treasury’s authority, harm innocent people, remove privacy and security options for crypto users, and stifle innovation. Coinbase is asking the court to remove Tornado Cash smart contracts from the US sanctions list.
Filings from the Vermont Department of Financial Regulation in US allege the crypto network Celsius was insolvent as early as 2019. Furthermore, in its 341 bankruptcy meeting, where creditors question debtors under oath, Celsius admitted that the company never earned enough revenue to support the yields paid to investors. Vermont regulators contend this suggests yields to existing investors were probably paid with assets of new investors, a main feature of a Ponzi scheme.
