CoinMarketCap News, July 20: Why Is ETH Rallying So Hard?

CoinMarketCap News, July 20: Why Is ETH Rallying So Hard?

4 months ago

Also today, Mike Novogratz believes the worst is over for crypto — and BTC will one day hit $500,000. His predictions have been wrong before.

CoinMarketCap News, July 20: Why Is ETH Rallying So Hard?


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Editor's Note: Why Is ETH Racing Higher?

Molly Jane Zuckerman writes...

Today, the crypto markets are seeing almost all green.

But no crypto is up as much as Ether, clocking in at an almost 50% gain in price over the past week. Bitcoin and BNB are the next biggest gainers on CMC's top 10, but they’re still only showing weekly gains of 20%.

Why is Ethereum pulling away from the rest?

The most popular explanation is "the merge" — the ever imminently approaching change from PoW to PoS. Just last week, Ethereum developer Tim Beiko noted during a developer’s call that Sept. 19 was the latest proposed date for this switch.


A quick look at our past coverage of potential merge dates includes Beiko noting in April that the merge would be "likely in the few months after" June — and ETH core developer Preston Van Loon saying in June that the merge would happen "August — it just makes sense."

Neither of these comments moved ETH's price much at the time — after Beiko's comments on April 13, the coin went up about $10. And after Van Loon’s comments on May 20, ETH actually went down by about $50.

Perhaps this more firm date for the mythical "merge" — Sept. 19, rather than "in a few months" — is sparking the latest price rise. Perhaps some big ETH traders know something that we don't know. Or perhaps it’s just a coincidence, in a market that is known for its wild unpredictability.

Bitcoin races to $23,750! 📈

Bitcoin's smashed through stubborn resistance on Tuesday — hitting $23,500 for the first time since early June. The world's biggest cryptocurrency has cracked the 200-week moving average as a result, but analysts fear that the gains may be short-lived. On Twitter, Rekt Capital said BTC needs to secure a weekly close above $22,800 to prove that it's turned a corner — but a lot can happen between now and Sunday. Ether is now nearing $1,600 — up 50% in a week — and altcoins including Solana, Polygon and Avalanche are also performing strongly. Crypto investors have been desperately looking for a sign that the bear market may soon bottom out.

It's a date! 👀

A high-stakes trial between Twitter and Elon Musk will begin in October, a judge has ruled. The social network is suing the billionaire for attempting to pull out of an agreed $44 billion takeover. Twitter had wanted a non-jury trial to begin in September, while Musk was lobbying for the case to be heard next year. During a hearing on Tuesday, Twitter's lawyers accused Musk of "attempted sabotage" — and claimed "he's doing his best" to run the company down. The entrepreneur's legal team dismissed these allegations as "preposterous" — arguing this makes no sense given how he has a larger stake in Twitter than the company's own board of directors.

NFT sector is under attack 🚨

The NFT sector is coming under increasing attack from phishing scams, with yet another social media influencer targeted on Tuesday. In the latest incident, Zeneca's Twitter profile was compromised — and a post directed unsuspecting victims to a fake airdrop. "DO NOT MINT" ended up trending on Twitter. All of this comes days after Yuga Labs, the company behind Bored Ape Yacht Club, warned a "persistent threat group" targeting the NFT community was planning a coordinated attack. Zeneca has now regained access to their Twitter account — but they're unsure how the scammers managed to take control.

U.S. fights North Korean hackers 🇺🇸

U.S. detectives have managed to recover over $500,000 in crypto that was paid to North Korean hackers following ransomware attacks. The FBI and Justice Department sprang to action after a medical center in Kansas was attacked. State-sponsored cyber criminals had encrypted hospital servers that were used to store critical data and operate key equipment. The crypto transaction was traced using blockchain analytics — and "breadcrumbs" led the FBI to China-based money launderers who help Pyongyang cash out ransom payments. It's believed North Korea uses these ill-gotten gains to fund its nuclear weapons program.
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