social 3 Institutional investors are driving the cryptocurrency market upwards!

Institutional investors are driving the cryptocurrency market upwards!

-Blackrock, the worlds largest asset manager, last week launched a spot bitcoin private trust, available to U.S. institutional investors.

-Lending activities in the crypto space have seen a bounce, according to Luke Farrell, crypto trader at GSR.

-The Ethereum Merge is a highly-anticipated upgrade that will transition Ethereum from proof-of-work to proof-of-stake, a consensus mechanism that is much more energy efficient, and will pave the way for the blockchain to be cheaper and more productive.

-According to blockchain data, the number of addresses holding over 100 ether, 1000 ether and more than 10,000 ether have seen a sharp rise, Dunleavy noted.

-Some traders have been borrowing ether with anticipation of a Ethereum hard fork. In late July, Ethereum miner Chandler Guo proposed to fork, or split the chain, with one that continues to be based on the proof-of-work consensus mechanism.

-The contagion from some major crypto companies collapse is not over. Genesis, one of the largest crypto lenders, said it has laid off 20% of its workforce.

 

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