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According to data, cryptocurrency exchanges are profiting from an increase in trading activity even if the price of cryptocurrencies is trading in the negative territory.
Data from Crypto Compare shows that on September 16, the seven-day daily moving average for cryptocurrency trade volumes jumped from $18.1 billion on September 6 to $28.6 billion.
Trading volume has increased as Ethereum switches from proof-of-work to proof-of-stake. The changeover sometimes referred to as The Merge, took place last week.
According to data, ETH traders dominated the volume rise on FTX.US, which accounted for about 43% of all exchange volume over the previous 24 hours.
Regarding cost, the 24-hour price for ETH indicates a slight increase of almost 2.6% at a cost of $1,468.23. Over the past month, it has decreased by more than 20%. One of the most important developments in the cryptocurrency sector is the Ethereum 2.0 update. The September Merge would be required if phase 2 of the three stages of migration to the PoS system was successful.
The procedure was started in December 2020 with the debut of The Beacon Chain. Sharding and other scalability features will be introduced during the third phase. Additionally, it will dramatically cut down on how much energy the blockchain uses. The Merge is also anticipated to encourage traders to take the “buy the rumor, sell the news” stance.
Finally, the Ethereum Merge is happening. In this instance, whales are shifting their ETH to exchanges before the cutoff. The Merge is the name given to Ethereum’s switch from Proof-of-Work (PoW) to Proof-of-Stake consensus (PoS). The current Ethereum chain and the new Beacon chain will combine as a result of this update. One of the most significant changes to the Ethereum network since its inception will result from this. Recently, the Ethereum Foundation disclosed that the Merge might happen sooner than expected.
There will be a PoS switchover on the mainnet between September 10 and September 20. After the Bellatrix upgrade, it will take place. According to research, the top non-exchange Ethereum addresses have been reducing their holdings in this situation.
According to research, during the past three months, the value of Ethereum assets held in non-exchange addresses has decreased by 11%. Whale on-exchange address holdings also increased by 78% at the same time.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
