Ethereum's open interest exposes the momentum the cryptocurrency is gaining among institutional investors as the network's transition to the Proof of Stake consensus protocol approaches. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
The Merge Attracts Institutional Investors to Ethereum
📍Blockchain and crypto market analytics firm GlassNode has reported that institutional investors are betting heavily on The Merge on EthereumAccording to data collected by the company, the Ethereum merge event, which will migrate to the Proof of Stake protocol next month, represents a great opportunity for investors, who are positioning themselves in the futures and options market as The Merge approaches.
In his last weekly newsletterGlassNode noted that institutional investors are betting on a significant rise in the price of Ether (ETH) for next September.
“For the first time in history, Ethereum options open interest at $6,6B is now higher than Bitcoin’s at $4,8B”, the firm noted. While investor positions in Ethereum do not represent an all-time high yet, GlassNode noted that Ethereum’s open interest exposes how institutional investors are using the depth of the futures and options markets to gain exposure to ETH ahead of The Merge.
Ethereum 2.0: The Merger of Goerli into Beacon Chain
📍Meanwhile, Ethereum developers are preparing to migrate the Goerli testnet to the Beacon Chain this Wednesday. The trent.eth Twitter account has reported that the transition from Ethereum’s public testnet, Goerli, to the Ethereum 2.0 Beacon Chain is scheduled for today, Wednesday, August 10.
Ethereum 2.0 lead developer Tim Beiko had reported last week that Goerli would be merging with Ethereum's Beacon Chain between the 6th and 12th of this month.
Reddit selects Arbitrum Nova to develop a new crypto initiative
📍Community Points is Reddit's new initiative in the crypto ecosystem. The social media platform has chosen the Arbitrum Nova network, from the Arbitrum One ecosystem, to develop its new Community Points initiative, with which it seeks to provide greater utility to its community in the cryptocurrency ecosystem.
This Tuesday, Arbitrum One's development team, Offchain Labs, reported on the Launch of the new Arbitrum Nova network. This is focused on improving the scalability and security of the Arbitrum ecosystem, in order to respond to the demands and needs of developers, while projects can use an innovative network to scale easily, thanks to affordable performance and costs.
Nepal considers issuing a CBDC
📍The Republic of Nepal is considering issuing a central bank digital currency (CBDC). The director of the currency management department of the Central Bank of Nepal, Revati Nepal, revealed that a working group in the country has submitted a proposal to issue its own digital currency for the Nepalese rupee.
According to the bank's executive, both the central bank and legislators are analyzing the proposal to issue a CBDC in the country, studying the possibilities and risks.
Iran imports goods using Bitcoin
📍Iran has placed its first import order for $10 million, which will be paid for using Bitcoin. The Middle Eastern and West Asian country had announced in April last year that it would use Bitcoin to overcome economic barriers imposed by US government sanctions.
Now, according to Alireza Peymanpak, deputy minister of Iran's Ministry of Industry, Mines and Trade, the country has made its first move to import goods and raw materials using the cryptocurrency, thereby boosting Bitcoin's entry into international trade.
«By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries», Peymanpak said.
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