‘A Milestone’ – Bitcoin and Crypto Giant Binance Reveals Ethereum Price Game Changer Ahead of Major Upgrade

Bitcoin
BTC
Ethereum and other major cryptocurrency prices are in trouble as traders try to guess where the Federal Reserve will land in its battle against inflation.

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Bitcoin price has tracked Ethereum price over the past few weeks and months as hype builds over its long-awaited major upgrade, with a potential “black swan” event taking place. comes on his heels.

Now, bitcoin and crypto giant Binance, the world’s largest crypto exchange by volume, has revealed that it is expanding its no-fee trading to include Ethereum in the run-up to and after the merger upgrade. Ethereum (and after Ethereum co-founder Vitalik Buterin issued an urgent update warning).

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The Ethereum merger upgrade, which is expected to begin Tuesday with the bellatrix hard fork and not complete until September 10-20, will mean that the network will move from the energy-intensive proof-of-work consensus mechanism to the most energy efficient. proof of stake. The change is expected to reduce Ethereum’s carbon emissions by 99%, according to the Ethereum Foundation.

Binance, which will waive fees for customers trading Ethereum using Binance’s BUSD stablecoin
BUSD
through September 26, described the impending Ethereum upgrade as “an important milestone for the Ethereum ecosystem and the greater Web3 ecosystem that all users should have the opportunity to be a part of.”

Following the crash in cryptocurrency prices this year, which led to a sharp decline in trading volumes, crypto exchanges have increasingly followed free trading pioneer Robinhood in offering crypto trading at low or free of charge.

Binance’s move “may indeed represent a bit of a ‘market-taking’ strategy,” said Sipho Arntzen, Next-Gen Research Analyst at Julius Baer, Told the FinancialTimeswho broke the news.

“This break in rank by Binance may represent the start of a trend towards zero-fee trading among large centralized exchanges. We may have a situation in the future where zero-fee trading is the norm rather than the exception, similar to what we’ve seen in the world of traditional finance.”

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Despite the hype of the Ethereum merger upgrade, the crypto market has stalled at just under $1 trillion combined.

“Bitcoin remains firmly anchored at the psychologically significant $20,000 level, changing only fractions of a percent for nearly a week,” FxPro senior market analyst Alex Kuptsikevich said in a note sent by email. mail. “Ethereum continues to draw green candles, but it’s more than nominal growth.”

Last month, Binance followed one of its biggest rivals Coinbase in saying it would suspend Ethereum deposits and withdrawals as the blockchain transitions to its Proof-of-Stake (PoS) beacon chain in september.