Another exciting week in crypto space is coming to an end. The most important events around BTC and Co. at a glance.
ETH Merge in September?
After a few stumbling blocks, the date for switching the Proof-of-Work consensus mechanism to Proof-of-Stake on the ETH network should fall on August.
ETH developer Superphiz presented a plan of the next steps for the merge, which developer Tim Beiko is said to have suggested. The merge could therefore only take place in September. However, the developer emphasized that the data is not final.
This merge timeline isn't final, but it's extremely exciting to see it coming together. Please regard this as a planning timeline and look out for official announcements!https://t.co/ttutBceZ21 pic.twitter.com/MY8VFOv0SI— superphiz.eth 🦇🔊🐼 (@superphiz) July 14, 2022
Crypto lender Celsius officially files for bankruptcy
One would have thought that the crypto lending provider in distress might still get the curve. Because Celsius was able to pay off some of its debts, despite difficult conditions in the crypto market.
But now the crypto company officially admits to its insolvency and initiated appropriate insolvency proceedings.
You can find out more here: Celsius reveals a $1.2bn balance sheet hole
Twitter is taking Elon Musk to court
It started as a crypto tussle between the richest person in the world and the social network. Now a judge’s hammer should herald the end of the short affair.
The Twitter deal seems to have burst, Elon Musk rowed back with his 44 billion US dollars. However, the platform sees things a little differently. Twitter now wants to enforce the deal in court.
You can find more information about the debacle here: Twitter shares are 36% cheaper compared to Elon Musk’s takeover bid
3AC founders on the run
Vacant offices, court cases initiated: The end of the hedge fund Three Arrows Capital (3AC) does not sound like a happy ending. Only recently did the company have to announce its insolvency using a corresponding procedure.
According to media reports, the two founders can no longer be found. Have 3AC bosses fled the crypto disaster?
You can find more details in this in-depth article: Are the 3AC bosses on the run?
The euro falls to one US dollar
A historic low: the euro has reached parity with the US dollar. One euro is therefore equal to one US dollar. At times, the currency of the euro zone even slipped below the greenback.
Such a low was last recorded in 2002. Rising inflation rates, the ongoing war in Ukraine and skyrocketing energy prices are likely to be responsible for the weakening euro.