Weekly Flip Thru: Ethereum Merge On Track, Number of Bitcoin ATMs Passes 39K Globally

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Too much fun in the sun? We feel you. Take a break from scorching summer temps, apply some aloe vera, sip some cucumber water, and chill out with the latest crypto news from around the world. The headlines we’re seeing this week show encouraging signs for the Ethereum merge, major milestones in the bitcoin ATM industry, and a serious booster shot for crypto markets coming from institutional investment firms.

Here’s the latest news in crypto for the week of August 15, 2022.

Ethereum network clears latest testing hurdle, on track to merge to proof of stake (Watcher Guru) The third and final testnet for the ethereum network’s transition to proof of stake was carried off successfully. Focus now shifts to the final merge in the month ahead. The network’s native token is ether (ETH) and it’s currently the world’s second-largest cryptocurrency by market capitalization. The price of ETH surpassed $1,800 during the week of August 8, 2022 and has posted gains of more than 75% over the past 30 days. These price gains are largely buoyed by news of the impending merge onto a proof of stake consensus mechanism, which promises to deliver less environmental impact and has implications for the network’s scalability and speed further down the road.

The number of bitcoin ATMs worldwide surpassed 39,000 (Bitcoin.com) Cha-ching. That’s the sound of cash turning into crypto across the globe. This latest benchmark is near and dear to us here at CoinFlip as we operate the world’s largest network of bitcoin ATMs by transaction volume. The growth has been remarkable to witness. Can you believe there were fewer than 1,000 bitcoin ATMs installed in 2017? Fast forward a few years, and a staggering growth rate of nearly 4,000% puts the global tally close to 40,000 machines installed across 77 countries. Time flies!

More reading: What is a bitcoin ATM and how does it work?

Blackrock now offers investors direct access to crypto in deal with Coinbase (The Block) Global investment manager Blackrock launched a spot bitcoin private trust in partnership with the popular crypto exchange Coinbase. Blackrock cited “substantial interest from some institutional clients” in a statement about the trust. For now, U.S.-based investors will have access to the trust via Coinbase Prime and it will only feature direct exposure to bitcoin.

Crypto is making a comeback (CNN) Is this latest crypto winter starting to thaw? That may be the case since there’s been a string of weeks with steadied sentiment from investors and a major player buying into the bitcoin space. That major player would be investment titan Blackrock (see above). Even though Coinbase reported a loss for the second quarter of 2022, many crypto market watchers have tossed out the idea that bitcoin prices have seen a bottom. Bitcoin has been hovering around the $23,00 - $24,000 price point for a couple of weeks now. Will it rally above that mark in the coming weeks? We’ll have to wait and see.

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