Ethereum cruises past US$1,500 as Bitcoin holds the line

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The crypto markets held steady on Tuesday morning, with global market cap rising another 1.93% to US$1.02tln.

Bitcoin maintained the US$22,000 support line while Ethereum continued to outpace the market with a 6.66% rise to US$1,527.

The rally comes following news of an official September 19 date for Ethereum’s long-awaited transition to proof-of-stake (PoS), a move which will significantly upscale the US$185bln cryptocurrency.

Nexo — the Bulgarian crypto lender which has signalled interest in acquiring bankrupt lender Vauld — was the day’s biggest riser, having added over 30% to its US$461mln market capitalisation.

Cardano, Solana and Polygon all opened in the green, though Avalanche saw a slight 1.09% day-on-day decline.

The decentralised finance (DeFi) market continued to perform well, adding 5.17% in total value across all platforms, exceeding the US$84bln mark.

Stand-out protocols included decentralised stablecoin exchange Curve at 8%, decentralised exchange (DEX) 1inch at 3.41%, and THORChain’s RUNE token, which rose by 1.85%.

Not all DeFi platforms were bullish though: SUSHI token suffered a 7.12% decline, while Compound Finance fell by 3.6%.

It was a good open to the day for play-to-earn (P2E) projects, with Decentraland, The Sandbox and Axie Infinity all posting positive results.

In the news

Binance has overtaken Coinbase as the premier Bitcoin exchange after Changpeng “CZ” Zhao announced fee-free Bitcoin spot trading on his centralised exchange.

It’s another blow for Coinbase, after the publicly listed company’s shares fell 70% since April followed by the announcement of an 18% workforce reduction in June.

Yuga Labs, developer of Bored Ape Yacht Club, has warned that its security team has been tracking a “persistent threat group” targeting the NFT community.

“We believe that they may soon be launching a coordinated attack targeting multiple communities via compromised social media accounts,” the company Tweeted on Monday.