**Signs of Life in the Second Largest Cryptocurrency as Ethereum Merge Approaches**
**Bitcoin Holds Steady Amidst Weakness in Other Cryptocurrencies**
During the past week, many cryptocurrencies experienced downward pressure. However, Bitcoin managed to maintain its position with a 0.45 percent increase over the past seven days and a 2.86 percent increase in the last 24 hours. Its current price is hovering around $21,300.
**Ethereum’s Merge Tests Drive Price Increase**
Ethereum, the second largest cryptocurrency, witnessed a significant price surge of almost 13 percent within a 24-hour window following the successful run of its highly anticipated merge tests. This merge will enable the full Ethereum network to transition from the proof-of-work mainnet to the proof-of-stake version. The Beacon Chain community manager, superphiz.eth, shared a tentative timetable for the final updates related to the merge.
**Positive Performance of Binance Coin and Polygon**
While many cryptocurrencies experienced weakness, Binance Coin demonstrated a strong performance with a more than 7 percent increase in its price over the last 24 hours. Polygon also experienced a notable gain, surging by 19 percent and reaching a price of $0.70.
**Cardano and Dogecoin Display Bearish Signals**
On the other hand, both Cardano and Dogecoin have shown bearish signs over the past week. However, according to data from Coinmarketcap, they exhibited bullish signs over the last 24 hours.
**Impact of Rising Consumer Price Index on Crypto Prices**
The recent news of the Consumer Price Index (CPI) rising by 9.1 percent in the past 12 months up to June had a negative impact on cryptocurrency prices. This increase is the largest in over 40 years and has affected the prices of essential commodities such as food, housing, and fuel. In response to inflation readings from May, the Federal Reserve raised interest rates by 0.75 percent, the highest hike since 1994. Consequently, investors sold off riskier assets, including cryptocurrencies and stocks.
**Russian Ban on Using Digital Assets for Payments**
Russian President Vladimir Putin recently signed a nationwide ban on using digital assets for payments. While this ban restricts the use of cryptocurrencies as a medium of exchange, it is still possible to buy and hold cryptocurrencies in Russia.
**Final Thoughts**
Amidst the challenges faced by the cryptocurrency market, Ethereum has shown resilience with its positive performance leading up to the merge. Bitcoin has also maintained its position with steady gains. However, other cryptocurrencies, such as Cardano and Dogecoin, have displayed bearish trends. Additionally, the impact of rising inflation on cryptocurrency prices should be closely monitored. The Russian ban on using digital assets for payments is a notable development that may influence the cryptocurrency landscape.
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