๐ ETH fork (PoS): your stablecoins (USDT, USDC) in dangerโโ
Hi friends! Ethereum change it`s network in the upcoming days. It is expected to be on September 15-16. If you know, the owners of ETH you have to be prepared for this.
๐ In fact, the price instability of Ethereum is highly expected. It will be related to the instability of the network itself when switching to PoS.
Also, it is especially unclear what will happen to Stablecoins, as the largest Stablecoins such as USDC, USDT ($130B in total) run on the ERC-20 network. This network is pegged to Ethereum. All owners of these stabelcoins will be given an equivalent amount of coins, but on a different network.
๐ฉ This means that the number of stabelcoins will double, but the assets that actually secure them will not. Because of this, we can expect de-pinging of some stabelcoins and instability of the entire crypto market.
๐ An issue that few people think about is where to store their Ethereum and Stablecoin holdings, which are based on the Ethereum network. In this case, there are 2 options: store on an exchange wallet or on an on-chain wallet. The new coins will get ONLY the owners of on chain wallets and the users of some exchanges that tsupport the fork.
๐ฉThe wallets difference:
๐ฅ exchange wallets are just show the numbers of coins that you have, but they hold it in the exchanges big pull of liqudity (one or several large storages). If you hold your ETH on exchanges, it`s a just 'numbers on the board' and physically you don't own your crypto.
The exchanges that support the ETH MERGE: poloniex, bitmex, gate.io. As you can see there are no Binance, Coinbase, ByBit etc. The largest exchange still not support the merge. Thats mean that some of them may not give you the second ETH or new stablecoin not on ERC-20 (USDT, USDC).
๐ฅ on-chain wallets such Metamask, Trust Wallet don`t have your crypto keys and physically you are the owner of your crypto. In this case you will got 2 ETHs: ETH on Proof of work and ETH on Proof of Stake.
Also pay attention to the projects which run on Ether and especially to the altcoins, NFT products etc.
โ Traders, be carefull during these days before the merge and look for exchanges announce.
๐ฉ I think ETH can easilly reach $2,000 in 1 week but manipulations and dumps are also possible. If you take a look on the volume, the bars are decrease with the traders activity. Usually such pattern lead to the big moves of the price.
โ Friends, was this idea usefull for you? Write in the comments!
๐ปPress the "boost"๐ button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
๐ In fact, the price instability of Ethereum is highly expected. It will be related to the instability of the network itself when switching to PoS.
Also, it is especially unclear what will happen to Stablecoins, as the largest Stablecoins such as USDC, USDT ($130B in total) run on the ERC-20 network. This network is pegged to Ethereum. All owners of these stabelcoins will be given an equivalent amount of coins, but on a different network.
๐ฉ This means that the number of stabelcoins will double, but the assets that actually secure them will not. Because of this, we can expect de-pinging of some stabelcoins and instability of the entire crypto market.
๐ An issue that few people think about is where to store their Ethereum and Stablecoin holdings, which are based on the Ethereum network. In this case, there are 2 options: store on an exchange wallet or on an on-chain wallet. The new coins will get ONLY the owners of on chain wallets and the users of some exchanges that tsupport the fork.
๐ฉThe wallets difference:
๐ฅ exchange wallets are just show the numbers of coins that you have, but they hold it in the exchanges big pull of liqudity (one or several large storages). If you hold your ETH on exchanges, it`s a just 'numbers on the board' and physically you don't own your crypto.
The exchanges that support the ETH MERGE: poloniex, bitmex, gate.io. As you can see there are no Binance, Coinbase, ByBit etc. The largest exchange still not support the merge. Thats mean that some of them may not give you the second ETH or new stablecoin not on ERC-20 (USDT, USDC).
๐ฅ on-chain wallets such Metamask, Trust Wallet don`t have your crypto keys and physically you are the owner of your crypto. In this case you will got 2 ETHs: ETH on Proof of work and ETH on Proof of Stake.
Also pay attention to the projects which run on Ether and especially to the altcoins, NFT products etc.
โ Traders, be carefull during these days before the merge and look for exchanges announce.
๐ฉ I think ETH can easilly reach $2,000 in 1 week but manipulations and dumps are also possible. If you take a look on the volume, the bars are decrease with the traders activity. Usually such pattern lead to the big moves of the price.
โ Friends, was this idea usefull for you? Write in the comments!
๐ปPress the "boost"๐ button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
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