{"id":5617,"date":"2022-07-11T11:17:43","date_gmt":"2022-07-11T11:17:43","guid":{"rendered":"https:\/\/xcoins.com\/?p=5617"},"modified":"2023-09-15T09:43:58","modified_gmt":"2023-09-15T09:43:58","slug":"eths-merge-delayed-100-days-as-musks-boring-company-starts-accepting-doge","status":"publish","type":"post","link":"https:\/\/xcoins.com\/en\/blog\/eths-merge-delayed-100-days-as-musks-boring-company-starts-accepting-doge\/","title":{"rendered":"ETH\u2019s Merge Delayed 100 Days as Musk\u2019s Boring Company Starts Accepting DOGE"},"content":{"rendered":"\r\n<p>Spurred on by the recovery of stocks, Bitcoin and the crypto market experienced a bullish week. As a result of unexpected US job figures, Bitcoin climbed above $22,000 for the first time since early June.<\/p>\r\n\r\n\r\n\r\n<p>As the tie between equities and crypto solidifies, experts from across the industry continue to question if the bottom is in or if cryptos have further to fall.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Elsewhere, Elon Musk pulled out of the $44 billion deal with Twitter, Ethereum developers confirmed a slight delay in the transition to Proof-of-Stake, and The Boring Company confirmed that it will begin accepting Dogecoin for rides on its Loop transit system.<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Ethereum developers confirm a 100-day delay to The Merge\u00a0<\/li>\r\n<li>Bitcoin pushes above $22,000 for the first time since June<\/li>\r\n<li>Elon Musk pulls out of $44 billion Twitter deal<\/li>\r\n<li>Musk\u2019s LA-based Boring Company to accept Dogecoin for rides on Loop transit system<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-ethereum-developers-confirm-a-slight-delay-to-the-merge\"><strong>Ethereum developers confirm a slight delay to The Merge<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>Ethereum developers have once again delayed the difficulty bomb, which is set to trigger the long-anticipated Merge. The Merge is the point when Ethereum will officially transition from a <a href=\"https:\/\/xcoins.com\/en\/blog\/proof-of-work-vs-proof-of-stake-the-pros-and-cons\/\">Proof-of-Work (PoW) blockchain to a Proof-of-Stake (PoS) blockchain<\/a>.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>The purpose of the difficulty bomb is to ensure that all Ethereum miners are encouraged to participate in the new PoS network. The bomb will exponentially increase the difficulty of mining which should mean that Ethereum miners have no choice but to either abandon their mining efforts or lock ETH coins in the network to support the new PoS blockchain.<\/p>\r\n\r\n\r\n\r\n<p>After several delays, Ethereum\u2019s co-founder, Vitalik Buterin, suggested in May that the Merge could be triggered in August if testing went to plan. However, with the latest <a href=\"https:\/\/blog.ethereum.org\/2022\/06\/16\/gray-glacier-announcement\">Gray Glacier update<\/a>, The Merge is now unlikely to occur before September.<\/p>\r\n\r\n\r\n\r\n<p>The Gray Glacier (EIP 5133) upgrade has pushed the difficulty bomb back 700,000 blocks. According to experts, this is equivalent to 100 days. Notes that accompanied the Gray Glacier upgrade state that the delay has been implemented to \u201cavoid network degradation due to a premature activation of the difficulty bomb.\u201d<\/p>\r\n\r\n\r\n\r\n<p>There are now more than 13 million ETH coins held within the network\u2019s <a href=\"https:\/\/etherscan.io\/address\/0x00000000219ab540356cbb839cbe05303d7705fa\">ETH 2.0 wallet address<\/a>. According to <a href=\"https:\/\/dune.com\/arch1111\/eth-staking-dashboard\">Dune statistics<\/a>, the deposited ETH accounts for 10.88% of the total ETH supply and has been deposited by over 76,000 network participants.\u00a0\u00a0<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/lh3.googleusercontent.com\/fcBGEk4LAc1Gq86gGOQl8NwiPU_V_ZPegMnHS9zp8wirzv4-hAxlrq_crQJVb1ySO30WzgGiQnPHycieH-j8rdz05RZhadxbjqLLU_9oK9o8xhq7bOWmsgM8VSxvmreGdGYSIwGoAHAPHkr2mww\" alt=\"2 graphs showing Amount of ETH deposited into the ETH 2.0 wallet address over time.\" width=\"1600\" height=\"512\" \/>\r\n<figcaption><em>Amount of ETH deposited into the ETH 2.0 wallet address over time. Source: Dune<\/em><\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-bitcoin-enjoys-a-17-weekly-price-climb\"><strong>Bitcoin enjoys a 17% weekly price climb\u00a0<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>After falling for several months, Bitcoin enjoyed a bullish week against a backdrop of fear, doubt, and uncertainty. The leading cryptocurrency climbed 17% from weekly lows and then fell back to retest the 2017 all-time high support level of $20,000. The coin eventually closed the week out at $20,860.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>As the tie between the crypto and equity markets continues to strengthen, analysts believe that last week\u2019s price increases were thanks, in part, to the rally witnessed in stocks. Stocks enjoyed a buoyant week after the market welcomed a positive US <a href=\"https:\/\/www.cnbc.com\/2022\/07\/08\/jobs-report-june-2022-.html\">June jobs report<\/a> on Friday. Bitcoin climbed to a weekly high of $22,400 on the back of the release.<\/p>\r\n\r\n\r\n\r\n<p>The report detailed that the US economy had added 372,000 jobs during the month of June, which far outpaced the recession-based forecast of 250,000. Experts now believe that the Fed is clear to continue implementing inflation-beating interest rate hikes, which could help to steer the economy away from a dreaded recession.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>With all of the intricacies of the economy and the threat of recession still poignant,\u00a0 the crypto market is now divided between those that believe the \u201cbottom is in\u201d and those that feel prices have further to fall.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>According to Senior Analyst at OANDA, Edward Moya, the depth of the crypto crash will depend on \u201cwhether the stock market made a bottom and if no major crypto company falls into liquidation.\u201d Moya continued to explain that strong June payroll figures and impressive wage growth has helped to quell recession fears for now.\u00a0<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" class=\"aligncenter wp-image-5620\" src=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/07\/Shutterstock_1822987082-2-1024x683.jpg\" alt=\"Bitcoin logo graphic in blue over a graph with a world map in the foreground\" width=\"1024\" height=\"683\" srcset=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/07\/Shutterstock_1822987082-2-1024x683.jpg 1024w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/07\/Shutterstock_1822987082-2-300x200.jpg 300w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/07\/Shutterstock_1822987082-2.jpg 1500w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/07\/Shutterstock_1822987082-2-300x200@2x.jpg 600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\r\n\r\n\r\n\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-elon-musk-pulls-out-of-44-billion-twitter-deal\"><strong>Elon Musk pulls out of $44 billion Twitter deal<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>Tesla and SpaceX CEO, and crypto enthusiast, Elon Musk, has pulled out of the hotly anticipated takeover deal for the social media giant, Twitter. Twitter has been one of the first social media platforms to test the use of cryptocurrencies with content creators.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Unfortunately, Musk\u2019s deal, which was first proposed in April and was set to be worth an estimated $44 billion, has been scrapped due to claims that information provided by the social media giant was false.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>The abandonment of the deal was first discovered after Musk submitted a <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1418091\/000110465922078413\/tm2220599d1_ex99-p.htm\">filing<\/a> with the US Security and Exchange Commission (SEC) on Friday.<\/p>\r\n\r\n\r\n\r\n<p>According to the report, \u201cPreliminary analysis by Mr Musk\u2019s advisors of the information provided by Twitter to date causes Mr Musk to strongly believe that the proportion of false and spam accounts included in the reported mDAU (monetizable daily active user) count is wildly higher than 5%.&#8221;<\/p>\r\n\r\n\r\n\r\n<p>The entrepreneur had openly discussed in May that the deal was to be \u201cput on ice\u201d due to concerns regarding the amount of spam and bot accounts that were active on the social media platform.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Officials from Twitter have always strongly rebuffed claims that spam and bot accounts are higher than recorded figures. According to a <a href=\"https:\/\/www.prnewswire.com\/news-releases\/twitter-board-confident-in-merger-agreement-and-intends-to-close-transaction-at-54-20-per-share-price-301583272.html\">statement<\/a>, the Twitter board remains confident that the deal will be closed at $54.20 per share and is set to take legal action to ensure the merger is upheld.<\/p>\r\n\r\n\r\n\r\n<p>\u201cWe are committed to closing the transaction on the price and terms agreed upon with Mr Musk and plan to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.\u201d<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" class=\"aligncenter wp-image-5622\" src=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/07\/twitter-musk-basket-1-1024x683.jpg\" alt=\"A small shopping cart with Twitter logo and US dollars and bills next to it with Elon Musk in the background\" width=\"1024\" height=\"683\" \/><\/figure>\r\n\r\n\r\n\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-elon-musk-s-boring-company-to-accept-dogecoin\"><strong>Elon Musk\u2019s Boring Company to accept Dogecoin<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>Although Musk, the serial entrepreneur, pulled out of a deal with Twitter last week, another one of his companies &#8211; The Boring Company &#8211; <a href=\"https:\/\/edition.cnn.com\/2022\/07\/06\/business\/boring-company-dogecoin-vegas\/index.html\">confirmed plans<\/a> to accept DOGE for rides on its new Las Vegas transit system.<\/p>\r\n\r\n\r\n\r\n<p>Although initially created as a joke using the meme of a Shiba Inu dog, <a href=\"https:\/\/xcoins.com\/en\/buy-crypto\/dogecoin\/\">Dogecoin<\/a> has now risen to become one of the most popular cryptocurrencies in the market. Musk has been an open fan of the digital coin for several years.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>The new transit system in LA that hopes to incorporate Dogecoin is better known as Loop. On its website, the system is described as \u201can express public transportation system that resembles an underground highway more than a subway system.\u201d The system is entirely electric and carbon emission neutral. Using The Boring Company\u2019s tunnels, passengers travel inside Tesla vehicles which one day could be completely automated. The first Loop station was opened on Friday outside the Las Vegas Convention Center and accompanied the news of Dogecoin acceptance.<\/p>\r\n\r\n\r\n\r\n<p>After rumours of Dogecoin acceptance swept the internet, Musk finally confirmed his support of the integration via a <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1544743525585141761\">tweet<\/a> that was published on Wednesday.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5624\" src=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/07\/boring-comapany-1-1024x576.jpg\" alt=\"Photo of  a long, dark tunnel with cars  with their headlights on\" width=\"1024\" height=\"576\" srcset=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/07\/boring-comapany-1-1024x576.jpg 1024w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/07\/boring-comapany-1-300x169.jpg 300w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/07\/boring-comapany-1.jpg 1500w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/07\/boring-comapany-1-300x169@2x.jpg 600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\r\n\r\n\r\n\r\n<p><em>To stay up to date on all things crypto, like Xcoins on <\/em><a href=\"https:\/\/www.facebook.com\/xcoinsofficial\"><em>Facebook<\/em><\/a><em>, and follow us on <\/em><a href=\"https:\/\/twitter.com\/realxcoins\"><em>Twitter<\/em><\/a><em>, <\/em><a href=\"https:\/\/www.instagram.com\/xcoins.hq\/\"><em>Instagram<\/em><\/a><em>, and <\/em><a href=\"https:\/\/www.linkedin.com\/company\/54161996\/\"><em>LinkedIn<\/em><\/a><em>.<\/em><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Spurred on by the recovery of stocks, Bitcoin and the crypto market experienced a bullish week. As a result of [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":5618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-5617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>ETH\u2019s Merge Delayed 100 Days I Xcoins<\/title>\n<meta name=\"description\" content=\"Positive jobs data quell recession fears and boost stocks and crypto, Musk abandons his Twitter deal, and the Ethereum Merge is delayed by 100 days.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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