Ethereum Futures Enter Backwardation Ahead Of Merge – August 1

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $23,218

Bitcoin price has cooled off a little further over the weekend, slumping into the lower $23,000s to begin the week.

Top-20 altcoins are mostly down over the last 24 hours of trading, as Ethereum drops 3%, BNB falls 2% and Ethereum Classic correct 8% after a monster rally.

Top Stories for August 1, 2022 πŸ”₯

πŸ‘‰ Ethereum Futures Enter Backwardation Ahead Of Merge

The price of Ethereum futures has dropped below the spot price – a phenomenon called “backwardation”. Usually a sign of pessimism, analysts say it may actually be bullish in the current scenario.

Former VP at Genesis Trading Roshun Patel claims that futures has entered backwardation due to the chance of Ethereum hard-forking before the proof-of-stake Merge. Some traders are buying Ethereum in anticipation of a hard-fork, while offsetting their risk by selling futures contracts.

Bitcoin Cash futures similarly fell into backwardation back in 2020 when the network split into BCH and BSV.

πŸ‘‰ Aave Governance Passes Proposal For GHO Stablecoin

DeFi giant Aave’s governance has passed its proposal to launch its very own stablecoin, with 99% of votes in support of the action. Users will be able to mint the “GHO” stablecoin against tokens they have supplied to the protocol as collateral.

GHO holders will continue to earn interest on collateral supplied to the protocol, just like any other depositors. Interest payments on GHO will be sent to the Aave DAO, generating revenue and bolstering the treasury.

πŸ‘‰ Lime & Salesforce Deny Partnerships With Helium, According To Outlets

It has been reported by The Verge and Mashable that both Lime and Salesforce have denied using any technology from decentralized wireless network Helium.

The logos are displayed on the Helium website, despite no working relationship with either company. Lime has revealed that it performed a brief initial test with Helium in 2019, however has had no contact with the company since.