Meanwhile, there continues to be added optimism for ETH during this time, as the token surpassed US$2,000 on Aug 13 since May 13 with renewed hope towards the completion of its blockchain’s much-anticipated software upgrade known as “the Merge”.
The Merge involves a move from proof-of-work (PoW) mining to proof-of-stake (PoS) instead which will use a significantly lesser amount of energy in its transactions moving forward. It is likely to take place mid-September, according to Ethereum network cofounder Vitalik Buterin.
BTC and ETH are trading at US$24,866 and US$1,982 apiece respectively on Aug 15.
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Huobi founder Leon Li is currently in talks with several investors to sell his majority stake in the crypto exchange for as much as US$3 billion.
The Chinese crypto-mogul is looking to sell a roughly 60% slice of the company he founded almost a decade ago, according to a Bloomberg report.
The report adds that existing backers including ZhenFund and Sequoia China were informed about Li’s decision during a July shareholders’ meeting, where a deal could be completed as soon as the end of Aug.
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Previously the most active Bitcoin trading platform in the world, Huobi has in recent years retreated from China — once its biggest user base and revenue source. This is due to Beijing declaring crypto-transactions illegal last year. At present, its larger rivals are that of Binance and FTX.
Cover Image: Bloomberg
