US Government Moves Silk Road BTC and Starknet Implements Upgrade

Name: FS Insight
Price range: $$$

Jul 12, 2023

Author

JB DeGroft

BTC -2.44% CFX -10.59% ETH -5.96%

Market Update Crypto markets had a volatile morning, initially rallying off a cooler-than-expected CPI print of 0.2% (est. 0.295%) and Core CPI of 0.2% (est: 0.3%). According to data from the Bureau of Labor Statistics, this is the slowest rate in more than two years. Shortly after the CPI release, an on-chain wallet of the US Government containing bitcoin from the Silk Road Hack was seen transferring 9,000 Bitcoin, potentially to sell it. This shook the crypto market and caused crypto prices to drop sharply. At the time of writing, $BTC is down 0.55%, and $ETH is up 0.48%. Altcoins are also up across the board, with Chinese-based Layer 1 protocol $CFX being a particular standout, up 9.28% after an announcement that China is testing SIM card NFC payments for the digital yuan. Traditional markets have rallied post-CPI as well –SPX and NDQ are up 0.86% and 1.29%, respectively.The Starknet team successfully implemented the Quantum Leap - Starknet V12.0 upgrade on mainnet, increasing the network's capacity. This enhancement was introduced on the Ethereum mainnet on Wednesday, following a week-long trial on the Goerli testnet. During this trial period, the network approached the milestone of triple-digit transactions per second (TPS). The team's objective, however, is to achiev

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