Hello, as always, as we kick off this week's Overbit Weekly Round Up.

As we head into the weekend, the world's second-biggest blockchain will be undergoing a significant change in just a few days. The changes dubbed the London Upgrade, or EIP-1559, are set to change how transaction fees operate on the Ethereum blockchain.

Currently, users must bid for space on the blockchain for their transactions to be included, known as 'gas fees'. This current setup has often led to high fees, especially during periods of network congestion, as many users compete for the same blockchain space or block space.

Under EIP-1559, this process will be handled by an automated bidding system with a set fee amount that fluctuates based on how congested the network is.

Another significant change under EIP-1559, and maybe the most crucial, is that a portion of each transaction fee will be burnt, or withdrawn from circulation, reducing the quantity of ether and potentially increasing its price.

That's why, in part, "EIP-1559 is one of the most significant upgrades to Ethereum since the network's launch," says Meltem Demirors, CoinShares chief strategy officer.

However, the proposal's co-authors think that by limiting supply, they will be able to make ether deflationary in the long run. According to Conner, this would be "very helpful" for investors, especially "with all the current discussion about inflation in the United States." It would provide crypto investors with the option of holding a deflationary asset.

The market certainly seems to be responding well to the upgrade, as Ethereum nears $2600 and above at the time of writing. One expects the economic effects of this upgrade to have long-term consequences and may not necessarily be felt in the short term. Nevertheless, price action and gas fees on Ethereum will undoubtedly be a topic we will keep you updated on going forward.

This week's narrative concludes with a new policy by Google. As a result of the new policy, Google is once again advertising cryptocurrency advertisements. Google's new policy, which went into effect on August 3, allows advertising promoting Bitcoin exchange and wallet services to market their products once again.

The international corporation prohibited crypto and initial coin offering-related marketing in June 2018, and the amended policy permits regulated crypto businesses to pitch their services once more. However, ICOs have been left out in the cold.

Google's crypto ad policy amendment was first announced in June. It states that "advertisers offering cryptocurrency exchanges and wallets" targeting US consumers are permitted to market their services and products if they match specific criteria.

The move may increase sales for Alphabet, Google's parent firm, though crypto ads will likely be a drop in the bucket compared to the business's $147 billion in advertising revenue. Google's stringent criteria are intended to screen out dubious advertising and obvious cryptocurrency scams.

With the Financial Crimes Enforcement Network, advertisers must be registered as a "money services business and with at least one state as a money transmitter or a federal or state-chartered bank company" with the Financial Crimes Enforcement Network. Ads for ICOs, decentralized financial trading protocols, or the advertising of purchasing, selling, or trading cryptocurrencies will be prohibited.

Celebrity crypto endorsements are also prohibited, which may assist in alleviating some of the problems associated with phoney celebrity endorsements. TikTok stated last month that crypto-based promotional content had been banned as part of a strategy to prohibit the site from advertising any financial services or products.

Overbit Round Up will continue to cover the most relevant crypto news as the market evolves. Thank you for taking the time to read this week's edition, and we'll see you next week!

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