Coming every Saturday Hodler’s compendium It will help you keep track of all the important news that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more – a week on Cointelegraph in one link.
Top news this week
Breaking News: Historic day for cryptocurrencies when Ethereum merges with proof of stake
The long-awaited conversion of Ethereum to a proof-of-stake (PoS) consensus algorithm, dubbed “the merger,” took place at 6:42:42 am UTC on September 1. 15. The move is a key part of an overall multi-year transition for the Ethereum blockchain. “A chain reaction of changes starts,” Eli Ben-Sasson, co-founder and president of StarkWare, told Cointelegraph regarding the Merger. Merge will reportedly help the Ethereum blockchain reduce its power consumption by around 99%.
During a viewing party Before the switch from proof-of-work (PoW) network to PoS, Ethereum co-founder Vitalik Buterin said: “[It] It has obviously been a dream for the Ethereum ecosystem since almost the beginning. We started the proof-of-stake investigation with that blog post about Slosher in January 2014.”
However, a party known as ETHW Core does not agree with the transition. with the aim of maintaining a PoW version of Ethereum via a hard fork within 24 hours of the merger. Multiple crypto exchanges plan on the list the related forked-chain asset, ETHPoW (ETHW).
Abra announces plans for a US bank to back digital assets
Digital asset trading platform Abra announced that it was establishing two financial institutions: a United States bank and an international crypto business. Aiming to open in 2023, the US state-chartered bank will operate under the name Abra Bank and support digital assets in a format similar to money in traditional banks, or so it appears. Stationed beyond US borders, a branch known as Abra International is also in the plans. The firm seeks to tick all the appropriate boxes for Abra Bank and Abra International in terms of regulation.
Norwegian central bank uses Ethereum to build a national digital currency
Norway’s central bank, Norges Bank, is using the Ethereum blockchain framework to build its central bank digital currency (CBDC). The bank is still in the early stages of building its CBDC, but has submitted open source code for the asset’s testnet through a sandbox. Many countries have expressed interest or begun work on a CBDC, although the asset does not necessarily have to be built on the blockchain. The Bahamas and Nigeria already have CBDC live.
The SEC Will Address Growing Crypto Issuer Filings With Specialized Offices
During the rest of 2022, the US Securities and Exchange Commission (SEC) will add a couple of new offices, one of which will help in its crypto regulatory activities. The Office of Crypto Assets, located under the Division of Corporate Finance Disclosure Review Program, will assess digital asset submissions. Such filings from crypto issuers have increased, likely given the SEC’s increased activity in overseeing the crypto industry. This week, the US government also unveiled a crypto regulatory framework covering numerous topics, with nine government departments involved in creating the framework.
Bitcoin Possession Remains Legal in China Despite Ban, Lawyer Says
China’s regulatory regime for cryptocurrencies remains unclear. “To date, the possession of cryptocurrencies in China has not been prohibited,” Lesperance & Associates founder David Lesperance told Cointelegraph. In fact, cryptocurrency holders in the country are protected by law in matters related to theft, misappropriation or breach of a loan agreement. “It does not make trading this type of property legal, as the government has specifically banned cryptocurrency exchanges in China,” he added.
Victoryners and losers
At the end of the week, Bitcoin (BTC) I sat down $19,462Ether (ETH) a $1,425 Y XRP a $0.33. The total market capitalization is $949.92 billion, according to to CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoin gainers of the week are Celsius (CEL) at 12.12%, Composite (COMP) at 10.97% and Kyber Network Crystal v2 (KNC) to 4.31%.
The top three altcoin losers of the week are Terra (MOON) at -49.07%, TerraClassicUSD (USTC) at -29.01% and Terra Classic (LUNCH) at -26.47%.
For more information on cryptocurrency prices, be sure to read Cointelegraph Market Analysis.
most memorable quotes
“I think the market, not just the crypto markets but also the stock market, is clinging to the hope that one day the Fed will magically say, ‘Well, I think this will be the last one or two rate hikes,'” .
Marcel Pechmanmarket analyst and contributor to Cointelegraph
“Musical NFTs are an antigenre. We are seeing much more diversity and creative freedom in NFTs, as if artists are finally free to create for the sake of creating and not to adapt to algorithms.”
adrien sternco-founder and CEO of Reveel Technology
“DeFi insurance is a sleeping giant. With less than 1% of all cryptocurrencies hedged and less than 3% of DeFi, there is still a huge market opportunity to be realized.”
dan thomsonInsurAce Marketing Director
“If enough people get behind a fork for whatever reason, we think the free market will decide what should live and what shouldn’t.”
bradley dukeco-CEO of ETC Group
“It will be a significant sign of success when the first [Ethereum] The block is produced by proof of stake. But this is like completing a rocket launch – we still have the rest of the journey ahead of us, which will be challenging.”
Eli Ben Sassonco-founder and president of StarkWare
“Web3 seeks to safeguard people’s legitimate claims to be in full control of their data and to put privacy at the forefront of their lives online.”
Ursula O’Kuingtonsdirector of communications and alliances of the Web3 Foundation
prediction of the week
Bitcoin Price Threatens $19.6K as Ray Dalio Predicts 30% Stock Crash
Bitcoin fully breached $22,000 this week, but subsequently fell back below the $20,000 mark in the following days, according to Cointelegraph’s BTC price index.
Billionaire investor and hedge fund manager Ray Dalio expects traditional markets to face downward pressure from rising inflation and rising interest rates. Crypto assets have been trading in tandem with traditional markets lately.
“I estimate that an increase in rates from where they are to around 4.5 percent will produce a negative impact of around 20 percent on share prices (on average, though higher for longer duration assets and lower for those of shorter duration) based on present value discounting and about a 10 percent negative impact from declining revenues,” Dalio said in a Sept. 1 report with 13 blog posts.
fud of the week
Thai SEC Intends to Ban Crypto Lending in the Country
The Thai Securities and Exchange Commission wants to ban “digital asset business operators” from providing cryptocurrency lending and staking services to customers, according to a statement on Sept. 1. 15 government agency announcement. The announcement asks for comments from the public about a possible ban, with the October 1. 17 as the deadline to comment on the subject.
South Korea issues arrest warrant for Terra founder Do Kwon
South Korean authorities are reportedly looking for six people, including Terraform Labs co-founder Do Kwon, though Kwon and the others are currently in Singapore. The six people are reportedly the subject of an arrest warrant issued by a court in Seoul. Kwon allegedly violated capital markets law in South Korea, according to the prosecutor. Terraform Labs heads the Luna crypto project, which suffered a dramatic demise in early 2022. More news viewed Prosecutors seeking to revoke the passports of the six, all involved in the Luna crypto project. In addition, prosecutors are seeking an international warrant for the arrest of the six.
Stone Ridge board approved plan for ‘liquidation and dissolution’ of its Bitcoin fund
The Stone Ridge Bitcoin Strategy Fund will close its doors after October 1. 3, with settlement expected around October 1. 21. September 21 On September 9, Stone Ridge Trust’s board of directors voted to terminate the fund, according to a US SEC filing this week. The fund, in part, uses futures products to give investors exposure to Bitcoin.
The best features of Cointelegraph
Ethereum is eating the world: ‘You just need an Internet’
“Is there a need for more than one internet? And we know the answer is ‘Hell no.'”
Guide to Real-Life Crypto OGs You’d Meet at a Party (Part 2)
“I think the OGs are hardcore believers who bet everything when no one else was paying attention to the space.”
Boom and Bust: How Do Defi Protocols Handle the Bear Market?
A look at how DeFi protocols have fared during the recent bear market and the importance of continuing to build during market downturns.
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