every saturday will come Hodler’s Digest will help you keep track of every important news happening this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and more – a week on Cointelegraph in one link.
This Week’s Top Stories
Breaking: It’s a historic day for cryptocurrency with the Ethereum merger.
Ethereum’s long-awaited conversion to a consensus algorithm called “Merge” took place on September 6:42:42 UTC. 15. The move is a key part of a comprehensive multi-year transition for the Ethereum blockchain. “It starts a chain reaction of change,” StarkWare co-founder and president Eli Ben-Sasson told Cointelegraph about the Merge. The merger will reportedly help the Ethereum blockchain reduce energy consumption by around 99%.
During the viewing party Prior to the network’s transition from proof-of-work (PoW) to PoS, Ethereum co-founder Vitalik Buterin said: “[It] was clearly a dream for the Ethereum ecosystem from the beginning. We started our stake-of-stake research with that blog post at Slosher in January 2014.”
A party known as ETHW Core disagrees with the switch, however aims to keep Ethereum’s PoW version via fork within 24 hours of merging. Lots of cryptocurrency exchanges plan to list the associated asset of the forked chain, ETHPoW (ETHW).
Open announces plans for a US bank that supports digital assets
Digital asset trading platform Abra has announced the formation of two financial institutions: a US bank and an international cryptocurrency business. Targeted to open in 2023, the US state-chartered bank will operate under the name Abra Bank and will be compatible with digital assets in a format similar to money in traditional banks, or so it seems. A branch outside the US borders, known as Abra International, is also planned. The firm wants to check all the right boxes for Abra Bank and Abra International in terms of regulation.
Norway’s central bank is using Ethereum to create a national digital currency
Norway’s central bank, Norges Bank, is using the Ethereum blockchain structure to build its central bank digital currency (CBDC). The bank is still in the early stages of building its CBDC, but has sandboxed the open source code for the asset’s testnet. Many countries have shown interest in or started working on CBDC, although the asset does not necessarily have to be built on the blockchain. The Bahamas and Nigeria already have live CBDCs.
SEC to address growing cryptocurrency filings with specialized offices
Over the course of the rest of 2022, the US Securities and Exchange Commission (SEC) will add a pair of new offices, one of which will help with cryptocurrency-related regulatory pursuits. The Office of Crypto Assets under the Corporation’s Finance Division’s Disclosure Review Program will evaluate digital asset filings. It is likely that applications from such cryptocurrency issuers have increased given the SEC’s increased activity in over-scrutinizing the cryptocurrency industry. This week, the US government also released a cryptocurrency regulatory framework covering multiple topics, with nine government departments involved in creating the framework.
Owning Bitcoin is still legal in China despite the ban, lawyer says
China’s regulatory regime for cryptocurrency remains unclear. David Lesperance, founder of Lesperance & Associates, told Cointelegraph that “to date, cryptocurrency ownership has not been banned in China.” In fact, crypto holders in the country are protected by law in cases of theft, misappropriation or breach of credit agreement. “This does not make commercial trading of such property legal, as the government has specifically banned cryptocurrency exchanges in China,” he said.
the winnerlosers and losers
Bitcoin at the end of the week (BTC) I sat down $19,462Ether (ETH) hour 1425 dollars and XRP hour $0.33. It is at the level of total market capitalization $949.92 billion, according to to CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are Celsius. (CEL) Up to 12.12%, Compound (COMP) 10.97% and Kyber Network Crystal v2 (KNC) up to 4.31%.
The top three altcoin losers of the week are Terra (MONTH) -49.07%, TerraClassicUSD (USTC) -29.01% and Terra Classic (LUNCH) Up to -26.47%.
Be sure to read on for more information on cryptocurrency prices Market analysis of Cointelegraph.
The most memorable quotes
“I think the market, not just the crypto markets but the stock market, is clinging to hope that one day the Federal Reserve will magically say, ‘I think this is going to be the last rate hike or two.’
Marcel Pechmanmarket analyst and Cointelegraph contributor
“Musical NFTs are anti-genre. We see more diversity and creative freedom in NFTs – as if artists are finally free to create, not conform to algorithms.”
Adrien SternCo-founder and CEO of Reveel Technology
“DeFi insurance is a sleeping giant. With less than 1% of all cryptocurrencies and DeFi less than 3%, there is a huge market opportunity yet to be realized.”
Dan ThomsonChief Marketing Officer for InsurAce
“If enough people end up behind bars for whatever reason, we think the free market will decide what should live and what shouldn’t.”
Bradley DukeCEO of ETC Group
“When it’s the first, it will be a sign of significant success [Ethereum] The block is produced by proof-of-stake. But it’s like completing the launch of a rocket – we still have the rest of the journey ahead of us, which will challenge us.”
Eli Ben-SassonCo-Founder and President of StarkWare
“Web3 is committed to protecting the legitimate right of individuals to have full control over their data and to put privacy at the forefront of their online lives.”
Ursula O’QuingtonsDirector of Communications and Partnerships, Web3 Foundation
Forecast of the week
Bitcoin price threatens $19.6k as Ray Dalio predicts 30% stock crash
According to Cointelegraph’s BTC price index, Bitcoin rose above $22,000 this week, but fell back below $20,000 in the following days.
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 recently been traded in tandem with traditional markets.
“I estimate that a rise in interest rates from where they are to about 4.5 percent would have a negative effect on stock prices (on average, more for long-term assets and less for shorter-term assets) on a present value discount basis of about 20 percent . about 10 percent negative impact of impact and revenue decline,” Dalio said in a statement on September 1. 13 blog posts.
FUD of the week
Thailand’s SEC intends to ban crypto lending in the country
Thailand’s Securities and Exchange Commission wants to ban “digital asset business operators” from providing cryptocurrency lending and staking services to customers, according to September 1. Announcement from 15 government agencies. The announcement asks for public input on the potential ban. Deadline to discuss 17 issues.
South Korea has issued an arrest warrant for Terra founder Do Kwon
Although Kwon and the others are now in Singapore, South Korean authorities are looking for six people, including Terraform Labs co-founder Do Kwon. It is reported that six people have been issued arrest warrants by a Seoul court. According to the prosecutor, Kwon violated the capital markets law in South Korea. Terraform Labs leads the Luna crypto project, which faced a dramatic demise in early 2022. saw another news Prosecutors want to revoke the passports of six people, all involved in the Luna crypto project. In addition, prosecutors are seeking international arrest warrants for the six.
Stone Ridge board approves plan to “liquidate and liquidate” Bitcoin fund
Stone Ridge’s Bitcoin Strategy Fund will be closing up shop after October. It is expected to be canceled on October 3. 21. On September 9, the board of trustees of Stone Ridge Trust voted in favor of liquidation of the fund, according to information provided by the US SEC this week. The fund uses futures products, in part, to give investors exposure to Bitcoin.
Best Cointelegraph Features
Ethereum is eating the world — ‘All you need is the internet’
“Do you need more than one Internet? We know the answer is ‘Hell no’.”
A Guide to Real-Life Cryptocurrencies You’ll Meet at a Party (Part 2)
“I think the OGs are hard core believers who get on board when nobody cares about space.”
Boom and Bust: How Defi Protocols Drive a Bear Market?
Here’s a look at how DeFi protocols fared in the last bear market and the importance of continuing to build during a market downturn.
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