Crypto Hebdo: From the Merge of Ethereum to Binance Blockchain Week

When The Merge happened this week, the crypto market was wiped out by the inflationary backdrop. Speaking of the merger, former ETH network players launched their PoW version of Ethereum. Something new in the Terra Luna case: South Korean justice has just issued an arrest warrant against Do-Kwon. We close the week with information about the Binance Blockchain Week organized by Binance.

Ethereum successfully migrated

Expected to be the event of the year in the crypto world, Ethereum finally made the transition from Proof of Work to Proof of Stake on Thursday, September 15 at 8:42 AM Paris time. Technically, the mainnet has just merged with the PoS layer of the Beacon Chain. The famous Terminal Total Difficulty (TTD) has reached the level of 5875 trillion.

Thus, a new era is dawning for the cryptocurrency of smart contracts, which will evolve towards a much greener governance model than the one used before. According to data shared by the Ethereum Foundation, crypto power consumption is expected to drop by 99.5%. The Merge should not only have beneficial climatic effects, it should help Ether improve scalability. Several experts predict that this migration will even help Ethereum catch up with Bitcoin.

Despite the successful migration, Ethereum’s price took a terrible plunge after the event. At the time of writing this article, the price of ETH is already down 22.30% in weekly data. Apart from some miners (against the merger) selling their tokens, the inflationary backdrop has not helped the second crypto in the market too much.

Read the following article for more information:

:The merger finally launched, ETH plunges below $1,600

Ethereum Miners Launch Their Own Crypto

The miners carried out their threat. They actually put the chain of the PoW version of Ethereum online in the afternoon of the day of the %erge. However, the ETHW is facing a lot of technical difficulties ahead of its debut. Users report that they were unable to link the necklace to their Metamask wallet.

In all likelihood, the network of the Ethereum PoW version is experiencing a chain identity issue. In fact, it uses the same Chain ID as the Bitcoin Cash testnet; this technical error may endanger users’ property according to several users.

In addition, it should be noted that Ethereum miners have resorted to other proof-of-work protocols. For example, the hashrate of Ethereum Classic has increased by more than 280% within a day of The Merge. Crypto projects such as Ergo and Ravencoin have seen their computing power increase by 70% and 466% respectively.

Read the following article for more information:

:EthereumPoW (ETHW) Drops Strong After Launch

Inflation continues to weigh on the crypto market

While inflation in the United States reached 8.3% yoy in August and that of the eurozone close to 9.1%, financial markets continued to go to hell. The crypto market, which started a slight rebound in early September, fell by 9.4%. Still, some analysts predicted that The Merge’s background would breathe new life into the crypto universe. Unfortunately, the macroeconomics continues to flood the market.

According to expert analysis and PHD in macroeconomics tasja, crypto-assets are more responsive to changes in the macroeconomic environment. According to the latter, the entry of institutional players into the digital asset market would explain the vulnerability of this asset class to macroeconomic changes.

Read the following article for more information:

:Fed Policy: Crypto Is More Affected Than Stocks

South Korean justice on the heels of Do Kwon

The Financial Crimes Unit of Seoul South District has issued an arrest warrant against Do-Kwon and 5 other Terralabs members for the Terra Luna scandal. Seoul South District Attorney Choi Sung-kook said they violated the Capital Markets Act. This arrest warrant follows the departure ban imposed on the founders of the project.

However, Do-Kwon is currently located in Singapore. However, the South Korean judiciary is preparing the process for applying for ” red message with Interpol, which allows police around the world to arrest or locate a fugitive. This news caused the price of Terra Luna tokens, which were on fire in early September, to rise rapidly. On the day of the warrant issuance alone, UST lost 24%, LUNC 17% and LUNA 34%.

Read the following article for more information:

:Terra Luna scandal: South Korean justice issues arrest warrant for Do Kwon

Binance Ups Its Dose Of Temptation For The French Crypto Community

After setting up a headquarters in France, the largest exchange in the world hosted Binance Blockchain Week in Paris this week. An event where Changpeng Zhao, CEO of Binance, announced his intention to expand his team in France. Thus he stated:

“Today we employ 150 people in our Paris company and we aim to hire around 200 people by the end of 2022. The city is our largest base in Europe and most of our initiatives take place here. »

Binance has announced the creation of a new partnership with a French tech player. Indeed, it is the Simplon digital school that will train thousands of people in web3 and blockchain professions. As a reminder, the fair also has a partnership with the start-up incubator Station F.

Read the following article for more information:

:Binance goes overdrive in France

Other hallway news

  • SEC chairman Gary Gensler hinted that Ethereum became a financial security after The Merge.
  • After Joe Biden’s executive order was signed, the White House unveiled its global version of cryptocurrencies.
  • According to Clem Chambers, CEO of the Online Blockchain Incubator, Bitcoin could drop to $10,000.
  • Kraken Suspends Ethereum Token Withdrawal Until Shanghai Update
  • Wall Street launches its own crypto exchange

Disclaimer

All information on our website is published in good faith and for general information purposes only. Any action the reader takes based on information on our website is entirely at their own risk.

Leave a Comment