Tag: ethereum merge

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Ethereum Merge Hits Graphics Card Makers – Top Crypto Updates

Ethereum Merge hits graphics card makers

Ethereum’s shift from proof-of-work to environment-friendly proof-of-stake (called ‘The Merge’) will result in sizeable dumping of graphic cards (GPUs). It will also hit manufacturers such as Nvidia and AMD. GPUs are no longer needed on a mass scale and will go for a significant discount, said experts. 

Crypto prices today: Bitcoin falls 8%, ETH crashes 11%

Bitcoin is currently trading at $18,447.87, a decline of 8.05% over the previous day. Ethereum is down sharply by 11.32% over the last 24 hours to $1,291.30. Solana fell 7.67% to $3.18, while Cardano is trading lower by 9.85% at $0.436. Polkadot (DOT) fell 10.9% to $6.15. The global crypto market cap stands at $902.16 billion, a 7.3% decline over the previous day.

Dogecoin now 2nd largest proof-of-work coin after Ethereum Merge

With the Ethereum merge completed (switching to a proof-of-stake system), Dogecoin is now the second largest proof-of-work coin after Bitcoin in terms of market capitalisation. Dogecoin is currently the tenth-largest crypto with a market cap of $7.95 billion.

DOGE is mined using proof of work. Miners use computers and a massive amount of energy to solve complex mathematical equations, validate transactions, and receive DOGE as a reward.

Yuga Labs hires Chief Gaming Officer for Web3 gaming push

Yuga Labs, the company behind the Bored Ape Yacht Club NFT collection, has hired Spencer Tucker as its first Chief Gaming Officer (CGO). Tucker will supervise the development of the firm’s Web3 gaming projects, starting with Yuga’s “Otherside” metaverse. Earlier this year, Otherside saw a massive surge of transactions and NFT land sales worth $561 million within 24 hours.

ECB picks Amazon, four others to pitch digital euro prototype

European Central Bank (ECB) has chosen Amazon, Spain’s CaixaBank, France’s Worldline SA, and Italy’s Nexi SpA to develop a prototype for a digital euro. This exercise aims to test how well the technology behind a digital euro integrates with prototypes developed by companies. ECB is likely to be among the first advanced-economy central banks to issue a digital form of its currency.

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India Drops Two Rankings in Global Crypto Adoption Index – Top Crypto Updates

Antalya, Turkey - May 21, 2021: Close up shot of Bitcoin and alt coins cryptocurrency

India drops two rankings in global crypto adoption index

According to crypto analysis platform Chainalysis, India has fallen two slots to the fourth place in a list of 20 countries with the highest crypto adoption rate. This is primarily due to crypto tax and regulatory uncertainty. Vietnam continued to remain at the top spot, followed by the Philippines and Ukraine. The United States moved up to fifth in the 2022 Global Crypto Adoption Index Top 20.

Crypto prices today: Bitcoin falls 2.6%, ETH crashes 10%

Bitcoin is currently trading at $19,772.6, a decline of 2.6% over the previous day. Ethereum is down sharply by 10.2% over the last 24 hours to $1,473.45. Solana fell 5% to $32.91, while Cardano is trading lower by 2.6% at $0.467. Avalanche (AVAX) fell 5.1% to $18.21. The global crypto market cap stands at $963.11 billion, a 3.41% decline over the previous day.

Epic Games Store launches first NFT game

Epic Games Store has launched its first non-fungible token (NFT) powered Web3 game called Blankos Block Party. It lets users play and collaborate in a colorful online world, and is inspired by designer/vinyl toy culture. NFTs are used in the game to represent unique items like avatar designs and accessories. These NFTs can be bought and sold through the game’s marketplace. 

Ethereum energy usage, carbon footprint down 99.99% after merge: Report

Ethereum’s merge was successfully completed overnight. A report from the Crypto Carbon Ratings Institute (CCRI) says that the network has cut its energy usage and carbon footprint by approximately 99.99% each. Ethereum’s estimated annual CO2 emissions have declined from over 11 million tonnes to just under 870 tonnes.

Celsius files for permission to sell stablecoin holdings

Crypto lending firm Celsius Network has asked the court for authorization to sell its stablecoin holdings in order to generate liquidity to help fund its operations. The company is currently undergoing Chapter 11 bankruptcy proceedings. Celsius filed for bankruptcy in July, and is currently before the U.S. Bankruptcy Court for the Southern District of New York.

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Ethereum Successfully Executes Merge Event – Top Crypto Updates

Ethereum cryptocurrency, physical coin in front of an abstract background

Ethereum successfully executes Merge event

At 2:45 am EST (12:15 pm IST), the Ethereum network successfully began its transition from proof of work to proof of stake.

In proof of work, Ethereum (ETH) was generated by “mining,” an energy-intensive process by which individuals directed huge amounts of computing power at difficult-to-solve puzzles. Under the proof of stake mechanism, new ETH is generated by individuals and entities pledging large amounts of pre-existing ETH. The transition is anticipated to be faster, more scalable, and 99.9% more environmentally friendly.

Crypto prices today: Bitcoin falls 0.4%, ETH up 0.6%

Bitcoin is currently trading at $20,230.4, a decline of 0.43% over the previous day. Ethereum is up 0.66% over the last 24 hours to $1,624.23. Solana rose 2.31% to $34.33, while Cardano is trading higher by 1.3% at $0.479. Avalanche (AVAX) rose 0.51% to $19.21. The global crypto market cap stands at $994.19 billion, a 0.4% decline over the previous day.

Binance sees record rise in Indian users after imposition of new crypto tax

The number of Indian user sign-ups has surged on global crypto exchange Binance after a 1% tax deducted at source (TDS) came into effect in July. Binance app downloads in India jumped to 429,000 in August 2022. Meanwhile, daily trading volumes at several India-based crypto exchanges have reportedly declined over 90% since the 1% TDS took effect.

South Korean authorities issue arrest warrant for Terra’s Do Kwon

A court in Seoul issued an arrest warrant for Do Kwon, the CEO and founder of TerraForm Labs, following an ongoing investigation into the collapse of the Terra ecosystem. The warrant also targets five more individuals who are currently residing in Singapore for violation of capital market rules. Terra Labs’ stablecoin UST and its sister token LUNA crashed heavily in May 2022. It resulted in the wipeout of at least $40 billion of investors’ wealth.

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SEC to Open Digital Asset Office – Top Crypto Updates

Kiev, Ukraine - September 22, 2017: Studio shot of Golden Bitcoins Coins and dollar bills. The Bitcoin was invented by Satoshi Nakamoto in 2008 as a digital form of money This is a close up photo of several gold plated bitcoins together symbolizing th

SEC to open digital asset office

The U.S. Securities & Exchange Commission (SEC) is planning to launch a new office dedicated to reviewing filings related to digital assets. The Office of Crypto Assets to the Division of Corporation Finance’s Disclosure Review Program (DRP) will be responsible for reviewing the company filings of crypto issuers. The SEC said this move will allow the DRP to “better focus its resources and expertise to address the unique and evolving filing review issues related to crypto assets.”

Crypto prices today: Bitcoin up 1.8%, ETH falls 1%

Bitcoin is currently trading at $21,888.69, an increase of 1.8% over the previous day. Ethereum is down 1.01% over the last 24 hours to $1,740.31. Solana rose 1.75% to $35.05, while Cardano is trading higher by 0.02% at $0.507. Avalanche (AVAX) rose 1% to $20.53. The global crypto market cap stands at $1.06 trillion, a 0.63% increase over the previous day.

ED has unfrozen bank accounts after investigation: WazirX

The Enforcement Directorate (ED) has unfrozen crypto trading platform WazirX’s bank accounts. It can now resume banking operations after almost a month. “After an in-depth internal investigation, WazirX noticed that most of the users whose information was sought by ED were already identified as suspicious by WazirX internally and were blocked in 2020-2021,” said the crypto platform in a blog.

ED is conducting investigations on 16 fintech companies to crack down on Chinese loan apps, many of which are suspected of laundering money. Some of them happened to use the WazirX platform. 

Ethereum geared up for The Merge

Ethereum’s much-awaited software update named ‘The Merge’ is just two days away. The update will shift Ethereum’s mechanism to proof-of-stake (PoS) from existing proof-of-work (PoW). According to the Ethereum Foundation, PoS will cut Ethereum’s energy usage by around 99.95%.

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Ethereum Gets Bellatrix Upgrade Today – Top Crypto Updates

Ethereum gets Bellatrix upgrade today

The upgrade to Ethereum 2.0 is about to begin on the Ethereum blockchain. The hard fork (a separation process) that converts Ethereum from a proof-of-work (PoW) base to a proof-of-stake (PoS) basis is known as Ethereum 2.0. One of the steps in the update procedure, called “The merge,” is scheduled between September 10 and 20.

Before the final merge, the Bellatrix update for ETH is scheduled today, when the Ethereum Epoch value is anticipated to rise to 144,896 on the proof-of-stake chain.

[In proof-of-work, crypto transactions are verified through mining. Meanwhile, in proof of stake, a network participant gets selected to add the latest batch of transactions to the blockchain and earn some crypto in exchange.]

Crypto prices today: Bitcoin up 0.6%, ETH rises 6.4%

Bitcoin is currently trading at $19,886.48, an increase of 0.59% over the previous day. Ethereum is up 6.4% over the last 24 hours to $1,666.43. Solana rose 4.14% to $33.1, while Cardano is trading higher by 2.9% at $0.506. Polkadot (DOT) rose 1.1% to $7.6. The global crypto market cap stands at $998.1 billion, a 2.2% increase over the previous day.

Ethereum domain names top NFTs as most traded asset on OpenSea

Ethereum Name Service (ENS) domains have taken the top spot as the number one collection on NFT marketplace OpenSea. Driven by a 170% jump in sales over the past 24 hours, ENS surpassed the Bored Ape Yacht Club in seven-day volume. Over the past week, ENS trading volume surpassed 2,305 ETH or $3.76 million, registering a 43% week-over-week increase.

Trezor partners with Wasabi to make Bitcoin more private

Trezor has partnered with privacy project Wasabi to bring CoinJoin mixing to Bitcoin transactions on its hardware wallets. Users will be able to use CoinJoinon their Trezor devices for greater transaction privacy beginning next year. CoinJoin is a coin mixer that groups Bitcoin transactions together to obscure their origins.

Australia establishes federal crypto police unit

The Australian Federal Police (AFP) have set up a crypto crime unit that will trace and seize illicit crypto linked to money laundering and other criminal activity. The unit will help combat crypto criminals by targeting their assets and providing investigative tracing capability. Over the past year, cybercriminals have increasingly used crypto to commit a range of serious crimes in Australia.

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Ethereum Foundation Confirms Date for Merge Upgrade – Top Crypto Updates

Ethereum Foundation confirms date for merge upgrade

The Ethereum Foundation announced that the ETH merge upgrade will be fully completed between September 10 and 20. The network will move from a proof-of-work consensus mechanism to a proof-of-stake blockchain next month in a much-awaited upgrade known as “the merge.” 

In proof-of-work, crypto transactions are verified through mining. Meanwhile, in proof of stake, a network participant gets selected to add the latest batch of transactions to the blockchain and earn some crypto in exchange.

Crypto prices today: Bitcoin up 1.3%, ETH rises 3.4%

Bitcoin is currently trading at $21,697.9, an increase of 1.3% over the previous day. Ethereum is up 3.45% over the last 24 hours to $1,702.09. Solana rose 2.7% to $36.1, while Cardano is trading higher by 0.97% at $0.465. Uniswap (UNI) is up 2.4% to $7.19. The global crypto market cap stands at $1.05 trillion, a 1.7% increase over the previous day.

Cybercriminals have stolen over $100 Million in NFTs: Report

As per a report by blockchain analysis provider Elliptic, over $100 million in non-fungible tokens (NFTs) have been stolen in the last year. Nearly $8 million in illicit funds has been laundered using NFTs since 2017. Cybercriminals netted an average of $300,000 per scam. The report reveals that $24 million in NFTs were stolen through scams in May 2022 alone.

Coinbase to launch liquid staking token before Ethereum merge

Coinbase (COIN) will introduce its own liquid staking token called, Coinbase Wrapped Staked ETH (cbETH), ahead of the Ethereum blockchain’s Merge in September. After the merge, the token can be used to stake ether (ETH) through Coinbase. Liquid staking allows investors to generate extra yield on top of standard rewards for staking or locking coins in a network.

Crypto startup weTrade to offer zero trading fees on crypto coins

weTrade, a Bengaluru-based crypto startup, has announced plans to offer zero trading fees for buying and selling coins on its platform. Users will be able to conduct crypto transactions for as low as ₹100. The company has eliminated trading fees for the 50+ coins available on its platform, including Bitcoin, Solana, and Ethereum.

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ED Probing Crypto Exchanges for Alleged Laundering – Top Crypto Updates

Bitcoin cryptocurrency representation is pictured on a keyboard in front of binary code in this illustration taken September 24, 2021. REUTERS/Dado Ruvic/Illustration/file photo

ED probing crypto exchanges for alleged laundering of over Rs 1,000 crore

The Enforcement Directorate (ED) is probing at least ten crypto exchanges for allegedly laundering more than Rs 1,000 crore as crime proceeds of the accused companies in an instant loan app case. Several loan apps had reportedly approached these exchanges to buy crypto worth Rs 100 crore and send them to international wallets. The crypto exchanges did not conduct any due diligence and also failed to raise suspicious transaction reports.

Crypto prices today: Bitcoin up 7%, ETH jumps 12%

Bitcoin is currently trading at $24,550.8, an increase of 7% over the previous day. Ethereum jumped 12.4% over the last 24 hours to $1,888.64. Solana rose 13.6% to $44.9, while Cardano is trading higher by 6.5% at $0.544. Avalanche (AVAX) rose 9.2% to $29.88. The global crypto market cap stands at $1.16 trillion, a 7.14% increase over the previous day.

CoinFLEX plans $84M restructuring in Seychelles

As per a Bloomberg report, crypto derivatives exchange CoinFLEX is seeking a quick resolution to its latest legal troubles as it files for restructuring in a Seychelles court. It intends to raise $84 million to pay off its debt. CoinFlex is seeking approval from depositors and the court on its proposed plan to issue depositors with rvUSD tokens, equity, and a locked version of its native token FLEX coin.

Ripple to consider buying bankrupt Celsius’ assets: Report

According to a Reuters report, Ripple Labs may be interested in purchasing assets of the insolvent crypto lending company Celsius. CEL, the native utility token of Celsius’ platform, jumped 23% on Wednesday following the news. In June, Celsius froze its users’ assets due to “extreme market conditions”. It quickly paid off its outstanding debts on various DeFi loans, reclaimed its collateral, and filed for bankruptcy a month later. 

Ethereum’s final testnet merge goes live

The final test environment network (testnet) merge before the Ethereum blockchain makes its move from proof-of-work to proof-of-stake has been completed successfully. Goerli was the last of three public testnets to run through a “dress rehearsal” of the merge. The mainnet merge is expected to occur towards the end of September.

Proof of Work is a competition between miners to solve cryptographic algorithms or equations and validate the transactions to earn blockchain rewards. Meanwhile, Proof of Stake implements randomly chosen validators to make sure transactions are reliable, compensating them in return with crypto.