Crypto Hebdo : de The Merge d’Ethereum à la Binance Blockchain Week

Crypto Hebdo: From Ethereum Merger to Binance Blockchain Week – BeinCrypto

When The Merge took place this week, the crypto market was swept up in the inflationary backdrop. Speaking of merger, former ETH network players have launched their PoW version of Ethereum. Something new in the Terra Luna case: the South Korean judiciary has just issued an arrest warrant for Do-Kwon. We end the weekly with information about the Binance Blockchain Week organized by Binance.

Ethereum successfully migrated

Anticipated as 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, starting at 8:42 a.m. 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.

This heralds a new era for the cryptocurrency of smart contracts, which will move towards a much greener governance model than before. According to the Ethereum Foundation, the crypto’s energy consumption is set to drop by 99.5%. The merge should not only have positive climatic effects, but also help Ether to improve its scalability. Several experts predict that this migration will even help Ethereum overtake Bitcoin.

Despite its successful migration, Ethereum’s price took a terrible plunge after the event. At the time of writing, the price of ETH is already down 22.30% in weekly data. Aside from some miners (anti-merger) selling their tokens, the inflationary backdrop hasn’t helped the second crypto on the market all that much.

To learn more, read the following article:

👉:The merger finally started, ETH falls below $1,600

Ethereum miners launch their own crypto

The miners carried out their threat. They actually put the Ethereum PoW version chain online in the afternoon of %erge day. However, ETHW is confronted with many technical problems on its debut. Users report that they were unable to link the chain to their Metamask wallet.

In all likelihood, the Ethereum PoW version network has a chain identity issue. In fact, it uses the same chain ID as the Bitcoin Cash testnet; This technical glitch, according to several users, can put users’ assets at risk.

Additionally, it should be noted that Ethereum miners have fled to other proof-of-work protocols. For example, Ethereum Classic’s hashrate increased by over 280% within a day after The Merge. Crypto projects like Ergo and Ravencoin increased their processing power by 70% and 466%, respectively.

To learn more, read the following article:

👉:EthereumPoW (ETHW) takes a steep slump after its launch

Inflation continues to weigh on the crypto market

While inflation in the US reached 8.3% yoy in August and that in the Eurozone was just under 9.1%, the financial markets continued their descent into hell. The crypto market, which started a slight recovery in early September, fell 9.4%. Still, some analysts predicted that The Merge’s backdrop would breathe new life into the crypto universe. Unfortunately, the macro economy continues to sweep the market.

According to analyzes by the expert and PhD macroeconomist Tasha, 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.

To learn more, read the following article:

👉:Fed Policy: Crypto Hit Harder Than Stocks

The South Korean judiciary is hot on Do Kwon’s heels

The Seoul South District Financial Crimes Unit has issued an arrest warrant for Do-Kwon and 5 other Terralabs members over the Terra Luna scandal. Seoul South District Attorney Choi Sung-kook said they violated the capital market law. This arrest warrant follows the exit ban imposed on the project founders.

However, Do-Kwon is currently located in Singapore. However, the South Korean judiciary is in the process of reviewing the procedure for applying for ” red note with Interpol, which allows police around the world to arrest or locate a fugitive. This news quickly boosted the price of Terra Luna tokens, which were ablaze in early September. On the day the warrant was issued alone, UST lost 24%, LUNC fell 17%, and LUNA fell 34%.

To learn more, read the following article:

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

Binance ups its dose of seduction for the French crypto community

After establishing a headquarters in France, the world’s largest exchange organized Binance Blockchain Week in Paris this week. An event where Binance CEO Changpeng Zhao announced that he intends to expand his team in France. This is how he explained:

“Today we employ 150 people in our company in Paris and we plan to hire around 200 more by the end of 2022. The city is our largest location in Europe and most of our initiatives are carried out here. »

Binance has announced the formation of a new partnership with a French tech player. It is indeed Simplon’s digital school that will train thousands of people in Web3 and blockchain professions. As a reminder, the exchange also has a partnership with start-up incubator Station F.

To learn more, read the following article:

👉:Binance is in full swing in France

Other floor 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 can drop as low as $10,000.
  • Kraken suspends Ethereum token payouts until the Shanghai update
  • Wall Street is launching its own crypto exchange

Disclaimer

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#Crypto #Hebdo #Ethereum #Merger #Binance #Blockchain #Week #BeinCrypto

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