Coming every Saturday, Summary of Hodler will help you follow every important news that happened this week. The best (and worst) quotes, adoption and regulation highlights, major coins, predictions and more – a week on Cointelegraph in one link.
Top stories this week
Breaking: Historic Day for Crypto as Ethereum Proof-of-Stake Merger Happens
The much-anticipated conversion of Ethereum into a Proof-of-Stake (PoS) consensus algorithm, dubbed “the merge,” took place at 6:42:42 UTC on September 15. This decision is a key element of an overall multiannual programme. transition for the Ethereum blockchain. “It sets off a chain reaction of changes,” StarkWare co-founder and chairman Eli Ben-Sasson told Cointelegraph of the merger. The merger would help the Ethereum blockchain reduce its power consumption by around 99%.
At a viewing party ahead of the network’s shift from proof-of-work (PoW) to PoS, Ethereum co-founder Vitalik Buterin said, “[It] has obviously been a dream for the Ethereum ecosystem from pretty much the beginning. We started the proof-of-stake search with this blog post on Slosher in January 2014.”
A party known as ETHW Core however disagrees with the transition, aimed at maintaining a PoW version of Ethereum via a fork within 24 hours of the merger. Multiple Crypto Exchanges schedule registration the related asset of the forked chain, ETHPow (ETHW).
Abra announces plans for US bank supporting digital assets
Digital asset trading platform Abra has announced the creation of two financial institutions: a US bank and an international crypto firm. Aiming to open in 2023, the US state-chartered bank will operate as Abra Bank and support digital assets in a format similar to traditional bank money, it seems. Stationed beyond the US borders, a branch known as Abra International is also in the pipeline. The company seeks to tick all the appropriate boxes for Abra Bank and Abra International in terms of regulation.
Norway’s central bank uses Ethereum to create national digital currency
Norway’s central bank, Norges Bank, uses 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 unveiled the asset’s open-source testnet code via a sandbox. Many countries have shown interest or started working on a CBDC, although the asset does not have to be built on the blockchain. The Bahamas and Nigeria already have live CBDCs.
SEC to Process Growing Filings by Crypto Issuers with Dedicated Desks
During the rest of 2022, the United States Securities and Exchange Commission (SEC) will add a pair of new offices, one of which will help it with its crypto regulatory activities. The Office of Crypto Assets, housed under the Corporate Finance Division’s Disclosure Review Program, will assess digital asset repositories. These crypto issuer filings have been on the rise, likely given the growing activity of the SEC in overseeing the crypto industry. This week, the US government also unveiled a crypto regulatory framework covering many topics, with nine government departments involved in creating the framework.
Possession of Bitcoin still legal in China despite ban, lawyer says
China’s regulatory regime for cryptocurrency remains unclear. “To date, crypto possession in China has not been banned,” David Lesperance, founder of Lesperance & Associates, told Cointelegraph. In fact, crypto holders in the country are protected by law from matters related to theft, misappropriation, or breach of a loan agreement. “This does not make it legal to trade in this type of property, as the government has specifically banned crypto exchanges in China,” he added.
To winlosers and losers
At the weekend, Bitcoin (BTC) is at $19,462Ether (ETH) at $1,425 and XRP at $0.33. The total market capitalization is $949.92 billion, according at CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoin gainers of the week are Celsius (CEL) at 12.12%, composed (COMP) at 10.97% and Kyber Network Crystal v2 (KNC) at 4.31%.
The top three altcoin losers of the week are Terra (MOON) at -49.07%, TerraClassicUSD (USTC) at -29.01% and Terra Classic (A WAY) at -26.47%.
For more information on crypto prices, be sure to read Cointelegraph’s 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 Federal Reserve will magically say, ‘Well, I think that’s going to be the last one or two rate hikes.'”
Marcel Pechmannmarket analyst and Cointelegraph contributor
“Musical NFTs are an anti-genre. We see a lot more diversity and creative freedom in NFTs – as if artists are finally free to create for the sake of creating and not to fit algorithms.
Adrian Sternco-founder and CEO of Reveel Technology
“DeFi insurance is a sleeping giant. With less than 1% of all crypto covered and less than 3% of DeFi, there is still a huge market opportunity to be realized. »
And ThomsonInsurAce Marketing Director
“If enough people end up 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 mark of success when the first [Ethereum] 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 pose its challenges.
Eli Ben-Sassonco-founder and president of StarkWare
“Web3 seeks to protect the legitimate claims of individuals to have complete control over their data and to put privacy at the forefront of their online lives.”
Ursula O’Kuinghttonsdirector of communication and partnerships at the Web3 Foundation
Prediction of the week
Bitcoin Price Threatens $19.6K As Ray Dalio Predicts 30% Stock Crash
Bitcoin surged above $22,000 this week, but then fell back below $20,000 in the following days, according to Cointelegraph’s BTC Price Index.
Billionaire investor and hedge fund manager Ray Dalio expects traditional markets to come under downward pressure due to soaring inflation and rising interest rates. Crypto assets have been trading in tandem with traditional markets lately.
“I estimate that a rise in rates from where they are around 4.5% will produce a negative impact of around 20% on equity prices (on average, although greater for longer term assets). duration and less for those with shorter duration) based on the present value discount effect and a negative impact of approximately 10% of the revenue decline,” Dalio said in a September 13 blog post.
FUD of the week
Thailand’s SEC Intends to Ban Crypto Lending in the Country
Thailand’s Securities and Exchange Commission wants to ban “commercial digital asset operators” from providing crypto lending and staking services to clients, according to a Sept. 15 announcement from the government agency. The announcement seeks public comment on a possible ban, with October 17 being the deadline for making a decision on the matter.
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, although Kwon and the others are currently in Singapore. The six individuals would be the subject of an arrest warrant issued by a court in Seoul. Kwon allegedly violated South Korea’s capital markets law, according to the prosecutor. Terraform Labs runs the Luna crypto project, which suffered a dramatic demise earlier in 2022. Other news saw prosecutors seeking to revoke the passports of the six, who were all involved in the Luna crypto project. Additionally, prosecutors are seeking an international warrant for the arrest of the six.
Stone Ridge’s Board of Directors Approved Plan to ‘Wind Up and Dissolve’ Its Bitcoin Fund
The Stone Ridge Bitcoin Strategy Fund will close after October 3, with liquidation expected around October 21. On Sept. 9, Stone Ridge Trust’s board voted to wind up the fund, according to a US SEC filing this week. The fund partly uses futures products to give investors exposure to Bitcoin.
Best Crypto Features
Ethereum is eating the world – “You only need one internet”
“Do we need more than one Internet? And we know the answer is “Hell no”.
Guide to Real Crypto OGs You’d Meet at a Party (Part 2)
“I think the OGs are die-hard believers who went all-in when no one else was paying attention to the space.”
Boom and bust: how do Defi protocols handle the bear market?
An overview of how DeFi protocols fared during the recent bear market and the importance of continuing to grow during market downturns.
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