Meme-inspired cryptocurrency Dogecoin (DOGE) is now officially the second largest proof-of-work (PoW) crypto in terms of market cap, following the Ethereum network’s proof-of-stake upgrade on Sept. 15. Bitcoin (BTC) of course remains miles ahead of Dogecoin’s market cap of $7.83 billion, though the well-followed memecoin is still comfortably ahead of the third place PoW cryptocurrency Ethereum
Ethereum’s upgrade to proof-of-stake may have placed the cryptocurrency back in the crosshairs of the Securities and Exchange Commission (SEC). Speaking to reporters after the Senate Banking Committee on Sept. 15, SEC chairman Gary Gensler reportedly said that cryptocurrencies and intermediaries that allow holders to “stake” their crypto may define it as a security under the Howey
Banking giant HSBC will not be offering crypto services, according to CEO Noel Quinn. Noting that HSBC is more negative on crypto than other banks, the executive stressed: “I do worry about the sustainability of the valuations of crypto.” HSBC Will Not Get Into Crypto, CEO Says The chief executive of HSBC, Noel Quinn, talked
The shedding of Ethereum’s energy-intensive proof-of-work (PoW) system is expected to see Ether (ETH) “flow into the institutional world,” according to a number of fund managers and co-founders. On Sept. 15, Ethereum officially transitioned to a proof-of-stake (PoS) consensus mechanism, which is expected to cut energy consumption used by the network by 99.95%, according to
Blockchain analytics firm Chainalysis has published its 2022 cryptocurrency adoption index. Vietnam, the Philippines, India, and China are among the countries with the highest crypto adoption. While the overall adoption slows worldwide in bear markets, it “remains above pre-bull market levels,” the firm said. Chainalysis’ Latest Cryptocurrency Adoption Index Chainalysis published an excerpt of its
It’s been less than a day since Ethereum’s historic transition to proof-of-stake, with most of the crypto community still abuzz with excitement following the successful Merge. On Sept. 15 at 06:42:42 UTC, the last Ethereum block using the old proof-of-work consensus mechanism was mined. Replacing it is an energy-efficient proof-of-stake consensus mechanism. Many crypto enthusiasts
The Ethereum Merge remains one of the most anticipated events in the crypto space. The upgrade was scheduled to happen on September 15, 2022. It was a long-awaited blockchain transition as it moved from PoW to PoS. The change will merge the Beacon Chain and the Ethereum mainnet to become a single blockchain. As an
The Microstrategy executive Michael Saylor is a big believer in Bitcoin as his company has purchased close to 130,000 bitcoin during the last few years. Six days ago, the U.S. Office of Science and Technology Policy published a report that claims proof-of-work mining operations have been affecting climate change. The science and tech department believes
The United States Department of the Treasury added five cryptocurrency addresses tied to a neo-Nazi group involved in Russia’s war on Ukraine to list of entities sanctioned by the Office of Foreign Asset Control. In a Thursday notice, the U.S. Treasury designated 22 individuals and 2 entities, including many the government department claimed had furthered
The Ethereum Merge has finally happened. It’s over, and fortunately it went smoothly without any major hiccups. As predicted by many, the event turned out to be a “buy the rumor sell the news” style event, or perhaps, the hotter-than-expected consumer price index print on Sept. 12 was the real catalyst that pushed the market
According to local reports stemming from South Korea, the country’s foreign ministry is looking to invalidate the co-founder of Terraform Labs Do Kwon’s passport. The story was published the day after it was reported that Seoul’s Southern District Prosecutors Office issued a warrant for Kwon’s arrest. Local Report Says South Korean Officials Are Targeting Do
Representatives of the crypto community shared their responses to the proposed Digital Commodities Consumer Protection Act (DCCPA) on Sept. 15. Speaking at the second panel of a hearing held by the Senate Agriculture Committee, invited speakers praised the bill as a whole, but had recommendations for improvement. Definitions were an issue for all five of
Tony Spilotro I’m Tony Spilotro. Behind the pseudonym, I’m a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping
The crypto economy has slipped under the $1 trillion range once again after briefly rising to a high of $1.16 trillion on September 14. Signs show that Ethereum’s Merge hype has seemingly left the building and market participants are now waiting for the upcoming Federal Reserve meeting next week. Presently, the crypto economy is down
The Monetary Authority of Singapore, or MAS, has granted SBI Digital Markets, a subsidiary of the digital asset arm of Japan-based financial giant SBI Holdings, a license to conduct certain regulated activities in the country. In a Thursday announcement, MAS said it had awarded SBI Digital Markets a Capital Markets Services license following the firm
Zircon Finance, an automated market maker (AMM) and a decentralized exchange on Moonbeam, announced the launch of a mainnet network to address investors’ challenges related to impermanent loss in decentralized finance (DeFi). Impermanent loss relates to a condition wherein investors lose assets they had previously dedicated to providing liquidity to a liquidity pool for earning
According to local news outlet gynews.kr, the Seoul Southern District Prosecutors’ Office’s Joint Financial Securities Crime Investigation Team says it will be contacting the country’s Ministry of Foreign Affairs to nullify the passports of Terra Luna co-founder Do Kwon and five other project developers. Prosecutors also plan to contact Interpol and escalate the South Korean
The Ethereum Merge was an incredibly anticipated upgrade, with good reason. It not only drastically increased the number of transactions that the network could handle, but it also greatly diminished the energy consumption of the network. However, Ethereum miners have found themselves as collateral damage in the upgrade as there is no longer a need
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Rostin Behnam, chair of the United States Commodity Futures Trading Commission, or CFTC, said the Ethereum blockchain’s transition to proof-of-stake may help reduce crypto’s energy usage, but hinted legislation would likely still be needed to address the problem. Speaking at a Thursday hearing before the Senate Agriculture Committee, Behnam addressed a question from Minnesota Senator