Ethereum completes merge, Do Kwon faces arrest warrant and Bitcrypto-coin dives after rally: Hodler’s Digest, Sept. 11-17


Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading crypto-coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

 

Breaking: Historic day for crypto-crypto-coin as Ethereum Merge to proof-of-stake occurs

Ethereum’s highly anticipated conversion to a proof-of-stake (PoS) consensus algorithm, dubbed “the Merge,” took place at 6:42:42 am UTC on Sept. 15. The move is a key part of an overarching multi-year transition for the Ethereum blockchain. “It starts a chain reaction of changes,” Eli Ben-Sasson, co-founder and president of StarkWare, told Cointelegraph regarding the Merge. The Merge will reportedly help the Ethereum blockchain reduce its energy consumption by around 99%. 

During a viewing party before 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 since pretty much the beginning. We started the proof-of-stake research with that blog post on Slosher back in January 2014.”

One party known as ETHW Core disagrees with the transition, however, aiming to maintain a PoW version of Ethereum via a fork in the 24 hours following the Merge. Multiple crypto-crypto-coin exchanges plan on listing the forked chain’s related asset, ETHPoW (ETHW).

 

Abra announces plans for US bank supporting digital assets

Digital asset trading platform Abra announced that it was establishing two financial institutions: a United States bank and an international crypto-crypto-coin business. Aimed to open in 2023, the U.S. state-chartered bank will operate under the name Abra Bank and will be compatible with digital assets in a format similar to money at traditional banks, or so it appears. Stationed beyond U.S. borders, a branch known as Abra International is also in the plans. The firm is looking to check all the appropriate boxes for Abra Bank and Abra International in terms of regulation.  

 

 

Norwegian central bank uses Ethereum to build national digital currency

Norway’s central bank, Norges Bank, is using the Ethereum blockchain’s structure to construct its central bank digital currency (CBDC). The bank is still in the early stages of building its CBDC, but has unveiled the open-source code for the asset’s testnet via a sandbox. Many countries have expressed interest in or have started working on a CBDC, though the asset does not necessarily need to be built on the blockchain. The Bahamas and Nigeria already have live CBDCs.

 

SEC to address growing crypto-crypto-coin issuer filings with specialized offices

During the remainder of 2022, the U.S. Securities and Exchange Commission (SEC) will add a pair of new offices, one of which will aid in its crypto-crypto-coin regulatory pursuits. The Office of Crypto Assets, housed under the Division of Corporation Finance’s Disclosure Review Program, will evaluate digital asset filings. Such crypto-crypto-coin issuer filings have increased, likely given the SEC’s increasing activity in crypto-crypto-coin industry overwatch. This week, the U.S. government also unveiled a crypto-crypto-coin regulatory framework covering numerous topics, with nine government departments involved in the framework’s creation.

 

Possession of Bitcrypto-coin still legal in China despite the ban, lawyer says

China’s regulatory regime for crypto-crypto-coincurrency remains unclear. “To date, possession of crypto-crypto-coin in China has not been banned,” Lesperance & Associates founder David Lesperance told Cointelegraph. In fact, crypto-crypto-coin holders in the country are protected by law on matters related to theft, misappropriation or breach of a loan agreement. “It does not make the commercial trading of this type of property legal, as the government has specifically banned crypto-crypto-coin exchanges in China,” he added.

 

 

 

Winners and Losers

 

At the end of the week, Bitcrypto-coin (BTC) is at $19,462, Ether (ETH) at $1,425 and XRP at $0.33. The total market cap is at $949.92 billion, according to CoinMarketCap.

Among the biggest 100 crypto-crypto-coincurrencies, the top three altcrypto-coin gainers of the week are Celsius (CEL) at 12.12%, Compound (COMP) at 10.97% and Kyber Network Crystal v2 (KNC) at 4.31%.

The top three altcrypto-coin losers of the week are Terra (LUNA) at -49.07%, TerraClassicUSD (USTC) at -29.01% and Terra Classic (LUNC) at -26.47%.

For more info on crypto-crypto-coin prices, make sure to read Cointelegraph’s market analysis.

 

 

 

 

Most Memorable Quotations

 

“I think the market, not only crypto-crypto-coin markets but the stock market, is clinging to a hope that someday the Federal Reserve will magically say, ‘Well, I think this will be the last or the two last rate hikes.’”

Marcel Pechman, markets analyst and Cointelegraph contributor

 

“Music NFTs are an anti-genre. We’re seeing 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 the algorithms.”

Adrien Stern, co-founder and CEO of Reveel Technology

 

“DeFi insurance is a sleeping giant. With less than 1% of all crypto-crypto-coin covered and less than 3% of DeFi, there’s a huge market opportunity still to be realized.”

Dan Thomson, chief marketing officer for InsurAce

 

“If enough people get behind a fork for whatever reason, we feel the free market will decide on what should live and what should not.”

Bradley Duke, co-CEO of ETC Group

 

“It will be a significant mark of success when the first [Ethereum] block is produced by proof-of-stake. But this is 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-Sasson, co-founder and president of StarkWare

 

“Web3 seeks to safeguard the legitimate claims of individuals to have full control of their data and put privacy at the forefront of their online lives.”

Úrsula O’Kuinghttons, director of communications and partnerships at the Web3 Foundation

 

Prediction of the Week 

 

Bitcrypto-coin price threatens $19.6K as Ray Dalio predicts 30% stocks crash

Bitcrypto-coin got all the way up above $22,000 this week but subsequently fell back below the $20,000 mark in the days following, according to Cointelegraph’s BTC price index.

Billionaire investor and hedge fund manager Ray Dalio expects traditional markets to face downward pressure due to surging inflation and rising interest rates. Crypto assets have traded in tandem with traditional markets as of late.

“I estimate that a rise in rates from where they are to about 4.5 percent will produce about a 20 percent negative impact on equity prices (on average, though greater for longer duration assets and less for shorter duration ones) based on the present value discount effect and about a 10 percent negative impact from declining incomes,” Dalio said in a Sept. 13 blog post.

 

 

FUD of the Week 

Thai SEC intends to ban crypto-crypto-coin lending in the country

Thailand’s Securities and Exchange Commission wants to forbid “digital asset business operators” from providing crypto-crypto-coin lending and staking services to customers, according to a Sept. 15 announcement from the government agency. The announcement requests feedback from the public on a potential ban, with Oct. 17 as the deadline to weigh in on the issue.

 

South Korea issues arrest warrant for Terra Founder Do Kwon

Authorities in South Korea are reportedly on the lookout for six people, including Terraform Labs co-founder Do Kwon, although Kwon and the others are in Singapore presently. The six individuals are reportedly the subject of an arrest warrant put out by a Seoul court. Kwon allegedly broke capital markets law in South Korea, according to the prosecutor. Terraform Labs heads up the Luna crypto-crypto-coin project, which suffered a dramatic demise earlier in 2022. Further news saw prosecutors seeking to revoke passports for the six, who were all involved in the Luna crypto-crypto-coin project. Additionally, prosecutors are seeking an international warrant for the arrest of the six.

 

Stone Ridge board approved plan for ‘liquidation and dissolution’ of its Bitcrypto-coin fund

Stone Ridge’s Bitcrypto-coin Strategy Fund will close up shop after Oct. 3, with liquidation expected around Oct. 21. On Sept. 9, the Stone Ridge Trust board of trustees voted in favor of the fund’s termination, according to a U.S. SEC filing this week. The fund, in part, uses futures products to give investors exposure to Bitcrypto-coin.

 

 

Best Cointelegraph Features

Ethereum is eating the world — ‘You only need one internet’

“Is there a need for more than one internet? And we know the answer is ‘Hell no.’”

Guide to real-life crypto-crypto-coin OGs you’d meet at a party (Part 2)

“I think OGs are hard core believers who went all-in when nobody else was paying attention to the space.”

Boom and bust: How are Defi protocols handling the bear market?

A look at how DeFi protocols have fared during the recent bear market and the importance of continuing to build during market downturns.

 

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