Cryptocurrency Financial News

cryptocurrency industry has endured a terrible year. A devastating crash wiped nearly $1 trillion from the market, draining the savings of thousands of people. Several companies filed for bankruptcy. Now the industry is fixated on a potential saving grace: a long-awaited software upgrade to the most popular cryptocurrency platform, ethereum, which provides the technological backbone for thousands of crypto projects. The upgrade — known as the Merge — has gained near-mythical status after years of delays that left some insiders questioning whether it would ever happen. But if all goes according to plan, the Merge will take place around Sept. 15, more than eight years after it was initially discussed. The change would shift ethereum to a more energy-efficient infrastructure, addressing the widespread criticism that crypto's climate effect outweighs its possible benefits. And it would lay the foundation for future upgrades to reduce the hefty fees required to conduct transactions in Ether, the platform's signature currency and the second-most valuable digital asset after bitcoin. «This transition is essentially laying a road map to a future which is far more scalable, far more energy efficient and a lot more usable to the normal person,» said Joseph Ayoub, an analyst at Citi who has studied the Merge. «It's laying the groundwork for adoption.»

Bitget, one of the leading derivatives exchanges, has surpassed FTX and top exchanges including KuCoin, Crypto.com, Huobi Global and more in derivatives trading volume as per data provided on CoinGecko.

 

Major cryptocurrencies were trading in the green early on September 5. The global crypto market cap is $982.96 billion, which is a 0.71 per cent increase over the last day. The total crypto market volume over the last 24 hours is $47.93 billion, a 7.47 per cent increase.

Amidst the bear phase, crypto exchanges in India have been facing trouble from both investors and law enforcement agencies. In an interview with ETMarkets.com, BuyUcoin's CEO Shivam Thukral says that with the new tax regime, every penny in crypto space is under tax lens and regulations for the crypto space are the need of the hour. Edited excerpts:The crypto market has been struggling lately. Do you think that woes will last longer than expected amid expectations of rate hikes and fear of economic slowdown?During the dream bull run of 2021, crypto assets delivered stellar returns which were never seen in modern human history.

Ethereum maximalists are already calling this the biggest event in crypto this year. They believe this will pave the path towards ‘the flippening’ – when Ethereum overtakes Bitcoin as the largest cryptocurrency by market capitalisation. September is here, and the Merge is just weeks away. Let’s understand the event in detail and prophesize what’s ahead. What is the Merge?The Merge is the transition of Ethereum (ETH) blockchain to the Proof-of-Stake (PoS) consensus mechanism. This shift was planned at the inception of the blockchain in 2014 itself. PoS is energy-efficient, and the Merge will instantly cut 99 per cent of Ethereum’s carbon emissions, according to the Ethereum Foundation. This will make ETH a strong candidate for institutional investors like Tesla who have stayed away from Bitcoin (BTC) on concerns about its energy use. It will also have implications on the tokenomics of ETH. The Merge will result in a 90 per cent net drop in the annual issuance of ETH. This means that, over time, ETH’s supply will remain stable (or even decrease; making ETH deflationary) giving a fillip to its investors. All retail investors will also be able to stake their ETH for passive rewards once the Merge is successful.

 

 

 

Indonesia's tech firm GoTo buys local crypto exchange for $8.4 million

Major cryptocurrencies were trading in the red early on September 2. The global crypto market cap stood at $981.86 billion, a 0.09 percent increase over the last day. The total crypto market volume over the last 24 hours reached $62.41 billion, making a 9.77 percent decline.

Thailand tightens rules on crypto advertising

Central African Republic top court blocks purchases with new cryptocurrency

Crypto exchange FTX's CEO says no plan to buy China's Huobi

 

 

A big mistake, And $10.5 million in Australia woman's account

Following its last hearing, cryptocurrency lending platform Vauld reached out to its customers seeking their interest to be a part of a proposed Committee of Creditors (CoC), to whom it owes money.

 

 

Fugitive Turkish crypto fraud suspect arrested in Albania resort