Cryptos Financial News

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.

Crypto broker Genesis taps insider as interim chief, cuts jobs by 20%

Ripple Labs interested in bankrupt crypto lender Celsius' assets

BlackRock launches spot bitcoin private trust for US clients

Crypto ownership in Australia warrants consumer protection: Regulator

Iran makes first import order using cryptocurrency: Report

Coinbase posts loss as crypto market turmoil hits trading volumes

New guilty plea in BitMEX crypto exchange laundering case

Crypto platform Zipmex to start releasing Bitcoin, Ether for customers

Operations being run as usual, says cryptocurrency exchange WazirX

Senate bill would hand bitcoin, ether oversight to commodities regulator

FDIC urges banks to police misleading crypto claims on deposit insurance

India freezes assets of Binance-linked WazirX

Nomad said in a tweet that it was "aware of the incident" and was currently investigating.

Honduras launches 'Bitcoin Valley' in the tourist town of Santa Lucia

Factbox-The crypto crash hit these companies the hardest

US crypto exchange Kraken suspected of violating sanctions: Report

crypto exchanges, particularly the smaller ones, are on tenterhooks for survival. After Terra's debacle, Celcius and Three Three Arrows Capital jittered. This was followed by Vauld suspending operations. Meta (formerly Facebook) is shutting down its crypto wallet Novi by September 1, 2022. Even the Indian crypto exchanges are facing massive liquidity pressure, with volumes slumping up to 80 per cent since January. The new taxation rules are adding more pain to their sufferings.

Bill Gates blasts Crypto, NFTs as based on greater-fool theory

crypto regulations across the globe, the Attorney General (AG) of New York has raised red flags against the risks of crypto trading and mining.New Yok AG Letitia James has warned the investors over these risks as the state pursues efforts to ban proof-of-work (PoW) crypto mining. James stated that the investors have lost billions of dollars and crypto assets are subject to extreme volatility and unpredictable price swing, making them among the most high-risk investments in the market.

Tether, the world's largest stablecoin, said on Thursday it has boosted its holdings of U.S. government debt while cutting exposure to riskier assets, the first look at its reserves since the token was rocked by the crypto sector's recent sell-off. Stablecoins, a variety of cryptocurrencies designed to keep a steady value, are in sharp focus after crypto markets were rocked last week by the demise of the TerraUSD token. Usually underpinned by reserves of assets such as dollars, gold and government debt, stablecoins are widely used in cryptocurrency trading — with Tether the predominant medium for moving funds between crypto or into regular cash.