Ethereum successfully completes the merger, and updates the Ethereum price after the merger
The long-awaited Ethereum merger finally, which makes Ethereum a proof-of-stake (PoS) network. Ethereum’s transition to PoS went unimpeded, with the network losing only one block in the two consolidation periods.
Stakers are now responsible for creating and validating blocks on the Ethereum network. As a result, Ethereum energy consumption is expected to decrease by 99.99%. In addition, PoS promises to be more secure and scalable.
With no place for miners on Ethereum, hash rates for alternative chains such as Ethereum Classic (ETC), Ravencoin (RVN) and Conflux (CFX) have skyrocketed. ETC hash rate increased to 290th/secwhile CFX and RVN hash rates increased by 55% in 24 hours.
Although the consolidation process started without a hitch, the price of ETH did not see much movement. While ETH managed to stabilize at around $1600 after the CPI losses, the asset is trading flat.
24 hour price chart for Ethereum (ETH). source: CoinMarketCap
The success of the Ethereum merger is a win for Ethereum as well as other chains that are benefiting from the exodus of miners.
Centennial bankruptcy judge approves investigation by independent examiner
A month after the guardian’s office in the United States Foot In order to appoint an independent examiner to investigate the bankruptcy proceedings of crypto lender Celsius, US Bankruptcy Judge Martin Glenn, with his consent, has given his consent.
The ranking From the United States Bankruptcy Court for the Southern District of New York, he says the examiner’s investigation will look into Celsius’ crypto holdings, tax-paying procedures, and the current state of its mining business.
In addition, an independent examiner will investigate why Celsius changed its account offerings in April. This change led to the transfer of some clients from the earning program to custodial services while others were moved to a “Trunk Account”.
The approval of the independent examiner will increase the transparency of the ongoing bankruptcy proceedings in percentage terms.
Bitcoin held by long-term holders has reached a new all-time high despite the bear market
Despite the rough year that Bitcoin (BTC) investors have had to put up with, the amount of BTC held by long-term (LTH) holders has reached a new all-time Bitcoin (ATH) high of 13.62 million BTC.
LTH supply is the volume of bitcoin that has been dormant for at least 155 days without moving. In addition, they are also the least likely to spend during market volatility.
info from glass It shows that long-term Bitcoin holders (LTHs) now cumulatively own 13.62 million BTC, surpassing the previous record of 13.56 million set in November 2021.
This figure represents 71% of the total Bitcoin circulating supply of 19.15 million coins. Bitcoin LTH supply has been growing steadily since July after the market recovered from the infamous crash in June.
Bitcoin’s LTH oversupply shows investors’ desire to hold their assets despite the market’s growing downward trend.
Coinbase adds a ranking of US politicians based on how much they contain Pro-Crypto
US-based cryptocurrency exchange Coinbase Added a new feature To its application that will enhance advocacy for cryptocurrency. The service will enable users to know the position of members of Congress on encryption policy.
Coinbase will also provide updates on local town hall events and registration to vote for the upcoming elections in November. This scorecard will help 103 million Coinbase users understand the position of local political leaders and their representatives on cryptocurrency.
The Crypto Scorecard is sourced from the Crypto Action Network and collects all cryptocurrency related data and actions for each politician. To ascertain the scores of US-based politicians’ feelings, the service will use a rating system ranging from “A” to “F”.
Coinbase CEO Brian Armstrong said the feature will also prompt the crypto community to raise crypto donations for pro-crypto candidates, and expand to gain more geographical coverage in global elections.
The Coinbase initiative is geared toward helping the crypto community elect leaders who can come up with more appropriate policies.
BNB Chain and Google Cloud Partner to Promote Web3 and Blockchain Projects
Smart Contract Blockchain Platform from Binance BNB Chain and Google Cloud on Wednesday announce A partnership that aims to support the growth of Web3 and blockchain startups at an early stage.
As part of the partnership, Google Cloud will provide cloud computing credits, foundation infrastructure, improved technical support, and mentorship to early-stage Web3 and blockchain startups.
The 1,300 projects based on the BNB chain can now access Google Cloud tools and carbon-neutral infrastructure to scale their operations. Participants will also receive a certificate for Web3 Developer Workshops as well as Google Cloud Training.
All Web3 developers on the BNB Chain will be taught by the company’s technical subject matter experts across artificial intelligence, data analytics, data management, machine learning, and zero-trust security.
The partnership aims to boost the efficiency and growth of Web3 and blockchain startups, which could lead to the creation of creative Web3 projects.