While a number of crypto traders were hoping for a surge in Ether’s price after the long-awaited change, the first 24 hours after the Merge saw Ether falling by more than 8% to around $1,470
While a number of crypto traders were hoping for a surge in Ether’s price after the long-awaited change, the first 24 hours after the Merge saw Ether falling by more than 8% to around $1,470
This week, the second biggest blockchain by market capitalisation switched from the proof-of-work method of mining and processing transactions to the proof-of-stake model, claiming to cut the blockchain’s energy consumption by more than 99%.
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Ether stakes its claim over the sector
Ethereum builders hope a less energy intensive blockchain will help them expand services and scale up as needed, with less opposition from regulators and environmentalists.
While a number of crypto traders were hoping for a surge in Ether’s price after the long-awaited change, the first 24 hours after the Merge saw Ether falling by more than 8% to around $1,470.
Ethereum may face greater scrutiny moving forward. A Wall Street Journal report noted that U.S. SEC Chair Gary Gensler remarked that proof-of-stake cryptocurrencies could be considered securities as investors often hope for profits while relying on the work of others. This could bring SEC attention to Ethereum if Ether’s price suddenly spikes after the Merge.
India enters the top five
Blockchain research platform Chainalysis’ 2022 Global Crypto Adoption Index put India among the top countries in terms of crypto adoption. The pack was led by Vietnam, followed by the Philippines, Ukraine, India, and the U.S.
Pakistan, Brazil, Thailand, Russia, and China took the next five slots, according to Chainalysis’ report, which observed that emerging markets occupy most of the top places on the index.
Both Ukraine and Russia have been soliciting crypto donations since Russia invaded the country in February 2022.
When giants unite
Traditional finance giants have come together to launch a new digital asset exchange called EDX Markets. The exchange caters to U.S. retail and institutional investors.
EDX Markets is backed by Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial. More partners are expected in time. The tech infrastructure will be provided by the market operator MEMX.
“Customer security and regulatory compliance are also core foundational principles for EDXM,” reported a press release on Tuesday.
The CEO of EDX Markets is Jamil Nazarali, who was formerly the Global Head of Business Development at Citadel Securities.
While a large section of the crypto community prefers to trade on decentralised exchanges with fewer regulations, institutional investors often feel safer trading on exchanges backed by known venture capitalists that promise to comply with regulations.
