Read in the Digest:
- Ethereum successfully completes merge and post-merge ETH price update
- Celsius bankruptcy judge approves probe by an independent examiner
- Bitcoin held by long-term holders hit a new all-time high despite a bearish market
- Coinbase (NASDAQ:COIN) adds rating of U.S. politicians based on how pro-crypto they are
- BNB Chain and Google (NASDAQ:GOOGL) Cloud partner to boost Web3 and blockchain projects
Ethereum Successfully Completes Merge, Post-Merge ETH Price Update
The long-awaited Ethereum merge has finally been completed, making Ethereum a Proof-of-Stake (PoS) network. Ethereum’s transition to PoS went off without a hitch, with the network missing only one block in the two epochs of the merge.
Stakers are now responsible for creating and validating blocks on the Ethereum network. As a result, Ethereum’s energy consumption is expected to drop by 99.99%. In addition, PoS promises to be more secure and scalable.
With no room for miners on Ethereum, the hash rates of alternative chains like Ethereum Classic (ETC), Ravencoin (RVN), and Conflux (CFX) have spiked. The hash rate of ETC has spiked to 290TH/s, while the hash rates of CFX and RVN have risen by 55% in 24 hours.
Despite the merge going live without a hitch, the price of ETH has not seen much movement. While ETH has managed to stabilize at around $1,600 after the CPI losses, the asset’s trading has been flat.
The 24 hours price chart for Ethereum (ETH). Source: CoinMarketCap
Flipsider:
- Negative sentiments surrounding the merge saw investors move $1.2 billion worth of ETH into centralized exchanges (the highest in 6 months) over fears of a price drop.
Why You Should Care
The success of the Ethereum merge is a win for Ethereum as well as other chains benefiting from the migration of miners.
Celsius Bankruptcy Judge Approves Probe by Independent Examiner
A month after the Office of the United States Trustee filed for the appointment of an independent examiner to investigate crypto lender Celsius’ bankruptcy proceedings, U.S. Bankruptcy Judge Martin Glenn, has given his approval.
The order from the United States Bankruptcy Court of the Southern District of New York, says that the examiner’s investigation will look into Celsius’ crypto holdings, tax payment procedures, and the current status of its mining business.
In addition, the independent examiner will investigate the reason why Celsius changed its account offerings in April. This change led to some customers being moved from the Earn Program to Custody Services while others were moved to a “Withhold Account.”
Flipsider:
- Celsius has laid out a proposal by which a still-being-built mining enterprise will allow it to generate enough revenue to continue operating.
Why You Should Care
The approval of an independent examiner will increase the transparency in the ongoing Celsius bankruptcy proceedings.
Bitcoin Held by Long-Term Holders Hit a New All-Time High Despite Bearish Market
Despite the rough year Bitcoin (BTC) investors have had to endure, the amount of BTC held by long-term holders (LTH) has hit a new bitcoin all-time high (ATH) of 13.62 million bitcoins.
The LTH Supply is the volume of Bitcoin that has been dormant for at least 155 days without being moved. In addition, it is also the least likely to be spent during market volatility.
Data from Glassnode shows that Bitcoin long-term holders (LTHs) now cumulatively hold 13.62M BTC, surpassing the previous record of 13.56 million in November 2021.
This figure accounts for 71% of BTC’s total circulating supply of 19.15 million coins. The Bitcoin LTH supply has been growing steadily since July after the market recovered from the infamous crash in June.
Flipsider:
- Bitcoin’s mining difficulty increased by 3.45% at a block height of 753,984 to hit a new all-time high at 32.05 trillion hashes.
Why You Should Care
The increasing LTH supply of Bitcoin shows the willingness of investors to hold their assets despite the market’s increasing bearishness.
Coinbase Adds Rating of U.S. Politicians Based on How Pro-Crypto They Are
U.S.-based cryptocurrency exchange Coinbase has added a new feature to its app that will boost cryptocurrency advocacy. The service will enable users to know the stance of members of Congress on crypto policy.
Coinbase will also provide updates on local town hall events and register to vote for the upcoming election in November. This scorecard will help Coinbase’s 103 million users understand the stance of their local political leaders and representatives on crypto.
The crypto scorecard is sourced from the Crypto Action Network and collates all crypto-related statements and actions of each politician. To ascertain the sentiment scores of U.S.-based politicians, the service will use a grading system that ranges from “A” to “F.”
Brian Armstrong, the CEO of Coinbase, said that the feature will also solicit the crypto community to raise donations in cryptocurrency for pro-crypto candidates, and expand to get more geographic coverage in global elections.
Flipsider:
- Although Coinbase is actively trying to onboard crypto-friendly officials, the exchange banned discussions of politics and social causes among its employees.
Why You Should Care
The initiative from Coinbase is geared toward helping the crypto community elect leaders who can come up with more favourable policies.
BNB Chain and Google Cloud Partner to Boost Web3 and Blockchain Projects
Binance’s smart contract blockchain platform BNB Chain and Google Cloud on Wednesday announced a partnership that aims to support the growth of early-stage Web3 and blockchain startups.
As part of the partnership, Google Cloud will provide cloud computing credits, foundational infrastructure, enhanced technical support, and mentorship for early-stage Web3 and blockchain startups.
The 1,300 projects based on the BNB Chain can now access Google Cloud’s tools and carbon-neutral infrastructure to scale their operations. Participants will also get certified for Web3 developer workshops as well as Google Cloud training.
All Web3 developers on the BNB Chain will be taught by the firm’s technical subject matter experts across artificial intelligence, data analytics, data management, machine learning, and zero trust security.
Flipsider:
- Unlike its previous partnerships with Hedera, Ontology, Theta Network, EOS, Polygon, Dapper Labs, and Bakkt, Google Cloud will not serve as a block producer for BNB
Why You Should Care
The partnership aims to boost the efficiency and growth of Web3 and blockchain startups, which could result in the creation of creative Web3 projects.