CryptoSlate Wrapped Daily: Ethereum switches to PoS, ETH falls below $1,500 as over $150M is liquidated

2 years ago

The biggest quality successful the cryptoverse for Sept. 15 includes ETH falling beneath $1,500 arsenic implicit $150M is liquidated, the archetypal post-merge NFT “The Transition” minting for $60,000, Charles Hoskinson saying that Ethereum’s Merge changes nothing.

CryptoSlate Top Stories

Ethereum switches to PoS aft successfully completing the Merge

Arguably the biggest infinitesimal successful the past of the Ethereum ecosystem transpired connected Sept. 15 arsenic Ethereum migrated to a proof-of-stake web astatine 06:43 UTC.

In celebration, Ethereum co-founder Vitalik Buterin tweeted to convey everyone who made the Merge happen.

And we finalized!

Happy merge all. This is simply a large infinitesimal for the Ethereum ecosystem. Everyone who helped marque the merge hap should consciousness precise arrogant today.

— vitalik.eth (@VitalikButerin) September 15, 2022

The Merge is expected to trim Ethereum’s powerfulness depletion by 99%.

First post-Merge Ethereum NFT minted for $60K

Following the occurrence of the merge, a idiosyncratic made past by spending 36 ETH (approximately $60,000) to mint the archetypal NFT connected the proof-of-stake (PoS) network. The precocious outgo was a effect of the idiosyncratic choosing to wage state fees acold beyond the mean to guarantee the transaction went done successful the archetypal block.

To commemorate the merge, the Panda-faced NFT was tagged “The Transition.”

Ethereum falls beneath $1,500 arsenic implicit $150M is liquidated successful 24 hours

The excitement astir the Merge saw $ETH commencement a rally towards $1,800. However, the determination was shortlived arsenic $150 cardinal was liquidated disconnected the market.

The terms of Ethereum concisely touched $1,640 earlier falling beneath $1,500. As a result, astir $98.6 cardinal successful longs were liquidated, portion just $48.3 cardinal successful shorts were liquidated. Overall, the full liquidation of $ETH successful the past 24 hours exceeded $150 million.

Ethereum Classic hashrate surges to implicit 200 TH/s post-Merge

With mining becoming obsolete connected the Ethereum mainnet, PoW miners person flocked to the Ethereum Classic ecosystem.

According to 2Miners data, the migration of miners caused Ethereum Classic’s hashrate to scope a grounds precocious of 222.5 TH/s, showing an summation of implicit 250%.

Charles Hoskinson points retired Ethereum’s Merge changes nothing

Cardano’s Charles Hoskinson said that The Merge volition not instantly impact the Ethereum ecosystem.

According to Hoskinson, The Merge is conscionable 1 measurement distant arsenic Ethereum’s performance, operating cost, and liquidity, are yet to beryllium improved.

The Verge and Shanghai forks, which are expected earlier the extremity of 2024, volition code the issues.

Community braces for ‘fork wars’ aft Poloniex’s abrupt determination to enactment EthereumFair implicit ETHW

Justin Sun-backed Poloniex speech has turned its backmost connected ETHPOW. The crypto speech announced that the assemblage has agreed to follow Ethereum Fair (ETF) arsenic the main proof-of-work (PoW) concatenation it volition enactment going forward.

Research Highlight

ETH deed highest dominance against BTC going into the Merge

CryptoSlate investigation of the ETH-BTC dominance illustration revealed that Ethereum’s dominance implicit Bitcoin, which has been expanding since July 2021, reached its highest adjacent to the Merge date.

For context, whenever the achromatic country crosses the pinkish line, Ethereum outperforms Bitcoin, and whenever the greenish enactment is crossed, Bitcoin dominates.

News from astir the Cryptoverse

Coinbase integrates a crypto-sentiment feature

Coinbase has introduced a crypto-sentiment diagnostic into its app to let users entree to crypto-friendly politicians.

The diagnostic is simply a portion of Coinbase’s crypto lobbying effort up of the midterm predetermination successful November.

Thailand SEC to spot a prohibition connected crypto services

The Securities Exchange Commission (SEC) of Thailand is looking to prohibition crypto exchanges from offering high-yield services to depositors.

The regulator besides projected prohibiting crypto-related contented advertizing successful the country.

Crypto Gambling rising connected Twitch

Gamblers are turning to the video streaming level Twitch to gain a stock of cryptocurrency paid retired by Casinos,

As Bloomberg reported, the usage of cryptocurrency is turning the level into an online gambling haven.

Crypto Market

Bitcoin was down -2.42% successful the past 24 hours, trading astatine $19,750, portion Ethereum was trading astatine $1,478.31, signaling a alteration of -8.95%