Ethereum (ETH) Surges Past $1.900 USD Following Goerli's Migration to Ethereum 2.0's Beacon Chain. This and more news is in this handy daily digest to keep you up to date with the latest developments in the crypto world.
Ethereum surges in the market after Goerli migration
📍El Ethereum price surpassed $1.900 USD amid enthusiasm for the Goerli merger. Ethereum's public testnet Goerli has been successfully deployed on the Ethereum 2.0 Beacon Chain, the new blockchain network built on the Proof of Stake (PoS) consensus protocol.
Goerli's successful migration from the current Ethereum network, based on Proof of Work, to the Beacon Chain, based on Proof of Stake, is encouraging investors and the crypto community at large.
Ethereum price surged by over 13% on Wednesday following the testnet migration. According to data from CoinMarketCap, ETH reached a value of $1.904 per unit on Wednesday.
Source: CoinMarketCap
Goerli is the last Ethereum testnet to be deployed on the new blockchain, to test The Merge before the official Ethereum mainnet migration planned for mid-next month.
US authorizes SBI Group to offer cryptocurrency products on the OTC market
📍CFTC authorizes SBI Group to operate in the Over the Counter (OTC) market with cryptoassets. Japanese financial services giant SBI Group has received permission from the US Commodity Futures Trading Commission (CFTC) to offer Cryptocurrency derivatives in the over-the-counter market, known as OTC.
The company's new over-the-counter crypto derivatives will be available through the US-based Clear Markets, a holding owned by SBI Group.
OrionOne joins the blockchain ecosystem with VeChain
📍OrionOne has joined the VeChain blockchain ecosystem to optimize the supply chain industry. The enterprise logistics software company has signed a alliance with VeChain to adopt blockchain technology and improve management between logistics companies.
OrionOne CEO Tommy Stephenson said that their collaboration with VeChain will help the company deliver more efficient solutions, allowing its corporate clients to save time and money while staying up to date with the latest technological innovations.
VeChain is an enterprise blockchain focused on improving management and traceability in supply chains.
Ethereum gas fee drops to 2-year lows
📍According to Etherscan, gas fees on Ethereum are currently hovering around $1,2 USD on average. Crypto winter has reduced the level of activity recorded within the Ethereum blockchain and, with it, the cost of transacting on the network.
According to data from Etherscan, an average transaction on the Ethereum network is around 19 gwei or approximately $1,22 at press time. On-chain data monitoring platform Bit InfoCharts shows that this value was seen in October 2020, before the frenzy caused by DeFi protocols and NFTs on the network.
Source: Bit InfoCharts
MakerDAO wants to reduce exposure to USDC
📍MakerDAO founder Rune Christensen warns of risks from US sanctions on Tornado Cash. According to The Defiant, Christensen posted on Maker’s Discord channels that the protocol is working on a contingency plan to execute an emergency shutdown in the event that sanctions imposed by the U.S. Treasury Department on decentralized cryptocurrency mixing protocol Tornado Cash impact DAI addresses on the protocol.
Last Tuesday, MakerDAO had reported that more than 50% of the DAI In circulation, the decentralized and collateralized stablecoin developed by the protocol is held in externally owned accounts (EOA); that is, in addresses held by users.
However, currently, about $3.500 billion worth of USDC, the centralized stablecoin developed by Circle, is locked in Maker, as DAI guarantee. Because of this, Christensen warned of the risks posed by the sanctions imposed by the Treasury on Tornado Cash.
Circle is taking action and has blocked dozens of USDC addresses sanctioned by the US agency, which could affect the DeFi protocol.
The emergency plan that MakerDAO is designing also considers ways to reduce DAI's high exposure to USDC in order to mitigate risks.
Bank of England sees risks in blockchain-based metaverse
📍The cryptocurrency and blockchain-based metaverse could affect financial stability, according to the Bank of England. The UK central bank believes that the development of the open and decentralized Metaverse, which is built on the blockchain industry, could increase systemic risks to the financial stability of households and the nation, by encouraging the use of digital assets within these virtual environments.
According to the bank's deputy governor, Jon Cunliffe, cryptocurrency users could lose their funds by holding digital assets.
However, warnings The Bank of England’s statements differ somewhat from the UK government’s statements regarding the crypto industry. In fact, in April the country stated that it wants to regulate crypto assets to recognize cryptocurrencies and stablecoins as valid means of payment, in order to boost its technological development and become a center of crypto innovation.
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