Cryptocurrency Explained for Beginners

Crypto In Play News 2022 August Second Week

cryptocurrency news

The latest cryptocurrency news curated on a weekly basis.

Covered topics include regulation, user adoption, macroeconomy, and technology announcements.

Table of Contents

BlackRock Announces Launch of New Bitcoin Trust 

  • BlackRock now offering its U.S institutional investors ability to purchase and sell Bitcoin (BTC) at market price 
  • Blackrock had announced a partnership with Coinbase days before on enabling clients access to digital assets
  • The trust launch is hailed as a sign showing how far crypto has matured as an asset class
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U.S Treasury Imposes Sanctions on Crypto Mixer Tornado Cash

Ethereum Transition to Proof-of-Stake Ready For Takeoff

  • On Aug 11, Ethereum successfully passed its final tests on its transition from proof-of-work(PoW) to proof-of-stake (PoS)
  • Proof-of-work and proof-of-stake are different types of consensus mechanisms necessary for decentralized blockchains like Bitcoin or Ethereum to validate and process transactions
  • Ethereum is a smart contract blockchain that has enabled close to 3,000 decentralized applications (smaller cryptocurrency exchanges, games, video streaming etc.) and more than 1M transactions/day.
  • The transition is the first big step to a huge drop (99.9%) in Ethereum’s transaction fees and transaction times and also opens it to become an ESG friendly asset with energy consumption of PoS being much lower than PoW
  • The final transition to PoS (otherwise known as the “merge”) will take place around the 15th of September.
  • After the transition, PoS will no longer require Ethereum miners which have caused some current miners to propose the creation of a separate Ethereum PoW only blockchain (known as a “hard fork”) 
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Reddit Rolls Out Tokenized Community Points With Help of FTX

Blockchain firms closing, Crypto Exchanges and Lending Platforms Halting Withdrawals

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