Inside the Crypto Dimension #10
Post-merge news 🛣️ | 1-year of Bitcoin as El Salvador's official currency 🇸🇻 | Big Japanese game companies looking at crypto gaming 🎮 | Russia and stable cryptoruble 🇷🇺 | Celebrities and Cryptos
The Merge has come and gone. Everything seemed to have gone as planned and the crypto world reacted to merge with positive attitude. Majority of the news from the last week and the weekend seemed to concentrate solely on Ethereum news.
El Salvador hit an important 1-year mark on their Bitcoin adoption. Even though they were the first to adopt Bitcoin as an official currency, many argue that they will not be the last one to do so. That is a truly interesting development to follow in the coming years.
Trading seems to continue along the usual tracks. The week starts with Bitcoin under 19 000 USD and Ethereum at 1300 USD. Significant drop for Ethereum, which was already expected by some analysts. The negative percentages of BTC and ETH are reflected in all altcoins, making sure that the week starts in red.
As always, Just try to hang on even though the cold breeze is still blowing in the crypto world 🥶.
Let’s dive into the news. Keep on scrolling! 👇
News and Events from the World of Cryptos
The Ethereum Merge Is Done, Opening a New Era for the Second-Biggest Blockchain
Yes, the merge was successful! As a result, the energy consumption of Ethereum should have dropped over 99%. No more expensive mining and competition on who gets the fastest and most expensive computers to calculate hashes. Instead, ETH owners can stake their Ethereum and become validators. There are still discussions, whether the proof-of-stake will concentrate to the hands of few validator collectives or not. Read the article for full story and explanations.
Ethereum-Based ‘Cryptoruble’ Token Under Development in Russia
Russia - the indecisive country on cryptos. Russia has given mixed signals on cryptos by first trying to ban them and now (because of the war in Ukraine?) they are embracing them. The latest news is that there is a plan on creating a Cryptoruble as a stablecoin. The cryptoruble should have a 1:1 exchange rate to real ruble. This cryptoruble is a payment tool unrelated to the central bank digital currency (CBDC) created by the Bank of Russia.
Bandai Namco, SEGA among gaming giants eyeing blockchain gaming
Japanese gaming companies are getting ready to serve blockchain gamers. Big companies such as Bandai Namco, Sega and Square Enix are looking at developing brand new games on blockchain. Currently, the gaming models for blockchain are still in the development and will quite likely take some time before they reach maturity. In any case, this is a definitely strong signal that blockchain gaming is serious business even for the major AAA-level game developers.
Ethereum Blockchain’s Upgrade May Lead to Greater Institutional Adoption of Ether: Bank of America
The Bank of America research report states that Ethereum’s change to proof-of-stake and the reduction of energy consumption may allow some institutional investors to purchase ETH for the first time. The possibility to earn yield from staking is seen as an opportunity for many. Whether this will truly happen, remains yet to be seen.
1 Year of Bitcoin in El Salvador: The Bad, the Good and the Ugly
El Salvador adopted Bitcoin as an official currency one year ago. The adoption caused a lot of discussions and the falling price of Bitcoin has caused a lot of criticism. However, experts have already argued that expecting Bitcoin to reach its full potential in just one year sounds quite optimistic, especially on country level scale. International tourism has seen a boost since the adoption of Bitcoin and there are calculations that the Bitcoin law might raise El Salvador’s GDP by more than 3%. There are more behind the news than this recap, so we highly suggest to read this article for full story.
Influential celebrities that joined the crypto club over the past year
Celebrities and Cryptos! Many readers may remember the tweets and ads done by celebrities who believe in crypto markets. Eminem is famous of his 460 000 USD Bored Ape, Matt Damon advertised crypto.com with his face and Snoop Dogg has went full in on NFTs. The article gives a short but informative look on the celebrities’ activities and what has happened during the last year.