ETH sits near $1,200 on proposed merger date


The total cryptocurrency market capitalization was around $900 billion, nearly flat for the week. This masks the fact that it was a very eventful week with some important macro developments. In short, US consumer price inflation data surprised on the upside again, but Fed members pushed back on the idea of ​​a 100 basis point rate hike later. this month, which means that a 75 basis point rate hike remains the market’s baseline scenario.

Other US consumer data (retail sales and consumer sentiment) also surprised on the upside, alleviating US recession fears somewhat. Ultimately, this week’s macro developments proved to be neither a headwind nor a tailwind for crypto. Next week should be a little calmer, with no top tier US data releases expected. Any comments from other Fed policymakers will be carefully considered, as usual.

Ethereum Merger with PoS Now Has a Date

According to Tim Beiko, senior developer at the Ethereum Foundation, Ethereum’s merger from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS) mechanism will take place during the week of 19 september. The merger is expected to reduce Ethereum’s power consumption by around 99.95%. Proponents of PoS believe it provides better security and scalability.

Venture Capital Investment in Crypto Drops 26% YoY in H1 2022

The total sum of investments made in crypto companies by venture capital (VC) firms in the first half of 2022 was down 26% from its levels in the first half of 2021, Crunchbase reported. Total investments in the first half of 2022 amounted to $9.3 billion compared to $12.5 billion in the first half of 2021. Despite the lower overall figure, the number of individual transactions increased from 456 to 534.

The decline in venture capital investment in crypto comes as venture capital investment in economic sectors declines. According to GlobalData, total venture capital investment deals in the United States fell 22% year-on-year in the first half of 2022 to $123.1 billion.

US Lawmakers Worried About Crypto Miners’ ‘Disturbing’ Energy Use

A group of Democratic lawmakers in the U.S. Congress have sent a letter to the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Energy (DoE) expressing concern over ‘worrying’ levels of carbon dioxide consumption. energy from crypto miners. Crypto miners “represent a significant — and rapidly growing — amount of carbon emissions,” they said.

According to the group of lawmakers, the energy capacity deployed for the seven major crypto miners in the United States would be enough to power all homes in Houston, Texas. Lawmakers have asked the two agencies to work together to require reporting of energy consumption and emissions from crypto miners.

Putin bans digital payments in Russia

Russian President Vladimir Putin on Thursday signed into law a law banning the use of digital payments, after the law was approved by Russia’s State Duma earlier this month. Russia’s central bank has pushed for an outright ban on crypto activities similar to China’s, though the country’s finance ministry prefers regulation and introduced a crypto regulation bill in February.

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