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Ethereum’s Merge is Complete; U.S. Treasury Blacklists Bitcoin Addresses

Daily Market Wrap

  • Crypto market cap: 995 Billion, down 0.25%

  • BTC price stands at USD 20,319, down 0.14%

  • ETH price stands at USD 1,644, down 1.96%

  • Top gainer: Celsius (CEL), up 98.31%

  • Top loser: TerraClassicUSD (USTC), down 12.08%

News of the Day

Why it matters:

  • The Treasury announced sanctions against two entities and 10 individuals for alleged association with coordinated ransomware attacks, targeting United States-based companies since 2020

  • Suspects are reportedly tied to Iran’s Islamic Revolutionary Guard Corps and targets included a children’s hospital, city in New Jersey and a electric utility company

  • As the attackers and their business entities are on the OFAC sanctions list, American citizens and companies are prohibited from interacting with them and their Bitcoin wallet addresses

Crypto Daily Spotlight

Brief introduction: Ethereum is a smart-contract enabled Layer 1 blockchain. Its execution layer, previously known as ETH 1.0, uses Proof-of-Work (PoW) to validate transactions, which contributes to its scalability issues. Recently, the Merge has been completed and has transitioned Ethereum to its next phase (formerly known as Ethereum 2.0) as the network’s entire blockchain moves to a new system called proof-of-Stake (PoS), which proponents say will make it more efficient, sustainable and scalable.

Why it matters:

  • The Merge is complete, thus Ethereum will now operate on a Proof-of-Stake consensus which makes the network 99.95% more efficient and will allow for future scaling solutions

  • According to the Ethereum roadmap, the final stages: “Surge” – to increase scalability of rollups through sharding; “Verge” – to achieve statelessness through Verkle trees, “Purge” – to eliminate historical data; and “Splurge” – to involve small miscellaneous upgrades will be up next

  • Ethereum’s monetary policy have change, making its tokenomics deflationary

Daily Sector Tracker

Daily News Roundup

  1. Unsatisfying Clarifications on the Tornado Cash Sanctions

  2. Michael Saylor Slams 'misinformation' about Bitcoin’s Energy Use

  3. Celsius Bankruptcy Judge Gives the Nod for Independent Examiner Probe

  4. All The ETH On Aave Has Been Borrowed Ahead Of The Merge

  5. Trudeau Pooh-poohs Rival’s Crypto Enthusiasm

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