The creator of the second most capitalized cryptocurrency Ethereum Vitalik Buterin told when the blockchain will switch to the Proof-of-Stake algorithm.
The transition of Ethereum network to Proof-of-Stake consensus algorithm will take place in August 2022, the blockchain creator Vitaly Buterin said during the summit in Shanghai. If problems arise, the update could be pushed back to September or October, journalist Willie Wu wrote.
At the Eth Shanghai Summit, Vitalik said that the Ethereum merge (POW to POS) is likely to happen in the summer in August, If there are some potential risks, September or October is also possible. Live：https://t.co/WSl2IpAyJW
Ethereum now runs on the Proof-of-Work algorithm, so it needs miners generating processing power to keep the network running. In the case of Proof-of-Stake, the network is maintained by token holders and is rewarded for doing so. This is called staking.
The Chainabuse platform will help victims of hackers, financial crime and crypto-businesses get information about new ways to scam cryptocurrencies.
Seven cryptocurrency companies - Binance U.S., Circle, Solana Foundation, The Aave Companies, Hedera, TRM Labs and Civic launched the Chainabuse information platform. Through the platform, users will be able to learn about fraudulent schemes, report scam attempts and hacks in real time.
“Chainabuse is the first purpose-built platform of its kind - a multi-chain reporting tool that allows crypto users to report illicit activity to a public forum where others can upvote, downvote or leave comments to contribute additional information,” TRM Labs said in a statement.
On the platform, reports on the same addresses and projects are combined into an archive and stored in a database. From there, users can use filters and searches to find the data of interest. Now Chainabuse has already published 500 reports on fraud attempts, most are related to popular blockchains: Ethereum - 254 reports, Bitcoin - 173, Binance Smart Chain - 89.
John Rock, an analyst at 22V Research, expects Ethereum to fall to a value of $420.
Ethereum risks an 80% drop in value, to $420, according to analyst John Rock of 22V Research. According to Rock, the altcoin is oversold on the daily and weekly chart, so it can't grow. The news portal Blopberg writes about it.
Bloomberg’s photo
On May 12, Ethereum fell to a June 2021 low and stopped at $1800. As of May 17, the value of the altcoin is $2033, for a day it fell in price by 2.6%.
The South Korean authorities plan to hold parliamentary hearings concerning the collapse of the Terra ecosystem.
Yoon Chan-Hyun, a representative of South Korea's People Power Party, called on authorities to hold a hearing on the collapse of the cryptocurrency Terra. This was reported by local media.
According to the representative at the meeting, the head of Terraform Labs Do Kwon and representatives of South Korean cryptocurrency exchanges must necessarily be present. Together, they will analyze the reasons for the situation and measures to protect investors.
Chang-Hyun pointed out that some platforms continued to trade in Stablecoin after its sudden collapse. Coinone, Korbit and Gopax stopped trading on May 10, Bithumb on May 11 and Upbit only on May 13.
The Korea Financial Services Commission (FSC) launched an investigation asking exchanges for data on UST and LUNA transactions, including trading volumes and number of investors. The agency also asked the exchanges to conduct internal investigations into the Terra incident.
On May 16 El Salvador will host a meeting of representatives from 44 countries, which will raise questions on the digital economy and cryptocurrencies. El Salvador's President Nayib Buquele announced.
“Tomorrow, 32 central banks and 12 financial authorities (44 countries) will meet in El Salvador to discuss financial inclusion, digital economy, banking the unbanked, the Bitcoin rollout and its benefits in our country,” said the president.
The meeting will be attended by representatives from Paraguay, Ghana, Namibia, Madagascar, Jordan, Honduras, Maldives, Pakistan, Costa Rica, Ecuador and other countries. Also in the Twitter account Bitcoin Beach wrote that on May 13 to El Salvador will fly representatives of Armenia, Egypt, India, Senegal.
In 24 hours since the fall, Bitcoin has risen by 12%.
According to CoinGecko, the value of the first cryptocurrency rose 12% on Friday, May 13 and returned to above $30000 after a sharp drop. As of this writing, Bitcoin is trading around $30360. The market capitalization of the cryptocurrency market is $1.35 trillion.
Ethreum has also gained 13% in value, now trading at $2000. Cardano token showed the greatest growth, its growth was 31.8%, its value is $0.5.
On May 12, bitcoin quotation fell below $27000, Ethereum price reached $1800. The market capitalization was $1.2 trillion. The fall occurred amid the collapse of the Terra token.
In one day, Bitcoin's price fell 12% and its market capitalization dropped to $515 billion.
In the last day Bitcoin's exchange rate fell by more than 12%, as of May 12 the value of the first cryptocurrency is $27600, which was the lowest since December 29, 2020. The cryptocurrency’s capitalization fell to $515 billion with daily trading volumes of $71 billion.
The value has been declining since late March, when it was momentarily above $48100. Since then, bitcoin quotations have fallen 44%. The decline accelerated on May 11 after the U.S. Bureau of Labor Statistics reported that consumer prices in the country rose 8.3%. The figure exceeded analysts’ forecasts and remained close to forty-year highs.
Popular altcoins also declined in value. Ethereum lost 22% of its value, its price is $1900. The value of Binance Coin fell by 26%, Solana by 35%, and XRP lost 26% in value.
The value of Terra fell to $4.5 despite the fact that the cryptocurrency was worth $119 in April.
The Terra token collapsed 86%, falling to its lowest since July 2021 at $4.5. At the same time in April Terra reached the maximum value for the time of its existence at $119.5. Since then the value has fallen 95%.
The collapse began on May 8, when TerraUSD (UST) temporarily lost its peg to the dollar. This happened after one user sold nearly $300 million worth of UST in a single transaction. The value of the stablecoin is now hovering around $0.4.
The Luna token is used to stabilize the value of UST, so their rates correlate. According to The Block, Luna Foundation Guard plans to raise more than $1 billion in large investors to support UST. They will be invited to buy the LUNA token at a 50% discount.
The value of the first cryptocurrency fell to $35,500. During the day it decreased by 9%.
On May 5 Bitcoin rate updated the minimum from February 24 and stopped at $35,000. Then the cryptocurrency recouped some of the losses, now, according to CoinGecko, the value is holding at $35,900. In the past 24 hours, Bitcoin has lost 9% in price.
The capitalization of the first cryptocurrency fell below $700 billion and now stands at $680 billion, Bitcoin occupies 39.34% of the cryptocurrency market.
Following Bitcoin, major altcoins also fell in price. Ethereum fell 6.3% to $2,700, cnjbvjcnm Binance Coin fell 5.5% to $379. Total market valuation fell by 7%, to $1.8 trillion.
Gucci fashion house will allow to buy clothes for cryptocurrency in five U.S. stores.
Vogue Business reports that Italian fashion house Gucci will launch a pilot project in May that will allow the acceptance of payments in digital assets in five U.S. stores. In the summer, the experiment will be extended to the company’s own boutiques in North America. According to Gucci CEO Marco Bizzarri, it will improve the customer experience.
It will be possible to pay for the purchase with the help of a QR code, which will be sent to the client by e-mail. Bitcoin, Ethereum, Wrapped Bitcoin, Bitcoin Cash, Litecoin, Shiba Inu, Dogecoin and several Stablecoins tied to the dollar will be available for payments. If an item is returned, the buyer will receive a refund in the currency with which they paid for the purchase.
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