Welcome to the weekly crypto news summary! Listed below are all the most important crypto-related news from the past seven days.
It's a crisis in the market. Cryptocurrencies, stocks, and other investments lost a lot of value last week. Bitcoin (BTC)
fell 10% and Ethereum (ETH)
dropped as much as 24%. It should be added that Ethereum initially performed much better than the rest of the market.
This market crash seems mainly fuelled by macroeconomic conditions (read inflation and bankruptcies). There is less money to invest as life gets more and more expensive.
Yet surprisingly, on the technical and development front, there is almost only good news. Many experts, therefore, expect that when the general economy picks up, so will cryptocurrencies. However, nobody knows how long that will take.
Anyway, below you can read all the important crypto news from 16 September 2022 to 23 September.
Dogecoin releases its own version of ENS
The already growing in popularity concept of Ethereum Name Service (ENS)
is now spreading to many other blockchains. The "Name Service" involves attaching an easy-to-read domain name to one's wallet address.
Wallet addresses are generally difficult to remember and type over. For example, an example of an Ethereum address is: 0xb794f5ea0ba39494ce839613fffba74279579268.
A Name Service allows you to link a domain name, such as coinmerce.eth, to your wallet address, making it much easier to share your wallet address with someone.
has now launched its own version called "Doge Name Service". So Dogecoin addresses can now be turned into .doge addresses. Nice and easy though!
Ledger wallets on sale at Best Buy
Ledger has entered into a partnership with US electronics giant Best Buy. According to a deal recently struck between the crypto hardware manufacturer and Best Buy, customers can now pick up the Ledger Nano X and Ledger Nano S wallets on the same day at all Best Buy locations - including 900 shops in the US.
For new investors looking to purchase their first Bitcoin hardware wallet, the companies will make interactive displays available at selected Best Buy locations where customers can learn more about the different types of cryptocurrency wallets.
Buyers will also benefit from guidance on wallet activation, Ledger said in a blog post.
Colorado accepts tax payments in cryptocurrency
The US state of Colorado is now accepting cryptocurrency for tax payments, Governor Jared Polis announced on Monday. The option is already available on the state Department of Revenue's website.
Tax payments in Colorado are accepted through the PayPal Cryptocurrency Hub with service fees of $1.00 plus 1.83% of the payment amount. Payments are only accepted from personal accounts in a single cryptocurrency. Businesses cannot yet pay their taxes via crypto. Payments become effective on the day they are initiated, although it takes three to five days for the transfer to take place. Payments are immediately converted to fiat.
Colorado's governor said earlier this year that he expected the state to start accepting payments in crypto. At the opening of Denver Startup Week, Polis said of the new payment option:
"We're just showing again, from a customer service perspective, how Colorado is tech-forward in meeting the ever-changing needs of businesses and residents."
The Ethereum Merge has succeeded!
It's been a little over a week now, but perhaps the most important news of this year. The Ethereum Merge
has succeeded, an event millions of people have been looking forward to for months.
The Ethereum Merge is a major update to the Ethereum Network, belonging to the ETH 2.0 plan. The Merge is one of the biggest steps in this plan and was successfully implemented 8 days ago.
The most important thing about this upgrade is that the blockchain is switching from the Proof-of-Work
consensus algorithm (mining), to Proof-of-Stake (staking). This has the effect of making the network much more economical. Energy costs to maintain the blockchain will drop by around 99%.
Again, this was the most important crypto news of the past week. Earlier this week, we also wrote about the Spanish football association and Decentraland in the article "Spanish football association La Liga closes strategic partnership with Decentraland