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☕️The Morning Cup: ETH, BTC slide further after the Ethereum Merge, South Korea issues arrest warrant for Terra founder Do Kwon
Good morning, good day, and good evening. Welcome back to The Morning Cup. It’s your weekly recap of the latest in crypto news and your start to the week, no matter where you are. Don’t worry, we’ve selected just what you need to stay up-to-date, so you won’t spend time pouring through the news you don’t need, only the news you care about.
So what happened this week?
ETH, BTC slide further after the Ethereum Merge
The successful Ethereum Merge led to downward pressure on Bitcoin (BTC) and Ether (ETH) over the weekend. BTC is now trading at $18,798 by press time, below the psychological level . Meanwhile, ETH is at $1,303, following a drop of nearly 18% from the pre-merge perch of $1,580. For the 24-hour gainers on Poloniex, they are BEAR/ USDT, XLMBEAR/ USDT, TRX/ BTC, WLUNA/USDD and BTC/BNB .
OSL, Decrypt
The Merge is complete to officially say goodbye to PoW mechanism
The long-awaited Ethereum Merge was completed at 6:43am UTC on September 15, starting a new era for the second largest blockchain in its shift to a more energy-saving Proof-of-Stake (PoS) consensus mechanism. More than 40,000 crypto enthusiasts joined a virtual “Ethereum Mainnet Merge Viewing Party” to witness the historic moment together on YouTube. After about 12 minutes, the last phrase of the upgrade, named Paris, hit a Total Difficulty value on the execution layer to connect the PoS consensus layer to officially reduce energy consumption by 99.9% on the PoS mechanism, which also means that the old Proof-of-Work (PoW) mechanism is decommissioned. The founder of Ethereum, Vitalik Buterin, also tweeted about the good news. Although the Ethereum Foundation (EF) didn’t mention that new supply issuance of ETH will be dropped after the Merge, some speculate that PoS will drop its supply by 90% with some claims saying that the impact is equal to three Bitcoin halving events.
vitalik.eth on Twitter: "And we finalized!Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today. / Twitter"
And we finalized!Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
South Korea issues arrest warrant for Terra founder Do Kwon
A South Korean court has issued an arrest warrant for Do Kwon, the founder of blockchain platform Terraform Labs and the primary developer of its native tokens, Luna (LUNA) and TerraUSD (UST). Kwon has been accused of fraud by investors in the wake of the collapse of these two tokens in May with an estimation of losing $42 billion. Apart from Kwon, the court also issued a warrant for five others on allegations that include violations of the nation’s capital markets law, but a spokesperson for prosecutors didn’t further elaborate on the reasons. The arrest order comes after months of investigation and amid public outrage in South Korea over the collapse, which led to the failure of several major crypto companies including US crypto lender Celsius and Singapore-based crypto fund manager Three Arrows Capital (3AC).
From brick and mortar to blockchain: Starbucks goes Web3
Starbucks, a brick-and-mortal coffee shop, unveiled its Web3 initiative, named Starbucks Odyssey, last week to offer Starbucks Rewards members and Starbucks partners (employees) in the United States the opportunity to earn and purchase digital collectible assets, aka NFTs (Non-fungible tokens). According to Starbucks, Starbucks Odyssey will unlock access to new benefits and immersive coffee experiences for both members and partners later this year, but they could start joining the waitlist for a chance to be among the first to receive access to the Starbucks Odyssey experience on September 12. Starting from 2021, there was an NFT boom in the art, fashion and show business worlds, the estate of David Bowie, the Legends of Rock, confirmed last week that it would launch a new NFT collection, dubbed Bowie on the Blockchain, to pay homage to the late music legend with the artworks from nine different artists. Meanwhile, the famous Hong Kong fashion designer Vivienne Tam also jumps on the bandwagon to look at NFTs and the Metaverse to bring her brand to China’s Generation Z.
Startbucks, SCMP, Rolling Stone
New Listings on Poloniex
Here’s what we’ve listed recently:
New Coins
Futures
Polopedia
Get in-the-know about one of the most popular metaverse projects, Decentraland (MANA), and Ethereum’s recent move to proof of stake!
Crypto Glossary
🎉Congratulations to the entire Ethereum community for the success of the Merge🐼. This week, Crypto Glossary, explains the term: Hard fork, to allow reader understand the concept behind the historic moment.
Hard fork refers to a permanent divergence from the original chain with different directions and it requires all nodes to upgrade to a newer version and it’s “backward-incompatible”. Many hard forks happened in the past, such as Bitcoin Cash, Bitcoin Gold, Bitcoin XT etc. As for the pros of hard fork, it is to add new functionality and improve security, but it also splits the community and the hard forking is vulnerable to hacking.
What’s happening here at Poloniex?
This is what Poloniex’s week looked like
Highlights for the week
Major Updates
We launched our new brand colors this week! This is an important step in our growth and an affirmation of our commitment to further improving what we offer and believe in.
Poloniex Exchange on Twitter: "Big news! We are excited to announce our new brand colors as part of the ongoing growth of our brand.The color scheme is symbolic of our passionate and prosperous Poloniex ecosystem and its members, which we will continue to help grow and thrive. 🟢⚫️⚪️ / Twitter"
Big news! We are excited to announce our new brand colors as part of the ongoing growth of our brand.The color scheme is symbolic of our passionate and prosperous Poloniex ecosystem and its members, which we will continue to help grow and thrive. 🟢⚫️⚪️
Campaigns
Our recap of our ongoing campaigns that YOU can get involved in!
Celebrating the Third Anniversary of TOKENLON: Join to Share 3,000 LON (9/8–9/21)
Celebrating the Third Anniversary of TOKENLON: Join to Share 3,000 LON
FOOTBALL Perpetual Futures Is Now Live: Join & Grab $20,000!
FOOTBALL Perpetual Futures Is Now Live: Join & Grab $20,000!
Poloniex Launches Zero-Fee USDD Trading (ONGOING)
Poloniex Launches Zero-Fee USDD Trading
Poloniex Feedback Bounty Program (ONGOING)
Poloniex Exchange on Twitter: "We want to give a big shout-out to our users for making Poloniex better and remind that Feedback Bounty program is in full swing!🎁 Win from $50 to $1000 USDT by leaving your feedback on how we can improve your experience and our service.Participate👉https://t.co/7Z85cMx3BE pic.twitter.com/dh47zMH2Zy / Twitter"
We want to give a big shout-out to our users for making Poloniex better and remind that Feedback Bounty program is in full swing!🎁 Win from $50 to $1000 USDT by leaving your feedback on how we can improve your experience and our service.Participate👉https://t.co/7Z85cMx3BE pic.twitter.com/dh47zMH2Zy
Global Tour
Our global tour is our chance to meet our many users around the world IRL!
Thank you to everyone who came out to meet and talk with us at the India Blockchain Tour, hosted by
Octaloop HQ in Chennai, India!
Poloniex Exchange on Twitter: "On September 11th, Poloniex took part in the India Blockchain Tour, hosted by @OctaloopHQ in Chennai. Our growth manager @kashyfsyed presented Poloniex roadmap and future plans in India.#Poloniex #BlockchainTour #ChennaiChapter pic.twitter.com/xDtA7iPsOl / Twitter"
On September 11th, Poloniex took part in the India Blockchain Tour, hosted by @OctaloopHQ in Chennai. Our growth manager @kashyfsyed presented Poloniex roadmap and future plans in India.#Poloniex #BlockchainTour #ChennaiChapter pic.twitter.com/xDtA7iPsOl
The community megaphone📢
Highlights from the community
Poloniex Exchange on Twitter: "According to the poll, more than 70% respondents were scammed🤖 Here are tips from #Poloniex on how to avoid scams❌🔗 https://t.co/XhNchpRzd9 https://t.co/Mls6tD1PE5 / Twitter"
According to the poll, more than 70% respondents were scammed🤖 Here are tips from #Poloniex on how to avoid scams❌🔗 https://t.co/XhNchpRzd9 https://t.co/Mls6tD1PE5
Poloniex Exchange on Twitter: "Which crypto on your radar today?#GoWithPoloniex pic.twitter.com/FLDAvYfg66 / Twitter"
Which crypto on your radar today?#GoWithPoloniex pic.twitter.com/FLDAvYfg66
Poloniex Exchange on Twitter: "Will Ethereum price go up after the Merge? / Twitter"
Will Ethereum price go up after the Merge?
Poloniex Exchange on Twitter: "Happy Ethereum Merge day! 🗓️🍰🎉 pic.twitter.com/LaT5LGR3h3 / Twitter"
Happy Ethereum Merge day! 🗓️🍰🎉 pic.twitter.com/LaT5LGR3h3
And that about covers it for this week! Curious about our campaigns or upcoming events? Give us a shout in our Telegram channel-
Is there anything you’d want to see us cover in our newsletter? Make sure to comment on this Medium article! Just want to show your appreciation? Smash that clap button and give a round of applause👏
Thanks for spending some time with us as we went over what’s going on. And wherever you are, from the team here at Poloniex, good morning, good day, and good evening!
☕️The Morning Cup: ETH, BTC slide further after the Merge, Prosecutors hunts for Do Kwon was originally published in The Poloniex blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.