Ethereum switches to PoS, ETH falls below $1,500 as over $150M is liquidated


Biggest news in the cryptoverse on Sept. 15: over $150M liquidated, ETH below $1,500, first post-merger NFT “The Transition” issued at $60,000 It is included. Charles Hoskinson says that the Ethereum merge will not change anything.

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Ethereum will switch to PoS after successful merge

Perhaps the biggest moment in the history of the Ethereum ecosystem occurred when Ethereum transitioned to the Proof of Stake network at 06:43 UTC on September 15th.

To celebrate, Ethereum co-founder Vitalik Buterin murmured Thanks to everyone who made Merge possible.

The merge is expected to reduce Ethereum’s power consumption by 99%.

Ethereum Watch Party 🥳 – All Day Live Stream 📺 Special Guests 🌟 & ETH Giveaway 🎁

crypto slate Live streamed The Merge lead-up on Twitch, YouTube, LinkedIn, Twitter, and web3 platforms and Lens Protocol. The show featured guests from across the cryptocurrency ecosystem including Polygon, Metamask, CoinBureau, Quantum Economics and Polkastarter in a 13-hour stream.

First post-merge Ethereum NFT issued for $60,000

Following successful merger, users made history by spending 36 Ethereum (approximately $60,000) will be used to create the first NFT in a Proof of Stake (PoS) network. The high cost is a result of users choosing to pay far above average gas prices to ensure transactions are completed in the first block.

Commemorating the merger panda face NFT has been tagged “The Transition”.

Ethereum dips below $1,500 as more than $150 million liquidated in 24 hours

The excitement around the merge has started to push $ETH towards $1,800. However, the move was short-lived as $150 million was liquidated from the market.

Ethereum’s price briefly hit $1,640 before falling below $1,500. As a result, about $98.6 million long was liquidated, and only $48.3 million was liquidated in short. Overall, the total $ETH liquidation in the last 24 hours has exceeded $150 million.

Ethereum Classic Hashrate Soars to Over 200 TH/s After Merge

As mining becomes obsolete on the Ethereum mainnet, PoW miners have flocked to the Ethereum Classic ecosystem.

according to 2 miners data, The miner migration pushed Ethereum Classic’s hashrate to a record high of 222.5 TH/s, an increase of over 250%.

Charles Hoskinson Points Out Ethereum Merge Will Change Nothing

Cardano’s Charles Hoskinson The Merge said it would not affect the Ethereum ecosystem immediately.

According to Hoskinson, Ethereum’s performance, operating costs and liquidity have yet to improve, so The Merge is just one step away.

A fork of The Verge and Shanghai, due by the end of 2024, will address this issue.

Community prepares for ‘fork war’ after Poloniex suddenly moves to support EthereumFair via ETHW

The Justin Sun-backed Poloniex exchange has turned its back on ETHPOW.crypto exchange announced The community has agreed to adopt the Ethereum Fair (ETF) as the primary Proof of Work (PoW) chain it will support going forward.

research highlights

ETH Dominance Over BTC Entering Merge Has Reached A Peak

crypto slate An analysis of the ETH-BTC dominance chart reveals that Ethereum’s dominance over Bitcoin, which has been increasing since July 2021, peaked near the merge date.

btc-eth rule
Source: Glassnode

For context, Ethereum outperforms Bitcoin whenever the black area crosses the pink line, and Bitcoin dominates whenever it crosses the green line.

News around Cryptoverse

Coinbase Integrates Crypto Sentiment Feature

coinbase is introduced Add crypto-sentiment features to your app to give users access to crypto-friendly politicians.

The feature is part of Coinbase’s crypto lobbying efforts ahead of the November midterm elections.

Thai SEC Bans Cryptocurrency Services

Thailand’s Securities and Exchange Commission (SEC) is about to ban cryptocurrency exchanges from offering high-yield services to depositors.

The regulator also proposed banning crypto-related content advertising in the country.

Crypto gambling rising on Twitch

Gamblers take advantage of video streaming platform Twitch to earn a share of the cryptocurrency paid by casinos.

As bloomberg report, The use of cryptocurrencies is turning the platform into an online gambling haven.

crypto market

Bitcoin fell -2.42% over the past 24 hours, trading at $19,750, while Ethereum traded at $1,478.31, down -8.95%.

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