Weekly Crypto Roundup: Ethereum’s Merge, India’s fintech, and a new crypto exchange

While a number of crypto traders were hoping for a surge in Ether’s price after the long-awaited change, the first 24 hours after the Merge saw Ether falling by more than 8% to around $1,470

This week, the second biggest blockchain by market capitalisation switched from the proof-of-work method of mining and processing transactions to the proof-of-stake model, claiming to cut the blockchain’s energy consumption by more than 99%.

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Ethereum builders hope a less energy intensive blockchain will help them expand services and scale up as needed, with less opposition from regulators and environmentalists. 

While a number of crypto traders were hoping for a surge in Ether’s price after the long-awaited change, the first 24 hours after the Merge saw Ether falling by more than 8% to around $1,470. 

Ethereum may face greater scrutiny moving forward. A  Wall Street Journal report noted that U.S. SEC Chair Gary Gensler remarked that proof-of-stake cryptocurrencies could be considered securities as investors often hope for profits while relying on the work of others. This could bring SEC attention to Ethereum if Ether’s price suddenly spikes after the Merge.

Blockchain research platform Chainalysis’ 2022 Global Crypto Adoption Index put India among the top countries in terms of crypto adoption. The pack was led by Vietnam, followed by the Philippines, Ukraine, India, and the U.S. 

Pakistan, Brazil, Thailand, Russia, and China took the next five slots, according to Chainalysis’ report, which observed that emerging markets occupy most of the top places on the index.