Here are the three biggest crypto stories of the week

The major crypto-assets registry has confirmed the dates for The Merge, the Ethereum Foundation, and finally stablecoin issuer Tether says it has not yet complied with sanctions related to Tornado Cash.

Ethereum and Bitcoin slide after Fed chief talks about rate hike

Last week ended with the prices of major cryptocurrencies, bitcoin (BTC) and ether (ETH) falling, after Federal Reserve Chairman Jerome Powell said he plans to raise US interest rates further to curb inflation. Since Powell’s comments on Friday morning, bitcoin is now trading at $20,200, down from $21,750, down 7% per CoinGecko. Ether (ETH), the second largest crypto-asset, suffered a steeper decline. Since Friday, ETH has dropped more than 11%, from around $1,700 to about $1500 right now. ETH hit a multi-week high of around $2,000 on August 14.


The Merge dates confirmed

On Wednesday, the Ethereum Foundation confirmed that The Merge is now less than three weeks away. The Ethereum team has planned to transition to proof-of-stake since 2016. The Foundation has released a recent update detailing the Unify program. After that, the proof-of-work chain will switch to proof-of-stake after reaching a certain total difficulty value, which is estimated to occur on September 15.

Tether says it doesn’t freeze Tornado Cash addresses

On August 8, the US Treasury Department’s Office of Foreign Asset Control (OFAC) sanctioned Tornado Cash, saying that criminals had used the service to launder more than $7 billion in virtual currency. OFAC also confirmed 44 crypto addresses linked to the app. During the week, USD Tether (USDT) issuer Tether released a statement saying it would no longer comply with the sanctions by freezing assets at sanctioned addresses.

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Tether said that “unilateral freezing of secondary market addresses could be an extremely destructive and reckless move”. This contrasts sharply with the USD Coin (USDC) stablecoin Circle, which voluntarily froze more than 75,000 USDC held at OFAC-approved addresses shortly after the sanctions were announced.

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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