Ethereum’s long-anticipated transition from an energy-intensive proof-of-work (PoW) consensus mechanism into a more efficient Proof-of-Stake consensus, has been projected to occur in September.

Paraguay’s Senate has passed a bill setting up a new licensing for cryptocurrency trading platforms and new rules for miners, among other areas. The bill is now headed to the country’s president for approval.

Spot and derivatives trading volumes reach record lows for 2022 in June, with spot trading volumes across all centralized exchanges falling 27.5% to $1.41 trillion, the lowest figure recorded since December 2020.

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Top stories in the Crypto Roundup today:

• Ethereum Merge Projected for September
• Paraguay’s Congress Passes Bill Regulating Crypto Mining and Trading
• Crypto Spot and Derivatives Volumes Reach Record Lows for 2022
• Sponsored: Nexo - Unleash the Power of Your Crypto

Ethereum Merge Projected for September

Ethereum’s long-anticipated transition from an energy-intensive proof-of-work (PoW) consensus mechanism into a more efficient Proof-of-Stake consensus, has been projected to occur in September.

The Ethereum Merge describes the network’s current mainnet merging with the Beacon Chain’s PoS system, setting the stage for future scaling upgrades, including sharding. The move is expected to reduce Ethereum’s energy consumption by 99.95%.

Tim Beiko, an Ethereum protocol support engineer at the Ethereum Foundation, made the September projection at a PoS Implementers Call. Beiko has noted that the Merge timeline is very likely to change over time.

It’s worth noting the Merge is not expected to reduce Ethereum’s transaction fees, but will have a significant immediate impact on energy use while opening the door for upgrades that will reduce transaction fees.

Paraguay’s Congress Passes Bill Regulating Crypto Mining and Trading

Paraguay’s Senate has passed a bill setting up a new licensing for cryptocurrency trading platforms and new rules for miners, among other areas. The bill is now headed for the country’s president.

Senator Fernando Silva Facetti said that the bill would allow for the monetisation of Paraguay’s energy resources. The country relies heavily on hydroelectric generation and is a major energy exporter.

The Paraguayan central bank has concerns that a legal regime for digital assets would entail drawbacks, including “energy consumption” related to cryptocurrency mining operations and a “loss of reputation” for the financial system.

Crypto Spot and Derivatives Volumes Reach Record Lows for 2022

Spot and derivatives trading volumes reach record lows for 2022 in June, with spot trading volumes across all centralized exchanges falling 27.5% to $1.41 trillion, the lowest figure recorded since December 2020.

Derivatives trading volume, which represents 66.1% of the market, fell 7.01% to $2.75 trillion, marking the lowest derivatives volume recorded since July 2021.

Over the last few months, FTX has seen a significant rise in spot trading volume, while Binance remains the dominant exchange with a market share of 49.7%.

Read more on CryptoCompare’s latest Exchange Review.

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Disclaimer:

Cryptocurrencies are unregulated. Cryptocurrency profits may be subject to Capital Gains Tax. The value of investments is variable and can go down as well as up;

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