Crypto Weekly: the urge to merge
STORY: From a long-awaited ‘Merge’, to a new problem for Sam Bankman-Fried, we round up the big stories in the world of alternative money.
The Merge finally happened. Ether moved to a new, more eco-friendly version of its underlying Ethereum blockchain.
That should slash the amount of energy needed to produce and trade with the coin.
Ether fans hope it will boost the token in its battle with bigger rival bitcoin.
The Merge hasn’t done much for prices though, with ether down around a fifth in recent days. Bitcoin has also tumbled, testing the $19,000 level.
Gregg Swenson of Brigg Macadam says nothing can escape worries over inflation and rates:
"Everything seems to be correlated now. You see it with gold, oil, bitcoin, you know every sector. Everything seems to be correlated. Everything is risk-off.”
And crypto exchange FTX is in hot water with UK regulators.
The Financial Conduct Authority says it’s offering services in the country without proper authorization.
FTX is run by digital money tycoon Sam Bankman-Fried, and has become known for rescuing other troubled crypto firms.
