ETH Merge Forks, Quantum Computing, Biden Draining Oil Reserves, DOJ Targets Criminal Crypto Use — Week in Review

With the Ethereum Merge event now successfully completed, new proof-of-work (PoW) forks have emerged to vie for miner acceptance. This, as the United States government, has warned that the post-quantum world is getting closer, and vulnerable cryptography will need to be protected. Amidst red hot inflation in the U.S.

Timeline of Ethereum

Apart from the general market decline, which held ETH at the cycle lows, there were both positive and negative responses to the buildup to The Merge. About 4.19 million ETH worth $5.32 billion had already been sold by holders prior to the event on September 15.

Ethereum price has been trading within a descending trendline, which is a sign of bearishness. Over the last 24 hours, the Ethereum price has been different as the coin registered a 6% appreciation.

Uniswap [UNI] broke into the top cryptocurrencies held by the top 100 Ethereum [ETH] whales lately. According to prominent whale tracker, WhaleStats, UNI, shook off competition from other smart contracts protocol to gain the position.

Following the last red days, ETH has hit the support area between the white descending line and the price range at $1,220-$1,280 (in green). So far, the bulls have successfully maintained the high selling pressure; however, the situation is still fragile.

On Friday (September 23), Arthur Hayes, Co-Founder and former CEO of BitMEX, talked about how he expects the Ethereum ($ETH) price to change in the next few months. In a blog post published yesterday, Hayes said: “As I have said in various interviews, the only thing that I believe matters in the short term (i.e.

Last week, Ethereum (CRYPTO: ETH) formally abandoned the energy-intensive, miner-based approach it had previously used to process changes to its decentralized ledger, by switching from proof-of-work to proof-of-stake. This was a momentous change.

Vitalik Buterin – the co-founder of popular cryptocurrency Ethereum, the second largest digital asset by market cap – has stated that as the beacon chain hard fork happened on September 6, all Ethereum-based clients need to ensure their systems are fully updated.

Ethereum's [ETH] co-founder, Vitalik Buterin, recently commented about the king of altcoin's next steps. While attending the 2022 Messari mainnet event virtually, Vitalik said that the surge was the next move after its successful translation to Proof-of-Stake (PoS).

The state of decentralized finance (defi) in terms of total value locked (TVL) has been tumultuous, to say the least, and currently the TVL in defi today is approximately $54.95 billion.

Ethereum (ETH/USD) price remained under pressure as the recent Merge failed to lift prices and the VIX index surged. The coin crashed to a low of $1,210, which was the lowest level since July 16 of this year. It has crashed by more than 35% from its highest level this month.