What Happened in the Crypto Industry & NOBI Over The Last Week?

Another week has passed. The market is getting better, and warm weather is getting closer every day. Let’s take a look at what’s new and interesting we have for you!

1. Crypto Markets Rise After US Inflation Report, Ethereum Soars 7%!

US Inflation slowed last month, potentially boosting the generally held belief that the worst of the economy’s price hikes are behind it.

Bitcoin (BTC) climbed 2% and Ethereum (ETH) surged 7% in the minutes following the announcement, signaling relief among crypto traders that the Federal Reserve may be able to ease up on its aggressive strategy to tightening monetary conditions.

2. Ethereum’s Goerli Testnet Merge Has Successfully Executed! Millions of Ethereum Fans Ready for Next Month’s Mainnet Merge!

Ethereum is entering the final stages of preparation for ‘The Merge’ after Goerli, the third and final testnet, officially switched to a proof-of-stake (PoS) consensus algorithm on Wednesday (10/8) evening. Previously, the first testnet, Ropsten, was successfully transferred to PoS last June. Then a second testnet, Sepolia, made a similar switch in early July.

According to the Ethereum Foundation, Goerli’s testnet transition is the last chance for users to ensure that their PoS validator is configured properly before the mainnet transition takes place. This transition also serves as a final test run before the Ethereum mainnet officially joins the Beacon Chain next month, which is scheduled for September 19.

3. Professor & Director of Boston University: Indonesia Has the Potential to be the King of Crypto & Blockchain in Southeast Asia

The cryptocurrency ecosystem in Indonesia continues to grow from time to time. Indonesia is predicted to be the king, the central leader of the crypto and blockchain ecosystem in Southeast Asia.

This was stated by the Director, Finance Programs and Chair, Administrative Sciences Department Metropolitan College, Boston University, Professor Irena Vodenska, Ph. D., CFA at the Seventh International Conference on Management in Emerging Markets (7th International Conference on Management in Emerging Markets/ICMEM) 2022 on Wednesday (10/8/2022).

4. Iran Makes First Import Order Worth $10 Million Using Crypto Assets

Iran officially imported goods worth US$10 million or Rp. 148.7 billion (assuming an exchange rate of Rp. 15,000 per US dollar) and paid for it with crypto.

Tasnim’s semi-official agency said imports using cryptocurrencies were carried out by Iran to evade US sanctions. However, the Agency did not specify which types of cryptocurrencies were used for import transactions. This is Iran’s first step to trading through digital assets. Iran can also trade with countries restricted by US sanctions, such as Russia.

5. Thailand Legalizes Transactions Using Crypto; But Remind Price Volatility Risk

According to Bank of Thailand officials, using cryptocurrency as a means of payment is not illegal. However, they added that users “must be able to accept the risks,” including price fluctuation.

This week, Sakkapop Panyanukul, senior director at the Bank of Thailand’s Monetary Policy Department, clarified the central bank’s stance on crypto assets.

That wraps up for Crypto This Week. We’ll see you at the next one!

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