The new system will use 99.95 percent less energy, according to the Ethereum Foundation.
Crypto exchange giant, Binance, was fined by the Dutch central bank for offering services without being registered in the country.
Ruja Ignatova was behind one of the most notorious scams in the frequently treacherous world of crypto currencies.
Crypto prices have cratered for multiple reasons, from interest rate hikes to growing inflation, and market contagion from last month’s collapse of the UST stablecoin.
As crypto markets tank and payrolls are slashed, observers believe it might push the industry to prioritise real-world applications over speculative transactions.
The last time bitcoin was at this level was November 2020, when it was on its way up to its all-time high of nearly $69,000.
The sell off was a result of Celsius' suspension of withdrawals and Friday's high US inflation data driving expectations of sharper interest rate rises from the Federal Reserve, said Singapore based fund manager.
Many cryptocurrency exchanges such as gate.io, Bitfinex, FTX, Huobi, and Bitrue will support the new blockchain, says the creator of the network.
Stablecoins promise a safe haven from the wild price swings of cryptocurrencies. But the collapse of stablecoin TerraUSD has called that idea into question.
Bitcoin's value has more than halved since a November surge that saw the token hit a record of nearly $69,000.
The cryptocurrency market sees $160B evaporating as its market value drops 8.8 percent to $1.65T from $1.81T in less than two days.
The Central African Republic approves the legal framework for economic use of Bitcoin.
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