In 2022, a harsh crypto winter caused substantial losses for investors, undermining trust and creating uncertainty. However, there is now a glimmer of hope as the market gradually shows signs of recovery, with Bitcoin, Ethereum, and other cryptocurrencies exhibiting some stability. Considering current affairs, investing at this juncture can be a prudent choice. If you're seeking the best crypto currency to invest in today, we present the top seven options to consider. 

## 1. Bitcoin (BTC) 

Undeniably, Bitcoin is the premier cryptocurrency globally, enjoying the advantage of being the first mover among its peers. Because of its dominance, many consider it the 'best crypto currency'. Introduced by Satoshi Nakamoto in 2009, it shaped the blockchain industry and revolutionised the concept of currency.  

At its inception in 2009, the value of one BTC stood at a mere $0.00099. Over the following years, Bitcoin made steady progress, with its price crossing the $500 mark in 2016, a significant milestone for a virtual currency. However, it was in 2017 when the price of Bitcoin experienced an explosive surge. As of June 2023, one Bitcoin is trading at approximately [$25,000.](https://coinmarketcap.com/currencies/bitcoin/)

This upward trajectory showcases the immense [potential of Bitcoin](/news/article/will-bitcoin-go-back-up) as a long-term investment. Furthermore, with a maximum supply of 21 million Bitcoins, their scarcity is expected to drive their value further. 

## 2. Ethereum (ETH) 

After Bitcoin, Ethereum stands as the second most prominent cryptocurrency and, for many altcoin enthusiast, the best crypto currency. The Ethereum blockchain has played a pivotal role in transforming the industry through its innovative smart contracts and significant impact on the non-fungible token (NFT) market. This has made Ethereum a favourite among developers and investors alike.  

[ETH ](/coins/eth)debuted in 2015, initially priced at a mere $0.4. However, it has experienced substantial growth for the past eight years and is currently trading at approximately $1,900. This remarkable surge equates to an astounding percentage growth of 474,900%.

## 3. Tether (USDT) 

Tether is yet another prominent cryptocurrency worth considering for investment. As a stablecoin, Tether is pegged to the value of the US dollar, ensuring that it maintains a consistent and stable worth. The primary objective of utilising stablecoins such as USDT is to safeguard your funds against the inherent volatility of the crypto market. 

[USDT](/coins/usdt) has established itself as one of the most widely used and trusted stablecoins, boasting an impressive market capitalisation of approximately $83.2 billion. 

## 4. Binance Coin (BNB) 

[Binance Coin](/news/article/guide-to-binance-uk), commonly referred to as BNB, is an initiative by Binance, one of the largest cryptocurrency exchanges worldwide. The coin was introduced in July 2017 as part of Binance's Binary Finance initiative to advance its offerings. Built on the [Binance Smart Chain (BSC)](/news/article/bnb-price), BNB plays a pivotal role within the Binance ecosystem, collaborating with various blockchain projects. 

BNB's association with numerous blockchain initiatives on the Binance exchange sets it apart from other cryptocurrencies. This affiliation grants the coin increased exposure to the market, capturing the interest of investors. 

During its launch, BNB was priced at a mere $0.09, steadily increasing in value over time. While its price remained below $50 following its 2020 launch, it gained significant momentum during the bullish cycle of 2021. The coin holds a market value of $306.30, boasting a market cap surpassing $47.7 billion. 

## 5. US Dollar Coin (USDC) 

USD Coin ([USDC](/coins/usdc)) is a widely recognised stablecoin in the market. It [shares similarities with USDT](/news/article/usdc-vs-usdt) as it is also pegged to the US dollar, ensuring price stability. The coin was introduced in September 2018 by The Centre consortium. Its purpose aligns with other stablecoins, aiming to address volatility concerns and create a secure ecosystem for users in the realm of decentralised finance (DeFi) and Web3 gaming. 

As of 5 June, 2023, the market capitalisation of USDC amounts to a substantial $28,911,645,575, positioning it as the fifth-largest cryptocurrency in the market. 

## 6. Cardano (ADA) 

Cardano's blockchain and its cryptocurrency [ADA ](/news/article/ada-price-in-gbp-conversion-analysis)are renowned for innovation in the crypto market. With a strong commitment to environmental sustainability, Cardano incorporates energy-efficient practices and actively supports eco-friendly initiatives - for example, collaborating with [Veritree and Samsung](/news/article/cardano-samsung-climate-change) for a climate action initiative. This environmental focus has contributed to the growing popularity of ADA. 

The Cardano blockchain has expanded its ecosystem to include NFTs, DeFi projects, GameFi, and more. This diverse and evolving ecosystem positions ADA as one of the strong contenders for best crypto currency. 

## 7. Dogecoin (DOGE) 

[Dogecoin](/coins/doge) is a cryptocurrency that has gained notoriety primarily due to market hype. Originating as a meme coin, it captured the attention of crypto enthusiasts, especially after receiving endorsements from prominent figures like Elon Musk, the owner of Twitter and Tesla. One of the distinguishing factors of DOGE is its dedicated community, known for creating humorous DOGE memes. 

At time of writing, Dogecoin's price stands at a modest [$0.06](https://coinmarketcap.com/currencies/dogecoin/). However, its market capitalisation exceeds $10 billion, indicating its significant popularity among investors. As a result, DOGE holds the potential to emerge as a prominent cryptocurrency in the future. 

## Final thoughts 

If you seek the best cryptocurrency for investment, consider the seven options we mentioned. Note, however, that this does not constitute investment advice but serves informational purposes. 

Remember that all investments carry risks, so employ risk management strategies and conduct thorough research. 

Before making any investment decisions, establish your investment goals and devise long-term and short-term strategies. 

Assess your risk tolerance and only invest what you can afford to lose. If you are still determining the suitability of these cryptocurrencies, consulting a financial advisor is a wise step. 

The best cryptocurrency to invest in 2023 

Founded in 2017, [Polygon](https://polygon.technology/) (previously known as Matic Network) is a cryptocurrency and Web3 platform designed to facilitate Ethereum use cases. Even though Ethereum was hot back then because it was newer, faster, and stronger than Bitcoin, Polygon still became necessary. Let us understand why as we discuss how Polygon (Matic) news took over the blockchain industry. 

## What is Polygon? 

The [Polygon](/news/article/uquid-web3-integrates-with-polygon) technology essentially is a layer-two blockchain built on top of[ Ethereum](https://ethereum.org/en/)’s layer-one nature. Why was that necessary? As Ethereum became more widely used, users and enthusiasts understood that the platform had started to succumb to the "blockchain trilemma". 

The blockchain trilemma relates to the trade-off between;
1. The potential for decentralization
2. Security
3. Scalability

This is important to understand because we already know that Ethereum became a hot pick. After all, it offered better scalability, better security, and better scope of decentralization than Bitcoin. 

However, sometime between 2016 and 2017, Ethereum understood that it would soon face a challenger if it did not pick one (or max two) areas to specialize in. 

Ethereum committed to better security and better decentralization owing to its founding principles. However, at the same time, Ethereum wanted to find a way to work on scalability, but with a new philosophy, i.e., a second layer. This was when Polygon technology was founded. 

## Recent Polygon MATIC news from around the world 

In recent Polygon MATIC news, the number of whale transactions on the Polygon network increased by more than 200% in April, with several large transfers of MATIC tokens. This surge in activity is noteworthy, as it represents the largest token shift by whales on the network so far this year. 

Could this Polygon MATIC news signal a shift in the grand scheme of things? 

Experts suggest that several factors may have contributed to this increase in whale activity on the Polygon network. For one, Polygon has made significant improvements to its network, including implementing a new consensus algorithm and introducing new tools to help developers build on the network. Additionally, the MATIC token has been gaining popularity among investors, which may be driving up demand for Polygon, hence the news. 

While the implications of this surge in whale activity on the Polygon network are not yet clear, it is an interesting development to watch. 

As always, we will continue to monitor the latest Polygon MATIC news and all trends in blockchain technology and cryptocurrency and share our insights with you. 

## Ethereum's PoS move 

In recent Polygon MATIC news, an article on [BeInCrypto](https://beincrypto.com/polygon-matic-future-ethereum-transition-pos/) suggested that Polygon may be the future of Ethereum as it transitions to a Proof-of-Stake (PoS) consensus algorithm. 

As of now, Polygon has several advantages over Ethereum, including faster transaction times, lower gas fees, and improved scalability. These factors make Polygon an attractive option for developers and users looking for a more efficient and cost-effective alternative to Ethereum. 

Polygon has been making significant strides in terms of adoption and partnerships. For example, several major Decentralized Finance (DeFi) projects have recently migrated to the Polygon network, a sign of growing confidence in its capabilities. Additionally, Polygon has formed partnerships with major players in the blockchain space, such as [Chainlink](https://chain.link/) and [Aave](https://aave.com/). 

As Ethereum prepares to transition to a PoS consensus algorithm, Polygon may become an even more important player in the blockchain ecosystem. Its ability to provide a scalable and cost-effective solution for decentralized applications (DApps) could make it a valuable complement to Ethereum, rather than a direct competitor. 

## Enter the Polygon 

Riding on the back of a strongly integrated community and governing philosophy of "super interoperability", Polygon entered the market for blockchains. Regarded as the "Ethereum's Internet of Blockchains", Polygon vowed to make Ethereum's hefty and clunky operations easier. 

Now that we know that Polygon technology is a scaling solution brought to the mix to make it easier for Ethereum and Ethereum-compatible projects to remain competitive, we can move on to how Polygon does what it does. 

- Polygon’s Software Development Kit (SDK) works exactly as it sounds. For a developer, it is a gold mine because it includes pre-existing guides on developing features that are key for most software being developed on the Polygon mainframe. These include modules for identity recognition, security frameworks, and consensus (for smart contracts). 

- The Polygon (PoS) Chain is the chief Polygon mainframe on the network. This chain is what makes it possible for Ethereum-compatible decentralized applications to run transactions at the speed and reliability with which they run. Moreover, it compiles PoS data for reference. It also runs a consensus algorithm responsible for the maintenance of the entire network. You can call it the Spine. 

- Polygon Plasma Chains are the layer-two support chains within the layer-two scaling chain. These are to Polygon what Polygon is to Ethereum. These chains run in tandem with the mainframe to provide extra cushioning and speed when required. They are also responsible for running transactions that are off-network. This is only made possible because Plasma chains are backed by a Plasma framework that helps them operate independently, as well as in complete cohesion with the spine. 

- Polygon's PoS Bridge is Polygon's two-directional link with the outside world. This bridge allows Polygon to communicate, interact, and operate with other blockchains, like Ethereum. A dedicated bridge is one of the major factors that allow Polygon to boast about its superior interoperability. 

It is true that Polygon is not the only layer-two scaling solution on the market. With time, many blockchains have invested in their own proprietary layer-two blockchains or other specialized ones. Despite rising competition, Polygon has always been able to innovate and reinvent to stay ahead of the curve.

## How is Polygon a scaling solution 

The Ethereum mainnet is bound to struggle with scalability issues despite the fact that it can host more than a thousand transactions per second, simply because the ecosystem is constantly evolving and inducting heavier decentralized applications. 

These scalability issues can be in the form of slow transaction processes and high gas fees (transaction fees). With Polygon, the Ethereum mainnet can take larger breaths of air. The acquisition of ZK-rollups and other optimistic rollups has also severely reduced the amount of time required per transaction. 

Other than scalability, Polygon offers superior interoperability throughout Ethereum and Ethereum-compatible systems through the tools mentioned above. Aside from this level of interoperability, Ethereum makes it really easy for smaller [DApps](https://cointelegraph.com/learn/what-are-dapps-everything-there-is-to-know-about-decentralized-applications) to enter the ecosystem through many tools, such as the development kit mentioned above. 

This has made it easy to believe that the Polygon philosophy is sustainable as it disallows any unjust barriers to entry into the ecosystem. 

Perhaps the greatest indication of Polygon's utility is provided by Polygon's community. The community constantly provides valuable feedback, reviews, and firsthand user perspective, which is vital for any blockchain trying to stay competitive. The community also gets innovative sometimes and offers groundbreaking discoveries within the system, which can help Polygon debug, or even discover a potent strategy. 

## Future Polygon MATIC news? 

In the end, the market gets to decide whether Polygon has innovated enough to stay competitive or not. 

That said, there is no denying that Polygon makes life easier for Ethereum and Ethereum-compatible projects. It is vital to note, however, that as the market makes larger leaps towards better user utility and more diverse use cases, future Polygon MATIC news might see Polygon looking to edge out Ethereum in the long run. 

Polygon, in cahoots with other major platforms on Web3, should now start addressing security concerns. This crusade will go a long way in attracting genuine interest from the segments still sceptical of Web3 because of its seemingly insecure nature. 

If these segments enter the Web3 space in the numbers they could, the blockchain market will enter a phase of genuine enrichment. 

Polygon matic token logo on green background image

Polygon (Matic) making major moves over Ethereum 

With a global crypto market cap of $1.27T, according to [CoinMarketCap data](https://coinmarketcap.com/), it is imperative that we have reliable options to store our cryptocurrencies. Of the many hot and cold wallets on the market today, MetaMask is a popular option. What is MetaMask wallet? It is a leading Ethereum wallet that falls under the category of hot wallets. 

In essence, a hot wallet is a crypto wallet connected to the internet. [Cold wallets](/news/article/best-cold-crypto-wallet-uk), on the other hand, operate primarily offline and serve as 'cold storage'. Numerous types of wallets fall under these two categories. MetaMask is classified as a web wallet (aka a software wallet).    

## What is MetaMask wallet and why is it popular? 

Despite its popularity, many still ask, 'What is MetaMask wallet?'. MetaMask boasts an intuitive, elegant design and an easy-to-use interface. 

The [cryptocurrency wallet enables users to store](/news/article/best-crypto-wallet-uk-top-picks) Ethereum (ETH) and other ERC20 tokens and serves as an easy access point to the Web3 ecosystem of cryptocurrencies and decentralised applications (DApps), as well as decentralised finance (DeFi), and non-fungible tokens (NFTs). 

Essentially, the web wallet is a browser plugin – all you need is Google Chrome, Mozilla Firefox, Microsoft Edge, Opera, or a Chromium-based browser like Brave to get started. You can also download the wallet as a software wallet on your Android or [iOS](/news/article/tony-fadell-launches-crypto-wallet) device. Install the browser plugin and set up your wallet in just a few minutes. 

![metamask browser install](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_05_04_at_12_38_21_5a6c0ad181.png)

Please note: ONLY install the [official MetaMask plugin](https://metamask.io/download/) (aka extension or add-on) for your designated browser. 

Once you have [installed and set up MetaMask](/news/article/what-is-metamask), you can store ETH and ERC20 assets, transact with any ETH address, interact with Ethereum-based DApps, participate in play-to-earn (P2E) games, stake tokens for rewards, and trade tokens on decentralised exchanges (DEXs), and access DeFi apps like Compound and PoolTogether. 

Now that we have answered what is MetaMask wallet let's explore the setup process. 

## How to set up a MetaMask wallet 

Depending on your internet speed, it typically takes a minute to download the plugin. Once you have downloaded the plugin, a new tab will automatically open on your browser, directing you through the wallet setup procedure. 

![metamask logo](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_05_04_at_12_38_29_3b3000f014.png)

Click "Create a New Wallet" to begin. A set of terms and conditions will appear on your screen. Read through each to understand how the data they collect will be used to enhance your user experience. Click on the I Agree option when you are ready to continue/consent to the terms and conditions. 

Alternatively, you can click the No Thanks option and search for a cryptocurrency wallet that better meets your privacy concerns. We urge you to read the Privacy Policy as well, ensuring your decision to set up a MetaMask wallet is an informed one! 

![meamask website screenshot](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_05_04_at_12_38_43_954e9aaaef.png)

At this stage, you will be asked to create a secure password. You should note that the service provider CANNOT recover this password for you, so scribble it down somewhere or memorise it thoroughly! The password serves as a means to unlock your wallet on that device. 

Create an eight-character password (minimum length) consisting of at least one lowercase and uppercase letter, metacharacters, and numbers. Re-enter your password, tick the I Understand that MetaMask Cannot Recover this Password for Me box, and click the Create a New Wallet option to continue. 

As you can see below, there are only two more steps left to complete. 

![create password screen](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_05_04_at_12_38_53_383676c673.png)

The Secure Wallet step is of utmost importance. We recommend watching the short video to understand the significance of your Secret Recovery Phrase and how you can do your bit to keep your MetaMask wallet safe. Essentially, the 12-word Secret Recovery Phrase is your master key to access your wallet and all its funds. 

For safekeeping, note down the Secret Recovery Phrase and store it in a safe deposit box. We recommend keeping multiple, concealed copies of the Secret Recovery Phrase to be on the safer side. Remember, DO NOT share your Secret Recovery Phrase with anyone. This includes family and friends. 

Click on the [Secure My Wallet](/news/article/crypto-wallet-multiple-currencies) (Recommended) option to continue. 

![metamask secure your wallet page](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_05_04_at_12_39_01_85d2ca294f.png)

Click on the Reveal Secret Recovery Phrase option and consider the above suggestions. Make sure no one is looking. 

![recovery phrase screen ui metamask](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_05_04_at_12_39_10_4cf88259dd.png)

Once you have noted your Secret Recovery Phrase, click the Next option to continue. 

At this stage, you will be asked to confirm your Secret Recovery Phrase. You need to fill in the blanks with the Secret Recovery Phrase words in the correct order. Upon confirmation, a message will appear on your screen affirming successful creation. 

![metamask wallet creation screen website ui](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_05_04_at_12_39_17_4f51f1c6f3.png)

To continue to the MetaMask homepage, click the Got It! button. First, we recommend pinning the MetaMask browser extension. This will make it easily accessible and transaction confirmation will be more straightforward. Click on the extensions icon to the right of the URL bar and pin the MetaMask plugin to your browser. 

You are now all set to go. Click on the plugin extension to commence proceedings! 

## How to use MetaMask wallet 

At this stage, you are connected to Ethereum Mainnet and can buy, send, swap, and bridge assets and NFTs. To change/add a network, click on the Ethereum Mainnet option and add the network of your choice. At the time of writing, ten options are available. 

![Account1 screen metamask wallet ui](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_05_04_at_12_39_32_3b54b9a66b.png)

These include Arbitrum One, Avalanche Network C-Chain, BNB Smart Chain, Fantom Opera, Optimism, and Polygon Mainnet. 

To unravel all possibilities, explore MetaMask in detail. It is worth adding that you can connect your wallet to a cold storage option such as Ledger or Trezor! If any queries arise, feel free to reach out to [MetaMask Support.](https://support.metamask.io/hc/en-us) 

What is MetaMask wallet? The top Ethereum wallet explored 

CowSwap is an Ethereum blockchain-based, decentralised financial application. It attempts to settle buy and sell orders between its customers, i.e., to discover a coincidence of wants, thereby avoiding slippage and costs. 

Orders not finding a peer-to-peer match are sent to the underlying automated market maker at CowSwap. 

## Differences between CowSwap and UniSwap 

[CowSwap](https://www.alchemy.com/dapps/cowswap)'s interface may appear similar to the ordinary [DeFi](/news/article/what-is-a-defi-token) user, as it is built on the Open Source code used to develop the Uniswap front end. Nonetheless, there are differences between the products: 

It can settle orders on [Uniswap](/news/article/uniswap-exchange-nft-aggregator), Sushiswap, 1inch, and Paraswap, offering users the best price. 

When there is a Coincidence of Wants (CoWs), users [can trade](https://docs.cow.fi/overview/introduction) directly with other users without going through any pools, eliminating the need to pay Liquidity Provider costs. 

In the event of a price movement against your order, the order will expire when users waste gas on unsuccessful transactions, whereas on Uniswap, users will pay. 

It has no liquidity suppliers. Instead, it connects to all on-chain liquidity supplied by various protocols. 

## Cancelling orders  

CowSwap allows users to cancel their orders for free. As a user, they sign the order cancellation in the same way that they place the order, and if the solution has yet to be mined, the order will not be performed and thereby cancelled. 

## Supported wallets 

EOA wallets: Most EOA wallets are supported through WalletConnect, Metamask, or any injected wallet (mobile wallet app browser). 

Smart Contract wallets: At the moment, smart contract wallets such as Gnosis Safe, Argent, or Pillar, since placing the order would need signing an on-chain transaction, rendering it no longer gasless. 

CowSwap is a critical infrastructure for open finance, which will see the creation of more and more tokenised assets and lead to a reliable trading mechanism with the user's best interest in mind. 

cowswap logo onblue image of cows in a field

What is Cowswap and How Does It Work?

[Lil Pudgys](https://pudgypenguins.com/) is a collection of 22,222 unique NFTs. They are cute hand-drawn baby penguins that stand as allies of the popular Pudgy Penguins fighting the evil bears of negativity. They are available on the Ethereum blockchain.

## Traits

The NFTs have nine different attributes that contribute to their rarity. They include background, skin, body, face, head, right flipper, left flipper, legendary, and Pudgy knight. Most of the Little Pudgys have five traits, while few have one. Those with a single trait are the rarest, which boosts their price.

## Genesis

The non-fungible tokens were launched as a second-tier collection. They came with some of the perks of the first-generation collection. 

Their holders, for example, receive exclusive access to experiences, events, and IP licensing opportunities.

During their launch, they were distributed in two ways; 13,334 were placed in a public sale, while 8,888 were freely claimable for all Pudgy Penguin holders on their official website.

## Latest news

On 25 January, 2023, it was announced via [Twitter](https://twitter.com/pudgypenguins/status/1618288231552004100?s=46&t=R1xJskoeI803EEIhyRn8OQ) that the Lil Pudgys NFTs are officially cross-chain. They can now travel seamlessly between [multiple chains](http://media.pudgypenguins.com/post/lilpudgys-crosschain) starting with Polygon, [BNB Smart chain](/news/article/bnb-chain-security-system), and Arbitrum. 

The three chains were selected due to their rapidly growing usage and exposure. There are plans to expand to more chains.

## Where to buy them

The non-fungible tokens can be bought on several NFT marketplaces, including OpenSea, Rarible, LooksRare, and their official marketplace. Their current floor price is 0.63ETH, according to [OpenSea](https://opensea.io/collection/lilpudgys).

Compared to their predecessors, the NFTs are pocket-friendly, pricewise. They enable anyone to enter the NFT space without breaking the bank.

## Ecosystem

The digital assets are a part of the expanding Pudgy Penguin ecosystem. The ecosystem also boasts toys, a children's book series, merchandise, apparel, Pudgy Rods, another NFT collection, and truePengu, a non-tradable token that categorizes each community member into a specific coveted class. There are three truePengu tokens, Ice truePengu, iridescent truePengu, and Gold truePengu.


pink image of lil pudgys nft collection penguins all on boats in the arctic

Lil Pudgys Explained

The global cryptocurrency market experienced [a broad sell-off on Friday](https://coingape.com/markets/), the first time since a mid-January wave heralding bearish news that could overshadow crypto's recent 2023 uptrend. As the cumulative crypto market appeared to crash, the Ethereum price today dropped by a whopping 7.87% to trade at $1,400.

In what appears to be partly the result of the market's reaction surrounding the future of US-based crypto banks, the entire crypto market lost at least $60 billion in the past 24 hours, standing at $930 billion at the time of writing. Pundits are pointing at the demise of the crypto-friendly [Silvergate Bank](/news/article/silvergate-on-verge-of-collapse) ([a gap BCB Group is trying to plug](https://news.monitalks.io/news/article/bcb-group-acts-to-close-silvergate-gap)), a hawkish FED, and possibilities of government sale of Silk Road-related Bitcoin as among the reasons investors might have engaged in panic selling.

## Ethereum loses $1,500 support level

Bitcoin, the world's largest digital asset by market capitalization, wasn't spared the bloodbath, suffering a liquidation of $120 million over the last 24 hours, having shed a massive 8%. As for the world's second-largest crypto by market cap, Ethereum price today lost the $1,500 support level, trading at $1,414 with a market capitalization of $173.05 billion. The data showing a 58.60 increase in trade volume indicates decreased investor interest.   

Several events in the last few weeks have been cited as enough reason for investors to get into panic mode. First, there's been a stronger-than-expected inflation report calling into question the US's recent assertion about an ongoing disinflation trend. The FED itself didn't make things easier by acknowledging the same, even as its chair, [Jerome Powell](https://www.federalreserve.gov/newsevents/testimony/powell20230307a.htm), informed Congress that the central bank had its work cut out if it was going to reverse inflation back to its 2% target.    

## A somber alarm bell for the crypto trading markets

Moreover, the collapse last Wednesday of crypto-friendly lender Silvergate Bank and the US Department of Justice [moving 49,000 Bitcoin](https://twitter.com/PeckShieldAlert/status/1633331891347820544) it seized from Darknet marketplace Silk Road to a new Bitcoin address pointed to a possibility that the government could sell its sizeable cryptocurrency stash. The combination of all these factors is a somber alarm bell for the crypto trading markets only one week after the market experienced [$200 million liquidation](https://www.coinglass.com/LiquidationData) in minutes. 

The declining ETH price happens as Ethereum's developers plan to launch the Goerli testnet on or around 14 March, a tryout for the much anticipated [Shanghai Upgrade](/news/article/eth-shanghai-upgrade-postponed) that was pushed to sometime in April.


red image of hands holding ethereum coin on red background

Ethereum Price Today: 7% Fall 

The much-awaited [ETH Shanghai hard fork](/news/article/ethereum-shanghai-upgrade) upgrade, initially scheduled for late March, has been postponed by around two weeks by the Ethereum developers.

According to the announcement made during an [Ethereum](/news/article/ethereum-price-in-uk) developer meeting on 2 March, the ETH [Shanghai upgrade](https://cointelegraph.com/explained/ethereum-shanghai-upgrade-explained) is expected to be released sometime in the first half of April. At the meeting, the core developers agreed that the hard fork would occur approximately two weeks after the Goerli testnet launch, scheduled for 14 March. The Goerli testnet will be the final rehearsal before implementing the hard fork on the mainnet.

According to Tim Beiko, the project coordinator and a core developer for Ethereum, it is customary to provide a minimum of two weeks' notice before implementing any changes to the mainnet.

Beiko explained that if the Goerli testnet launch proceeds smoothly and the developers agree to move on 16 March, the earliest the mainnet will be updated would be in the first week of April.

In a [Twitter thread](https://twitter.com/TimBeiko/status/1631372629721620480?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1631373281650708481%7Ctwgr%5E1dbeece3471db96040845174bce7b665f85d20d5%7Ctwcon%5Es2_&ref_url=https://cointelegraph.com/news/ethereum-core-developers-push-shanghai-upgrade-to-early-april) on 2 March, Beiko clarified that they still needed to set a specific date for the mainnet update. Still, they are likely to decide during the next developer meeting on 16 March, contingent on the success of the Goerli testnet.

## What is the Shanghai Capella upgrade, and why is it essential?

The Shanghai Capella upgrade, also known as Shapella, which will be deployed on Goerli, represents the final opportunity for Ethereum clients and staking providers to verify that the Shanghai hard fork will function seamlessly when it goes live on the mainnet.

The eagerly awaited mainnet upgrade in Shanghai will enable Ethereum staked on the Beacon Chain to be withdrawn in stages. To maintain the security and stability of the network, the withdrawal of ETH will be dynamic. It will depend on the number of validators exiting at any given time. Since validators must complete a two-stage process involving an exit queue and a withdrawal period, the withdrawal process will occur gradually over time.

Around 17.1 million ETH, worth roughly $28 billion, has been staked on the Beacon Chain since the launch of the Ethereum consensus layer in December 2020. And the ETH Shanghai upgrade is predicted to benefit liquid staking providers, such as Lido, by bringing in more collateral. These platforms provide increased flexibility and yield opportunities for staked ETH, which could result in a rise in collateral deposited on them after the upgrade.


green image of shanghai and ethereum logo

ETH Shanghai Upgrade Postponed 

Ethereum developers have finally made one of its [biggest announcements](https://twitter.com/terencechain/status/1630426604802555953) after its September 2022 Merge, a second Ethereum testnet, dubbed the Shapella Sepolia upgrade, that successfully simulated withdrawals of staked Ether (ETH).

The upgrade activated at epoch 56832 on 28 February, at 4:04 UTC and finalized at 4:17 UTC, brings the Ethereum blockchain closer to the envisaged Shanghai upgrade.

The [Shanghai upgrade](/news/article/ethereum-shanghai-upgrade), the network's first major development after '[The Merge](/news/article/ethereum-merge-date),' is Ethereum's final rite of passage toward becoming a fully functional Proof-of-stake (PoS) network. 

Scheduled for March 2023, this upgrade will enable validators and stakers to withdraw the rewards they earn from adding blocks or approving transactions to the Ethereum blockchain from the [Beacon Chain](https://ethereum.org/en/upgrades/beacon-chain/). 

## One more Ethereum testnet scheduled

The ‘Ethereum Improvement Proposal’ (EIP-4895) explains the finer details of the process that will be involved to allow validators to withdraw ETH tokens staked as far back as the December 2020 launch of the Beacon Chain. Moreover, besides [EIP-4895](https://eips.ethereum.org/EIPS/eip-4895), the Shanghai fork has a [few other EIPs](https://github.com/ethereum/execution-specs/blob/master/network-upgrades/mainnet-upgrades/shanghai.md) that aim to reduce gas charges for Ethereum developers. 

According to the announcement, the developers have one more Ethereum testnet scheduled, Goerli, before the highly anticipated upgrade goes live. The Shapella Sepolia test was designed to simulate the type of withdrawals on the Ethereum blockchain Mainnet. 

Sepolia, the second and smallest Ethereum testnet among all the three planned due to the number of validators who participated, makes it the least important. That's because, unlike the Zhejiang testnet, undertaken earlier in February, it was reserved for only the Ethereum core developers. Goerli, expected in the coming weeks, would be the final tryout before the blockchain's Mainnet can successfully process staked ETH withdrawals.

## A bullish or bearish impact on the market?

Goerli is the most anticipated Ethereum testnet, seeing that it will be the biggest of the three and will most closely impersonate the blockchain's activity. Projected to occur around 21 March, this will likely push the Mainnet Shanghai Upgrade into sometime in April.

Once the Upgrade goes live, approximately [16 million staked ETH](https://beaconcha.in/) tokens will be available for withdrawal. With the withdrawal of staked ETH successfully simulated on the Zhejiang and Shapella Sepolia testnet and Goerli in the coming weeks, there’s high anticipation that as a new era of unlocked ETH begins, the Shanghai upgrade could trigger a selling wave and have a bullish or bearish impact on the market.


Second Ethereum Testnet Successful 

Ethereum PoW, or ETHW, is a hard fork of the Ethereum blockchain with "The Merge". But what is the prediction for the native token's price?

[Ethereum](/news/article/ethereum-price-in-uk) is a leading blockchain platform widely known for its native ether (ETH), the second-largest cryptocurrency in the market. It is a key player in the decentralised finance ([DeFi](/news/article/what-is-a-defi-token)) space, enabling users to create decentralised applications (DApps) with native tokens.

It was founded in 2013 by Vitalik Buterin, who pioneered smart contracts computer programs that automatically execute when certain conditions are met. These smart contracts have been beneficial for the Ethereum platform and have been adopted by many other blockchains. 

It previously operated on a Proof-of-Work (PoW) consensus mechanism, similar to [Bitcoin](/news/article/bitcoin-bull-or-bubble-debate). This relies on miners to solve complex mathematical equations to add blocks to the blockchain, earning rewards in return.

## Problems that led to the birth of Ethereum PoW(ETHW)

The PoW consensus mechanism used by [Ethereum](/news/article/why-is-ethereum-going-down) had two main drawbacks.

First, it required a vast amount of computing power, making it both costly and not very eco-friendly.

Second, the mechanism resulted in slower transaction speeds, leading to higher transaction costs, known as gas fees. Bitcoin did not face this issue as it only performs one function. With Ethereum's multiple functions, transactions on the blockchain were slower.

## The birth of Ethereum PoW (ETHW)

To address the challenges of PoW, Ethereum decided to adopt a Proof-of-Stake (PoS) consensus mechanism. Under this system, individuals are chosen to add blocks to the blockchain based on the amount of the native token they hold, in this case, Ether (ETH). This new mechanism requires less electricity, making it more environmentally friendly and appealing to investors. Additionally, it results in faster transactions and lower gas fees.

In December 2020, Ethereum announced that it would be transitioning to a PoS consensus mechanism, known as "[The Merge](/news/article/the-merge-ethereum-nft-impact)", which took place on 15 September, 2022. However, this transition harmed the blockchain's miners, as they were no longer needed and lost their supplemental income.

As a result, a group of anonymous miners established a version of Ethereum based on the original pre-Merge blockchain. This version is called Ethereum Proof-of-Work (ETH PoW). It allows people to continue earning rewards by adding blocks to the blockchain traditionally while utilising the same features as the original Ethereum. The mainnet of this Ethereum fork came online on 15 September, 2022, following The Merge.

Like any blockchain, Ethereum PoW has a native coin. ETHW is used to pay miners and can be bought, sold, or traded on cryptocurrency exchanges.

## ETHW price history

Ethereum Proof-of-Work (ETHW) was officially launched on 15 September, 2022, and reached an all-time high of $141.36 on CoinMarketCap on 8 August, 2022. The value dropped to below $100 the following day. The prices continued to decline over the next few weeks, and by the end of the month, the value of ETHW was $49.58.

As the Merge approached, the ETHW price peaked at $63.29 on 3 September, but fell to a low of $27.03 on 9 September. 

After the launch, there was some growth, and the coin reached a post-Merge high of $14.42 on 16 September. However, it faced a replay message attack which caused the price to drop to a post-Merge low of $4.22 on 19 September. The coin recovered and reached $13.78 on 24 September. It remained above $10 for the next week but fell again, reaching a low of $6.59 on 13 October before recovering to $7.66 the next day.

The collapse of the [FTX](/news/article/is-crypto-dead) exchange into bankruptcy had a negative impact on the market and ETHW, as the coin reached an all-time low of $3.13 on 22 November, with a small attempt at recovery in the following week. On 1 December, 2022, it was trading at $3.60 with a market cap of around $387.5 million, making it the 79th largest cryptocurrency.

## Ethereum PoW current price

As of the time of writing, Ethereum PoW is trading at USD 3.95 with a 24-hour trading volume of $1,83,52,256. 

Ethereum PoW is down 4.54% in the last 24 hours. It is ranked 83 on the CoinMarketCap with a market cap of $42,55,57,593, with a circulating supply of 10,78,18,999 ETHW coins.

## Ethereum PoW price prediction

Ethereum PoW price prediction by [DigitalCoinPrice](https://digitalcoinprice.com/forecast/ethereum-pow) suggests that the coin price could reach $9.05 in the current year and $10.69 the following year. The site predicts that by 2025, ETHW could be worth $14.81 before rising to $18.53 in 2027 and $22.51 in 2028. It also suggests that the coin could close the decade at $30.66, and in 2030 it predicts that it could trade at $42.71, with the potential to reach $59.23 in 2031.

[WalletInvestor's](https://walletinvestor.com/forecast/ethereumpow-prediction-data) Ethereum PoW price prediction for 2023 suggests it could face a challenging year. The site predicts that the coin's value could drop to a low of $0.277 by the start of December 2023.

It is essential to remember that the cryptocurrency markets are volatile, making it challenging to predict the price of a coin or token in a short period and even in the long term. If you are considering investing in crypto, we recommend conducting thorough research. Analyse the current market trends, news, technical and fundamental analysis, and expert opinion before making investment choices.


Ethereum PoW Price Prediction 

The Ethereum Shanghai upgrade is around the corner, with the hard fork tentatively set for March this year.

The hard fork represents [Ethereum’s (ETH) next big upgrade](/news/article/london-hard-fork-ethereum) and is one that could potentially have a significant impact on Ethereum's price.

## Significance of the upgrade

Currently, about 14% of the entire ETH supply, or 16M tokens, which is equal to roughly $26.7B, is staked on the Beacon Chain. Following the hard fork, this substantial sum will become liquid. This means that stakers and validators can [withdraw their staked assets](/news/article/what-is-staking-crypto) from the Beacon Chain.

![eth.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/eth_80460521cf.png)
 
Source: [DefiLlama](https://defillama.com/chain/Ethereum)

To put this into perspective, some ETH stakers have been waiting for three years and more to claim their rewards. That said, will these investors withdraw all their assets immediately and sell them on the open market? We at Moni Talks believe this is unlikely.

We believe the Ethereum Shanghai upgrade may see increased investment into ETH staking. After all, the cryptocurrency is the leading Proof of Stake (PoS) blockchain and the second-largest crypto asset in terms of total market cap after Bitcoin (BTC) - just over $200B.

## Why investors should not be concerned

Decentralised finance (DeFi) has a total value locked (TVL) of $49.23B at the time of writing, of which Ethereum accounts for nearly 60%. Regardless of the crypto market situation, the number of ETH deposited over a period has continued to rise at a balanced rate, crossing 500,000 validators in January 2023.

With the current staking yield of about 5.45% annual percentage rate (ARP), rewards boosted by maximal extractable value (MEV) sitting close to 7%, and [deflationary tokenomics](/news/article/ethereum-price-live), we believe that a substantial inflow into ETH staking may take place upon the upgrade.

It is worth noting that several ETH stakers purchased the cryptocurrency at its peak (during the bull run when [prices were northwards of $4,000](/news/article/ethereum-whales-fuel-eth-bounce-back)). Given that the current price of the cryptocurrency is around $1,670, it is unlikely that stakers and validators will sell their investment for a loss (they may be left to sit for longer).

It is also worth noting that Ethereum stakers must part with 32 ETH to participate in the liquid staking programme. This is possible directly with the blockchain or through liquid staking protocols such as Rocket Pool and Lido Finance.


What the Ethereum Shanghai Upgrade Really Means

After a last-minute change of heart, it is a question challenging many in the last couple of months – just when is the Shibarium release date?

A series of delays towards the end of last year means that the release date for this eagerly awaited Ethereum scaling solution has remained a mystery. New evidence has shown that, finally, we may be moving closer toward the launch of this long-awaited 'layer 2 scaling solution'.

## ‘Layer 2 scaling solution'

Shibarium is a [layer 2 scaling solution](https://crypto.com/university/what-are-layer-2-scaling-solutions) built on top of the [Ethereum](/news/article/ethereum-merge) network. It is designed to facilitate the Shiba Inu ecosystem. In theory, this should provide thousands of users access to the myriad Ethereum-enabled applications.

Layer 2 solutions take advantage of the vast security and infrastructure benefits of layer 1 blockchains while ultimately providing cheaper and faster transactions. They achieve this by 'sitting on top' of layer 1s and using technical innovations like Roll-ups and Federated Side Chains to increase transaction times while reducing gas fees.

This helps to take pressure off a main chain while continuing to provide access to its benefits. Close association with Ethereum allows users of layer 2 scaling solutions like Shibarium access to the massive DeFi ecosystem on the world's second largest blockchain.

## Immediate benefit

What can we expect when the Shibarium release date is finally decided? It goes without question that Shibarium is one of the most highly anticipated projects to be launched in the Shiba Inu ecosystem. But just what will its launch mean in real terms?

Let's look at some of the immediate benefits.

Firstly, and most importantly, the successful launch of Shibarium will mean much lower transaction fees for those looking to develop applications on the platform. The high gas fees associated with the Ethereum blockchain are well documented. They are often a barrier to entry for those looking to get into crypto. Scaling solutions such as Shibarium promise to be much cheaper to use without losing the security benefits of the Ethereum blockchain. This is a massive draw for any developers looking to build.

Due to the [blockchain trilemma](https://academy.binance.com/en/articles/what-is-the-blockchain-trilemma), speed is often sacrificed at the expense of security. That means peak period transactions across Ethereum can slow to as little as 30 transactions per second. Because scaling solutions such as Shiberium do not access the main chain, transactions can reach into the thousands and provide much-needed scalability when it is needed the most.

This combination of cheaper and faster transactions is irresistible to developers looking to take advantage of Ethereum's stability and security. Indeed, the latest data shows that decentralised gaming application developers, such as those behind Shiba Eternity, are beginning to realise that this promising layer 2 solution provides everything they are looking for.

The successful rollout of Shibarium is sure to present more opportunities for the burning of the SHIB token, which will come as a great relief to holders of the coin. With 500 TRILLION tokens at its launch, many industry experts believe this high number is unfavourable to any future price gain. Consequently, Shibarium is expected to feature several burn mechanisms contributing to the drop in circulating supply.

With plans to launch a Metaverse project also in the pipeline, Shibarium is surely one of the projects to keep a close eye on in 2023.

The native token of the project, $BONE, has been democratically distributed by its anonymous creator Ryoshi. Like most other layer 2 solutions, node operators across the network will be rewarded in BONE for validating and processing transactions. With a circulating supply of 230 million tokens, BONE has every opportunity to be a highly tradable coin.

## Project release date - ‘close’

At the time of writing, the Shibarium release date is still unclear. However, as we are all aware, the world of crypto is unpredictable and anything can happen.

That said, the creators behind the project, Unification Foundation, are keen to get the ball rolling. An October 2022 [Twitter post](https://twitter.com/ShytoshiKusama/status/15869099) by Lead Developer Shytoshi Kusama highlighted the team's insistence on doing 'one thing at a time'.

As far as we can tell, the project has completed an internal alpha testnet phase before a public testnet phase which shows that the project release date is 'close'. It is thought that one of the key components of the project is the development of a secure and efficient wallet function. Getting this element correct is something that cannot be rushed.


blue image of shiba inu dogs smiling with shibarium shiba coin in centre

Shibarium Release Date Update

A prolific hacker famously known as the 'Blockchain Bandit' is believed to be on the move again after hacked crypto was moved.

Blockchain Bandit first gained popularity in 2015-16 after using a technique called "Ethercombing" to steal more than £70m in crypto from thousands of holders.

Six years after the infamous incident, the hacker has awakened. The huge amount of crypto hacked back then was moved from the Bandit's wallet last week.

This crypto hacking scandal was considered a programmatic theft because of the sheer amount of money involved. The hacker stole 51,000 ETH and 470 BTC, valued at £73 million today. The hacker is suspected to be moving his funds due to the recent rise in crypto prices.

The Blockchain Bandit got their name after successfully stealing ETH from thousands of holders with weak private keys using Ethercombing. The hacker's attempt emptied more than 10,000 wallets from holders worldwide.

In 2019, the [Blockchain Bandit gained 45,000 ETH](https://cointelegraph.com/news/blockchain-bandit-has-stolen-45-000-eth-by-guessing-weak-private-keys-report-claims) by simply guessing the weak private keys. The now infamous thief heavily relied on the process of being able to guess an address's public key if you are aware of the private key. The hacker seems to have come up with an automated system that helped him scan and identify these weak keys. He exploited this to no extent and was able to steal millions in funds from thousands of crypto holders.

![hacked.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/hacked_008b7d1142.png)
 
Chainanalysis came up with a diagram to portray the shifting of funds. However, they did not mention any specific targets. Chainanalysis advises crypto holders to use well-known and reliable wallets to do transactions and use hardware wallets to move large amounts of funds to avoid getting their crypto hacked.

## Why is the hacker on the move?

After over half a decade of inactivity, the hacker's wallet was seen to be active as he was moving the crypto hacked previously. Crypto experts believe this sudden activity and the moving of funds is due to the recent hike in crypto prices.

The hacker is suspected of moving millions in stolen funds to a more secure location. There have been no updates since his last activity, but his moves are being heavily monitored.

The news comes only days after the [FTX reported more than £342m in stolen funds through hacking](/news/article/ftx-us-reports-415-million-hacked).


red image of hacker stealing crypto with bitcoins falling

Crypto Hacked: Blockchain Bandit Active Again

Dai is a crypto based on the Ethereum network. Its main defining feature is the fact that it's a stablecoin.

Dai works alongside MakerDAO, and the Maker Protocol, to ensure the stability of its coins is maintained throughout its existence.

Maker Protocol is open-source software, which, due to its nature, is accessible by anyone. It sits on the Ethereum network seamlessly, allowing Dai to carry out its operations to remain a stable crypto coin.

## How do stablecoins work?

Stablecoins are extremely popular in the crypto world, as they provide stability and regularity in the heavily volatile crypto world. In simple terms, [stablecoins](/news/article/what-are-stablecoins) are cryptocurrencies that match the US dollar in value. Essentially, its exchange rate with the USD will always remain 1:1 - if things are going well, that is!

This means that even if the crypto market is falling, a stablecoin, like Dai, will stay at the same ratio as the dollar. In fact, there are several reasons why you might want to hold on to a stablecoin instead of US dollars in fiat:

•	A stablecoin is less likely to be affected by inflation when the government prints too much fiat currency.

•	Stablecoins, like Dai, provide a borderless and international mode of payment that seamlessly transfers anywhere in the world in minutes.

•	The cost of transactions with these stablecoins is lower, too, with most options only requiring some cents per transaction.

## Types of stablecoins

Why are these coins, including Dai crypto, able to match the US dollar's value and stay par with it? Well, there are multiple ways to achieve that feat - mainly three, to be specific.

## Algorithm-based stablecoins

With these coins, particular algorithms are set to allow the crypto to match the USD's value. These projects will consist mainly of two different tokens representing the same organization: one to deal with the market's volatility and the other to stay level with the dollar.

This is the slightly more uncommon route we see in the crypto industry regarding stablecoins, as the other two models follow are more popular. Both the following models are based on the concept of collateralization, so we'll delve a bit into that before we talk about the models themselves.

## Collateralization

You may have heard of the term "collateral". It is a common term and an important factor in obtaining loans. If you're not familiar with collateralization, [here’s](https://www.fe.training/free-resources/corporate-finance/collateralization/) a great source of information where you can learn about the topic in depth.

To put it briefly, collateralization is securing a loan by providing a valuable asset in return to the lender. The asset that's provided as security to the lender is called collateral. Dai's approach to being a stablecoin in the crypto industry also follows the collateralization route.

## Crypto-backed collateralization

In this case, users provide cryptocurrency as collateral to obtain that project's tokens. To get their crypto back from the platform, they need to return the exact amount of tokens they borrowed plus a processing fee.

If we're talking about Dai crypto, in particular, it makes use of Ethereum as crypto collateral. So, users keep Ethereum in the vault of MakerDAO as collateral to receive Dai tokens in return. And, when they're looking to retrieve their Ethereum, they need to pay the exact amount they loaned in Dai, plus a fee on top. This is how the platform maintains stability and consistently matches with the USD.

## Fiat-backed collateralization

This follows the procedure of the crypto-based method, but uses fiat instead of cryptocurrency as collateral. Users can provide any fiat currency as collateral to receive that platform's token and then vice versa when they need to return it. Tether USD or TUSD is a popular stablecoin that follows this strategy to stabilize itself.

## What makes Dai crypto unique?

A major factor that makes the Dai crypto unique is that it was one of the first projects to introduce the idea of decentralized finance or DeFi. Its usage of stablecoins and matching with the exact value of the dollar, but more liquid and accessible, meant that it seemed more viable for the future.

Dai crypto is also one of the few stablecoins based on Ethereum using crypto collateralization. It also offers great incentives and security for users. One huge security factor with Dai is that it maintains a specific ratio of 150% of Ethereum kept as collateral to the amount borrowed in Dai. This means that to borrow $10 worth of Dai, one would need to keep $15 worth of Ethereum as collateral with MakerDAO.

And, if this ratio is ever broken or inconsistent, the user can appeal and receive a proportion of the collateralized Ethereum in compensation.

## Anomalies with Dai crypto

Dai has remained pretty stable over the years, with the crypto matching the USD value with a 1:1 ratio. However, there was one incident where it spiked to $1.11 in value. An increase of 0.11 might not seem much in the crypto world usually, but it's massive for a stablecoin.

It's worth noting that this happened during the COVID-19 pandemic when the market was extremely volatile. Apart from that, Dai has remained one of the best stablecoin options in the market, if not the best.

## Integration with applications and MKR token

MKR is the main crypto token of the MakerDAO platform and is tied heavily with Dai. Its primary role lies in the governance and operation of Dai. Holders of the MKR token have a say in the future of Dai. They can have voting rights, with the main idea being [decentralized governance](https://makerdao.com/en/governance/) for the Dai crypto. There are various forums and voting platforms where holders can have their say openly.

## Other applications

Various applications use Dai and accept it as a means of payment. These include crypto exchanges and platforms, such as [Coinbase](https://www.coinbase.com/), [Metamask](https://metamask.io/), and [Ledger](https://www.ledger.com/). Some popular Metaverse games also accept payment in Dai - notable names include [Sandbox](https://www.sandbox.game/) and [League of Kingdoms.](https://www.leagueofkingdoms.com/)

## Final thoughts on Dai crypto

The fact that Dai is accepted widely by many big-name applications shows that it's seen as a reliable crypto token. Accessibility is a big factor in making cryptocurrencies important for users. Dai does just that with its usability and stability.

Another crucial aspect that Dai implements well is integrating the community and users within the project. It's important, today, to involve your community in your operations, especially as a crypto-based project.

Dai looks to stay strong moving forward, with a great foundation like MakerDAO supporting the project. Hopefully, we have a lot more to come from the project in the future too!


green image of euros and altcoins with dai crypto in centre

Dai Crypto Contribution to the Stablecoin World

The Ether price in British pounds plummeted in November, with Trading View charts showing the ETH price at less than £1,100 on 11 November and failing to rise to the level again.

Ethereum tops the list of altcoins among traders and investors. It is the most well-known altcoin and, to many investors and enthusiasts, much more than just another cryptocurrency.

Currently, the ETH price is £1,575.97, slightly higher than the opening price of this week, £1,552.52. During an entire week, Ether's price moved between a maximum of £1,063.22 on 5 December to a lowest of £1,000.01 on 7 December.

![ether.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/ether_d1e3f1abb5.png)
  
Source: Tradingview.com

The Ether price pounds value rallied 19.74% from £907 on 22 November to £1,086 on 30 November before falling -7.20%. The resistance level at £1,086 has been keeping up for a month, which is the likely cause of the correction to £1,000.01 on 7 December. On the other hand, traders are happy that the ETH is now trading 15% above its low on 22 November.

The market is already in winter, and the fall of FTX worsened the mood of traders. However, two other events pushed the waves higher and broke traders' confidence. A [tweet by Elon musk asking SBF where did the money go](/news/article/elon-musk-tweets-where-did-money-go) acted as a stone to break the beaker.

Plus, three US Senators wrote to [Silvergate Bank asking for information regarding the bank's involvement with FTX](https://cointelegraph.com/news/us-lawmakers-request-answers-from-silvergate-over-ties-to-ftx-report). Lawmakers are trying to find out legislative or regulatory solutions to prevent a similar occurrence in the future. 

Following "reports suggesting that Silvergate enabled the transfer of FTX client cash to Alameda", the lawmakers asked inquiries. They gave the bank until 19 December to respond.

NBC News, on 5 December, reported that Silvergate is claiming not to be involved in FTX and Alameda Research's apparent misuse of customer funds. However, according to 6 December news, the three Senators, Elizabeth Warren, John Kennedy, and Roger Marshall, sent a letter to Silvergate CEO Alan Lane. It asked the bank to provide details on its connection with FTX regarding the allegations and queries around its name.

It is still unclear what the long-term consequences of FTX's collapse will be, as the latest wave of bankruptcy cases poses a risk of extending the present cryptocurrency bear market. Keeping these things in mind, investors are forced to think that the crypto meltdown will likely go deeper because of such frequent negative events happening in the market.

The FTX collapse has had an influence on the course of the regulatory regime in the United Kingdom. The planned revisions would make it possible for the Financial Conduct Authority (FCA) to keep an eye on the regional operations of the crypto businesses.

In this bearish scenario, investors fear Ether could lose the £1,000 support. It's important to note that making a firm call for the Ether price pounds value is challenging. Some predict that Ether could be in for a crash this year, with its value dropping as low as £750. Crypto market analysts expect ETH to drop as much as 80% from its all-time high of £3,560, leading it to around the said support level.

## Final words

A positive aspect of the network, when considering the Ether price pounds value, is that Ethereum has more than a 90% share of the NFT market.

It is hoped that the first smart contract blockchain will survive this period of instability.


green image of British flag and GBP with ETH logo in centre

Ether Price in Pounds: Unable to Reach £1,100

A Bored Ape whale, who goes under the pseudonym "Pokeee.eth" on [Twitter](https://twitter.com/pokeepandaa), just spent ~$900k on 69 DeGods NFTs. DeGods is a dominant [NFT project on Solana](/news/article/how-to-find-new-nft-projects), with all-time sales of over $135M, according to [CryptoSlam data](https://www.cryptoslam.io/degods).

That said, what makes a DeGods NFT such a prized asset? And why did the NFT collector spend BIG on the project?

![degods1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/degods1_d298b36907.png)

Source: DeGods

## What is DeGods?

DeGods claims to be the "#1 NFT community on Solana". These NFTs are NOT a derivative of the Bored Ape Yacht Club (BAYC). Instead, this collection is [works of original art](/news/article/how-to-make-nft-art).

These non-fungible tokens are held by many prominent members in the crypto space, including Anatoly Yakovenko and Raj Gokal (Co-founders of Solana), Ice Cube (an American rapper), and Sidney Zhang (Co-founder and CTO of Magic Eden).

At the time of writing, there are 3,540 holders of the digital art collection – North Korea is the only country that does not have a DeGods holder. With more than $135M in sales to date, it is not surprising that the DeDAO (The project's DAO) bought a basketball team on 28 April, 2022 – the Big3 team, Killer 3s, for $625,000! A first in NFT history.

![degods2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/degods2_b424d0178d.png)

Source: [DeGods](https://degods.com/)

Holders of the non-fungible token earn in $DUST, the native token of the DUST Protocol, based on Solana. Currently, the cheapest DeGods NFT available on the open market is worth 517.78 SOL. The piece of art goes by the name "DeGod 4640".

The most expensive sale to date was made as recently as 18 hours ago, for $17,657.76 – DeGod #9001. There's more information about the project on the [website](https://degods.com/).

## Why did Pokeee.eth buy 69 DeGods NFTs?!?

On 13 January, 2023, Pokeee.eth promised to purchase 69 of the digital art tokens if the below post received more than 1,000 likes. The digital art collector's move was in support of the project's impending [move to Ethereum](/news/article/ethereum-whales-fuel-eth-bounce-back). The post has received nearly 3,000 likes, and Pokeee.eth is a man of his word.

![degods3.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/degods3_d4679166d3.png)

Source: [Twitter](https://twitter.com/pokeepandaa/status/1613961351780773890)

On 16 January, 2023, Pokeee.eth tweeted a video showing his floor sweep (purchase at floor price) of 69 of the NFTs for around $900k, through the Magic Eden marketplace.

![degods4.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/degods4_0f5a186be7.png)

Source: [Twitter](https://twitter.com/pokeepandaa/status/1614968118287433728?cxt=HHwWgIDU4c68wuksAAAA)

Notably, the NFT collector owns three BAYC NFTs as well – BAYC #7816, #6587, and #7369.


Pink image of nft whale and bored ape logo

Bored Ape Whale Buys 69 DeGods NFTs 

The cryptocurrency market experienced a difficult "crypto winter" in 2022, with many [altcoins](/news/article/altcoin-buzz), including ETH, seeing significant price corrections of up to 70%. But Ethereum whales are contributing to the fightback.

Recently the cryptocurrency market has shown some positive signs in 2023, with Ethereum experiencing a surge in value after experiencing strong selling pressure following the [collapse of the cryptocurrency exchange FTX](/news/article/is-crypto-dead) last month. 

As of 4 January, ETH's price had risen 5% to $1,253, and its market capitalization had reached $153 billion. This improvement has been linked to increased activity by Ethereum whales, who have conducted over 600 transactions totaling more than $100,000 on the blockchain in the past 24 hours.

Here's what on-chain data provider Santiment [tweeted](https://twitter.com/santimentfeed/status/1610750951379599362) on the recent uptick in activity by Ethereum whales.

"As #altcoins have heated up, #Ethereum quietly rebounded back above $1,260 for the 1st time in 3 weeks. Though not quite at the level of the big whale dip buys on 16 December ($ETH's local price bottom), whales are showing increased interest again. "

![Screenshot 2023-01-05 at 10.39.18.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_01_05_at_10_39_18_48790ff4bb.png)
 
This increased activity from whales is a positive sign for Ethereum's short-term prospects.

## Ethereum co-founder expresses bullish outlook

Ethereum co-founder Vitalik Buterin has expressed a bullish outlook for the platform in 2023, following one of the worst crypto winters of market history in 2022. 

Buterin has announced plans to launch the ETH Improvement Protocol (EIP) 4884 in the near future. In response to a [tweet](https://twitter.com/VitalikButerin/status/1609209529706872833) by Balaji Srinivasan, Buterin stated that he is excited to achieve the "basic roll-up" milestone outlined in Ethereum's roadmap. The EIP 4884 is expected to bring significant improvements to the platform.

However, Buterin also stated several areas needing improvement within the cryptocurrency industry, including enhancing security for average users and improving scaling, privacy, and user experience. Despite these challenges, he remains confident in the potential of decentralized finance (DeFi) to play a significant role in the future financial system.


Ethereum Whales Fuel ETH Bounce Back

Are emissions from the crypto industry a global issue?

The worldwide energy market has been in turmoil for many years. Several European countries, the United States, China, India, and South Korea, are among those worst hit by the ongoing energy crisis. This crisis is a culmination of several issues, the chief of which is the sharp reduction in the use of oil and electricity during the early stages of the [COVID-19 pandemic](/news/article/omicron-variant-crypto).

This led oil and gas companies to limit the production of these resources. However, these companies did not anticipate the global market to recover so quickly from the pandemic. Factor in the Russia-Ukraine War, climate change, greenflation, and geopolitics, and we are in the middle of an unprecedented energy crisis. You must be thinking, what is this to do with cryptocurrencies and crypto emissions?

## Crypto emissions from crypto mining are a problem

Today’s total crypto market cap [is nearly $800B](https://www.tradingview.com/symbols/TOTAL/). Yes, billion. The most popular cryptocurrency, Bitcoin (BTC), boasts a market cap that is almost 40% of the market's total value! BTC is one among [19k+ potential cryptocurrencies](https://news.climate.columbia.edu/2022/05/04/cryptocurrency-energy/) generated on the Proof of Work (PoW) consensus mechanism.

This 'generation' takes place through crypto mining, a costly, time-consuming, energy-consuming, and rewarding (potentially) process. It involves sophisticated hardware and solving complicated computational maths problems. The 'energy-consuming' component of cryptocurrency mining is the real problem.

Crypto mining consumes an ENORMOUS amount of energy. The annualised consumption of [BTC alone is 88.87 TWh](https://ccaf.io/cbeci/index), with an upper limit of 125.93 TWh! That is around 10% of the [total energy consumption of countries](https://worldpopulationreview.com/country-rankings/energy-consumption-by-country) like South Korea, Brazil, Germany, and Canada, and much more than Austria as a whole! Now that we have established the amount of energy Bitcoin alone consumes through [Bitcoin mining](/news/article/free-bitcoin-mining), imagine the total energy consumption of all cryptocurrencies.

Also, imagine the massive carbon footprint of crypto. Now that is what is hurting the climate.

## The carbon footprint of crypto emissions

Earlier this year, Ethereum too was a PoW chain. However, the change from PoW to the consensus mechanism of Proof of Stake (PoS), [The Merge](/news/article/the-merge-ethereum-nft-impact), on 15 September, 2022, led to a reduction in energy consumption [by nearly 99.95%](https://ethereum.org/en/upgrades/merge/)!

Unfortunately, a move to the PoS model is not viable for Bitcoin. Bitcoin serves as a store of value, much like traditional assets such as gold and silver, and has fundamentals enabling the decentralisation of the chain securely. Moving to the PoS mechanism would undermine the very purpose of the crypto asset and would not be permitted by the Bitcoin mining community anyway. The six largest Bitcoin mining pools [control nearly 95% of the resources](https://definoobs.com/will-bitcoin-move-to-proof-of-stake/) on the chain–the irony!

Let us talk numbers. What impact do crypto emissions led by BTC really have on the environment? Bitcoin's carbon footprint increased a mammoth [126 times between 2016 and 2021](https://www.eco-business.com/news/bitcoin-minings-carbon-footprint-swelled-126-times-in-just-five-years-study/). During this duration, Bitcoin-led crypto emissions caused global climate damages worth an estimated $12B. According to Benjamin Jones, University of New Mexico Assistant Professor of Economics,

*“We find no evidence that Bitcoin mining is becoming more sustainable over time.”*

According to him, Bitcoin-led crypto mining is becoming “dirtier” and even more “damaging to the climate”. In 2021 alone, Bitcoin-caused crypto emissions resulted in 113 metric tonnes of carbon dioxide on average, PER COIN MINED. If we assume one metric tonne of carbon dioxide causes $100 worth of climate damage, each BTC mined led to $11.3k worth of environmental damage (researchers used similar figures). Ouch.

As long as non-renewable resources like coal are used to fuel crypto mining operations, crypto emissions will be a climate problem and an ever-growing one. So is a change to PoS for all PoW chains the answer to reducing crypto emissions for other cryptocurrencies? Changing from one consensus mechanism to another is not easy. 

It is a very time-consuming and complicated procedure.

To put it into perspective, the original date for 'The Merge' was January 2020! The Ethereum community waited more than two years for the change.

Ethereum is backed by the strongest community in crypto and boasts of some of the best talents, led by the charismatic and brilliant Vitalik Bueterin. A change to PoS is not the solution. While cryptocurrencies of the future should look away from the PoW model, for current PoW chains, the solution is a move to green mining. This will help drastically reduce crypto’s carbon footprint.

## A move to green mining will help address the issue of crypto emissions

I'd be lying if I said there are no mining rigs that have turned to green energy sources for crypto mining. Texas, for example, produces the most [renewable energy](/news/article/crypto-mining-farms) in the US, powered by solar and wind farms. A crypto mining data centre in West Texas, called [HODL Ranch](https://www.forbes.com/sites/christopherhelman/2021/08/02/green-bitcoin-mining-the-big-profits-in-clean-crypto/?sh=268943ff34ce), is taking full advantage of the ferocious gusts in the region and mining BTC at the cost of just $2,000 per coin! On today's market, that is a profit of over $14,000 per coin. Insane.

Crusoe Energy Systems has raised $250M to mine Bitcoin in states including Texas, New Mexico, and Dakota. 

This green mining gamble will be fuelled by natural gas that would have either been flared or burnt off. The Scrubgrass Generating power plant in Pennsylvania combusts gob (coal waste) to mine Bitcoin, earning significantly more from mining than selling to the power grid–nearly 15 times more. These are just a few examples from the US.

Several players all over the globe are [turning to green mining](/news/article/norway-bitcoin-mining) to reduce crypto emissions or maximising existing waste to good effect. The problem is that at the current rate of carbon emissions per BTC mined, the green mining initiative of today just is not enough. We need a more drastic change soon.

The fact is that the above-listed 'organisations' can afford to use green energy or combust waste material. Other crypto and Bitcoin miners will always choose the cheapest available fuel source. Dirty fuels like coal will remain cheap for the foreseeable future, and this will prohibit a green revolution.

Banning crypto mining will not solve the issue either. [China banned cryptocurrency mining](https://techstory.in/china-bans-crypto-mining-due-to-huge-power-consumption/) last year, leading to miners fleeing to countries such as the US and Kazakhstan, where they sourced energy for mining from coal power and gas. We have to enforce a change for the betterment of the climate.

It is no longer why but how. How do we enforce a global green mining revolution? How soon can we significantly reduce crypto emissions? We are harming the environment by the day. It is time for the cryptoverse to stand as one and work towards a common goal - a green planet.


image of emissions with cryptocurrency falling from sky

Crypto Emissions: A Growing Climate Problem?

MetaMask is a non-custodial Ethereum-based cryptocurrency wallet that encapsulates several features that investors and developers find interesting. Available as a multi-platform wallet (mobile app and browser extension), it allows users to manage their cryptocurrency portfolio on its user-friendly interface. Despite this, there are questions on how to withdraw from MetaMask.

MetaMask allows users to store, buy, send, and swap a wide range of Ethereum-based tokens (ERC-20 tokens), such as USDC, USDT, and ETH. The wallet also paves the way for developers and crypto users to securely connect to the decentralized web and explore several decentralized applications (Dapps).

Having more than [10 million monthly active users](https://consensys.net/blog/press-release/metamask-surpasses-10-million-maus-making-it-the-worlds-leading-non-custodial-crypto-wallet/) and its support for a variety of non-fungible tokens (NFTs) doesn't just prove its popularity. It also demonstrates its centrality among NFT and Web3 enthusiasts.

Unlike centralized wallets, where users can simply convert their tokens to fiat, Metamask's case is quite different since third-party remittance partners aren't supported on decentralized platforms. This guide explores the most popular way of withdrawing funds from this decentralized wallet to local bank accounts.

## How to withdraw from MetaMask to local bank accounts

Being a decentralized wallet, MetaMask users don't have the luxury of directly converting digital assets to cash. However, they can achieve this in several ways, which include withdrawing into a bank account.

To make withdrawals from MetaMask to a bank account, users can follow the steps:

•	Besides having a sufficient number of the coins they desire to withdraw, they must check to ensure they have enough Ether (ETH) to cover gas fees. Since MetaMask is an Ethereum-based protocol, it follows that transactions are facilitated by gas fees.

Should there be insufficient ETH, users can use the “buy button” to buy some ETH.
 
![1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/1_01731be4d5.png)

•	Search for an exchange that supports the tokens your desire to withdraw. While there are several exchanges to choose from, [Binance](/news/article/guide-to-binance-uk) and [Coinbase](/news/article/coinbase-singapore-approval) are highly recommended due to the simple user interface and wide range of crypto assets supported.

It’s mandatory to create an account and meet Know Your Customer (KYC) verification requirements before accessing the features that both wallets provide.

•	Send the desired tokens from MetaMask to either Coinbase or Binance. This can be done by copying the selected wallet address URL and pasting it into the “recipient address section” on MetaMask. Ensure to confirm the wallet address before sending the coins. Users may find the images below helpful.

![2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/2_bb02c58185.png)
 
If using Coinbase, click on send/receive to get the wallet address URL.

![3.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/3_23b3dc5ddd.png)
 
You may either copy your wallet address URL or simply scan.

![4.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/4_13a44286eb.png)
 
## Send coins from MetaMask to Coinbase wallet

![5.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/5_48be32b779.png)
 
### Enter the desired number of tokens (e.g., ETH) to send

•	To get details of the transaction, such as timestamp, transaction hash, or transaction block, you simply visit Etherscan and enter your MetaMask wallet address to view the details.

•	Once the coins have been successfully sent to your Coinbase wallet, you can directly convert them into fiats such as the US dollar, Canadian dollar, GB pound, and several others.

•	Once this is done, you can withdraw your funds directly to your local bank account.

Since the MetaMask wallet isn't designed to manage fiat currencies, users will need external centralized exchanges to perform withdrawals. Besides local bank accounts, Gcash and PayPal wallets are excellent methods that can be used for withdrawals. It should be understood that these methods attract certain fees.



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