Author: dfmines

Sanctions are being imposed on cryptocurrency mining companies for the first time in history. The US Treasury Department announced that it is taking action against virtual currency mining companies across Russia. This information came out when IMF issued a statement saying, “the Kremlin may employ these activities to avoid compliance with international economic punishment.” In the wake of recent sanctions, cryptocurrencies have been barely affected. Bitcoin consolidated its gains while ‘altcoins’ also performed in green. Related Reading | Crypto Quick Look: BTC Touches $42,000, ETH Notches10-Day Peak For example, Bitcoin is holding at $41,500 – $42,000. On Wednesday, it managed to reach a high since April 11th, above $42,000. But selling pressure rejected the bulls’ advance and failed to confirm the overcoming of this important resistance level. This is crucial for the virtual token par excellence to regain $45,000. Naeem Aslam, head of analysis at AvaTrade, warns that “traders know that Bitcoin has to stay above this critical price level for the’ bulls’ to succeed.” The shortest-term support is now back to $40,000. However, the expert warned that we should be careful. The IMF is in the spotlight because it says that some countries are using cryptocurrencies to avoid sanctions. Countries like Russia and Iran use cryptocurrency to sell their oil and gas. However, there is also concern that they might be utilizing these resources for cryptocurrency mining, which provides another source of revenue and bypasses any sanctions against them. “The IMF’s warning will certainly bring more regulatory attention to crypto companies, crypto exchanges, and crypto mining,” Aslam commented.  U.S. Treasury Designates Facilitators of Russian Sanctions Evasion OFAC, the United States Office of Foreign Assets Control, sanctioned Bitriver AG, a Swiss-based holding company for cryptocurrency mining operations with offices in Russia and ten subsidiaries. This is the first time the U.S. Treasury has sanctioned cryptocurrency miners. Bitriver is amid a token pre-sale called BTR.  To curb Russia’s influence on cryptocurrency mining and trade worldwide, the U.S. has imposed new sanctions against BitRiver. The company operates vast server farms that sell virtual currency mining capacity internationally. In addition, this company helps monetize Russian natural resources. The U.S. Treasury press release says that Russia has the advantage of energy resources and a cold climate for cryptocurrency mining. However, mining companies rely on imported computer equipment and fiat payments, making them vulnerable to sanctions. The United States aims to make sure that no asset, no matter how complex, the Putin regime can use to reduce the impact of sanctions.” Bitcoin And Altcoins Rising Despite The Risks Despite these risks, the market positively responds and leaves rises for Bitcoin and altcoins. This has brought the total capitalization of cryptocurrencies to $1.92 trillion. Related Reading | TA: Bitcoin Technicals Suggest Bulls Aim Sharp Move Above $42K Ethereum’s price is currently trading between $3,000 and resistance at $3,200. The cryptocurrency has followed Bitcoin’s behavior and seeks to gain momentum toward overcoming the $42,000 resistance.  Terra is one of the most promising tokens on today’s gainer’s list, up 6%, along with Solana and Polkadot. Featured image from Pixabay, chart from Tradingview.com

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In addition to air and water pollution as a result of energy production, the lawmakers pointed to electronic waste from mining rigs, and noise pollution in surrounding communities.

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Breitman revealed that Tezos’ solution to the blockchain trilemma is using optimistic rollups in an exclusive interview with Cointelegraph.

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Any headlines you read that say “we need to get more women in crypto” are promoting an ideology of equality of outcome, not equality of opportunity. Cryptocurrency is gender neutral, it does not care how you identify. We do not need to bring ones gender into decentralized finance or we will become no better than…
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Data shows Bitcoin long-term holders hold significantly more supply in loss right now compared to May-July of 2021. 15% Of Bitcoin Long-Term Holder Supply Is In Loss Right Now As per the latest weekly report from Glassnode, around 30% of the total BTC supply is being held at a loss at the moment. The “long-term holder supply” is the part of the total Bitcoin supply that hasn’t shown any movement since more than at least 155 days ago. The other part of the supply belongs to the “short-term holders.” This cohort doesn’t hold for too long and generally sells before 155 days are up. Active traders usually make up a significant portion of this supply. Naturally, any coins in the Bitcoin STH supply that age beyond the 155-day mark are then counted under the LTH supply. The relevant indicator here is the “supply in profit/loss,” which looks at each coin on the chain to see how many coins are in profit or loss right now. Related Reading | Bitcoin Trading Volume Stabilizes At Lows Of July 2021 As Market Sleeps The metric works by comparing the price a coin was last moved at, to the current value. If the last price was more than now, then the Bitcoin is being held in loss at the moment. Otherwise, it’s in profit. Now, here is a chart that shows the loss distributions of both the LTHs and the STHs. Looks like the loss split is quite even between the two categories right now | Source: Glassnode’s The Week Onchain – Week 16, 2022 As you can see in the above graph, around 15.3% of the Bitcoin LTH supply is in loss currently, with STHs also having almost the same amount in the red at 15%. During the 2018 and 2020 bear markets, about 35% of the LTHs were in loss at some points, much more than right now. Related Reading | The CEO Of Ripple Says Bitcoin Tribalism Is Holding Back The Crypto Industry However, the May-July mini-bear period of last year had only half as many long-term holders holding coins at a loss. This means that the market profitability is in a much worse place at the moment. While LTHs are unlikely to sell with these losses as they are price insensitive usually, the STHs at 15% are more probable to capitulate if the Bitcoin price continues to struggle. BTC Price At the time of writing, Bitcoin’s price floats around $42.5k, up 3% in the last week. Over the past month, the crypto has gained 3% in value. The below chart shows the trend in the price of the coin over the last five days. The price of BTC seems to have been climbing up over the past few days | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com

“We have a vision to transform The Bahamas into the leading digital assets hub in the Caribbean,” said Philip Davis, prime minister of the Bahamas.