US lawmakers appeal directly to 4 mining firms, requesting info on energy consumption
Four members of the U.S. House Committee on Energy and Commerce said they were “deeply concerned” that Proof-of-Work mining could increase demand for fossil fuels.
Four members of the U.S. House Committee on Energy and Commerce said they were “deeply concerned” that Proof-of-Work mining could increase demand for fossil fuels.
A Russian national suspected of laundering ransomware payments in cryptocurrency on behalf of cybercriminals targeting hospitals has been extradited to the U.S. by the Netherlands. The man was allegedly involved in the criminal activity for a period of three years before his arrest in Amsterdam last November. Alleged Russian Money Launderer Handed Over to U.S. […]
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The crypto market has been losing momentum as the price of Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) start trading in the red. The largest cryptocurrencies by market cap might experience further losses as macro-economic factors keep exercising a negative influence on risk-on assets. Related Reading: Ethereum Price Slides As Staked Token Reaches New ATH Ahead Of Hyped Merge At the time of writing, the crypto total market cap stands at $1.09 trillion after experiencing rejection at the $1.2 trillion mark. This has led to minor losses for Bitcoin (2.2%), and Binance Coin (7%), only Ethereum has been able to preserve some of its last week’s gains. Analyst Justin Bennett believes the crypto market has been negatively impacted by the uptrend in U.S. dollars. The currency saw a major push to the upside at the start of 2022 on its monthly chart and seems to be attempting to reclaim 2022 levels on higher timeframes. This could translate into more losses for risk-on assets, such as equities and cryptocurrencies; more economic uncertainty as inflation trends higher in decades; less liquidity across global financial markets. Bennett said the following while sharing the chart below: Expect #stocks and crypto to struggle while the US dollar is doing this. The $DXY just took out 107 on its way to 107.40. I still think we see 112-113. Be careful out there (…). The trend is your friend…unless it’s the $DXY. 112-113 first, but most likely 120 in the next few months. USD up means risk assets down. The largest crypto by market cap, Bitcoin, saw a yearly low at around $17,600. As NewsBTC reported, Fidelity’s Director of Macro Jurrien Timmer believes this level is on par with the cryptocurrency’s previous bottoms and expects that price point to operate as critical support. Will Macro Economic Factors Break A Critical Support For Crypto Using BTC’s Supply and Demand models, Timmer compared $17,600 with $3,100 and $200, two major support zones for Bitcoin even in persistent downside trends. The expert said the following on BTC’s capacity to see more appreciation in the long term, bullish momentum that will surely push the entire crypto market upwards: Bitcoin’s price-to-network ratio (my proxy for a valuation multiple) is back to 2014 levels. Meanwhile, its network continues to grow, roughly in line with a power regression curve. In contrast, Bennett expects more losses for BTC’s price and the crypto market. The first crypto by market cap could bottom between $9,500 to $13,500. Related Reading: Bitcoin Tumbles As Fed Opts For Restrictive Rates The expert bearish thesis is based on the U.S. Federal Reserve (Fed) current monetary policy. The financial institution is set on stopping inflation from going higher and will continue to increase interest rates, Bennett believes, to achieve that goal. Bear market rallies are easy to identify even without a chart. It comes down to one simple question. Is the fed easing or tightening? ➡️If easing, dips are for buying ➡️If tightening, rallies are short-lived The fed just began tightening and isn’t likely to stop anytime soon. — Justin Bennett (@JustinBennettFX) August 17, 2022
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Despite changes in the asset’s price, Ethereum is steadily adding to the ETH 2.0 staking contract. According to the development team, this occurs about a month before the Merge is scheduled to occur. Ethereum Staked Token Hit New ATH According to Dune Analytics data, more over 13.2 million ETH have been deposited to the staking contract, however there are only about 80,000 unique depositors. ETH Staked on ETH 2.0 Contract. Source: Delphi Digital The graph above shows how ETH’s amount locked in the staking contract has gradually increased and reached a new all-time high in terms of ether. A far cry from the peak reached last year, when ETH was close to $5,000, the USD value had soared to just shy of $24 billion. The remarkable results come as the Ethereum development team continues to provide updates on the progress of the switch from PoW to PoS. Related Reading: The Upcoming Merge Will Not Reduce Gas Fees, Clarifies Ethereum Foundation The most anticipated event in the bitcoin sector this year is referred to as the Merge. Among other advantages, it should make Ethereum less energy-intensive and increase the network’s durability. Numerous well-known crypto insiders predict that it will significantly affect the price of ETH. According to recent claims made by Arthur Hayes, it might increase the asset’s USD valuation in a manner comparable to BTC’s halving. On the other hand, Mark Cuban cautioned that the Merge might initially be a “sell-the-news” event but thinks it’s a good move overall. Price Have Began To Slide According to the weekly shift in the Ether-Bitcoin cross rate, Christophe Barraud, chief economist, strategist, and top forecaster at Bloomberg, Ethereum is poised to lose ground against Bitcoin for the first time in seven weeks. ETH/USD trades at $1,800. Source: TradingView After the Consumer Price Index (CPI) or inflation data report came in better than expected, Ethereum has outperformed Bitcoin in recovery despite the decline relative to BTC as both remain highly correlated with the S&P 500 stocks, according to a report published on August 17 by the on-chain social metrics platform Santiment. Related Reading: TA- Ethereum ETH Shows Bearish Signs, Eyes $1,700 As Nearest Support Featured image from Pixabay, Chart from TradingView.com, Delphi Digital
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AVAX price gave up recent gains after correcting by 16% and the network’s declining TVL and DApp use suggest that the protocol is losing ground versus its competitors.
The price trend for Bitcoin seems to be moving with the set rates of the US Federal Reserve. BTC plunged shortly after the Federal Reserve’s July meeting. However, from the minutes released on Wednesday, August 17, policymakers had discussed more interest rate hikes to fight inflation. They deliberated on the need for checkmate borrowing costs by increasing rates which could restrict the country’s economic growth. By that, they could have the required time and influence in controlling potential inflation. Related Reading: TA: Ethereum Could Take Hit As The Bulls Show Weak Hands It’s not surprising to see the recent performance of cryptocurrency following the news of the Fed’s plans. The assets are pretty sensitive to such changes. For instance, the market saw crypto value halving as the central bank implemented its tightening cycle in March. BTC price data showed a drop of about 2%. This dip went below its high performance from the lows of both July 15 and July 26. With the dramatic appearance of the bears in the BTC market, deliberations are high on different platforms about a possible sell-off. The crypto market has become more vulnerable to the possibility of a further increase in rates and the US restrictive policy. As a result, there could be more spikes of volatility which could confuse the crypto market. Furthermore, the move acts against the current market pricing and anticipation for more cuts in the interest rates in 2023. Also, the price of BTC had surged impressively to hit a two-month high of above $25,200. Reactions To Fed And Spike In Bitcoin Interest Rates A Decentral Park Capital researcher, Lewis Harland, noted that the rates move to affect Bitcoin adversely. He mentioned that the Fed consistently handles inflation even as the costs contract the economy. Also, Michael Kramer of Mott Capital Management observed that there’s no hope for Fed fund futures traders, that the central banks would switch to rate cuts in 2023. They expected that once the rate peaked at around 3.7% by March, it would stall till ending of 2023. However, the central bank increased the rate by 75 basis points last month. It now sits between 2.25% to 2.5%. The price of Bitcoin is slightly recovering today as it hovers around $23,500 against its low of $23,180 on Wednesday. However, despite the small gain, the value of BTC is still below the supportive level during its rising trendline. There are reactions from observers that have come across the Fed minutes. For example, a former Fed trader, Joseph Wang, declared that it’s hawkish. Related Reading: Expert Outlines Best Crypto Assets To Hodl During Crypto Winter In his observation, the transcript also expresses concerns about the implications of excessive tightening while managing inflation. But, on the other hand, policymakers also advised to create normalcy by slowing the rate at certain levels. Featured image from Pixabay, Charts from TradingView.com
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