Category: Cryptocurrency News

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Electricity consumption has been one of the major concerns with the advent of cryptocurrencies especially Polkadot. Though with models running with the Proof-of-Stake (PoS) consensus mechanism, this electricity use seems to be minimal since their process for transaction validations is staking. But the story is not the same for those running with Proof-of-Work (PoW) such as Bitcoin. Mining is the associated process through which the PoW models could validate their network transactions. However, the process consumes lots of electricity as it uses highly computational equipment to solve cryptographic puzzles. This high energy consumption led to several crackdowns on crypto mining in different countries, especially Bitcoin, in 2021. The move was in line with the argument that such practices facilitate environmental pollution. This concern on energy consumption propelled the Crypto Carbon Ratings Institute (CCRI) to research the rate of electricity consumption by some blockchains. CCRI studied some networks like Solana, Bitcoin, Ethereum, and Polkadot in its research. Related Reading | Lessons From Reason’s “The Fake Environmentalist Attack on Bitcoin” Mini-Doc Based on the results from CCRI research, Polkadot, the strong competitor of Ethereum, emerged as the network with the least electricity consumption compared with Ethereum, Solana, Bitcoin, and other top cryptocurrencies. This indicates that Polkadot minimally impacts environmental and climatic changes and pollution more than the other networks. According to the CCRI rating, Polkadot’s energy consumption is 6.6 times the annual value of electricity used by an average U.S. family. A blockchain’s electricity consumption stands as a high determinant factor of its capital inflow from institutional investors. This formed Tesla’s 2021 move against Bitcoin as the electric car company suspended BTC as one of its payment options. The car giant cited BTC mining’s environmental impact as totally unacceptable. Among all the networks involved in the research, Bitcoin shows the highest energy consumption. Next in the line are Ethereum, Solana, Cardano, Algorand, Avalanche, and Tezos. Polkadot Announces Pioneers Prize Program Polkadot has announced its Pioneers Prize Program in a recent move for more technological innovation within its ecosystem. This program is packed with $20 million rewards. The picking of winners will be through a series of challenges and some set prizes. It’s part of the network’s plan to facilitate the growth of its ecosystem and Web3. The field and general outlook of the network have put DOT on a bullish trend for investors. The contributory influences are coming from Polkadot’s rating of low electricity consumption and its Pioneers Prize Program. Related Reading | Bitcoin On-Chain Demands Suggests That The Market Has Reached Its Bottom From analysts’ evaluation of the Polkadot price trend, the protocol has rounded off both its retest and breakout. Most of them think that the DOT has moved to its buy zone. Featured image from Pixabay, chart from TradingView.com

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The latest edition of Cointelegraph’s Top 100 list has arrived! Here are those who made a splash in 2021 and are likely to have a banger of a 2022.

The price of Bitcoin fell below $44,000, and many altcoins followed suit. Ethereum struggled to maintain its value around the $3,000 mark while other cryptocurrencies dropped even further, including Cardano, Solana, BNB, and many more.  Bitcoin is trading below the 50-day moving average for the first time in five weeks, after briefly reaching a high near $4600 last week. However, the cryptocurrency’s price has fallen back down to earth with a drop of over $4,000 in a week. Related Reading | How Fears Of A Possible Russian Invasion Of Ukraine Is Impacting Bitcoin Yesterday, the price of bitcoin jumped past $44,000. It even neared $45,000 last night before being stopped in its tracks again by the level’s challenge. The cryptocurrency market has seen some fluctuation recently, with Bitcoin standing just over $44,000 and a few drops to $43,000. However, despite this drop in value, it’s still worth more than 800 billion dollars. This price dip seems misguided with the recent news that legacy financial companies are adopting cryptocurrencies. There has been so much growth in adoption just last week when it was announced by none other than New York Stock Exchange, which wants its own crypto brokerage at some point soon. Altcoins On The Way Down The crypto market has been volatile lately, with most coins declining in value. For example, Ethereum went as high as $3200 but failed to continue upwards. Now, it fights for staying above 3,000 USDT/ETH zone, which it occupied this morning before losing some traction throughout yesterday’s trading sessions (24 hours). Related Reading | Top 5 Watershed Moments In BTC On-Chain Analysis’ History. Is Your Favorite In? With the cryptocurrency market taking a dip today, some coins are better than others. For instance, Cardano and Solana experienced smaller drops with 3-5% daily volatility, while Ripple had less severe fluctuations at around 1.5%. In addition, the two largest meme coin holders – Dogecoin (DOGE) or Shiba Inu (SHIB), have been retracing their recent gains somewhat more moderately, which suggests that they may continue heading towards an increase in value soon enough. ATOM’s recent rise has left other coins in the shade, with its 3.5% increase putting it on track for a fifth week as one of Bitcoin’s most valuable members. The crypto market capital has seen a decrease of around $180 billion in the past day and stands at 1.82 trillion now, from an all-time high just after weeks ago where it exceeded 2 Trillion dollars. Russia-Ukraine War Impact On Bitcoin Joe Biden called on President Volodymyr Zelensky of Ukraine to discuss the ongoing tensions between their country and Russia. The United States’ senior political figure reportedly held an hour-long chat with him Monday evening. During the talk, they discussed how best to handle this geopolitical hotspot situation at hand before it worsens even further. U.S. national security advisor Jake Sullivan expressed his warning of invades to the press. With fears of a Russian strike on Ukraine growing, Bitcoin and Ethereum fell over 9% to their lowest levels in six months. With the global market suffering a severe drop, many investors were forced to sell their assets. Featured image from Pixabay, Chart from TradingView.com

Ukraine’s crypto bill was previously returned for revision due to the creation of a new regulatory body for crypto oversight.

On Tuesday, the team behind the Umbria network announced the launch of the new Narni cross-chain Avalanche bridge. Umbria says the bridge is 90% cheaper than the official Avalanche bridging solution allowing users to move ether between the Ethereum blockchain and the Avalanche network. Narni Cross-Chain Bridge Adds Avalanche Solution During the last two weeks […]

On-chain data shows the Ethereum netflows are sharply turning positive, a sign that could prove to be bearish for the crypto. Ethereum Exchange Reserve Rises As Netflows Become Positive As pointed out by an analyst in a CryptoQuant post, exchanges have observed net ETH inflows recently, swelling up their reserves. The “all exchanges netflow” is an indicator that measures the net amount of Ethereum moving into or out of wallets of all exchanges. The metric’s value is calculated by taking the difference between the inflows and the outflows. When the value of the indicator is positive, it means exchanges are getting more inflows right now than outflows. Such a trend can be bearish for the price of the coin as investors usually deposit their ETH to exchanges for selling purposes. On the other hand, negative netflow values imply that outflows are currently overwhelming the inflows. Sustained such values can be bullish for Ethereum as it may be a sign of accumulation. Related Reading | Here Are Two Scenarios For Bitcoin A Month Prior To FED Announcing Possible Interest Rate Hike Now, here is a chart that shows the trend in the ETH netflows over the past year: Looks like the indicator’s value has recently risen above zero | Source: CryptoQuant As you can see in the above graph, the Ethereum netflows have sharply increased to positive values in the past couple of weeks. The effect of these net inflows can be seen through the exchange reserve indicator, which measures the total amount of ETH sitting on exchanges. Below is the chart for it. The indicator seems to have surged up recently | Source: CryptoQuant As the graph shows, the Ethereum exchange reserve has sharply increased in value in the past week. Which is expected, as the netflows have been positive lately. Related Reading | Bitcoin Option Traders Seem Doubtful At Entering Directional Trades The exchange reserve is often called the “sell supply” of the crypto. If the trend continues and the reserve keeps on going up, the near term outlook may be bearish for the price of the coin. ETH Price At the time of writing, Ethereum’s price floats around $3k, down 6% in the last seven days. Over the past month, the coin has parted with 8% in value. The below chart shows the trend in the price of the crypto over the last five days. The price of ETH seems to have dipped down over the past twenty-four hours | Source: ETHUSD on TradingView Ethereum’s price had surged up to almost $3.2k a couple of days back, but has since come back down a bit to the current levels. At the moment, it’s unclear when the coin may show further recovery. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

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