Category: Cryptocurrency News

Following its partial victory over the United States Securities and Exchange Commission (SEC), Ripple seems to be turning its attention toward avoiding a repeat of such a lawsuit, as evidenced by its most recent job posting. Ripple Wants Compliance Talent Ripple is seemingly looking to improve its compliance with sanctions and regulatory developments through a more proactive approach. To this end, the payments processor is actively hiring talent to fill a role advertised as “Web3 Specialist, Global KYC & Due Diligence.” Related Reading: Here’s What Bitcoin Price The Bull Market Will Start According To This Analyst The job which carries an $85,000-$106,000 pay range is advertised to “be heavily focused on carrying out due diligence to mitigate regulatory, reputational and sanctions risks associated with Ripple’s institutional clients, counterparties and corporate partners to ensure compliance with Anti-Money Laundering (“AML”), Counter-Terrorist Financing, Economic Sanctions regulations such as the Bank Secrecy Act (“BSA”) and USA PATRIOT Act.” In light of these developments, Monica Long of Ripple in the US recently articulated the company’s strategy, saying, “We are very excited about this because we now have clarity on how Ripple will conduct its business in the future. And we are resuming operations in the US market.”  This statement signifies Ripple’s intention to continue its operations in the United States. The recruitment also points to Ripple’s efforts to mitigate regulatory violations following its 3-year-long battle with the SEC. A Global Hiring Shift Reflects Ripple’s Ambitious Expansion Ripple has been one of the leading crypto firms that has continued to hire talent at a time when layoffs are the order of the day in the industry.  GlobalData, a data analytics firm, reports that Ripple has increased its job postings by 26.9% during January-April 2023 compared to the same period in 2022. While the hiring trend in the US has declined slightly, Ripple has significantly ramped up job postings in Canada, Poland, India, and other countries. Sherla Sriprada, Business Fundamentals Analyst at GlobalData, noted at the time, “Ripple’s decision to primarily hire employees from outside the US reflects a strategic move towards global expansion, accessing international talent while also overcoming regulatory challenges in the US by diversifying its presence in other markets.” Related Reading: Bitcoin Price Crashes Below $26,000 As SEC Pushes Back On 7 Spot ETF Filings This means that despite its commitment to remaining in the US market, Ripple is actively going after talents in other jurisdictions. This points to a strategy of worldwide expansion instead of focusing on a single market. However, despite Ripple’s growth, its native XRP token has continued to struggle in the market. Coinmarketcap data shows that the altcoin is down 4.15% in the last day to trade at $0.5038 at the time of writing. XRP price falls to $0.52 despite expansion plans | Source: XRPUSD on Tradingview.com Featured image from Unsplash, chart from Tradingview.com

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The debate surrounding the Bitcoin network’s energy consumption has been intense and mostly tilted in favor of BTC detractors. These individuals and entities have used the Cambridge Bitcoin Electricity Consumption Index (CBECI) to make an argument against the cryptocurrency. Related Reading: Bitcoin Price Prediction For September 2023: What To Expect However, Cambridge has updated its CBECI to reflect new data, potentially flipping the discourse around Bitcoin’s sustainability. This report previously compared BTC’s energy consumption to some major European nations, but the revised models provide a deeper insight. Bitcoin Mining Data Evolves, Models Should Follow In an article called “Bitcoin Electricity Consumption: An Improved Assessment,” the institution provided the motivations behind the update. In addition, Cambridge acknowledged the difficulties in creating a methodology and getting the data due to BTC’s decentralized network. Moreover, the institution received expert feedback and evaluated energy consumption as just one of many items to create an accurate index. Cambridge has been working on this issue since July 2019 and launching other tools besides the CBECI to help track Bitcoin’s energy consumption, hashrate distribution, and greenhouse (GHG) emissions. The revised model uses data from BTC mining hardware manufacturers, governments, and other sources. This data affected estimations by looking into the distribution of newer mining equipment and the different energy sources leveraged by this nascent industry. The institution clarified: (…) the backbone of our previous CBECI methodology was the assumption that every profitable hardware model released less than 5 years ago equally fuelled the total network hashrate. This, however, led to a disproportionally large number of older devices compared to newer ones in our assumed hardware distribution during exceptionally profitable mining periods. The chart below shows the new model’s discrepancies with the 2019 CBECI. In particular, the model differed from the 2021 model, when the Bitcoin price rallied, and mining profitability was high. Energy consumption at that time stood at 89 Terawatt per hour (TWh), according to the revised CBECI model. The old model showed a much higher figure at 104 TWh. The report stated: In terms of global electricity consumption, it represented about 0.38%. As for 2023, the year-to-date electricity consumption estimate has been revised from 75.7 TWh to 70.4 TWh. A Look Into The Future Cambridge expressed its desire to continue informing the public about Bitcoin’s energy consumption. However, the institution called the process “elusive” and committed to only providing approximated numbers on the nascent BTC mining sector. The report acknowledged the advantages of using Bitcoin mining to offset carbon emissions via different methods and its impact on noise disturbances, water use, and thermal pollution. This report is one of the many that have emerged over the past three months. Major consultancy company KPMG highlighted the benefits of using the cryptocurrency to push energy demand into its next era and generally attempted to tear down the myths surrounding the industry. Related Reading: How Bitcoin And Crypto Are Impacted By The Fed’s Growing War Chest: Report KPMG and Cambridge’s efforts have been celebrated across the crypto industry. Daniel Batten, an investors in transparent and sustainable energy, stated: Cambridge have just updated their Bitcoin power/energy consumption methodology. First glance: it’s decreased around 25% and is now looking much more accurate (…). Cover image from Unsplash, chart from Tradingview, and Cambridge

Bitcoin erases all trace of “Grayscale hype,” with September offering a trip below $26,000 and limited chance of upside, BTC price analysis warns.

Christian Duffus, founder of Fonbnk, believes a lack of basic infrastructure such as telecommunications is slowing down cryptocurrency adoption in Africa.

Bitcoin has plunged towards the $26,000 level as on-chain data shows the Bitcoin mines have been participating in a selloff. Bitcoin Miner To Exchange Flow Has Spiked During The Past Day As pointed out by an analyst in a CryptoQuant post, the miners have been showing signs of selling recently. The relevant indicator here is the “miner to exchange flow,” which keeps track of the total amount of Bitcoin that miners are depositing to exchanges. Generally, these chain validators only make such transactions when they intend to sell, so the indicator’s value observing a spike can be a sign of a selloff. The below chart shows the trend in the 7-day moving average (MA) BTC miner to exchange flow over the past couple of weeks: Looks like the 7-day MA value of the metric has been quite high in recent days | Source: CryptoQuant As displayed in the graph, the 7-day MA Bitcoin miner to exchange flow has seen a huge spike during the past day. The quant has also highlighted the previous instances of high values of the indicator that occurred in the past two weeks. Related Reading: Bitcoin Sentiment Returns To Neutral, Will Traders Embrace Greed Next? It would appear that the BTC price has generally registered a drawdown whenever the miners make large deposits to these platforms. With the latest spike in the metric, too, the cryptocurrency has taken a plunge, as its price has now returned back to the $26,000 level, completely erasing the recovery that the Grayscale rally had brought. It’s never a certainty that the deposits that these holders are making are indeed for selling, but given the timing of the price drawdown, it would appear likely that the miners were looking to sell after all. In the chart, the analyst has also attached the data for a few more metrics. First, there are the “miner inflow” and “miner outflow” indicators, which, as their name suggests, measure the amount of Bitcoin that the miners are transferring into and out of their wallets, respectively. Related Reading: Ethereum Traders Capitulate As Rally Slows Down: Why This Is Good From the graph, it’s visible that the BTC miner outflow spiked during the crash, which makes sense as the miners had made some transfers from their wallets toward exchanges. The miner inflow, however, had also registered high values at the same time, meaning that fresh coins had entered back into the wallets of these chain validators. This would suggest that some of the miners may have used the opportunity of the crash to expand their holdings. The “miner reserve,” the other metric of interest here, measures the total amount of Bitcoin that this cohort is carrying in its wallets right now and this indicator’s data would confirm that the holdings of the miners have actually gone up during the price drop. So, while some Bitcoin miners may have contributed to the selling pressure, others have more than made up for it by accumulating more of the cryptocurrency. BTC Price As mentioned before, Bitcoin has now seen a complete retrace of the returns from the latest rally, bringing the asset back to the $26,000 level it had previously been consolidating at. BTC has gone down during the past day | Source: BTCUSD on TradingView Featured image from Becca on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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The purchase of the 55 million Robinhood shares had been expected following approval from the company’s board and a U.S. district court.