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Author: StanNordFX   |   Latest post: Thu, 24 Jun 2021, 3:24 AM

 

CryptoNews of the Week

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- A representative of the international environmental organization Greenpeace told the Financial Times about the suspension of accepting donations in bitcoin due to the high energy consumption when mining cryptocurrency. “The amounts of energy required to run bitcoin are becoming more evident over time, so this policy no longer seems reasonable,” he said.
The organization began accepting bitcoin in 2014. Greenpeace then noted the environmental benefits of digital gold in the form of lower transaction processing fees compared to banks.

- Mining companies in North America will form the Bitcoin Mining Council, which aims to reduce the industry's greenhouse gas emissions. This decision was made by leading miners at a meeting with Elon Musk.
The meeting was organized by the head of MicroStrategy, Michael Saylor. Leaders of Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, HIVE Blockchain, Hut8 Mining, Marathon and Riot Blockchain participated in the conversation with the Tesla founder.
According to Musk, the companies agreed to disclose data on the use of renewable energy in their activities, as well as share their plans in this area. The billionaire added that they agreed to encourage other miners to do the same.
Against this background, according to data from the CoinGecko service, the crypto market capitalization has grown by about 14%, while bitcoin has risen in price by almost 12%, and returned to the $40,000 zone on Wednesday, May 26.

- One of the first bitcoin miners, Marshal Long, said that Musk spoke with representatives of companies that control "a very, very small network hashrate." “Don't expect any changes, that's what I'm saying,” he concluded. According to Long, if the billionaire wants to change the situation, he should negotiate with Coinmint and members of the non-profit Texas Blockchain Association, which control about 15% of the hashrate.

- The investment company Ark Invest General Director of Katie Wood confirms her forecast once again. She is confident that, no matter what, bitcoin will still reach $500,000.
Wood says the recent correction has raised the chances of SEC (US Securities and Exchange Commission) approval for bitcoin funds. The point is a product with a lower price tag is more likely to get the green light.
In addition, Katie Wood spoke about the statements by Elon Musk that caused the collapse of the crypto market. She suggested that he was pressured by shareholders such as BlackRock to drop the BTC price. However, the head of Ark Invest expects Musk to return to the crypto investor community.

- Professor of NYU Stern Business School Aswath Damodaran believes that Ethereum is better suited for trading on exchanges than bitcoin. According to the expert, the ETH ecosystem is more flexible, which makes it easier to work with it in trades, especially in an environment of increased volatility.
Damodaran noted that many small assets on exchanges are trading better than bitcoin, as transactions with them are faster. The BTC network is much more involved, which means that transfers can take a fairly long period of time, even by the standards of fiat transactions.
“This is the main commercial feature of bitcoin. It is quite difficult to make money on trading with it if you do not catch the moment. The main coin is practically unpredictable, which is why traders often have to rely on good luck. " Therefore, bitcoin is more suitable as a global asset for investment, the specialist believes.

- More than 1000 employees of 16 Domino's Pizza restaurants in the Netherlands will be able to choose between salary in euros or in bitcoins. “We are a modern company, and we work with a large number of young employees,” said the co-owners of the chain. "We hear them talk about bitcoin and want to offer them the opportunity to own cryptocurrency."
The announcement coincided with the 11th anniversary of the first documented commercial bitcoin transaction in which two pizzas were purchased from Papa John's. At current prices, the then paid 10,000 BTC is worth more than $380 million. Years later, this day was named Bitcoin Pizza Day.

- According to billionaire and Carlyle Group co-founder David Rubinstein, bitcoin has almost no chance of disappearing completely. Even if the asset loses most of its value, it will still be in demand in its own infrastructure. If the coin continues to rise in price, then even the central banks of the states that opposed cryptocurrencies will begin to consider it.
“New asset types are not just a fleeting craze that quickly ceases to be interesting. We are already talking about hundreds of billions of dollars. The coin, which was originally a means for digital payments, has become a full-fledged asset,” the billionaire believes.

- Matthew McDermott, head of the digital assets department of the American bank Goldman Sachs, confirmed the growing demand for cryptocurrencies among institutional investors and asset managers. He also noted in his letter to Global Marco Research that cryptocurrency storage solutions have become safer, however inconsistent actions of regulators can have a negative impact on the development of this market.

- The Development and Reform Commission in China's Inner Mongolia region has published a list of 8 points, in which it describes measures to "combat the mining of virtual currencies" in its territory. The authorities of the region note that they have developed this plan in pursuance of the order of the State Council of China on combating financial risks arising in the process of mining and trading cryptocurrencies.
Industrial parks and data centers are ordered to reduce energy consumption, and telecommunications companies are prohibited from working with miners under the threat of license revocation. The authorities also promise to prosecute illegal miners. The same applies to money laundering attempts and illegal fundraising using cryptocurrencies. In addition, the list mentions Internet cafes that will be closed if mining on their territory is revealed.
Companies whose activities are related to cryptocurrencies mining, and their senior employees are subject to inclusion in the list of unreliable persons, and officials supporting the miners will be subject to disciplinary responsibility.
According to the University of Cambridge, the Inner Mongolia region is currently the third largest bitcoin computing power in China after Xinjiang and Sichuan. They are expected to release similar documents soon.

- According to Reuters, the largest mining companies BTC.TOP and HashCow are winding down their activities in China amid tightening legislation. HashCow, has not yet stopped the current capacity, but has refused to buy new farms.
As for BTC.TOP, this company announced a complete cessation of work in the PRC.

- The Russian authorities may partially reconsider their position on the use of digital currencies. Now bitcoin and the rest of the coins are recognized in fact as property. Such tools are prohibited to use when paying for goods and services. However, there is talk that the State Duma (Parliament) of Russia is already ready to amend the legislation. Cryptocurrency payments can be legalized if they take place under a contractual agreement between the parties.

- The Dogecoin meme cryptocurrency has turned out to be more recognizable among US citizens than Ethereum. This is evidenced by the results of a joint survey conducted by Harris Poll and CouponCabin.
The study involved more than 2,000 American adults, most of whom (89%) had heard of cryptocurrency at least once. It turned out that 71% of respondents know about bitcoin, 29% about Dogecoin and 21% about Ethereum. The USD Coin stablecoin has the same number, 21%. About 18% of survey participants said they are familiar with Litecoin, 10% have heard about the existence of Stellar.
Almost a third of respondents (31%) are confident that cryptocurrencies can become the future of money. Digital assets are seen as a get-rich-quick scheme by 23%. On the other hand, 19% called it a “questionable” technology. Almost half of the survey participants (44%) said they agree to receive cryptocurrency through incentive programs or cashback.


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