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China’s Online Marketplace Records Surge In Mining Machines Listing Following Ban
China’s largest online second-hand market place Xianyu has registered a surge in Bitcoin mining machines listing over the past few days especially from Inner Mongolia and Sichuan regions, the two most prolific Bitcoin mining hubs. The significant increase in the sale of second-hand Bitcoin mining machines comes amid growing crackdowns on mining operations in China.
Inner Mongolia has enacted new legislation that will restrict any type of crypto mining businesses in the territory. To fulfill the carbon emission goals, the new regulations prohibit all types of mining operations, large or small. After failing to achieve Beijing’s quarterly carbon emission goals, the Inner Mongolian area launched strong anti-crypto mining measures in April of this year.
Inner Mongolia, along with Sichuan, is one of the country’s most renowned Bitcoin mining centres, with multiple Bitcoin mining farms, owing to the cheap energy sources used to power these operations.
China is presently regarded as the world’s crypto mining capital, accounting for almost 60% of the total hash power fed into the Bitcoin network. The availability of cheap clean energy sources is the key cause for the country’s large concentration of miners. Many people were concerned, however, that such a significant concentration of mining input was coming from a country with autocratic governance, such as China. As a result, many regard the recent crackdowns as a strategy to diversify mining concentration and decentralize mining power input.
When there were similar reports of a probable mining ban in the country a few years ago, miners went on a similar selling spree.
Miners have been forced to sell coins to fund a possible migration to other, more favorable countries, or to completely restructure their business as a result of the circumstance. Selling and uncertainty may persist for some time, but according to Bixin Mustafa Yilham, VP of Global Business Development, it should not dissuade bitcoin.
Instead, he says that this is a “huge opportunity” to further decentralize Bitcoin mining, and that nothing essential about the cryptocurrency has changed.
The fact that so much of the world’s mining operations were consolidated in the communist country was regarded one of the most powerful arguments against Bitcoin and a potential threat to the network.
Bitcoin mining becoming more decentralized benefits all players and, if anything, increases the cryptocurrency’s underlying strength. It might go through a few more stages of development before fresh growth is ready.
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Duet is the world's first multi-chain synthetic asset protocol with a hybrid mechanism (overcollateralization + algo-pegged) that “sharpens” all assets to be traded on the blockchain. A duet in music refers to a piece of music where two people play different parts or melodies. Similarly, the Duet protocol allows traders to replicate the real-world tradable assets in a decentralized finance ecosystem
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Duet Protocol aims to leverage the global cryptocurrencies market potential. In contrast to Terra & Mirror and ETH & Synthetix model, Duet is a multi-chain protocol which is more open, from both technology and ecosystem standpoints
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Accept more high-quality assets such as BTC, ETH,USDT, including assets unique to the DeFi world (cToken, LP token, NFT), as collateral, and reach a broader scale of underlying assets. Duet accepts competitors' token as collateral for dAsset minting, optimizing defi composability
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Accept interest-bearing assets such as yToken or wrapped POS Token, which offer a basic return. User‘s collateral will be sent to the corresponding governance/yield staking contract to earn interest.
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Duet protocol provides dual pinelines for synthetic dAsset supply. In addition to over-collaretalization, dAsset could directly mint from DUET. To issue dAssets, equivalent DUET will be burned
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DUET can be deposited as collateral to mint dAsset and as conditioner of liquidation limit for users’ CDP. In the Duet dAsset mining module, users can deposit dual assets (any acceptable collateral token and DUET). DUET value could decrease CDP liquidation limit (approaching 100% with infinity DUET staking) to raise capital efficiency. In instant minter, DUET acts as medium of exchange between native tokens and dAssets.
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CryptEx is throwing $350,000 ☄️ into Staking on May, 10
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CryptEx is a B2B set of security services for Binance Smart Chain projects. CryptEx charges customers, and 50% of the fees go to its holders.
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Since February 20, CryptEx provided services to 52 projects, charging them a total of over $100 000. However, staking has been released only on May 2.
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Nexon Spends USD 100M on Bitcoin Amid 'Potential Currency Debasement'
Asian listed gaming behemoth, Nexon, said it acquired BTC 1,717 for around USD 100m, as the company "needs to think seriously about the future buying power of our cash in a world of potential currency debasement." (Updated at 06:38 UTC: updates throughout the entire text.)
The company was paying on average USD 58,226 per BTC, inclusive of fees and expenses, and did not disclose a platform they used for this purchase. Nexon is part of a business empire that also comprises the crypto exchanges Korbit and Bitstamp.
This BTC purchase represents less than 2% of Nexon’s total cash and cash equivalents on hand (as of December 2020), they added. The company said they hold more than USD 5bn of cash and cash-equivalents, primarily in the form of JPY, USD, and KRW.
The company told that they have no plans "to sell any of our currencies" and they have "no pending announcements related to additional acquisition of additional digital assets."
"Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets,” Owen Mahoney, President and CEO of Nexon, was quoted as saying in the announcement.
According to him, in the current economic environment, bitcoin "offers long-term stability and liquidity while maintaining the value of our cash for future investments."
As reported, this week, carmaking giant Tesla has also sent a bullish signal to the global business community, claiming that BTC has “long-term” worth and could be used to solve cash liquidity problems.
"Usually “cash in the bank” that waits for such uses can generate a few percentage points of interest at very low risk, typically by lending it to others. But in the current historically-low interest rate environment, these holdings generate almost no return, especially when compared with inflation. Even junk bonds — which carry higher risk and were formerly known as “high yield” — have become a source of “rewardless risk,” Owen Mahoney said in a separate blog post, adding that with government spending and debt levels so high, even a small rise in interest rates would make paying down the debt even more difficult than it already is.
According to him, the company sees BTC as a form of cash that is likely to retain its value.
"We understand that there are risks, and we continue to study them," Mahoney said.
He added that "there’s a strong chance" that non-physical store of value "will become a mainstream idea in the not-too-distant future, and that many more people and companies will ask whether they can rely solely on legacy currency systems and instead should embrace the new."
Canadian Bitcoin ETFs quickly hit $1.3B in AUM while US acceptance lags
In less than two months, one Canadian Bitcoin ETF attracted $1.1 billion in assets under management, while two more funds are also growing their AUMs.
The Purpose Investments ETF, the first Bitcoin (BTC) exchange-traded fund to launch in North America, has seen its assets under management soar to $1.1 billion less than two months after launching. Two Bitcoin ETFs that launched shortly after Purpose’s in Canada have also seen their AUM’s swell to a combined $200 million in the same time period, taking Canada’s combined Bitcoin ETF net value to around $1.3 billion.
The Purpose Bitcoin ETF launched in late February and generated nearly $100 million in trading volume on its first day. The ETF accrued more than $500 million in assets under management in its first week as investors rushed to gain access to Bitcoin trading without having to own the underlying asset.
The acceptance by regulators and eventual launch of the purpose ETF acted as an opening of the floodgates for Canadian Bitcoin businesses, and two more ETFs were launched in the following weeks.
The success of Purpose’s ETF was a prime example of a first-mover advantage in full effect, as it continues to hog the lion’s share of Canada’s nascent ETF industry. Evolve Fund Group’s Bitcoin ETF commenced operations just two days earlier and has accrued just $106 million in AUM, according to its website, despite offering 25% lower management fees than Purpose.
Likewise, the CI Galaxy Bitcoin ETF, which launched just a few days later still, currently has just over $90 million in AUM, this time slashing management fees to 0.4%, reports Canada’s Globe and Mail. All ETFs, however, have seen their respective values rise in line with Bitcoin’s own meteoric ascent in recent times, with each unit priced higher now than at launch.
A plethora of American firms has registered applications for Bitcoin ETFs with the United States Securities and Exchange Commission. However, no fund has been approved on U.S. soil to date. Galaxy Digital, SkyBridge Capital and Fidelity all filed ETF applications in recent months, among many others. And while the general feeling is that one (or all) will be approved eventually, the timeline is still far from certain.
Some analysts believe the U.S. will see its first Bitcoin ETF launch within one to two years, while others hope Bitcoin’s recent ascension, combined with the example of other North American regulators, will fast-track the process.
ETH Miners Will Have Little Choice Once Ethereum 2.0 Launches With PoS
As Ethereum is finally set to launch its Ethereum 2.0 upgrade later this year, putting an end to a long streak of delays, the network will start moving toward a proof-of-stake model.
Consequently, the network will abandon the proof-of-work consensus algorithm, leaving Ether (ETH) miners with very few options. Since their equipment will become obsolete, they will be forced to start mining altcoins, or recertify as ETH stakers. So, what is the current state of ETH mining, and what exactly will happen to the industry as a result of the upcoming transition?
The Ethereum consensus is currently based on the PoW system, which is similar to that of Bitcoin (BTC). Therefore, the mining process is nearly identical for Ethereum, as miners use their computation resources to earn rewards for each block they manage to complete.
However, there is still a major difference between these processes. While Bitcoin mining has become almost entirely reliant on ASICs — large, loud machines designed specifically for cryptocurrency mining that are mostly clustered in regions with cheap electricity — Ethereum’s PoW hashing algorithm, called Ethash, has been designed to favor GPU units issued by global chipmakers like Nvidia and AMD. GPUs are much cheaper and more accessible than ASICs, as Thomas Heller, the global business director of cryptocurrency mining pool F2Pool, explained:
“Because ASICs are very specialized machines, when a new generation is released, it’s often a huge technology jump. So, their hash rate is much higher, and energy efficiency is better than the previous generation. That means that those manufacturers have spent a lot of money to research and develop it. Their machines are often quite expensive, while GPUs are a lot more affordable.”
Heller added that those using GPU miners “have much more flexibility in what you can mine.” For instance, an Nvidia GeForce GTX 1080 Ti card — a popular choice — can mine more than 15 different currencies, while ASIC units normally support just one currency.
Nevertheless, the Ethereum network is not entirely immune to ASIC miners — at least, in its current state. In April 2018, Bitmain released the Antminer E3, an ASIC produced specifically for mining Ethereum. Despite being a widely successful model that boasts a hash rate of 180 megahashes per second and power consumption of 800 Watt, it has received mixed reactions from the Ethereum community. A substantial part of GPU rig owners seemed to have suffered from loss of profits once ASICs were plugged in, while some were even forced to switch over to different networks.
“Its in the Whitepaper that ETH shall be ASIC resistant. I hope said whitepaper stands for something” was one of the top comments in a r/EtherMining thread discussing the Antminer E3 around the time it was announced. “800 usd only for 180mh” a different Reddit user argued. “Hardfork or die eth.”
Some Ethereum users went on to suggest that Bitmain’s mining device can lead to greater centralization and thereby increase the chance of a 51% attack. Soon, a group of developers proposed “programmatic proof-of-work,” or ProgPoW — an extension of the current Ethereum algorithm, Ethash, designed to make GPUs more competitive, thereby promoting decentralization.
According to a March paper co-authored by Kristy-Leigh Minehan, a co-creator of the ProgPoW, around 40% of Ethereum’s hash rate is generated by Bitmain ASICs. Alejandro De La Torre, the vice president of Poolin — the sixth-largest pool for ETH — confirmed to Cointelegraph that “GPU mining is still dominant” for the Ethereum network, adding:
“At present, the profit of ETH mining is not high, and the management threshold and cost of GPU devices are higher than that of Asic devices. Compared with Asic devices, however, GPU devices are more flexible as in, you can switch to other coins with different algos.”
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Institutions & Retail Compete For Bitcoin - Whose Hands Are Stronger?
The institutional investors are here, bringing with them billions of dollars and record-high bitcoin (BTC) prices. This is something the market had been expecting for years, but now that it has finally arrived, it potentially brings risks as well as benefits.
Might institutions be less ‘loyal’ to bitcoin than retail investors who are subscribed to the ‘HODL’ culture and mentality? Might the fact that they hold millions or billions of bitcoin put the market at risk of a big drop if one or more of them were to offload their holdings?
Well, analysts say that the answer to these two questions are: no, and not really. In fact, institutions are likely to be more of a stabilizing influence on the bitcoin market than retail traders, many of whom used leveraged trades and aren’t able to absorb dips to the same extent as big funds and corporations.
Recent research from JPMorgan, indicated that retail investors purchased more bitcoin than institutions in Q1 2021, at a ratio of 187,000 to 173,000. On the other hand, Q4 2020 witnessed institutions buy around BTC 307,000, while retail traders bought ‘only’ BTC 205,000.
Looking at the bigger picture, Coinbase’s regulatory filing with the US Securities and Exchange Commission revealed that retail’s share of bitcoin purchases has fallen steadily over time, from 80% in Q1 2018 to 36% in Q4 2020. This indicates that institutions are buying up a bigger share of the bitcoin pie, a trend which may only continue and perhaps even accelerate in the future.
Trading volume and crypto asset volatility
It’s clear that institutions are here, but are they in it for the long-term, or could they be out to maximize short-term gains? Most commentators seem to gravitate towards the first option.
“Most institutions will be in it for the long haul or to HODL as it’s not a simple process for them to attain approvals to purchase Bitcoin,” said Samson Mow, Chief Strategy Officer at Blockstream.
As Ben Lilly, a crypto economist and partner at Jarvis Labs, said, the process by which an institution formally decides to invest in bitcoin is fairly arduous. So few will be willing or even able to simply divest themselves of bitcoin on a whim.
“After the stakeholders are educated and are onboard with getting involved in bitcoin and/or crypto in some capacity, then there's the implementation process. This involves legal counsel, corporate governance discussions, regulatory concerns and policy considerations,” he told.
Lilly added that an institution will then need to address the questions of how to buy bitcoin, how to store it, what allocation to give to it, and how to reallocate your holdings over time.
“It's not as simple as creating a login on Coinbase and pressing the buy button with USD 100m of dry powder. It requires contracts, outsourced algorithms and trade desks, and even custodians,” he said.
Given the drawn-out nature of this process, institutions end up creating an investment timeline that's on the horizon of years, not weeks to months. As such, there’s little short-termist about their bitcoin investments.
This assessment is likely bolstered by the current macroeconomic climate, which is likely to endure beyond 2021.
“When interest rates are extremely low and inflation is expected to rise, these institutional investors are looking for a store of value, and bitcoin is growing into that role,” said Bendik Norheim Schei, the head of research at Arcane Crypto.
Bitcoin Conquers USD 60,000 As Demand Exceeds Supply
The most popular cryptocurrency, bitcoin (BTC), reached another milestone today, surpassing the USD 60,000 level for the first time in its history. (Updated on March 14, 07:20 UTC, with the latest market data.)
At 07:17 UTC on Sunday, BTC trades at USD 60,935, correcting from its new all-time high of USD 61,712, reached on Saturday. The price is still up by 7% in a day and 24% in a week. It rallied by 27% in a month and 998% in a year.
Other major cryptoassets are also in green today, with ethereum (ETH) extending its gains by 7%, to USD 1,895, while other coins in the top 10 club advanced by up to 3%.
Per Chainalysis data, BTC reached a new all-time high as inflows to exchanges declined and trade intensity data suggests that some exchanges are starting to receive much less actual supply of the underlying asset than historically despite high demand.
A year ago, BTC and many other assets experienced a major crash, dropping even below the USD 4,000 level. And the world's first crypto has come a long way since.
"There are many positive developments to keep pushing the coin’s price up, particularly the skyrocketing demand, and the scarcity it caused," Greg Waisman, Co-founder and Chief Operating Offering of payment network Mercuryo, said in an emailed comment.
According to him, it took over a decade for institutional investors to develop an interest in Bitcoin, but now that they have entered the industry, they have no intention of backing down.
"Another move that has attracted institutional investors is the launch of the third Bitcoin ETF exchange-traded fund in Canada, which is also the third BTC ETF in entire North America. It was launched by Mike Novogratz’s Galaxy Digital, as the US itself still stubbornly refuses to launch an exchange-traded product, even though companies continue to file for ETFs. The most recent examples include WisdomTree, while Grayscale aims to hire ETF specialists, indicating that it might be planning to file its own proposal," Waisman added.
Meanwhile, Luke Ellis, CEO of Man Group, the world’s biggest publicly traded hedge fund firm, told CNBC yesterday that he sees BTC "as a trading instrument, not a thing that you think of as a long term asset allocation play" and warned that companies are not supposed to speculate with their cash balances.
However, as reported, US-based business intelligence company MicroStrategy bought an additional BTC 262 for around USD 10.5m in cash at an average price of USD 57,146 per coin. Per CEO Michael Saylor, as of March 12, the company holds BTC 91,326 (USD 5.5bn) acquired for USD 2.21bn at an average price of USD 24,214 per bitcoin.
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WaCo (Waste digital coin) solution aims to integrate the consumer with the WaCo APP into the waste chain system. With WaCo, consumers enjoy benefits while disposing of wastes. The idea is to reward users with cryptocurrency tokens after successfully disposing of their waste. In exchange, crucial data will be obtained from consumers, such as customer patterns, accumulation and handling of waste, and availability of disposed products to feed the recycling industry. The information obtained from the consumers can be used by stakeholders such as the recycling industry, consumer goods manufacturers, and government bodies in charge of waste collection policies.
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Bitcoin Mining Becomes A Side Venture For Chinese Non-Crypto Firms
As bitcoin’s (BTC) skyrocketing prices continue to whet the appetites of companies from different backgrounds, tea and baked goods retailer Urban Tea is the latest example of a Chinese non-crypto business expanding into crypto mining and blockchain with the appointment of new leadership to pilot its efforts.
The surge in interest by Chinese players comes at a time when local crypto miners could lose their competitive advantage of low electricity costs, Wayne Zhao, Chief Operating Officer (COO) of crypto research company TokenInsight, told Reuters back in January. Chinese miners used to represent as much as 80% of global crypto mining operations, but they have since fallen to about 50%, Zhao said. Another report by Bloomberg suggested Chinese miners are pushed out of the country by rising electricity costs and regulatory concerns.
Despite this, Urban Tea said that, by naming Fengdan Zhou, who worked in blockchain data center companies in Hong Kong, as its new COO, and Yunfei Song, a scientist from the Chinese Academy of Sciences, as an independent director, it aims to jump on the crypto train in a “critical strategic expansion in blockchain and cryptocurrency mining,” according to a press release.
Yi Long, CEO of Urban Tea, said that to “generate greater value to shareholders, the company’s management team underwent a thoughtful process of exploring, researching, studying, and discussing, with the board's support, to enter into the blockchain and cryptocurrency business.”
“Going forward, we expect Urban Tea will start expanding into blockchain ecosystem, such as cryptocurrency mining, blockchain mine construction and maintenance, and cryptocurrency exchange operations,” according to the CEO.
Some of the recent examples of similar moves into crypto include shipping giant Sino Global which recently acquired a controlling stake in computing company Nine-Chain Intelligent in a deal worth about USD 8.5m. Also in February.
Urban Tea is likely to use the new crypto operations as an additional branch of business, not abandoning its prime activity. Last November, the Hunan-based company said its subsidiary entered into an acquisition agreement to buy a 51% stake in two local food businesses, adding a further 302 franchisees to its network.
At the time of writing (12:18 PM UTC), BTC trades at USD 51,122 and is unchanged in a day. It's up by 14% in a week and 40% in a month.
Bitcoin Should Be Treated as a Five to Ten Year Investment - Kraken CEO
Despite the recent sharp correction in the crypto market, Jesse Powell, Co-founder and CEO of major crypto exchange Kraken, still claims that one bitcoin (BTC) will buy you a Lamborghini (starts at USD 200K) by the end of the year, but he stressed that people should not gamble with their much-needed money in the crypto markets and instead treat BTC as a five to ten-year investment.
“Don't invest anything more than you can afford to lose. Don't gamble your rent on bitcoin with the prices up and down 50% in any given week. You've really got to be able to think about this investment and hold for five to 10 years,” he told in an interview with Bloomberg TV.
According to the CEO, while BTC remains “an absolutely fantastic investment” he does not recommend putting 100% of one’s portfolio into bitcoin, especially when it comes to “food money.”
“I absolutely would not put a hundred percent of my portfolio into bitcoin or I would not put my rent money into bitcoin. And definitely not your food money. You don't want people trying to survive on a cup of noodles,” Powell said.
He added that investors should not treat bitcoin as a “week to week swing trade” and “absolutely should not be betting any more than they can afford to lose.” In his view, it is still “a very risky investment unless you’re approaching it with a long-term plan.”
Despite the risk warnings, Jesse Powell seems to remain bullish on BTC.
“Personally I'm googling how to sell my kidneys at this point. Turns out it's illegal. So much for my body, my choice,” he joked.
When asked about the recent price action, Powell said that he remains unfazed and explained that this price volatility is just a regular business in the nascent market.
“I’m not worried about this little dip. You know we've seen this over and over. Crypto is a roller coaster. You got to be able to have an iron stomach to tolerate the ride. But you know the gains are massive for those who can handle it,” he stressed.
At 10:27 UTC, BTC trades at USD 36,849 and is down by 7% in a day, after another tweet by Musk. The price is also down by 43% from its all-time high of USD 64,805 (per Coingecko), reached in April this year.
The CEO also shared his thoughts about Elon Musk’s influence on the market as well as upcoming US regulations. According to him, the entire Elon Musk crypto phenomenon indicates that increasingly more people are looking to get investment advice from non-traditional visionary figures as a result of decaying trust in the conventional system. When asked about upcoming regulatory changes, Powell said that “clear regulation would actually open the floodgates” to institutional investors.
“I think there are a lot of huge players waiting on the sidelines that are just waiting for that stamp of approval... They don’t know how regulators are going to treat this so they’re just in this wait and see mode,” he said.
He reiterated that “all of the large players are already fully regulated” so increased regulatory scrutiny would be “nothing new for us,” and stated that additional regulatory clarity would be very helpful at this point.
As reported yesterday, Kraken brought it mobile app to the United States. The development will allow Kraken clients to trade more than 50 cryptoassets directly from their phones.
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Moving to Green Bitcoin May be Moving To a Two-Tier Bitcoin
Given the recent and increasing developments over the so-called 'green' bitcoin (BTC), it seems that the industry might be moving to a two-tier BTC.
As Tesla chief Elon Musk and quite a few others criticized Bitcoin over its energy consumption and the potential impact on the environment, Twitter CEO Jack Dorsey, along with active management firm Ark Investment, have argued quite the opposite - that bitcoin incentivizes renewable energy. (And Musk agreed with this before he started criticizing BTC mining.)
Meanwhile, Blockchain and crypto company DMG Blockchain Solution’s operations in British Columbia already rely on cheap hydropower from dams. In March 2021, DMG and crypto mining company Argo announced the establishment of a Bitcoin mining pool powered by hydropower - calling it the first one to be powered by green energy exclusively.
As reported, the Terra Pool will initially consist of both Argo's and DMG's hashrate, and it represents "the first-ever opportunity for the creation of 'green bitcoin'."
"We already have interest from financial institutions in those coins," DMG CEO Sheldon Bennett, said Nymag this week. Their pool is expected to be launched in a month or two.
This comes at the time when institutional interest in bitcoin rises, along with the pressure for the crypto they're interested in to be 'green' in accordance with many companies' environmental policies.
Additionally, Bennett is investing in a solar installation, expecting to begin reaping returns on that investment in a few years. Pushing into renewable is a logical way to go for them, he said. "It’s natural and logical for me to put a solar plant up because that would give me the lowest-cost power."
And Nymag concluded,
"In the future, you could imagine that bitcoin mined with coal or fossil fuels will be seen as the crypto equivalent of blood diamonds — with perhaps a premium market for those created in environmentally friendly ways. That there are cleaner and dirtier varieties of bitcoin mining might even help explain Elon Musk’s complicated views on the subject."
Curiously, this potentially reminds of the so-called virgin bitcoin - the freshly mined BTC that has not been used for any transaction, that is, that doesn't have a transaction history. As reported, some industry players claim that both reputable institutional investors and money launderers are competing to hold these "clean" bitcoins in order to be on the safe side, as there is no history to track.
The argument over the green BTC matter continues: some argue that as more miners join, the network will consume more energy, others say that each institution that buys BTC is actively increasing energy usage/CO2 emissions, while defenders claim that the critics who discuss Bitcoin's increasing footprint as the usage grows don't understand how Bitcoin works.
Now, Musk argues that audits of renewable energy used by the largest Bitcoin miners could help lessen these worries.
When Ark Investment director of research Brett Winton said that "bitcoin minting could allow solar + battery systems to economically scale to provide a larger share of grid energy," Musk agreed that it could be done over time, but that "recent extreme energy usage growth could not possibly have been done so fast with renewables."
Tesla & Elon Musk-Triggered Selloff Shakes Crypto Market, Raises Questions
Electric car manufacturer Tesla and its CEO Elon Musk once again moved the whole crypto market, triggering a sharp selloff, massive liquidations, and prompting speculations about Tesla's move and reigniting debates about Bitcoin (BTC) mining. (Updated at 12:18 UTC: updates throughout the entire text. Updated at 14:50 with additional comments and the latest market data.)
Elon Musk announced that Tesla suspended vehicle purchases using BTC and is looking at other cryptoassets.
BTC plunged from almost USD 55,000 to USD 47,600, before recovering above USD 51,500 and correcting lower again.
At 14:48 UTC, BTC trades at USD 50,446 and is down by 10% in a day. The 24-hour BTC trading volume surpassed USD 110bn, compared with USD 68bn yesterday. Other coins from the top 10 club have also followed a similar path and are now down by 2%-13% in the past 24 hours, except cardano (ADA), which is up by 5%.
Meanwhile, total liquidations in the crypto derivatives market reached USD 4bn (392,741 traders “were liquidated”) in the past 24 hours, per Bybt data. BTC is responsible for USD 2bn, while ETH liquidations reached USD 742m.
"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transaction especially coal, which was the worst emissions of any fuel," according to a screenshot, shared by Musk on Twitter.
It added the company still believes cryptocurrency is a good idea and has a promising future, "but this cannot come at great cost to the environment."
Tesla said it won't be selling any BTC it holds and intends to use it for transactions "as soon as mining transitions to more sustainable energy."
However, in April, Musk agreed that BTC "incentivizes renewable energy."
"We are also looking at other cryptocurrencies that use <1% of Bitcoin's energy/transaction," they concluded. This week, Musk asked his Twitter followers, whether the company should start accepting dogecoin (DOGE).
Ben Gagnon, Director of Mining Operations at listed BTC mining company Bitfarms, stressed that, according to data from Cambridge and Digiconimist Bitcoin Electricity consumption index, Bitcoin only represents approximately 0.1% of the global man-made emissions.
"And these emissions are largely a result of consuming electricity that would otherwise be lost due to lack of demand or cost-effective energy storage systems," he said in an emailed comment.
Tesla started accepting BTC in March this year.
Industry players seem unconvinced that Tesla was not aware of the carbon footprint of Bitcoin mining, and speculate that this decision to suspend BTC payments might be related to subsidies Tesla is receiving from the US government.
Moreover, just yesterday, Reuters reported that Tesla is seeking to enter the multi-billion dollar US renewable credit market, hoping to profit from the Biden administration’s march toward new zero-emission goals.
"It's difficult to understand how this issue was not identified during their initial due diligence process. For me, the timing of the announcement seems arbitrary. This news is not new nor surprising but yet forced the price down 17%. It really demonstrates the vast information asymmetry in this industry and the oversized role Musk has on influencing the price of bitcoin. These issues will consistently catch retail investors out," Luke Sully CEO of Ledgermatic, a crypto treasury technology specialist.
According to him, buying a car with BTC doesn't make much sense and Tesla has not disproved that assumption.
"A lot of the bitcoin community have been vocally against Musk on this, not to defend bitcoin's energy usage but to point out that his bullish announcements on Dogecoin, a highly speculative and bubble-prone coin are not guided by the same ethical concerns he's now showing on Bitcoin, therefore, it's somewhat of a double standard," Sully added.
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Ethereum’s New ATH, Bitcoin and Altcoins Target Additional Gains
☄️Bitcoin price is showing positive signs above the USD 57,000 level.
☄️Ethereum traded to a new all-time high above USD 3,000, XRP is holding gains above USD 1.50.
☄️XVS and MKR are up over 18%.
Bitcoin price gained bullish momentum above the USD 56,500 and USD 57,000 resistance levels. BTC is currently (04:25 UTC) consolidating near USD 58,000 and it could extend gains. A break above USD 60,000 could possibly start a stronger rally in the near term.
Besides, most major altcoins are showing signs of more gains. ETH extended its rally and it cleared the main USD 3,000 barrier. XRP/USD settled above USD 1.50 and it might continue higher.
Bitcoin price
After a close above USD 55,500, bitcoin price extended its rise. BTC cleared the USD 56,500 and USD 57,000 resistance levels. BTC is now struggling to clear the USD 58,500 resistance. If it clears the USD 58,500 barrier, there could be an increase towards the USD 60,000 resistance level. Any more gains might open the doors for a move towards the USD 64,500 level.
Conversely, the price could correct below USD 57,500. The first key support is at USD 56,500, below which the price might test the weekly support at USD 55,000.
Ethereum price
Ethereum price remained elevated and it extended its rally above the USD 2,800 level. ETH even broke the USD 3,000 level and it traded to a new all-time high above USD 3,050. It seems like the bulls are in action and they are eyeing more upsides above the USD 3,100 level.
On the downside, the USD 3,000 level is a short-term support. The first major support is near USD 2,920, followed by the USD 2,850 level.
BNB, ADA, DOGE, and XRP price
Binance Coin (BNB) settled above the USD 600 level. BNB even climbed above USD 625 and it is now consolidating gains. If there is a clear break above USD 632, the bulls could aim for USD 650 or even USD 665. The next key stop for them might be USD 700.
Cardano (ADA) is gaining pace above the USD 1.30 and USD 1.32 support levels. ADA is facing hurdles near USD 1.355, above which the price could revisit USD 1.40. Any more gains could lead the price towards the USD 1.50 resistance level.
Dogecoin (DOGE) recovered above the USD 0.355 and USD 0.365 resistance levels. It is now facing a strong resistance near the USD 0.400 level. A successful close above the USD 0.400 level could set the pace for a strong increase towards the USD 0.500 level.
XRP price extended its upward move above the USD 1.45 and USD 1.50 resistance levels. The price is now facing resistance near USD 1.60. The next key barrier is near the USD 1.70 level, above which the bulls might test the USD 2 level.
Other altcoins market today
Many altcoins gained over 8%, including XVS, MKR, UNI, HNT, BAKE, LUNA, TFUEL, WAVES, CAKE, RVN, CHSB, ONT, HBAR, XLM, and NEO. Out of these, XVS rallied almost 30% and it broke the USD 130 level.
Overall, bitcoin price is showing positive signs above the USD 57,500 and USD 56,500 levels. A clear break above USD 58,500 could clear the path for a move towards USD 60,000 or even USD 62,000.
Total market capitalization:
Almost USD 10 Billion Liquidated Amid Sunday Selloff In Crypto Market
USD 9.9bn worth of trading positions in the crypto derivatives market were liquidated in the past 24 hours as the crypto market experienced a sharp selloff on Sunday.
At around 03:00 UTC, BTC dropped from USD 59,000 to below USD 53,000, or the most in almost two months, before rebounding. At 08:18 UTC, it trades at USD 56,205 and is down by 10% in a day, erasing all its weekly and monthly gains.
The majority of other coins from the top 10 list are down by 10%-20%, while the hottest token of this week, dogecoin (DOGE) is down by 8%, trimming its weekly gains to 354%, and trading at USD 0.29.
The selloff coincided with rumored and unconfirmed claims by a popular Twitter account, FXHedge, that tweeted that the US Treasury may crack down on money laundering that’s carried out using cryptocurrencies.
Long liquidations have become more numerous this year. With bitcoin (and other coins) breaking all-time highs nearly every passing week, some traders may feel unable to gain significant exposure without margin trading. However, a growing number of traders can’t afford to maintain their leveraged positions in the event of dips. Hence, the growing frequency of big liquidations.
Leveraged trading refers to borrowing funds so that you can take a larger position than you would be able to with your existing funds so that you can potentially generate a higher profit. However, while margin trading enables traders to amplify their returns, it can also lead to increased losses and liquidations, which is why experienced traders tend to advise newcomers to stay away from leveraged trading.
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Sources: India’s Crypto Ban Most Likely, Investors to Get 3-6 Months to Liquidate Holdings
t seems that the Indian government looks all determined to ban cryptocurrency operations in the country. Citing sources and officials familiar with the matter, BloombergQuint reported that India is likely to proceed with a complete ban on crypto investments.
Requesting for anonymity, a senior Finance Ministry official told the publication that cryptocurrency usage in any form will be banned under the new law to be introduced in the parliament. This would also include a ban on transacting directly via foreign exchanges.
However, this ban won’t be an overnight regulation passed. Meaning, once the law comes into effect, investors will get 3-6 months of transition period to completely liquidate their investments.
While the final decision is yet to come, it looks like the government of India is looking to adopt a China-like model wherein it introduces if official CBDC user central ban – Reserve Bank of India (RBI).
The Indian government has recently listed The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. The purpose of the bill states:
Indian Crypto Industry Watch Developments Closely
Over the last three years, the Indian crypto industry and investors have been kept on the edge by RBI as well as the government. The lawmakers’ inaction and indecisiveness on crypto rules have kept investors worried. Unocoin co-founder and chief executive officer Sathvik Vishwanath said:
Read More
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https://coingape.com/sources-indias-crypto-ban-most-likely-investors-to-get-3-6-months-to-liquidate-holdings/?utm_source=%40jury&utm_medium=coingapeTelegram&utm_campaign=traffic
