Day: June 10, 2022

Swedish central bankers snipe Bitcoin mining, cite rampant energy use

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Another day, another environmental attack on proof-of-work (PoW) mining. A report shared by the Swedish central bank argued that energy-intensive Bitcoin (BTC) and cryptocurrency mining should be banned.  The Swedish central bank, known as the Riksbank, is the oldest central bank in the world. In a damning report entitled, “Cryptocurrencies and their impact on financial stability,” the bank had a crack at PoW cryptocurrency mining. PoW mining employs energy-guzzling data centers that solve puzzles to secure blockchains. The report stated: “Recently, some extraction of crypto assets has been established in northern Sweden,…

Bitcoin price falls under $29.5K after ‘unexpected’ 40-year high US inflation

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Bitcoin (BTC) fell sharply on June 10 after surprisingly high inflation data from the United States rattled markets before the Wall Street open. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Trader: Bitcoin will be “painful” if $29,300 fails to hold Data from Cointelegraph Markets Pro and TradingView tracked a $600 dive for BTC/USD as May’s Consumer Price Index (CPI) figures hit. Despite hopes that the worst of the inflationary period was over, May’s CPI print came in at 1% month-on-month and 8.6% year-on-year — a return to levels not seen since…

Some crypto firms cut jobs while others aim for sustainable growth

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To put things into perspective, since November 2021, the total market capitalization of the digital asset industry has plummeted from it’s all-time high of $3 trillion to its current levels of approx. $1.27 trillion, thus showcasing a loss ratio of over 55%. While this massive monetary downturn can be attributed to a range of factors, including the ongoing Russia-Ukraine war, rising inflation figures and worsening macroeconomic conditions have had a major impact on the crypto job landscape. For example, earlier this month, Gemini, a cryptocurrency exchange helmed by the Winklevoss…

BTC Prices Stall, Heading Into Weekend – Market Updates Bitcoin News

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Bitcoin prices were mainly unchanged early in Friday’s session, as traders prepared for the weekend. Following a strong start to the week, crypto prices have mostly consolidated in recent days. ETH was once again trading close to support at $1,750. Bitcoin Following a strong start to the week which saw BTC hit a high of almost $32,000, prices have since consolidated, trading slightly below $30,000. So far into Friday’s session, BTC was once again lower, as it continued to trade under this level, and has hit an intraday low of…

Dogecoin Market Cap Shed $6-B Last Month

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Dogecoin was one of the cryptocurrencies that took a heavy blow from a market crisis that broke out in March, resulting in a precipitous decline in its market capitalization. According to a chart by Coingecko on Friday, Dogecoin (DOGE) is trading at $0.079378, a decrease of 4.1% over the past week. Its most recent price activity resulted in a market cap of $10,637,807,407 USD. The popular cryptocurrency inspired by memes finished the month of May with a market cap of approximately $11.4 billion. Dogecoin Market Cap Down 35% Dogecoin’s market capitalization…

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Cryptocurrency Hodlers May Grow Fatigued & Capitulate

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Blockchain data suggests that over half of all anonymous private Bitcoin wallets are under water in terms of dollar price performance.  Institutional investors who bought at a high may be under pressure to pare back holdings or rationalize portfolios. Data from Bequant suggests that more than half of all anonymous Bitcoin addresses are holding onto losing positions in the world’s largest cryptocurrency by market cap. According to Bequant, a digital asset firm, 51% of anonymous Bitcoin addresses bought the cryptocurrency at a price well above current levels and “points to…

MOVEZ Soars 30x Hours after Listing on OKX

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Less than a month after the successful multi-platform IDO on top launching pads like BSCPad, Polypad, GameZone, and MetaVPad, MOVEZ, the governance token of MoveZ, is up ??X on its IDO price and is massively outperforming BTC, ETH, and BNB, according to trackers on June 10, 2022. Listing on Top Centralized Exchanges The MOVEZ token, compliant with the BEP-20 standard of the BNB Chain, is now available for trading on OKX, ByBit, Gate.io, and MEXC – some of the world’s leading exchanges with a global presence and millions of clients.…