Welcome to another edition of Crypto NFT Today! If you enjoy riding cryptocurrencies, NFTs, and emotional roller coasters, this is the place to go.
Can the cryptocurrency winter finally melt? Did Gandhog NFT see the shadow, and did anyone buy the shadow for $ 250,000? And most importantly, are you ready for the crunch? let’s start.
India proposes a crypto ban
The Government of India notified Parliament on Monday of its intention to ban the country’s cryptocurrencies. India is the second largest Internet market in the world, suggesting that this move could have a significant impact on crypto investors’ profits.
India’s Finance Minister Nirmala Sisaraman said on Monday that the Reserve Bank of India expressed concern about “the impact of cryptocurrency destabilization on national financial and fiscal stability” and recommended “on the legal framework for this sector.” Stated. “
The Government of India has been trying to regulate and govern cryptocurrency transactions for several years. On April 1, the state enacted a financial law that imposes a flat income tax rate of 30% on cryptocurrency and NFT transactions and profits.
Bitcoin miners end their positions all at once
Bitcoin miners have closed their Bitcoin positions all at once. New data from blockchain analytics firm CryptoQuant show that 14,000 Bitcoins (more than $ 300 million at current prices) were transferred from the miner’s wallet in one day. Prior to the massive escape, miners have steadily offloaded their ciphers. In the past few weeks, analysts have seen the largest decline in Bitcoin positions since January 2021.
This “miner surrender” is a tactic by miners who sell previously mined coins to cover the ongoing mining costs.
Has Bitcoin bottomed out?
BTC reached $ 22,000 on Monday and has been fluctuating between $ 21,000 and $ 22,000 since then. Flagship cryptocurrency prices have risen steadily since June 2022, under $ 19,000.
After the decline of Bitcoin and the stability of the next two months, investors and speculators are asking one important question.
Bitcoin has remained at its highest level since mid-June sold-outs lowered its largest cryptocurrency from $ 30,000 to $ 18,000, one-third of its all-time high of nearly $ 69,000 eight months ago. I am changing hands with less than. Barron’s.
Improving macroeconomic conditions can help Bitcoin find its bottom. The fear of recession is beginning to recede. This means that analysts have a clearer lens to see the state of the crypto market.
Congressman requests cryptocurrency mining energy usage report
Democrats want a more robust energy usage report for companies mining cryptocurrencies.
The Environmental Protection Agency and the Department of Energy want to request more energy usage reports to limit the impact of cryptocurrency mining on climate change.
In a letter to the Biden administration on Friday, Democratic lawmakers said the government must intervene to limit the impact of cryptocurrency mining on climate change. According to CNBC, they also said that the information about the energy capacity collected by the seven crypto mining companies was “obstructive.”
According to the senator and representative who wrote the letter, the current lack of regulatory and reporting requirements for cryptocurrency mining limits the government’s understanding of the extent of environmental damage.
Ethereum was just 50% pumped – what’s next?
