![]() "Bitcoin could be in for a choppy period until we get beyond next week’s FOMC decision," Moya wrote. Moya expects trading to remain volatile until the FOMC meets. And decentralized finance (DeFi) trading platform Hashflow closed a $25 million Series A funding round at a valuation of $400 million. Other news was more upbeat with banking giant JPMorgan (JPM) saying in a report that demand among retail investors in the crypto market was improving, and that the "intense phase" of deleveraging appeared to be over. follows recent layoffs at a number of other large crypto exchanges worldwide, including Coinbase (COIN), Bullish, Bitso and Buenbit. Meanwhile, the crypto industry continued to suffer the fallout from the ongoing bear market, with cryptocurrency exchange cutting 25% of its workforce – about 150 people. and beyond as the European Central Bank raised borrowing costs for the first time in 11 years. Still, rising prices remain a concern in the U.S. reaching an eight-month high offered the latest evidence of a more desirable, gradual economic weakening. ![]() A Thursday report showing jobless claims in the U.S. The mildly, less hawkish turn has suggested to some observers that inflation may soon stall without the economy plunging into recession. central bank's Federal Open Market Committee (FOMC) would raise interest rates by 75 basis points instead of opting for a more robust 100-point hike. Investors have also been encouraged by reports that the U.S. Stocks have found even ground lately amid better-than-expected earnings reports from a number of major brands, most recently Tesla and Netflix (NFLX). The tech-heavy Nasdaq jumped 1.3% while the S&P 500 increased almost a percentage point, respectively. Other major altcoins were in the green of a mostly dark shade, with Cosmos' ATOM and Polygon's MATIC climbing more than 13% and 8%, respectively, at one point.Įquity markets also rose on Thursday, albeit less robustly than cryptos. The coin’s founders had given Buterin half of all SHIB coins in existence.Moya added optimistically: "This is not a game changer for bitcoin."Įther, the second-largest crypto by market cap, was changing hands just below $1,600, up more than 3% over the same period. The price of Shiba Inu, a so-called meme coin, surged in price to an all-time high of $0.000035 on May 10 after it was added to cryptocurrency exchanges OKEx and Binance. Shiba Inu coinīuterin also addressed his decision earlier this month to donate 50 trillion Shiba Inu coins, thought to be worth $1.2 billion at the time, to the India COVID-19 Crypto Relief Fund. “ it would take one year to POS… but it actually taken around six years” due to the complexity of building such a model, says Buterin. Still, the Foundation acknowledges that POS is “still in its infancy and less battle-tested compared to POW,” despite its advantages in energy and hardware efficiency. For reference, POW consensus on Ethereum currently consumes the energy equivalent of a medium-sized country.” ![]() “This is not on the scale of countries… but that of a small town (around 2,100 American homes). A POS Ethereum theoretically “consumes something on the order of 2.62 megawatts,” the blog says. The Ethereum Foundation wrote in its blog that if the switch to POS is successful, it could reduce Ethereum’s energy use by up to 99.95%. Proof-of-stake operates under a “fundamentally different principle” than proof-of-work, Buterin said.Įthereum’s energy consumption and hardware needs could be reduced by a factor of 100, or even 10,000, with the POS model, says Buterin. But a government source told Bloomberg that authorities acted after determining that mining farms were a behind a spike in coal use in certain parts of China, undermining Beijing’s lofty environmental goals. Then last week, China’s State Council stated it would take a strict stance towards “illegal securities activities,” including businesses operating cryptocurrency mining and trading services, citing financial system risks. Musk’s tweet led to a free fall in the price of Bitcoin and other major cryptocurrencies, such as Ethereum and Dogecoin. The issue received renewed focus earlier this month when Tesla CEO Elon Musk tweeted that his company would stop accepting Bitcoin as payment, citing concerns over the “rapidly increasing use of fossil fuels” for Bitcoin mining. His comments about the switch come as the cryptocurrency community reexamines the environmental cost of Bitcoin and other cryptocurrency mining. Subscribe to The Ledger for expert weekly analysis on fintech’s big stories, delivered free to your inbox.īuterin has long advocated for Ethereum to run on the POS model.
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