Welcome to a new edition of Crypto NFT Today! If you like cryptocurrency, NFTs and emotional rollercoasters this is the place to be.
Is the crypto winter finally melting away? Has the NFT marmot seen its shadow and did someone buy that shadow for a quarter of a million? And most importantly, are you ready for the crunch? Let’s start.
India proposes crypto ban
The Indian government informed parliament on Monday of its intention to ban cryptocurrency in the country. India is the world’s second largest internet market, suggesting that this move could have a significant impact on crypto investors’ profits.
Nirmala Sitharaman, India’s finance minister, said on Monday that the Reserve Bank of India has expressed concern about “the destabilizing effect of cryptocurrencies on a country’s monetary and fiscal stability” and recommended “the development of legislation in this sector.” . ”
The Indian government has been trying to regulate and control crypto transactions for several years now. On April 1, the country enacted the financial law, taxing cryptocurrency and NFT transactions and profits at a flat rate of 30%.
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Bitcoin miners are leaving their positions en masse
Bitcoin miners are abandoning their Bitcoin positions en masse. New data from blockchain analytics firm CryptoQuant shows that 14,000 bitcoins, or more than $300 million at its current price, were taken from my wallets in one day. Prior to the mass exodus, miners regularly loaded their crypto. In recent weeks, analysts have seen the biggest drop in Bitcoin holdings since January 2021.
This “miner capitulation” is a tactic by miners to sell their previously mined coins to cover ongoing mining costs.
Has Bitcoin hit rock bottom?
BTC hit the $22,000 mark on Monday and has since hovered between $21,000 and $22,000. The price of the flagship cryptocurrency has been steadily rising since its 2022 low below $19,000 in June.
Following Bitcoin’s decline and subsequent stability over the past two months, investors and speculators alike are asking a crucial question: has crypto bottomed out?
Bitcoin continues to hold its highest levels since a mid-June sell-off took the largest crypto to $18,000 from $30,000, changing hands in less than a minute. barons.
An improving macro picture could help Bitcoin find its bottom. Fears of a recession are starting to fade, meaning analysts have a clearer lens to view the state of the crypto market.
Lawmakers Push for Crypto Mining Power Consumption Reports
Democratic lawmakers want stronger reporting on the energy consumption of crypto mining companies.
The Environmental Protection Agency and the Department of Energy are calling for more energy consumption reporting in an effort to mitigate the impact of crypto mining on climate change.
In a letter to the Biden government on Friday, Democratic lawmakers said the government must step in to mitigate the impact of cryptocurrency mining on climate change. They also said the information they gathered on the energy capacity of seven crypto mining companies was “disturbing” according to CNBC.
According to the senators and representatives who drafted the letter, the current lack of regulation and reporting requirements for crypto mining prevents the government from measuring the extent of the damage it causes to the environment.