CryptoCodex: Bitcoin And Crypto Prices Roar Back After China ‘Ban’
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After China accelerated its efforts to curb the rise of cryptocurrencies last week, something it first began as far back as 2013, one of the world’s largest cryptocurrency exchanges, Huobi, has said it will no longer open new accounts for users in mainland China. Read the full story on CNBC.
The news has failed to discourage bitcoin and cryptocurrency buyers, with the bitcoin price adding almost 5% over the last 24 hours, while ethereum has soared a blistering 12%. Other major cryptocurrencies are making similar gains, with ethereum rival solana also up about 12%.
Now read this: Why it is wise to add bitcoin to an investment portfolio
Other top ten coins paint a more mixed picture, with cardano's ADA slightly down, 1% lower on this time yesterday, while Ripple's XRP and Binance's BNB are trending up by around 2%.
Just outside of the crypto top ten, decentralized exchange Uniswap's uni token has jumped around 36%.
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Miners go nuclear: Bitcoin and miners, having drawn the ire of climate activists this year, are doing deals with struggling nuclear power plants, it was reported by the Wall Street Journal over the weekend.Done deals: Talen Energy has entered into a joint venture with bitcoin-mining company TeraWulf, while Energy Harbor will be providing nuclear power to a Standard Power mining center in Ohio from December. "At the core of bitcoin mining is energy and energy infrastructure," Paul Prager, chief executive of TeraWulf, told the Journal.
Challenging times: The tie-ups are thought to be a response to challenges facing both industries, with the bitcoin and crypto rally this year fuelling criticism from environmentalists that cryptocurrencies waste resources and worsen climate change. "Both industry’s challenges are the other industry’s positives," Sean Lawrie, partner at consulting firm ScottMadden, told the WSJ. The reputation of nuclear power has suffered due to accidents such as Japan’s 2011 Fukushima disaster and has struggled to compete economically in North America.
iMine: The news follows widespread reports this month that a single bitcoin transaction generates the same amount of electronic waste as throwing away two iPhones.
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The week ahead 📆
Get ready for a jam-packed week!
- U.S. lawmakers will this week decide the fate of the $1 trillion bipartisan infrastructure bill (including its controversial crypto provision) and the $3.5 trillion spending bill—potentially injecting a never-before-seen amount of cash into the system by way of social safety nets, climate change mitigation, and education. The infrastructure bill contains the contentious description of a "broker," which could have far-reaching implications for U.S. crypto businesses. Crypto lobbyists and pro-crypto politicians are trying to change the passage's language.
- Search giant Google will defend itself in a five-day antitrust hearing at the European Union's General Court, starting today. The company wants to overturn a 2018 ruling that it abused the dominance of its Android operating system that came with a €4.34 billion ($5.15 billion) fine, the largest antitrust fine the E.U. has ever imposed. The hearing will pave the way for the U.S. Justice Department's own antitrust suit against Google on similar grounds. The tech giant is also facing an E.U. probe into its digital advertising practices, which it has offered to settle, and has previously been fined for antitrust violations related to its shopping services. Politico has a comprehensive write-up.
- Treasury secretary Janet Yellen and Federal Reserve chair Jerome Powell are set to speak before Congress on Tuesday and Thursday about the U.S. policy response to the pandemic.
Tune in: The hunt for the crypto kingSource