The world of crypto experiences shifts towards eco mining, digitalized art and gains interest among women. The week of April 27 - May 3 in the recap by BTCMEX.
Break’N Crypto - Fintech news by BTCMEX
On May 1, the cryptocurrency pioneer - Bitcoin surpassed $9,000 gaining 7% in value overnight. Thought the new support level is still uncertain, BTC is currently trading at a price of over $9,000.
The talks about Bitcoin’s she haven status evolved after the new Grayscale report has been released earlier this week. “Quarantine tightening” explained the risk of “debasement” of the US dollar coming with the unlimited fiat supply amid the coronavirus economic crisis. “Untenable levels of debt and fears of widespread default are driving the most aggressive monetary policies since Bitcoin’s creation,” the report concludes. “Bitcoin is showing signs of becoming a safe haven while maintaining an asymmetric return profile,” Grayscale’s conclusion summarizes.
At the same time the biggest cryptocurrency lending and borrowing platform - Celsius - reported 50k in Bitcoin deposits, currently worth over $380,000,000. Celsius CEO Alex Mashinsky said he believes the growth in the network’s user base and deposits “reflects the increasing unease with the results of the 2008 and 2020 bailouts.”
BitMex exits Japan
One of the first cryptocurrency derivatives exchanges - BitMex - suspends its service for the Japanese market facing the regulations. On April 28 the platform announced that it will close service to all the Japanese traders on May 1. The restriction will apply to both existing Japanese users and those registering for the first time. Japanese traders will no longer be able to place orders on BitMex until further notice.
The cryptocurrency mining community is seeking eco-friendly solutions for operations. With the upcoming Bitcoin halving using alternative energy can help to maintain mining profitability in the next years.
The early study suggested Bitcoin mining produces more carbon pollution than some countries. It was reported in 2019, that the Bitcoin network was using less energy, despite increasing hash rates. This also included data that estimated that around 75% of Bitcoin mining was powered by renewable energy sources.
The government of the Chinese Yaan municipality in Sichuan has recently released a statement on the use of the local hydropower-derived electricity for cryptocurrency mining operations. The document stated that the municipality will build a "hydropower consumption demonstration zone" and "big data industry gathering area.”
Chinese Bitcoin miners are responsible for as much as 66% of the global hash rate, with 54% coming from the province of Sichuan.
Women go Crypto
According to CoinMarketCap research, the number of female crypto users has almost doubled in the first quarter of 2020. 18-24 year-old rose 65%, with the continents of the Americas and Europe experiencing more than 50% growth. The research highlights an average of more than 80% in growth within some countries throughout Latin America, Europe, and Asia. Overall the report indicates a 43.24% growth among women in crypto.
Art powered by technology including blockchain has gained popularity over the last several years. Crypto art is has become an investment with just as much potential as coins, according to Vesa Kivinen, the creator of Art For Crypto. The anticipated halving-related BTC interest would have the potential to bring more people into the crypto community and crypto art — ten times as many according to Kivinen.
Digital artwork has already found its ground in Europe, where Ethereum-powered digital art platform ArtID held a security token offering having already reached the soft cap set at 580,000 euros. Holding the platform’s security tokens will give the investors access to a percentage of the company’s earnings. Stefano De Nart, the head of Kreston RS’ financial department, explained that ArtID will allow investors to buy and sell artwork that was checked and certified on-chain.
Italy supports Local with Crypto
Castellino del Biferno - a small town of southern Italy - has started minting its own digital currency, called Ducati. The coin aims to support local businesses amid the coronavirus lockdown.
The town mayor Enrico Fratangelo, had, reportedly, been studying minting money for 12 years before having the opportunity to bring his idea to life.
The local crypto will be distributed to residents based on their economic needs. 1 Ducati will equal 1 euro.
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