You could say that the crypto week ending today positioned Bitcoin in the boxing ring as it received multiple hits from various angles; from its impact on the environment to speculating about the end of its bull run.
Once again we end a week in the crypto market and therefore we bring you a summary of the most relevant news that took place in the last 7 days.
Is Bitcoin losing steam?
Without a doubt, this week has been quite tough for Bitcoin after it was thrown into the boxing ring and received a major beating.
As for the price of Bitcoin, the truth is that since last Sunday the leading crypto was already beginning to show some weakness. In this way, in the last 7 days, Bitcoin has fallen approximately 10%; touching lows slightly below $ 47,000.
And to add fuel to the fire, this week was pretty positive for Ethereum as it hit another all-time high above $ 2,600 this week. In fact, ETH achieved 10.33% growth during the last 7 days.
This is how, just this week, the data reflected that the dominance of Bitcoin within the crypto market has been decreasing and falls to a minimum since 2019. Specifically, the dominance of Bitcoin has fallen from 69% at the beginning of the year to its current value of 51 %, its lowest value since April 2019.
Increases awareness of the environmental impact of the crypto leader
The atmosphere got into the boxing ring to raise awareness about the environmental impact of Bitcoin mining. Curiously, this coincided with the fact that this week Earth Day was celebrated.
In this regard, Square published a report where it described the opportunity for Bitcoin to make the transition to a cleaner and more resistant electricity grid. In fact, the report is titled “Bitcoin is key to a clean and abundant energy future.” And, interestingly, personalities like Elon Musk, Jack Dorsey and Cathie Wood endorsed the report’s conclusions.
Bear in mind that the relevance of this type of report is key given that other published research such as that of Citi and Bessemer Trust; which highlight that Bitcoin mining is inefficient and, in fact, a serious problem for the environment.
In fact, this week a study of Nature Communications; which warns about the potential contaminant behind the crypto leader and that, in fact, threatens China’s green goals.
This is how two cases resounded this week that set off alarms about the environmental impact of Bitcoin. In particular, a group of New York environmentalists said they feared that the crypto leader would give birth to dozens of fossil fuel-fueled power plants.
And, in addition, it was announced that the state nuclear energy company Rosatom will provide surplus energy to mining farms in the Russian Federation.
Controversy surrounding the public listing of crypto exchange Coinbase
As we reported from CryptoTrend, the week prior to this took place the public listing of the US crypto exchange, Coinbase.
In this way, we begin this week with the great controversy that executives of the crypto exchange sold 12,965,079 shares during the listing. This caused the crypto community to speculate on the cause of this big sale.
However, as we reported from CryptoTrend, the crypto exchange’s lawyer, Paul Grewal, explained on Twitter that, when using the direct quote; they may have had to pressure their employees to sell some of their holdings. This in order to guarantee sufficient actions, which would provide a response to what happened.
And, although this controversy was to some extent resolved, two days later the Deutsche Boerse assured that it would remove the shares of the crypto exchange from its Xetra trading system and from the Frankfurt Stock Exchange.
Faced with the news, Coinbase responded by assuring that they were working hard to prevent this from happening. Effectively, they managed to prevent the shares of the crypto exchange from being eliminated.
Crypto exchange Binance in trouble?
This week the Financial Times presented a report in which it assured that one of the most important crypto exchanges in the world is being carefully scrutinized by regulators.
Binance is under the scrutiny of regulators in the wake of its latest digital share token launch. In this sense, regulators have been concerned that the tokens do not provide sufficiently transparent corporate disclosures, which would be required if they are considered as securities.
However, Binance assured that the tokens are an official product of CM-Equity that complies with the rules of the MiFID II markets of the European Union; as well as with BaFin’s banking regulations.
In a few lines …
- Binance reported that only PancakeSwap achieved a volume of 2 million transactions; compared to 1.55 million for Ethereum.
- The President of the FED in Dallas admits that Bitcoin is a haven of value.
- According to Hayden Adams, Uniswap’s weekly crypto trading volume reached a record $ 10 billion.