Dear Teroxx Community,
This week we saw a digital asset market, which experienced slight setbacks.
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Digital Asset News
Bitcoin (BTC) continues to move along the $42,000 mark after the bulls failed to rekindle the momentum so far over the weekend. As data from Cointelegraph Markets Pro and TradingView shows, BTC/USD is thus slowly giving up support levels that have actually held for several weeks.
Thus, the $43,000 level has finally collapsed after several attempts, which means that the bitcoin price has now reached its lowest level since March 23.
“As long as we do not climb back to 44,000 US dollars or rather up to 45,000 – 46,000 US dollars, we must prepare for further downward momentum. This could result in a test of the US$40,000 level and could lead even further down,” says Ed. But not everyone is letting these developments dampen their spirits.
As the current data shows, bitcoin whales, i.e. large investors, are using the downturn as a buying opportunity. For example, on the crypto exchange Bitfinex, it can be seen by proxy that some sizable buy orders have been filled, so the big investors are continuing to take advantage of the opportunities for further entries.
Two major blockchain companies, Blockstream and Block Inc, the latter previously known as payment service provider Square, have announced the joint construction of a solar-powered mining center in Texas. Blockstream states that the mining center will have a capacity of 3.8 megawatts (MW) for mining one bitcoin (BTC), with power sourced from Tesla photovoltaic panels.
For this purpose, Tesla Energy, the electric car manufacturer’s subsidiary specializing in solar energy, relies on a so-called megapack, a special battery that can store and provide electricity particularly efficiently.
However, it is not only the increased environmental friendliness that is intended to ensure greater acceptance of bitcoin mining; this goal is also to be achieved through greater transparency. Accordingly, Blockstream and Block want to set up a publicly viewable dashboard in which a variety of metrics and key figures about the work can be accessed by anyone around the clock. This is intended to support the new and environmentally friendly era of Bitcoin mining.
In a possible precedent, the New York Supreme Court has ruled in favor of the mining company Greenidge Generation, which was to be prevented from continuing its business operations by a petition filed by environmental activists.
As the mining company announced in a press release, Daniel Doyle has denied the motion contained in the petition. In the petition, the regional environmental organizations Sierra Club, Seneca Lake Guardian and the Committee to Preserve the Finger Lakes had jointly demanded that Greenidge Generation Holdings cease its mining operations at Seneca Lake.
Judge Daniel Doyle gave the following reasons for denying the petition:
“The petitioners failed to adequately demonstrate that they would be more burdened by the potential environmental damage than the general public.”
Technical term of the week
MiCA: Is a European authority that takes care / should take care of the regulation of digital assets within the EU. MiCA stands for Markets in crypto assets. This authority makes proposals, suggestions and further for the future classification of the industry of digital assets. It thus represents one of the most important bodies for the industry at EU level.
Bullish outlook: $45,000 and following $48,000 breakout would revive the bullish trend.
Bearish outlook: Loss of support region at $40,000 would contribute to further negative market trend.