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New York bill proposes to ban crypto mining for 3 years over carbon concerns

A bill seeking to “pause” crypto mining for three years in New York was referred to the state’s Environmental Conservation committee on May 3.

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Crypto miners in New York may be subject to a forced three-year hiatus if the latest environmentally-focused bill passes in the state senate.

The New York Senate Bill 6486 was proposed by Democrat senator Kevin S. Parker, the Chairman of Committee on Energy and Telecommunications, and co-sponsored by fellow Democrat senator Rachel May, the Chair of Committee on Aging, Chair of Legislative Commission on Rural Resources.

The bill is yet to receive widespread backing from other senators, however the Democrats do control the lower house and senate.

The bill seeks to “establish a moratorium on the operation of cryptocurrency mining centers,” to slow the environmental impacts of fossil-fuel-backed crypto mining in particular.

It also aims to enforce stricter regulations for mining centers, such as the requirement to undergo an environmental impact review, which would prevent crypto mining if the facility does not comply with New York’s climate change targets.

The Bill was referred to the Environmental Conservation Committee on May 3 and claims to be acting in accordance with New York’s “Climate Leadership and Community Protection Act,” with that bill stating that:

“A single cryptocurrency transaction uses the same amount of energy that an average American household uses in one month, with an estimated level of global energy usage equivalent to that of the country of Swede.”

“It is reasonable to believe the associated greenhouse gas emissions will irreparably harm compliance with the Climate Leadership and Community Protection Act in contravention of state law. ” the bill adds.

The Climate Leadership and Community Protection Act was passed in 2019 and set targets such as 70% renewable energy by 2030, 100% zero-emission electricity by 2040, and 22 million tons of carbon reduction through energy efficiency and electrification.

Crypto mining is already a hot topic in New York, such as the proposed expansion of Greenbridge’s gas-fired Bitcoin plant on Seneca Lake. The plant reportedly has plans to power up to 27,000 computers that will run 24/7 to mine Bitcoin.

The Environmental Group Seneca Lake Guardian are outraged with the proposal, and stated in a call to action published on Feb. 1 that: “Cuomo can’t lead on climate change, and support Bitcoin expansion on Seneca.”

Speaking in response to the Greenbridge’s potential crypto mining operations, Yvonne Taylor, Vice President of the Environmental Group Seneca Lake Guardian, noted that:

“We’re talking about burning more fossil fuels to make fake money in the middle of climate change, which we view as insane.”

There are moves around the world to regulate crypto mining in light of carbon targets, and especially in China which accounts for an estimated 65% of the world’s Bitcoin hashing power.

On April 27 Beijing sent an “emergency notice” to conduct checks on data centers involved in crypto mining, with the CCP reportedly moving to impose stricter supervision on crypto mining in the nation, amid concerns of failing to meet China’s climate change-focused “five-year plan.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/new-york-bill-proposes-to-ban-crypto-mining-for-3-years-over-carbon-concerns

Blockchain

DGB Technical Analysis: Support Levels of $0.0489, $0.0468, and $0.0441 Will be Tested

DGB price has tested and fallen below the 23.6% FIB retracement level of $0.0503. It may soon fall below the FIB retracement level of $0.488. Thereafter, we have to wait and watch if the price retests and breaks out of these levels.

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DigiByte is an open-source blockchain creation platform. It was started in 2014 on the nodes of bitcoin. It was originally built to improve security, capacity, and transaction speed than blockchain. Also, DGB uses five separate algorithms to maintain privacy and prevent miners from getting too much power. The following DBG technical analysis will predict the price trends for the next few days:

Past Performance

On June 12, 2021, DGB opened at $0.06. On June 18, 2021, DGB closed at $0.05. Thus, in the past week, the DGB price has decreased by approximately 16.28%. In the last 24 hours, DGB has traded between $0.483 – $0.548.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/dgb-technical-analysis-support-levels-of-0-0489-0-0468-and-0-0441-will-be-tested.png

https://www.tradingview.com/x/p61sR6IE/

Day-Ahead And Tomorrow

Currently, DGB is trading at $0.0491. The price has decreased from the day’s opening price of $0.054. Thus, it seems like bears have taken control of the market.

READ  US SEC Accuses Ripple of Violating Investor-Protection Laws

The MACD and signal lines are in the negative zone. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, the DGB price may decline further.

Currently, the RSI indicator is at 34%. It faced rejection at 52.84% and has fallen straight to this level. Thus, it indicates that the selling pressure is high in the market. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.

The OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the DGB price.

In short, when we look at all three oscillators, we can say that the price may continue to fall. However, we cannot rule out the possibility of a trend reversal.

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DGB Technical Analysis

Currently, the price is below the second Fibonacci pivot point of $0.0503. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $0.0489, $0.0468, and $0.0441, respectively.

The price has tested and fallen below the 23.6% FIB retracement level of $0.0503. It may soon fall below the FIB retracement level of $0.488. Thereafter, we have to wait and watch if the price retests and breaks out of these levels.

#DGB #DigiByte

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Source: https://www.cryptoknowmics.com/news/dgb-technical-analysis-support-levels-of-0-0489-0-0468-and-0-0441-will-be-tested

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29% of Crypto Investors in the UK Check Their Balance Every day, Study Finds

According to the FCA, every day, more and more people invest in crypto. Still, fewer and fewer people understand what they are investing in.

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People in the UK are more interested in Bitcoin and crypto today than in any other year, including 2017, when the digital asset boom was at its peak.

According to a UK’s Financial Conduct Authority survey, about 78% of adults have now heard of cryptocurrencies, and more than 2.3 million people in the UK hold or have owned cryptocurrencies at some point.

Crypto is a Serious Investment

The way British people think about crypto has changed dramatically. The FCA mentions that investors no longer see cryptocurrencies as a gamble but rather a serious investment or alternative to traditional investments. The gambling option dropped 9% to 38% in popularity.

Also, people are more aware of fluctuations. The number of investors who check their balances daily increased to 29% – more than double from 13% in 2020.

The British are long-term bullish. The survey revealed that about half of cryptocurrency hodlers plan to increase their exposure trusting that “they’ll make money at some point.” However, in the face of all the new options to invest, the FCA warns that the “overall understanding of cryptocurrency has declined.”


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This figure represents an increase in the number of hodlers compared to 1.9 million last year. The FCA data is also consistent with an apparent rise in searches for information related to cryptocurrencies in the country.

Although interest in the keyword “Cryptocurrency” has dropped considerably over the past two weeks, searches for this term reached an all-time high in May, and interest is well above that of 2020 and previous years.

Google Searches for Cryptocurrency in UK. Image: Google
Google Searches for Cryptocurrency in UK. Image: Google

The FCA also found an increase in the average investment, which went from £260 to £300 in one year. That is, in theory, about $1 trillion is in the portfolios of small retail investors in Britain – leaving aside institutional investors.

One thing that remains the same is the typical profile of the cryptocurrency investor: Almost 70% of the respondants were male millennials of around 35 years old.

Bitcoin is Still The King

Bitcoin remains the favorite cryptocurrency investment for Brits, up 3% from last year. Some 66% of respondents said they held Bitcoin, compared to 35% for Ethereum, 21% for Litecoin, 18% for XRP, and 15% for Bitcoin Cash.

The FCA has been closely following the topic of cryptocurrencies for several years now. In the study, the FCA concludes that this increased interest in digital assets has been strongly influenced by the price volatility and the bullish behavior of Bitcoin over the years. Something that the rest of the cryptocurrencies tend to replicate.

Since 2020, interest in cryptoassets has reached beyond retail consumers, as institutional investors and traditional financial services firms have shown an increased appetite for engaging in the market. (…) This rise is reflected in other cryptoassets. We think this recent momentum influenced consumer responses to our research questions.

But the interest of the FCA goes beyond retail investors. The agency is also studying many aspects related to the impact and potential of CBDCs. It is also involved in the supervision of endeavors oriented to prevent and combat money laundering and terrorism and is also one of the most important public agencies involved in providing guidance to small and institutional investors that get involved with crypto.

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Source: https://cryptopotato.com/29-percent-crypto-investors-check-balances-every-day-fca/

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Canadian Elite Basketball League to Pay Player Salaries in Bitcoin

The Canadian Elite Basketball League(CEBL) announced that going forward its players will have the option to be paid in Bitcoin.

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The Canadian Elite Basketball League(CEBL) is hopping on the crypto train. In a recent announcement, the league has revealed that going forward its players will have the option to be paid in Bitcoin. The decision will make CEBL the first North American professional sports league to adopt Bitcoin for salary payments.

Canadian Elite Basketball League Partners With Bitbuy to Offer Bitcoin Salaries

The latest decision from the league follows reports of its partnership with Bitbuy, one of Canada’s leading crypto trading platforms. With assistance from Bitbuy, the league will have the facility to compensate a portion of its player salaries in Bitcoin.

While CEBL is a relatively smaller league with only six teams competing in the upcoming third season, the importance of its decision cannot be undermined. Players opting for the offer will be paid a part of their salary in Bitcoin using Bitbuy to convert the amount from Canadian dollars.

Charlie Aikenhead, vice president at Bitbuy, indicated that his company is excited about the relationship with CEBL and said “We’re proud to support homegrown Canadian sports, and to partner with the league on this first to the market initiative.” Aikenhead also highlighted that Bitbuy wants to enable athletes to secure their long-term investments through cryptocurrencies.

Meanwhile, the CEO and Commissioner of CEBL, Mike Morreale stated that “Our partnership with Bitbuy speaks to our commitment to players, and also to our forward-thinking approach to how we go about our business.” He also claimed that the league is home to some of the best players who chose CEBL over NBA for its player-first approach.

More Professional Athletes Want to Be Compensated in BTC

For its part, the CEBL credits its players for adopting crypto payments for salaries. And the league’s members aren’t the only athletes asking to be paid in BTC. The sports world has seen an increased number of professionals demanding a portion, or their entire salaries in Bitcoin. For instance, Russell Okung, a professional NFL player made headlines when he became the first North American Sports personality to receive half of his contract salary in the primary cryptocurrency.

Kimbal Mackenzie, a point guard in CEBL’s Guelph Nighthawks and winner of the 2020 Sportsmanship Award, is enthusiastic about the league’s decision and is set to participate in the first group of players opting for the BTC program. “The ability to have part of my salary go directly into an investment that I believe will appreciate greatly over the next 10-30 years is a no-brainer,” he remarked.

READ  Russell Okung Backs the Bitcoin Rewards App

#Bitbuy #Canadian Elite Basketball League #CEBL #Russell Okung

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Source: https://www.cryptoknowmics.com/news/canadian-elite-basketball-league-to-pay-player-salaries-in-bitcoin

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Blockchain

KSM Technical Analysis: Expect Price to Fall Below the First Fibonacci Pivot Support Level of $259.69

KSM price has tested and fallen below 23.6% FIB retracement level of $325.13. If the price falls below the FIB extension level of $259.69 in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.

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Kusama (KSM) offers an interoperable and scalable platform to blockchain developers. Developers use Kusama, to design and develop blockchain applications. Kusama is designed to provide a testbed to the developers trying to innovate with blockchain technology. The KSM technical analysis is as follows:

Past Performance

On June 12, 2021, KSM started trading at $416. As of June 18, 2021, the closing price of KSM was $313.34. Thus, in the past week, the KSM price has decreased by roughly 24%. In the last 24 hours, KSM has traded between $300 – $341.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/ksm-technical-analysis-expect-price-to-fall-below-the-first-fibonacci-pivot-support-level-of-259-69.png

https://www.tradingview.com/x/KxzTWj13/

Day-Ahead and Tomorrow

Currently, KSM is trading at $304.5. The price has decreased from the opening price of $341. Thus, the market looks bearish.

READ  Synthetix, Kusama, and Chainlink Technical Analysis: What’s Driving the Price Higher

The MACD and signal lines are negative. Plus, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish, and we can expect a price pullback.

The OBV indicator is gradually falling. Thus, selling volumes are higher than buying volumes. Hence, we can expect the KSM price to decrease.

The RSI indicator is at 39%. It has just fallen from the 60% mark. Thus, selling pressure is slowly mounting. Hence, we can expect the price to fall again for a few hours.

In short, when we look at all three oscillators, we can say that the price may continue to fall. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price fall is a correction or the beginning of a downtrend trend.

READ  Anchorage and Tokensoft Partners to Bring Wrapped Filecoin to DeFi

KSM Technical Analysis

The price has fallen below the Fibonacci pivot point of $325.13. As some of the oscillators have shown bearish signals, we can expect the price to fall below the first Fibonacci pivot support level of $259.69 soon.

The price has tested and fallen below the 23.6% FIB retracement level of $325.13. If the price falls below the FIB extension level of $259.69 in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.

#KSM #Kusama

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Source: https://www.cryptoknowmics.com/news/ksm-technical-analysis-expect-price-to-fall-below-the-first-fibonacci-pivot-support-level-of-259-69

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