Illustration by Mitchell Preffer for Decrypt.
After the post small profits Over the weekend, crypto market leaders Bitcoin (BTC) and Ethereum (ETH) saw their price growth slow to virtually zero this week.
Bitcoin remains at the level it was this time last weekend, hovering around $28,820, down about 5% from its April high of $30,979 set almost three weeks ago but still about 77% higher than in early January when the price was $16,615.
Ethereum is up 4.2% in value over the seven-day period and is currently changing hands at $1,885, down about 7% from its mid-April 2023 high of $2,129 and up 66% from April 1 January corresponds when the price was $1,197.
TRON saw the strongest growth this week and was the only top 30 cryptocurrency to grow 8% over the week to trade at $0.070261 at the start of the weekend.
All other leading cryptocurrencies have remained virtually flat over the past seven days.
The market’s lack of growth this week is at least partly due to the Fed’s decision to hike rates by 10% another 25 basis points to fight inflation, the tenth consecutive increase since March last year.
Macroeconomically, rate hikes tend to drive investors away from risky assets like stocks and crypto as the cost of borrowing increases, making money more expensive and thus discouraging more speculative investments.
On Tuesday, the White House released a report outlining the idea of a Digital Asset Mining Energy Tax (WOMAN). It would apply to miners of both proof-of-work and proof-of-stake cryptocurrencies, despite their different energy consumption, and – from 2024 – impose a tax based on their electricity costs, starting at 10% and increasing every year until it reaches 30%.
The proposal has already received stiff opposition from the crypto industry, especially because it does not take into account the energy sources of the mining companies. criticism argue that the US government rates crypto mining as a bad (or consumptive) activity, regardless of whether a miner uses renewable energy or not.
Presidential Candidates and Crypto
Robert F. Kennedy Jr., a Democratic Party presidential candidate for 2024, tweeted Tuesday that he believes there is a top-down strategy.war on crypto‘ which had something to do with the recent collapses of Silicon Valley Bank, Silvergate and Signature.
Barely a month ago, Kennedy released a lengthy tirade crypto twitter against the idea of a dollar-pegged cryptocurrency being unblocked by the Federal Reserve. Kennedy’s thread, however, was based on a misreading of an article about the Fed’s new digital payments system, “FedNow,” which has nothing to do with central bank digital currencies (CBDCs).
Meanwhile, in the red corner, Republican Florida Gov. Ron DeSantis — who is widely expected to run as the presidential nominee next year — took another beating at a Tuesday news conference titled “Government of Laws, Not Woke Politics.” CBDCs resisted.
DeSantis aired a package of bills against “environmental, social and governance” or IT G guidelines. ESG guidelines assess factors beyond fiscal performance when evaluating a company or organization, such as: B. the impact on the environment and the community. An example is the White House DAME tax mentioned above.
DeSantis has criticized the ESG approach as “virtue signaling” and linked the concept of a CBDC to ESG’s “wake” practices, saying that CBDC proponents “will impose ESG and social credit scores, and that will be one.” tremendous curtailment of freedom for its people in this country.” His words echoed his earlier comments that a US CBDC “Big Brother’s digital dollar.”
Finally, in the adoption news on Monday, the famous auction house Sotheby’s launched an on-chain NFT Marketplace for secondary NFT sales, allowing collectors to list and make offers on artists’ works.
Meanwhile, Argentinian crypto fans fear they could witness the start of a crypto crackdown. The country’s central bank on Friday forbidden Block payment platforms from offering crypto trading services to their customers.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.