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Great news for the future of bitcoin in the European Union. We said last week that a bill would be voted on Monday to regulate the cryptocurrency industry. After a day of debates in the Monetary and Economic Affairs Committee, the latter finally rejected versions of the legislative package that contained what has been described as a “de facto” ban on “proof-of-work” cryptocurrency mining. used by Bitcoin and Ethereum, in particular. It was a relatively tight vote, with 32 rejections versus 23 acceptances.

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This rejected project already included less aggressive language than the initial plan proposed on February 28. However, the regulatory project is not dead. In fact, all of these discussions currently concern only the language of the bill. In short, the content of the MiCA is negotiated before being the subject of a future vote. The accepted language in return however insists on the importance of addressing the environmental impact of proof-of-work technology. As analyst Patrick Hansen puts it, “MiCA regulates financial instruments and financial service providers. It makes much more sense to address concerns about the sustainability of mining technology separately. “

Is Bitcoin Really a Climate Catastrophe? It certainly requires a lot of energy to function. This is not a disadvantage, it is meant for network security. The problem is not so much the modality of consent itself, but rather the fact that it is the “dirty” energies that are currently the cheapest to use. If green energy were to become both accessible and affordable, there is absolutely no doubt that miners would flock to make the transition. According to CoinShares data collected by analytics firm Messari, bitcoin’s carbon emissions are not exaggerated compared to the financial sector or gold:

The war in Ukraine continues to make headlines and weigh heavily on the markets. Parallel cryptocurrencies continue to show their effectiveness for crowdfunding campaigns in these times when traditional financial exchanges are more complex than ever. It is estimated that over $ 100 million has been raised to help Ukraine deal with the crisis. Almost most of this amount has already been spent. Alex Bornyakov, Ukrainian Deputy Minister at the Ministry of Digital Transformation and government spokesperson for cryptocurrencies, shared the details:

Cryptocurrency exchange Kraken also adds a noteworthy contribution. Indeed, the latter gives a gift of $ 1,000 in BTC to any Ukrainian user. The gift can be withdrawn immediately and is intended to help people who have had to be displaced by the Russian invasion.

Switching to consent mode from proof of work to proof of participation is fast approaching for the Ethereum network. The latter merged with Kiln testnet earlier this week, in anticipation of the blockchain’s eventual move to a proof-of-stake network, with the network’s validators now producing post-merger blocks containing transactions. Kiln should be the last fusion testnet created before the official update. Application and tool developers, node operators, infrastructure providers and staker they are currently encouraged to test on Kiln. Although the merge was very successful, developer Tim Beiko reported that a customer was not producing blocks and the issue was being investigated.

10 million ETH are already blocked in the contracts of staking of the future network. At current prices, this means more than $ 26 billion. This historic figure was reached almost 15 months after the ETH 2.0 contracts went into effect in November 2020. The ETH 2.0 deposit agreement initially required 524,000 ether for launch, but was signed in excess of more than 400% in days prior to its launch. The data shows that 67,040 unique depositors contributed to the upcoming network staking contract. The delivered ether is blocked and inaccessible, but depositors earn 4.81% annual return.

Non-fungible tokens will soon appear on Instagram, Mark Zuckerberg announced. He said he is imagining that users will be able to create NFTs from clothing worn by their digital avatars (…) Rumors have been around for months, with many predicting that users will be able to mint new NFTs on Instagram and share the ones that are already part of their collection. The news seemed to elicit little reaction from investors. Shares in Meta closed roughly 3% higher, similar to the sector’s gain for the same day.

Now it is the Fed’s decision, scheduled for this afternoon, that all markets are waiting for. If an interest rate hike by a quarter of a point – the first since 2018 – is almost assured, it’s the organization’s forecasts that draw attention. Observers expect the central bank to release a new quarterly forecast that could indicate five or six more hikes this year.

What can we expect in terms of the inflation rate in the coming years? This is exactly the question Elon Musk asked this week, prompting a response from Michael Saylor. “USD consumer price inflation will remain at record highs and asset inflation will double relative to consumer price inflation. Weak currencies will collapse and capital flight from cash, debt and value stocks will intensify. scarce assets like #bitcoin. The MicroStrategy CEO wrote. “It was not entirely unpredictable that you had come to this conclusion. Musk retorted, certainly with a half smile. However, this opinion seems to be shared by the founder of Tesla. Musk has reiterated that it will not sell its holdings in bitcoin, ethereum and dogecoin.

As of this writing, bitcoin has managed to climb north of $ 40,000 after a week which can only be described as a clear period of consolidation. “There was a sharp rise in the price from $ 39,200 to $ 41,700 followed by an almost as rapid retreat in the area below $ 39,000. Stop orders were triggered in the illiquid morning market, but it is clear that the pressure sales remains huge, “said Alex Kuptsikevich, FXPro’s market analyst. Everyone is watching the Fed’s rhetoric that could spur a move one way or another, as well as bring in liquidity as a result.

The fund remained fully invested throughout the week.

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Disclaimer: This column does not necessarily reflect the opinion of CryptonewsFR and does not constitute investment advice or trading instructions..

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