Bitcoin Price Crash Alert
Kyle McDonald, an independent bitcoin and cryptocurrency researcher, says that bitcoin would likely be the first cryptocurrency to be regulated away due to its dependence on the proof-of-work consensus process. Others have stated in the past that authorities might target proof-of-work blockchains like Bitcoin owing to its energy requirements.
Last year, Swedish financial and environmental officials urged the European Union to restrict proof-of-work bitcoin and cryptocurrency mining owing to its negative environmental effects.
Extreme Fear
Monday is a positive day for the cryptocurrency market as Ether outperforms Bitcoin. ETH increased by 1.41 percent, while BTC increased by 0.40 percent.
In the last twenty-four hours, Ether failed to surpass $1,600, while Bitcoin (BTC) failed to surpass $20,000. As of 12:59 a.m. ET, the price of 1 BTC was $19,859, while the price of 1 ETH was around $1,574, according to statistics from CoinMarketCap.
According to data from Alternative.me, the cryptocurrency market was experiencing “severe dread” and uncertainty dominated in the crypto realm. In addition, the Fear and Greed Index had a score of 23. In the last week, Bitcoin has decreased by 0.32 percent, while Ether has decreased by 8.65 percent.
Coinspaid says adoption rises despite prices falling
Currently, data from the bitcoin payment processing gateway and corporate wallet, CoinsPaid, indicates that bitcoin acceptance is still increasing.
The payment network is believed to have handled more than €13 billion worth of crypto so far and continues to expand by around €1 billion per month despite the market’s decline.
During the first half of 2022, nine million transactions totaling €5.6 billion were also handled. During the same time last year, there were 3.7 million transactions with a volume of €2 billion.
Sources: Bloomberg, IBT, Cointelegraph.
Image: Crypto Vectors by Vecteezy
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