EU Doesn’t Ban POW – EL Salvador Issuing BTC Bonds

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2022-05-25 08:45:27

Market situation

Bitcoin price yesterday continued to move sideways at $ 39,000 waiting for information from the Fed. Altcoins move slightly with BTC trends.

The ratio of Long/Short orders on exchanges is quite balanced. The amount of leveraged orders on exchanges recently increased back to the same high as January of this year.

After the large withdrawal from Coinbase over the weekend, the amount of BTC on the exchanges was flat.

Over the past two weeks, the amount of ETH on exchanges has been flat.

The number of profitable BTC is at 70.5%, which is not a high level. This level is still maintained when BTC price around 39,000 USD.

Stocks ended yesterday showing the Dow Jones flat, while the S&P 500 and Nasdaq both fell. Futures markets were slightly higher in all three indexes.

The oil market fell 3.77% to around $99/barrel. After the meeting on March 15 and 16 ends, the Fed will have an announcement about the rate hike and if so, by how much. The high probability that the Fed will still increase as planned is 0.25% in this round.

Bill Eu bans POW rejected

Another information about the crypto market is also mentioned. The European Parliament’s Economic and Monetary Affairs Committee voted from 30-23 on Monday to keep the provision out of the draft of the proposed Markets in Crypto Assets (MiCA) framework. , the EU’s comprehensive regulatory package for digital asset management.

The provision was added to the draft last week to limit the use of cryptocurrencies powered by a power-intensive computation process known as Proof of Work (POW) on the blockchain. 27 member states of the EU. The proposal was met with backlash from crypto advocates around the world. In the end, the proposal to ban Bitcoin as well as crypto with a mining mechanism was dropped.

Proof-of-work has come under heavy criticism from a number of regulators and commentators around the world over energy concerns. Some EU leaders are concerned that renewable energy could be turned into sustaining cryptocurrencies like bitcoin rather than for national use. However, if you compare the amount of carbon generated from BTC mining, with other industries such as energy used for clothes dryers, banking, gold mining, moving goods by air, ship,… all higher. That is, BTC mining takes less energy than the industries listed below.

However, Paypal CEO Dan Schulman has positive thoughts on the development trend of crypto. He said during an international investment and innovation conference to be held at the Peres Center for Peace and Innovation on March 29 that crypto will redefine world financial markets. In the statement, he is also “excited about what cryptocurrency and digital ledger technology can do for the financial system in the future.”

He does not care much about the price of BTC and crypto in the short term. It is important to him to think about digital currency as an asset class. For him, the really interesting thing about digital currencies is what kind of utility they can provide in payments. Over time, Paypal is also an active support company for crypto. To date, both major corporate CEOs and US government congressmen have supported crypto. As can be seen, crypto has gone deep into finance and politics. Crypto is also growing and developing.

We also have an entire first country accepting BTC. To date, El Salvador is also preparing to issue a Bitcoin volcano bond with ten-year maturity and 5% interest per annum. This is a key part of El Salvador’s economic recovery test and is expected to raise $1 billion. The bond income will be split to buy more BTC and fund the ‘Bitcoin City’ near the Conchagua volcano in the La Unión region in the southeastern part of the country. This bond is backed by Bitfinex exchange.

The Russian economy can be set back up to 30 years

Experts say Vladimir Putin’s war on Ukraine and the global response to it will dramatically change Russia’s economic future, taking the country back 30 years. As the country’s economy collapses, the departure of global brands will lead to a profound change in how middle-class citizens will earn and spend their money. Experts say Russia’s coming period of economic isolation could last at least five years, but most likely decades.

Russia has asked China to provide military equipment for its war in Ukraine. Russia’s war on Ukraine has lasted for three weeks and shows no sign of ending. After that, the United States and China had a meeting that lasted until seven hours. Information about the meeting has not yet been disclosed.

A prolonged war will affect warring countries such as Russia and Ukraine, but also affect other countries. The US financial market as well as crypto continues to be affected by the information from this war.

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