After the mood of optimism in the crypto space, the cops are now taking a breather again. Meanwhile, some Bitcoin miners could now emigrate to the USA.
After Elon Musk had repeatedly put the crypto market in a spirit of optimism with his latest comments on Twitter, the bulls now seem to be taking a breather. Without exception, all crypto currencies are slightly in the red among the top 10 coins. Bitcoin, for example, recorded a slight price loss of 0.43 percent compared to yesterday’s trading day. Investors seem to continue to speculate on a possible reunification between Tesla and the cryptocurrency. This means that the digital store of value can stay above the 40,000 mark for the third day in a row. At press time, BTC is trading at $ 40,304.
A similar picture emerges in the altcoin sector. While Cardano recorded the lowest price loss at around 1.5 percent, Ripple (XRP), Binance Coin (BNB) and Dogecoin (DOGE) each suffered a loss of around three percent. Polkadot (DOT) and Ethereum (ETH) are in the middle, with declines of 2 percent each. Among the top 10 coins, Uniswap (UNI) was hit hardest. At the time of going to press, the Defi-Token is trading at $ 23.40, about 4.3 percent in the red.
The DFINITY Internet Computer (ICP) had a much more difficult job. As a beacon of hope for a freer and more self-determined Internet, ICP made it directly into the top 10 of the most valuable cryptocurrencies at its ICO. Most recently, DFINITY defended itself on Reddit against criticism that addressed the decentralization and data protection of the Internet computer. While Bitcoin and Co. have been able to consolidate somewhat since the Flash Crash a month ago, DFINITY’s coin project is still in free fall. This negative trend continues today as well. With a minus of almost 13 percent, ICP slips further in the ranking. The Internet computer now only ranks 19th among the most valuable cryptocurrencies. At press time, ICP is trading at $ 59.33.
According to Coinbase listing: Shiba Inu and Chiliz with massive profits
After Coinbase listed Dogecoin about a month ago, the largest crypto exchange in the USA has now added Shiba Inu (SHIB) and Chiliz (CHZ) to its range. That gave the company in one Press release known. Strictly speaking, this is a listing on Coinbase Pro, the trading platform for professional traders. Trading is still not available on the basic platform of the US crypto exchange. Nonetheless, the announcement caused explosive gains for both cryptocurrencies. Since then, SHIB has posted a price increase of almost 28 percent, while CHZ has achieved around 19 percent. Whether – and especially when – the trading function will also be activated on Coinbase is not yet known at the time of going to press.
Chinese Bitcoin miners are moving to the USA
Will the major US migration of Chinese Bitcoin miners now take place? At least that reported CNBC. According to this, some of the digital miners are planning to leave the Middle Kingdom and open their mines in the USA or Canada. The background is the increasing restrictions in Beijing, with which more and more Bitcoin miners are confronted. The US state of Texas is a worthwhile destination. Electricity prices are on a similar level and local governor Greg Abbot is considered mining-friendly. These factors could accelerate the miner’s exodus from China. Nonetheless, the Texas power grid has not only been considered to be quite unstable since the devastating power outages from last winter, which threaten to repeat themselves in the beginning of summer – so it remains to be seen whether the US state will offer the miners a home.
This leads to a better distribution of the global hashrate, which is to be welcomed in principle, says Alejandro De La Torre. The Vice President of the Hong Kong mining company Poolin is also already considering emigrating.
We don’t want to be faced with some new ban in China every year. So we’re trying to diversify our global mining hashrate. That’s why we’re moving to the United States and Canada.
Alejandro De La Torre across from CNBC
The extent to which the balance of power in the mining sector will be redistributed remains to be seen in the future.