A recent study by ClimateTech investor and analyst Daniel Batten points out that 52% of the energy being used by the Bitcoin blockchain is renewable. This and more news in this handy daily roundup so you're always up to date with the latest events happening within the crypto world.
Bitcoin moves towards a green future
📍More than half of the energy consumed by the Bitcoin network comes from renewable sources. This is according to a study by ClimateTech investor and analyst Daniel Batten, which refutes another report by the University of Cambridge on the impact and environmental footprint of the blockchain network in the fourth quarter of last year.
According to Batten, Cambridge University had noted that the Bitcoin network was using around 38% renewable energy, when in fact the use of renewable sources by BTC miners is higher than estimated.
The environmental expert and activist points out that the model used by the university has some limitations and exclusions that are mentioned on its website and that are responsible for decreasing the figure of sustainable energy use on the blockchain network. For example, the Cambridge University study excludes off-grid mining and the use that miners are giving to flared gas to sustain their crypto mining operations, among other things.
The discrepancy over Bitcoin's use of renewable energy, Batten notes, has ended up affecting some ESG investors' perception of the cryptocurrency.
Bitcoin Surges Above $25.000 for First Time in 8 Months
📍Bitcoin price up 12% weekly and retreats after hitting $25.000. For the first time since June last year, the price of Bitcoin is back above $25.000 per unit. The market-leading cryptocurrency received a significant bullish boost amid all the regulatory drama in the crypto industry due to the actions of regulators such as the SEC and NYDFS.
According to CoinMarketCap data, the price of Bitcoin was above $25.090 per unit last Saturday. Currently, the cryptocurrency has retreated by 1,3% and is trading at around $XNUMX. $ 24.460 dollars per unit.
Source: CoinMarketCap
SEC legal actions continue in the crypto industry
📍The SEC has filed a lawsuit against Terra founder Do Kwon. Terraform Labs, the company that developed the Terra blockchain, and Do Kwon, its founder, have been sued by the Securities and Exchange Commission this week. demand The US regulator accuses Kwon of committing securities fraud by misleading his investors about the stability of the Terra ecosystem and its native cryptoassets, LUNA and UST.
According to the SEC, after UST lost its peg to the US dollar in 2021, Kwon turned to Jump Trading to purchase massive amounts of the stablecoin in order to restore the peg and ensure the equivalence of 1 UST : $1 USD. In addition to this, the SEC notes that Kwon’s claims that South Korean company Chai Corporation used the Terra blockchain to settle thousands of transactions were a setup to build investor confidence and get them to put more capital into the project.
The blockchain ecosystem Terra collapsed in May last year, when the algorithmic stablecoin UST completely lost its peg to the dollar. The UST debacle brought with it its sister cryptocurrency, LUNA, which lost almost 100% of its value within days. Investor losses were estimated at over $40.000 billion.
Despite the lawsuits against Do Kwon, authorities have yet to locate him. As reported by this outlet, Kwon is presumed to be in Serbia, a South Korean outlet reported citing intelligence information in mid-December.
Oman is designing a regulatory framework for cryptocurrencies
📍The Sultanate of Oman in West Asia is creating new rules to regulate digital assets. In a Press release, the Capital Market Authority of Oman revealed its interest in regulating cryptocurrencies and digital assets in the country, in order to develop a healthy market.
According to the Asian regulator, the regulation being developed will cover all activities that occur with crypto assets, from trading and exchange of assets, to ensure the security of investors and mitigate the potential risks of the crypto industry.
The market authority acknowledged the growing cryptocurrency boom in the country and the Sultanate's willingness to create a proactive and secure market for investors.
Russia to test digital ruble in real transactions in April
📍According to the Central Bank of Russia, the digital ruble will be tested in real-world transactions and operations starting in April. This was reported by the local agency TASS, citing the current deputy governor of the bank, Olga Skorobogatova.
The pilot test for the digital ruble, the CBDC being developed by Russia, will include real operations with real clients, Skorobogatova said, although the tests will be limited to the number of operations and selected clients. So far, 13 commercial banks in Russia have confirmed their readiness to participate in the pilot of the digital ruble from April 1.
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