Mooners and Shakers: Bitcoin and market flat, even as Europe’s Proof-of-Work ban threat fizzles out
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FUD (fear, uncertainty and doubt) surrounding the European Union potentially banning Bitcoin’s Proof-of-Work consensus mechanism has been laid to rest.
Proof-of-Work is the algorithmic process that helps secure the Bitcoin network and is tied to the mining of BTC. Other cryptos such as Litecoin and Dogecoin use PoW, as does Ethereum, although the latter is becoming a Proof-of-Stake protocol mid year, which is the far-more environmentally friendly method.
BREAKING: The ECON committee of the EU Parliament just voted against the de-facto POW-ban: 32 against, 24 in favor.
Big relief & political success for the bitcoin & crypto community in the EU💪💪
Will share a breakdown of the vote and what’s next here in this thread. #Bitcoin
— Patrick Hansen (@paddi_hansen) March 14, 2022
Anyway, the TLDR on all this is: the proposal to ban the activity in Europe (which could have effectively killed much of the crypto industry in that part of the world) has been rejected.
FUD over for now. Non event. Nothing to see here. Move along and back to other things (Russian invasion, Fed rate hikes) keeping the crypto Fear & Greed Index dial well and truly to the left.
What wastes more energy than #Bitcoin mining?
Useless politicians that support war, inflation, and lining their own pockets.
— Dan Held (@danheld) March 14, 2022
With the overall crypto market cap at about US$1.81 trillion, down about 0.5% point from this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
Not a lot of major movement in the past 24 hours here. The market is strangely flat at the time of writing.
XRP is the worst performer over the past day, though not by much. Irrespective of that, we’re seeing some spreading optimism here and there on crypto Twitter regarding a potentially positive outcome for XRP’s founder Ripple in its court battle with the US Securities and Exchange Commission.
Ripple’s lawyers notched up a nice little win recently – having the SEC’s motion to remove Ripple’s “lack of due process and fair notice” quashed.
🔥SEC vs RIPPLE // upcoming due dates
by James K. Filan @FilanLaw
— XRP_Cro (@stedas) March 13, 2022
That said, perhaps we’re following too many crypto and XRP heads and not enough hard-nosed regulators for balance. As things stand, XRP still runs the risk of securities classification by the SEC, which would surely kill a lot of investor confidence in the project if it were to go that way.
Sweeping a market-cap range of about US$18 billion to about US$802 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.
• THORChain (RUNE), (mc: US$2.3b) +19%
• Xido Finance (XIDO), (mc: US$802 million) +10%
• OKB (OKB), (mc: US$4.7 billion) +3%
• The Graph (GRT), (mc: US$2.2 billion) +2.5%
• Maker (MKR), (mc: US$1.6 billion) +2%
• Humans.ai (HEART), (market cap: US$1.2 billion) -23%
• Chiliz (CHZ), (mc: US$1b) -8%
• Fantom (FTM), (mc: US$2.76b) -7.5%
• Juno (JUNO), (mc: US$1.5b) -6%
• Celo (CELO), (mc: US$1b) -5.5%
Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…
• MovieBloc (MBL), (market cap: US$68m) +168%
• Navcoin (NAV), (mc: US$13m) +40%
• Request (REQ), (mc: US$200m) +30%
• HiFi Finance (MFT), (mc: US$78m) +28%
• Unibright (UBT), (mc: US$162m) +22%
• STEPN (GMT), (market cap: US$209 million) -17%
• SpiritSwap (SPIRIT), (mc: US$19m) -16%
• Platypus Finance (PTP), (mc: US$91m) -14%
• Exeedme (XED), (mc: US$14m) -13%
• AIOZ Network (AIOZ), (mc: US$91m) -11%
USD consumer inflation will continue near all time highs, and asset inflation will run at double the rate of consumer inflation. Weaker currencies will collapse, and the flight of capital from cash, debt, & value stocks to scarce property like #bitcoin will intensify.
— Michael Saylor⚡️ (@saylor) March 14, 2022
As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high.
I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw.
— Elon Musk (@elonmusk) March 14, 2022
Ethereum is web3
Mark Zuckerberg is bullish on web3
Mark Zuckerberg is bullish on Ethereumpic.twitter.com/IvAtAMMVk7
— theweeknd.eth (@LilMoonLambo) March 14, 2022