Top 5 crypto news of the week

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Do Kwon interview sparks Twitter drama — even before it’s published

An upcoming interview with Do Kwon, co-founder of Terraform Labs and the mastermind behind a number of Terra ecosystem coins, excited the crypto community — and attracted some critics before it even shipped.

In a preview of the full interview, which will be released later today, Kwon says:

“Terra was supposed to be a stable coin and it has not remained stable.”

He also makes remarks like “Crypto is still like the wild, wild west” and “I think I have […] developed an alter ego.”

He says he “cringes” when he reflects on some of his past comments, adding that he has “bet a lot” and thinks he is “lost”.

Popular dog coins rise as Shiba Inu Evolution approaches

Meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) are gaining traction in the market, with SHIB in particular standing out as the third best performer among the top 100 crypto assets by market cap over the past week.

On Monday, SHIB traded at $0.001569, up 0.4% over the past 24 hours and up 30% over the past week. DOGE traded at $0.076, down 4% on the day but up 10.5% over the past week.

Since the all-time high in October last year, the SHIB price has fallen by about 82%, while the DOGE price has fallen almost 90% since its all-time high in May 2021.

Notably, SHIB is now up for four straight weeks – its longest winning streak since a massive rally in September and October last year. This is also the first time that SHIB has traded above the $0.000015 level since May 11 of this year. Back then, SHIB fell through this mark as Bitcoin (BTC) and most other cryptoassets fell in price.

Are Cryptocurrencies Taking Retail Now?

A study by Deloitte suggests that cryptocurrencies are on the verge of taking over retail in the United States. As the research shows, the majority of retailers are basically willing to accept cryptocurrencies like Bitcoin as a means of payment in the future.

This shows that the recent crisis in cryptocurrencies such as Bitcoin, Ether or Ripple could not harm the positive future prospects. The survey shows that more and more American companies are interested in the crypto sector. If retailers actually accept Bitcoin and Co. as a means of payment, then the breakthrough would finally be achieved.

Three quarters plan to accept crypto

This attitude makes widening acceptance very likely. However, retailers see cryptocurrencies as a pure means of payment and do not want to hold them for a long time. However, some factors still make crypto payments difficult.

According to the Deloitte survey, three-quarters of all US retailers plan to accept payments via cryptocurrencies in the next two years. The participants were 2,000 managers from a wide range of retail sectors. This included not only fashion and electronics, but also cosmetics, food and beverages. All respondents who were positive about a crypto payment hope for more customers and more satisfaction from existing customers.

The German banking regulator warns savings banks against cryptocurrencies

Raimund Röseler, CEO of BaFin, advises German banks to exercise caution when introducing cryptocurrency trading. He sees a fatal signaling effect, because it is not about currencies, but about a form of investment.

As the supervisory authority for the financial market, the Federal Financial Supervisory Authority (BaFin) monitors and controls all areas of the financial system in Germany. No wonder she also keeps an eye on the development of cryptocurrencies. A prominent representative of BaFin has now spoken out in an interview with Handelsblatt.

The banks understand too little of the subject

Apparently, he thinks little about the introduction of cryptocurrencies in German savings banks. Röseler is critical of the development and fears problems for the banks. The director of BaFin advises banks to act only if they understand something about the subject. However, his guess is that most German banks that have included crypto assets in their corporate portfolio have accumulated too little knowledge about cryptocurrencies.

Russian bitcoin miners used twice as much electricity last year as in 2020 – report

Russian bitcoin (BTC) miners reportedly consumed a whopping 1.25 gigawatts (GW) of electrical power for their operations in 2021, nearly double the amount used in 2020, as the industry continues to expand in Russia.

According to Novie Izvetiya, experts calculated from Intelion Data Systems, that altcoin mining could have used up to 0.625 GW of electricity over the past year.

The experts added that since 2017, the annual increase in electricity consumption for crypto mining in Russia has been inexorably upward – growing by at least 150% per year.

In 2020, Russian-based BTC miners consumed 0.728 GW for their mining activities.

Large-scale crypto miners account for between 40% and 45% of the total BTC mining activity in Russia, and experts predict that this number is likely to increase rapidly in the future.

Oil producers like most state-owned Gazprom Neft is already expanding pilot projects that allow miners to run their rigs using associated gas on oil wells. A facility in the Khanty-Mansi region has been converted to run hundreds of mining rigs in parallel with oil pumps, while the head of a major Russian gas industry conglomerate has described cryptomining as a way to “monetize cheap electricity where it’s available.” there is a surplus or where the cost of producing electricity is above market prices”.

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