Crypto industry makes headlines every day. And you ought to know the top 3 news from last week.
Continued market wrapping made Bitcoin lose its dominance to Ethereum. Almost all the major currencies are down by 7% up to 12%. BTC currently holds about $43k against ETH’s $3.5k price.
The intra-day sell-off took place after the US Federal Reserve pondered a possible interest rate increase. And the new rate may get implemented in March, sooner than its public expectation.
Major altcoins like ETH, FTM, ICP, LINK outran BTC amidst the heavy dipping. Also, BTC covered about 39% of the global crypto market, the lowest since March 2018.
Yet, analysts predicted the BTC price to remain within $40k – $50k. It’s likely to keep the volatility low.
Experts denoted the battle for cryptocurrency crown as ‘the flipping. ETH still lacks 50% of BTC dominance, but outperforming the asset seems a matter of time.
Meanwhile, Kosovo issued complete banishment of crypto mining across the country. Govt introduced the prohibition to curb its electricity. In fact, the country is currently in a major electricity crisis due to severe production outages.
Low power prices in Kosovo encouraged youngsters to mine cryptos. High importing prices forced the authorities to start enacting power cuts.
Kosovan Economy and Energy Minister made an official statement on the banishment. All its law enforcement agencies will keep the production activity stopped – it said. Other relevant institutions will take an active part in locating cryptocurrency production spots.
On the other hand, Shiba Inu developers decided to lose their so-called ‘meme’ status. The developers are planning to launch their own blockchain called ‘Shibarium’.
It’s expected to deliver some new functionalities like reduced gas fees. Paying the fee is a must to validate crypto transactions. And it remains a big problem in the blockchain ecosystem.
Also, the developers can establish the coin as an important one with improved performance.
Not to mention, the current SHIB actually works on the Ethereum blockchain. And it was the most-viewed crypto in 2021 to beat every other asset.