Crypto Wind-up: The Eventful Week in the Crypto-Sphere

Cryptocurrency prices present a mixed performance on Monday as investors prepare for the following week of earnings reports while awaiting the Federal Reserve’s upcoming interest rate decision.

Bitcoin went up 2.5% to $38,893, as per to CoinGecko, while ethereum moved up 2.5% to $2,827 . Dogecoin was displaced to 1% down settling at $0.13084.

All this while some people are seriously anticipating a Metaverse on Twitter. 

Also Read: HashCash Declares Massive 50% Discount on their White Label Crypto Products

Crypto  Mining

David Lesperance, the managing partner of immigration and tax adviser at Lesperance & Associates, remarked that energy-hungry crypto miners are desperate to stay clear of questionable sources of electricity. 

“Even with a move from ‘proof of work’ to ‘proof of stake’ gathering momentum, jurisdictions such as Texas and even Patagonia are warning about demand quickly overwhelming supply,” he said.

According to a Bloomberg report, the Electric Reliability Council of Texas recently put out a statement in anticipation that crypto miners would increase electricity demand by up to 6 gigawatts by mid-2023.

Lesperance further advised major crypto mining operators to plan on establishing their mining rigs in regions offering renewable green energy sources. Such sources that are scalable in meeting present and future needs must harness.

The jurisdiction should have a governing law to protect the high volume of investment required. The mining projects should be shielded from geo-political or sovereign risk, he added.

Bitcoin Making it to 401(k)

Fidelity Investments put out the statement on Tuesday: it will start offering a bitcoin investment alternative for its 401(k) plans. Employers, however, would retain autonomy to decide if they should offer investment options to their employees. Also, there is to be a ceiling to how much of a 401(k) plan one can invest in bitcoin. That is capped at 20%. Fidelity came out as the foremost major retirement account provider to offer the alternative investment opportunity within their plans enabling investors to add bitcoin to their retirement savings portfolio.

Also Read: Crypto Remittance: Immigrant Workers’ Choice for Sending Money Home

Ethereum Upgrade Postponed

Ethereum’s enormous software upgrade is supposedly termed “the Merge”. News has it that the Merge delays and it won’t happen in June.  Ethereum developer Tim Beiko revealed the news. Beiko first tweeted on April 11 saying “the Merge” won’t happen in June. He later updated the news with another tweet on April 12 disclosing that it be a few more months until the upgrade happens. 

The major shift from PoW to PoW will alter the way transactions on Ethereum executes. This will increase its efficiency and sustainability for widespread use. 

Wrapping up

More exciting updates in the crypto space are to follow as new developments on Avalanche ecosystem. It’s only days before more excitement delivers.