Coinlive Morning Post - August 29

headlines

▌Encryption mining companies in the United States are on the rise, the Texas power grid has exceeded the expected load

Cryptocurrency miners are ramping up their operations in Texas far beyond authorities' expectations and will send the state's electricity consumption soaring. On Friday, the U.S. Electric Reliability Council of Texas said in an email that enough miners had applied to connect to the state’s power grid, amounting to 33 gigawatts of power, more than the grid operator’s CEO expected in April. That's a third more, equivalent to the electricity demand for powering the entire state of New York. As previously reported, Republican officials in the U.S. state of Texas are eager to ensure the state establishes itself as a cryptocurrency hub, even as some lawmakers worry that the industry could overburden an already strained power grid.

cryptocurrency

▌Biden’s digital asset responsibility innovation executive order requires multiple agencies to submit relevant feedback reports before September 5

Most of the responses to Joe Biden's executive order on cryptocurrencies are due after Labor Day. The responses of the Treasury and Justice Departments are expected to have particular implications for future U.S. cryptocurrency policy. Under the March 9 order, the agencies' seven reports were due to the White House within 120 days of the order, so their deadline was Sept. 5, the day after Labor Day. The executive order emphasizes the need for interagency cooperation, but the orders and their lead agencies are broken down as follows The executive order emphasizes the need for interagency cooperation, but the orders and their lead agencies are broken down as follows: Treasury Department: Regarding cooperation with the Fed Central Bank Digital Currency or CBDC report. DOJ: Legal Assessment of Whether Congress Needs New Laws to Issue a CBDC. U.S. Department of the Treasury and Key Markets and Consumer Protection Regulators: A Report on the Risks and Returns of Digital Assets in Markets and Payments. Office of Science and Technology Policy: A report on the role of cryptocurrencies in the energy transition across time. DOJ, with help from Treasury and DHS: The Role of Law Enforcement Agencies in "Detecting, Investigating, and Prosecuting Criminal Activity Related to Digital Assets." Department of Commerce: Framework for Improving U.S. Economic Competitiveness and Utilization of Digital Asset Technologies.

▌Survey: 64% of American parents approve of their children receiving cryptocurrency education

According to a recent survey study conducted by Study.com, 64% of American parents believe that cryptocurrencies should be part of their children’s education. Nearly two-thirds of 800 U.S. parents surveyed said cryptocurrencies should be taught in schools. 40% of participants believe their children should also learn about blockchain technology, while 35% believe that Metaverse should also be included. NFTs came in last, with only 25% thinking their kids should know about them.

▌Australia Report: Crypto Fraud Has Replaced Credit Card Fraud

Criminals have shifted their focus from credit card fraud to cryptocurrencies due to the growing popularity of digital assets, according to a recent report from The Sydney Morning Herald. Delia Rickard, deputy chair of the ACCC, said cryptocurrencies will become a more lucrative target for scammers in 2021 due to rapidly rising prices, noting that cryptocurrencies have become the preferred payment method for various scams. In June, the Australian Competition and Consumer Commission (ACCC) reported that Australians lost more than $205 million to scams, with cryptocurrency investments accounting for the majority of the funds lost ($113 million). The ACCC has warned that consumers are vulnerable to cryptocurrency scams and need to be very cautious when encountering suspicious investment offers.

▌ARK Invest analyst: The encryption market is returning to a risk-taking environment, and ETH may gather more bullish momentum

Frank Downing, an analyst at investment management firm ARK Invest, said that Ethereum (ETH) may start to gather more bullish momentum as the cryptocurrency market turns back to a risk-oriented environment. He pointed out that last month when the market was falling, in the capitulation cycle, ETH and assets built on ETH sold off very hard compared to Bitcoin, not necessarily trading on fundamentals, but the market is completely risked . But he said: "Just in late July, I think that started to turn, and we saw that the market gradually started to trade more fundamentally on the margin." Downing said, we have seen the ETH/BTC pair, or ETH is outperforming relative to Bitcoin, which is a departure from the safe-haven periods we’ve seen. As a result, the market has resumed risk taking on these types of assets.

▌Jordan Belfort: Bitcoin may trade like a store of value, not like a growth stock

"The Wolf of Wall Street" Jordan Belfort admitted in an interview that his initial prediction of Bitcoin (BTC) going to zero was wrong. He pointed to his 2017 stance that the asset was a scam, while implying that Bitcoin has fraudulent properties. Belfort revealed that he came to understand that Bitcoin has the qualities of digital gold, which prompted him to change his mind. Belfort added that as it matures, bitcoin may begin to trade like a store of value rather than a growth stock.

▌Cryptocurrency Liquidations Over $300 Million, Bitcoin, Ethereum Dump Over 6%

In the past 24 hours, the value of the crypto industry has dropped by 6.8%, and more than $300 million in positions have been liquidated. In the past seven days, the value of Bitcoin has dropped by about 4%. The asset is currently trading more than 70% below its all-time high. According to Coinglass, over the past 24 hours, Bitcoin liquidations totaled $83 million. At the same time, Bitcoin's market value has also plummeted by 50%, from nearly $900 billion at the beginning of the year to the current $387 billion. Ethereum, on the other hand, lost more than 11% in 24 hours. After a sharp decline, its value fell 11.7%, falling below $1,500 for the first time in weeks. That means the gains that have been made in recent weeks on M&A expectations have been wiped from the market. Over the past 7 days, Ethereum has lost more than 7% in value and is within 70% of its ATH. Additionally, the red candle liquidated over $135 million in Ethereum positions.

important economic trends

▌U.S. stock index futures expanded losses, Nasdaq futures fell more than 1.2%

U.S. stock index futures expanded their losses. Among them, Nasdaq futures fell more than 1.2%, S&P 500 futures fell 1%, and Dow futures fell 0.8%.