Vella Finance, a Nigerian fintech startup, was recently bought by the microfinance bank Carbon. The acquisition of the fintech startup paves for Carbon to launch a new banking platform targeting Nigerian businesses. New Business to Leverage Artificial Intelligence The Nigerian microfinance bank, Carbon, has reportedly acquired the fintech firm Vella Finance for an undisclosed amount. […]
Bitcoin News
KPMG Study Highlights Bitcoin Mining’s Potential to Shrink Carbon Footprints
In a fresh analysis focusing on Bitcoin and its alignment with environmental, social, and governance (ESG) principles, the ‘Big Four’ accounting titan KPMG delves into the digital currency’s promising contributions to this movement. The professional services entity highlights four carbon-reduction techniques adopted by bitcoin mining firms across the entire mining sector.
KPMG Report Discusses Bitcoin and ESG Standards
KPMG’s analysis describes how bitcoin (BTC) miners, seeking proximity to inexpensive renewable energy sources such as solar and wind, reduce costs. This practice creates additional revenue to support more renewable energy projects in remote areas. The flexible computing load of bitcoin can also assist in balancing electrical grids by cutting demand during peak periods. KPMG researchers detail how bitcoin miners used a demand response system to aid Texas during a winter storm in 2021. The report states:
During Winter Storm Uri, which took place in Texas in February 2021, and saw temperatures get down as low as -14 degrees, bitcoin miners in Texas were able to curtail their energy consumption which resulted in approximately 1,500 megawatts being given back to the grid.
The study emphasizes that some miners are now recycling the intense heat generated by specialized bitcoin mining rigs to warm homes, buildings, and greenhouses. This process turns wasted heat into beneficial thermal energy, replacing more carbon-intensive heating fuels. Additionally, KPMG highlights ventures such as Crusoe Energy, which captures flared natural gas from oil fields to power modular bitcoin mining data centers. This practice reduces the emission of methane, a particularly potent greenhouse gas. Other startups are mining bitcoin at landfills, converting the released methane into valuable electricity.
KPMG estimates that flared gas emissions from U.S. and Canadian oil production alone could sustain the entire bitcoin network. With landfills accounting for more than 14% of U.S. methane emissions, utilizing this waste methane for mining could significantly reduce the world’s carbon footprint.
To capitalize on these emissions-reducing strategies, KPMG recommends that bitcoin mining companies actively work with renewable energy developers, grid operators, gas producers, and landfill managers. Joining industry groups that promote energy and materials stewardship practices can also aid miners in adopting cleaner technologies. While bitcoin mining’s significant energy consumption often sparks environmental worries, KPMG contends that carefully locating facilities near energy waste streams and engaging in participatory grid management can counterbalance related emissions.
With proactive partnerships and innovation, KPMG’s report underscores that bitcoin mining could contribute significantly to “Net Zero” or “Carbon Neutrality” ambitions. However, KPMG observes that realizing bitcoin’s potential for reducing carbon emissions necessitates mining companies taking responsibility for their effects. Openly disclosing energy sourcing, emissions profiles, and sustainability strategies will further foster confidence in the bitcoin ecosystem’s dedication to minimizing the world’s carbon footprints.
What do you think about KPMG’s report about bitcoin meeting ESG standards? Share your thoughts and opinions about this subject in the comments section below.
Polygon Banks On Merge To Get Rid Of 60,000 Tons Of Carbon Footprint
Polygon expects to eliminate a considerable amount of carbon traces from its system as the Merge nears.
The Ethereum Merge is just around the corner. With a soft deadline set on September 15, the world will soon find out whether or not the developers’ hopes for a positive change are realized.
The Ethereum-based Polygon blockchain will also undergo changes as a result of the Merge. In a nutshell , the Merge is the transition from Proof-of-Work (PoW) to Proof-of-stake (PoS). With this update, the Ethereum network should use less energy in the future.
If you take Chile’s annual electricity consumption of 77.53 TWh and apply it to the current annual electricity usage of the Ethereum network, you get a pretty good idea of how much power is being used.
Polygon’s Burden: Cutting Carbon Footprint
The network’s carbon footprint is comparable to that of Hong Kong (which is 43.24 MT CO2), so it’s quite sizable.
Based on research by Polygon, the network is responsible for 0.48 percent of Ethereum’s total carbon footprint of 12,721,000 metric tons of carbon equivalent. This estimate is valid for the period beginning in August 2021 and ending in July 2022.
That’s the equivalent of creating 60,930 tons of carbon dioxide. Polygon also mentioned the difficulty in doing so, noting that it must also factor in the emissions of its L1 chain.
As a result, the progress Ethereum has made toward a (almost) emission-free system will have a significant effect on Polygon’s emission rates.
Polygon did the math for the post-merge as well. They believe that reducing energy consumption will result in Polygon having only 50.22 tons of carbon output.
To put the reduction into context, the projected post-merge annualized energy consumption is 0.82 percent of the pre-merge annualized energy consumption figures for 2021-2022.
Hype And Anticipation On The Merge Intensify
This connection with Ethereum may have an impact on the price of MATIC, Polygon’s native token. Traders have been speculating about the merger. This meant that if investor sentiment for Ethereum is low, investor confidence may be low as well.
According to Coingecko data, the Polygon team’s press day release of the blog post about the merger was met with fear.
The price has recovered from its recent drop the day after the announcement. MATIC’s price has exactly tracked the dip and surge in the price of ETH since Polygon’s blog post.
Confusion and hype are the forces propelling the ETH price surge and retreat.
The future of Ethereum-based networks and Ethereum itself is at stake as the Merge approaches.
MATIC total market cap at .5 billion on the daily chart | Source: TradingView.com
Image from Blockchain News, chart from TradingView.com
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Polygon’s MATIC Surges 27% On Carbon Neutrality News
According to CoinMarketCap, the Polygon (MATIC) value was increased by nearly 27% to .55 within 24 hours after Polygon’s news of being carbon neutral. However, the coin is still on an upward trend, and as of the time of writing, it was trading at .60.
The price is still below what it was at the beginning of the month when it was trading at .66, but considering the market downturn, MATIC’s price gain is sending out a positive vibe. It ranks as the 18th largest cryptocurrency worldwide.
Related Reading | Bitcoin May Have Hit Bottom According to These Indicators, BTC Targets K?
The value of Polygon (MATIC) increased by roughly 50%% within seven days, as per CoinMarketCap statistics. On the other hand, the leading cryptocurrencies, like Bitcoin and Ethereum, saw a week’s decline. In addition, Having peaked at .92 on December 27, 2021, Polygon has since plummeted nearly 80%. Although it is still 50% higher than this month’s low of 0.31 on June 18.
MATIC was first created on top of the Ethereum Network and is now enhanced with Plasma-based side-chains to guarantee asset security. The main objective of MATIC Network, which calls itself a blockchain-agnostic Layer-2 scaling solution, is to enable scalable, quick, and safe blockchain transactions.
MATIC is currently trading at around .6 on the hourly chart | Source: MATIC/USD price chart from Tradingview.com
The Main Factor Driving Polygon’s Matic Value Upward
Mainly two catalysts appear to be the reason for Polygon’s increasing value. Nevertheless, the most important one is Polygon’s recent announcement that it has retired 0,000 worth of carbon credits, turning the company carbon neutral.
The value of its native token has increased significantly as a result of its achievement of carbon neutrality. Indian crypto exchange WazirX’s Trade Desk also claims that:
Polygon(MATIC), just lately achieved carbon neutrality(a stability between emitting and absorbing carbon). This has led to a surge in MATIC value in the previous couple of days, leaping up by 30%. The hourly pattern for MATIC has damaged out of the ascending triangle sample. The subsequent resistance is predicted at .73 degree.
Polygon stated in its blog post that through their partnership with KlimaDAO, it became carbon neutral and further explained that:
In helping to implement the first phase of Polygon’s long-term commitment to sustainability, KlimaDAO, in partnership with Offsetra, analyzed the network’s energy footprint to identify emissions hotspots and develop an effective mitigation strategy.
Then, utilizing the offset aggregator feature of KlimaDAO, Polygon bought tokenized credits valued at 0,000 from the on-chain carbon market.
In addition, Polygon collaborated with KlimaDAO to retire the carbon credits created by particular projects on its blockchain. The Bull Run Forest Conservation Project is one of those projects.
Related Reading | Bitcoin Recovery Slows Down As Whale Inflows Remain Elevated
Furthermore, whale accumulation is the second factor that drives MATIC’s price increase, according to Santiment on-chain statistics.
As stated in their tweet on June 22:
$MATIC sharks and whales have been in a pretty big accumulation trend for about six weeks. The tiers of holders ranging from 10k to 10m coins held have collectively added 8.7% more to their bags in this timespan.
Featured image from Flickr and chart from TradingView.com
How is SAI.TECH, a recently listed Bitcoin mining operator, driving towards carbon neutrality?
The past year has experienced a boom in SPAC crypto mergers, with companies like Core Scientific Inc. Bakkt and Cipher Mining being a few notable examples. SAI.TECH (“SAI” or “the Company”) got on the wave of SPAC listings right before SPAC mergers got more difficult. Having gotten officially listed on Nasdaq on May 2nd, SAI is the first “chip heating” concept stock on the exchange, with its CEO & founder Arthur Lee also becoming the youngest Chinese CEO ever listed.
Bitcoin has become one of the most attractive emerging assets on the market in recent years, but the need for increasingly energy-intensive computing infrastructure has caused concerns about its sustainability. By promoting ESG standard technologies and solutions, SAI, as a global energy-saving bitcoin mining operator and a clean-tech company, is trying to prove to the market that the feasibility and the company’s business model might leads bitcoin mining to a more sustainable future. We sat down with Arthur to talk about the company’s innovative technology.
Q1: First, I would like to congratulate SAI on getting listed on Nasdaq. Can you give our readers a brief introduction of SAI? What’s the inspiration for your innovation?
My inspiration is based on what I see as the two major trends of the early 21st century – sustainable development and decentralized digital network. Over the past 20 years, sustainable development has become a shared goal globally. Another trend is, decentralized digital cryptocurrency like Bitcoin has experienced a boom, ushering in the future of web 3.0. The high value of Bitcoin has proved its significance but has in equal parts been criticized for its high energy consumption and un-sustainability. As a result, how to better solve the energy consumption problem while ensuring the stable operation of the Bitcoin network has become an unavoidable dilemma facing us.
As a Bitcoin mining operator, SAI foresaw this problem as early as 2019 and has been actively looking for partnerships with large mining pools. With the support from one of our close partners ViaBTC, a world-leading crypto mining pool, we introduced SAIHUB, a cost-efficient solution created to reduce the high costs involved in the mining process. After three years of development, SAIHUB has leapt from 1.0 to 3.0. The latest SAIHUB 3.0 is an integrated and decentralized solution designed to horizontally integrate the computing, power and heating industries to build a more efficient and sustainable infrastructure for Bitcoin mining.
Q2: How can the Bitcoin mining infrastructure become more sustainable? How does SAIHUB solution factor in that?
According to calculations, about 99% of the electricity consumed by Bitcoin mining machines turns into heat energy. This part of the heat energy has been neglected for a long time, so it is referred to as “waste heat.” Instead of using an extra huge amount of electricity to cool data centers, our SAIHUB solution is capturing that waste heat and using it to defray energy use elsewhere.
With the help of SAI’s patented waste heat utilization technology, 90% of the heat generated by the mining process can be recovered and reused into heating sources for various residential, commercial, industrial, and agricultural application scenarios.
In recent years, the use of renewable energy for Bitcoin mining has dropped significantly as various factors have led natural gas and coal to become more popular sources of power for the industry. This change has made SAI’s mission even more vital.
Q3: Can you introduce more of the SAIHUB solution? What’s the history behind this solution?
The evolution of SAIHUB has gone through three stages. At the 1.0 stage (2019-2020), SAIHUB used 16nm chips. The power was 50kw, with hash rates around 350T. This solution was able to reuse waste heat for single-house heating services. The SAIHUB 2.0, 2020 – 2021, was a step forward, adopting 7- 8nm chips, with the power for a single SAIHUB being around 250kw and hash rates leaping to 5P. This version was enough to recycle the heat for a small community or an agricultural greenhouse, thus enabling us to provide large-scale heating services.
From 2022 onwards, SAI enters the SAIHUB 3.0 stage. SAIHUB 3.0 lowers the core costs of the mining process, including heating, power, computing, and chip. We have successfully run three pilot projects of clean computing data centers, covering more than 30,000 square meters of greenhouses, large commercial buildings, and shopping malls for heating.
At this stage, we are willing to open up our patented liquid cooling and waste heat recovery technology to scale up the SAIHUB business model, enhance the efficiency of the whole industry together with our partners, including ViaBTC Pool, and promote the clean transition of the computing industry.
Q4: You just mentioned the partnership with ViaBTC Pool. Could you please introduce this partner in more detail?
ViaBTC is our strategic partner and also one of the major supporters of SAIHUB. As an all-encompassing crypto mining pool established in 2016, ViaBTC is well-recognized for BTC mining and has extensive influence in that field.
As global warming escalates, the international call for carbon neutrality is also growing stronger. The mining of PoW-based cryptos like Bitcoin consumes a massive amount of fossil energy. ViaBTC shares our belief that we should boost the innovation of clean energy technologies to improve the utilization of clean energy in crypto mining and reduce its environmental impact.
At the same time, we have also engaged in profound exchanges and cooperation with ViaBTC regarding the SaaS solution. In the future, we also hope to partner up with more companies in the field of BTC mining that share our beliefs. Together, we will expand the blockchain space and accelerate the progress of Bitcoin.
Q5: SAI recently took a major step into the tech market by getting listed on Nasdaq; what gives SAI an advantage in the competitive market of Bitcoin mining innovation?
Bitcoin has always been associated with high energy costs and unsustainable infrastructure, and the massive amounts of heat produced have been a constant cause for concern. Few people, however, have thought of using this resource as an asset, and this insight is what makes SAI stand out. Not only that, but our company also consists of an elite team with rich experience in the field.
Although the cost of electric heating is currently higher than that of fossil energy heating, as carbon taxes and various policies increase the price of fossil fuels, this will eventually change. It is estimated that the cost of using natural gas to obtain heat will be about 65% higher than that of electric heating by 2050, meaning that heating will inevitably be primarily electric. In this case, SAIHUB has an inherent advantage over fossil fuel-based heating solutions in the long term.
Let’s review the carbon neutrality roadmap committed by the world’s major countries. Most developed countries, including the United States, Japan, and the United Kingdom, have set the deadline to be 2050. However, the recent Russian-Ukrainian tensions have brought the European energy market to a standstill. In addition to the price increase of more than 200% for natural gas, countries like the United Kingdom must reconsider using coal to replace natural gas power generation. The contribution value of clean energy to achieve carbon neutrality may also require a considerable reduction in consumption levels according to current forecasts, which means that in the next twenty-eight years, energy efficiency plans such as those represented by SAIHUB will take on more responsibilities, which is a challenge, but also a rare historical opportunity.
Amber Group Partners with Climate Tech Company Moss Earth to Buy $2M Carbon Offsets
Amber Group, a leading crypto trading and technology firm, announced today a strategic partnership with the climate tech company Moss Earth, the first and largest environmental platform in the world to tokenize carbon credits. As per the agreement, Amber Group bought 250,000 carbon tons offsets’ worth of MCO2 tokens; approximately enough to offset the cost of more than 280,000 BTC transactions.
“Climate change is the central issue of our times. Joining forces with Moss Earth will constitute a major pillar of our carbon neutral business impact ambition and a path towards a long-term carbon-negative pledge which we will be announcing soon,” remarked Michael Wu, Founder and CEO of Amber Group. “We will be working towards offsetting our carbon footprint, toward providing options for our users to act upon this commitment and eventually acting to remove carbon emitted since Amber Group commenced activities in 2017.”
As a crucial step towards fulfilling this pledge, Amber Group is therefore announcing its initiative to offer carbon offsetting options to its users, through which everyone will have the opportunity to offset the carbon footprint associated with their transactions by purchasing MOC2 Tokens, Moss’s tokenized carbon offsets.
Launched by Moss in March 2020, MCO2 is equivalent to one carbon credit, a digital asset that certifies the prevention of one ton of carbon dioxide from being emitted into the atmosphere. Through the certification process and the minting of MCO2 tokens, funds are sent to conservation projects in the Amazon. “We are very excited that such a reputable fintech unicorn such as Amber Group has embraced the battle against climate change – and honored that Amber Group chose to do it via endorsement of the MCO2. We believe that adding liquidity to this transparent way of offsetting carbon emissions is key for it to become easy and for us to add the habit to our daily routine,” says Luis Adaime, Founder and CEO of Moss.
”The world confronts a major emergency. Businesses have to take responsibility and assist their stakeholders in contributing towards humanity’s common goals. As a rapidly growing global fintech unicorn, it is our obligation to take a leading role in combating climate change and empower our users to contribute towards these lofty, yet non-negotiable aims,” added Michael Wu.
About Amber Group
Amber Group is one of the world’s leading crypto finance service providers, operating globally with twelve offices on three continents. To date, Amber Group has raised a total of 8 million in funding from the world’s best investors including Tiger Global Management, DCM Ventures, Paradigm, Pantera Capital, Coinbase Ventures, Blockchain.com, Polychain Capital, Dragonfly Capital, and Fenbushi Capital.
About Moss and the MCO2 Token
Moss is a climate tech company focused on environmental services with global operations. In 2020, it created the first carbon credit-backed token used to offset greenhouse gases. In its one year of existence, Moss and its customers have sent more than US$ 15 million to the Amazon, which has helped to preserve approximately 500 million trees. The MCO2 token is already listed on platforms such as Mercado Bitcoin and FlowBTC as well as globally on ProBit, Uniswap and Gemini. A carbon credit is a digital certificate that is equivalent to avoiding the emission of one ton of CO2 in a given year through forest conservation, clean energy, and biomass projects, among others.
How This VeChain Tool Will Aid Enterprises To Reduce Carbon Emissions
The VeChain Foundation recently revealed a new tool that will be used to speed and improve efforts to reduce carbon emissions. This has become a major challenge in China, as the Asian giant prioritizes the reduction of its atmospheric pollution to 0 in the next decades.
Called Digital Carbon Footprint SaaS Service, this VeChain-based tool is designed to help companies to change their carbon footprint by improving their data management practices, according to an official post.
Digital Carbon Footprint SaaS Service UI. Source: VeChain Foundation
The Foundation claims that their new tool has combined decentralized ledger technology with a SaaS (Software as a Service) business model. This is how carbon emissions data reported by companies is legitimized and verified.
Thus, VeChain and its tool help remove the trust issue in this important area, increase transparency, and improve the collection of data for a supply chain. Later, the data can be used by enterprises to track down the sector on the supply chain that needs to performed better to offset carbon emissions.
VeChain’s Digital Carbon Footprint SaaS Service allows enterprise users to log key data and integrate it with world-leading third party assurance providers within VeChain’s partnership network.
The VeChain Foundation claims that carbon emissions and responsible corporate social decisions have become a “massive global focus”. This has been increased by the COVID-19 pandemic.
Therefore, consumers need tools that provide reliable information about these key items. Thus, their solution, the VeChain ecosystem, companies, and their reputation, and ecofriendly practices, all benefit from this technology. The Foundation stated:
VeChain’s services provide an opportunity for businesses to amplify transparency and dramatically change the way consumers view carbon labelling. By leveraging VeChain’s intuitive Digital Carbon Footprint SaaS platform.
VeChain (VET) On A 50% Monthly Rally, Next Potential Price Target
In the coming decades, as China and the entire world try to migrate to more sustainable economies, VeChain and its solution could gain more importance. Decision-making, as the Foundation said, at a national and corporate level is becoming more “data-driven”.
Therefore, scalable platforms, such as the Digital Carbon Footprint SaaS Service, could be a must for any company to carry on operating in a world that demands more transparency, and more social awareness.
Over the past months, VeChain has consolidated and launched several solutions and partnerships. As NewsBTC reported, their collaboration with the Republic Of San Marino to provide COVID-19 vaccination certificates secure by blockchain VeChainThor.
Its native token VET seems to have positively reacted to these events, as it records a 52% profit in the 30-day chart and 6.7% profit over the past two weeks.
At the time of writing, VET trades at .11 after a retracement following the general sentiment in the market.
VET with minor losses in the daily chart. Source: VETUSDT Tradingview
As pseudonym trader VeChain Justin showed in the chart below, VET must reclaim the green area around .12 to reclaim support and have a chance at further appreciation. More downside could lead the token back below the ,10 levels.
Source: VeChainJustin via Twitter
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VeChain’s New Patent Could Help Offset Carbon Emission
VeChain Global Technology has petitioned for a patent with the U.S. federal agency Patent and Trademark Office (USPTO). Filed on April 22nd, 2021, the application seeks to register methods, devices, blockchain nodes, and a system for carbon recording and trading, per the document published by the agency.
The patent has been attributed to Jianliang Gu, Xinli Tian, and Ziheng Zhou, VeChain’s Chief Technical Officer (CTO). The document describes the method to obtain data related to carbon behaviors on different objects and then converting that data into corresponding carbon data. Later, the information will be stored in a blockchain-based platform for subsequent trading as a transaction.
For example, an electric vehicle with a unique ID could provide data on the amount of electrical energy consumed. This data could be compared to that of a combustion engine vehicle to determine a “baseline carbon emission amount” (BE). With a smart contract running on the blockchain platform, the owner of the vehicle can be incentivized to maintain its BE below average to receive a credit attached to its ID:
(…) The carbon credit and the unique ID to the block chain as a block chain transaction; receiving, at the block chain node, a request for a transaction to purchase a good or service with the carbon credit; and executing, with the at least one smart contract, a block chain transaction according to the request.
The carbon emission value will be written as a Hashed valued by performing a Hash operation. The hash will be transmitted to the blockchain and safe storage, as the document describes while adding the following:
the use data is collected by an IoT sensor operably coupled to the electric vehicle and transmitted to the block chain node via a computing device located in the electric vehicle.
VeChain’s Commitment To Reduce Carbon Emission
The document presented to the USPTO claims that greenhouse gases are the main cause of global warming. Therefore, VeChain Global Technology has come up with this method to implement “carbon emission technology”.
The mechanism will also attempt to provide a trustworthy and tamper-proof multi-purpose platform for enterprises to store their carbon emission data. Thus, reducing the “confusion” in carbon records without the intervention of a third party. The patent application claims the following:
With the solutions of the present disclosure, safe and credible recording of the carbon data may be achieved. Furthermore, according to some aspects of the present disclosure, safe and credible implementing and recording of the carbon trading may be achieved.
At the time of writing, VET trades at .21 with a 2.7% loss in the daily chart. In the weekly and monthly chart, VET has a 23.9% and 125% profit. Holders should be looking at a candle close above the .22 mark, this could lead to further gains and a break towards price discovery.
Fighting Climate Change With MOSS Carbon Credits (MCO2)
MOSS is an organization that fights the roots of climate change. The biggest mission it has undertaken on its shoulders is to cherish and harbor sustainable actions to ensure that future generations are given the gift of a better planet. MOSS has created one of the largest and path-breaking concepts that specialize in the purchase of carbon credits generated by the best environmental projects.
Forests are some of the biggest gifts nature could have given us, but it needs help to uplift it on its path to destruction. By purchasing these carbon credits, users can contribute, support this nature’s gift, and save Life on Earth. The platform is focused on saving the planet by the sourcing and selling of carbon credits. MOSS is firm on reducing deforestation in the world and bringing it to zero!
Understanding Carbon credits
A carbon credit is essentially a digital certificate that proves that an organization or an environmental project has prevented 1 ton of CO2 emission in a given year. Carbon credits are not decentralized because they are audited and registered by international institutions. So essentially speaking, they are intangible assets, and a majority of the credits are traded and quoted in US dollars.
The MOSS platform is the largest carbon platform globally that serves as an easy-to-use virtual space for users to buy, store and offset carbon credits. It provides a digital platform that sells carbon credits to individuals and companies.
How it works
With its three-layered functioning of buying, storing, and offsetting MOSS completes the circle. Let’s analyze it:
- Buy – Moss selects the best environmental and certified projects and offers its carbon credits tokenized through its platform. MOSS will lend support by storing your carbon credits in a digital wallet.
- Store – As the platform aims to be decentralized and transparent, nothing can be as safe as storing them here until they are offset.
- Offset – Become a proud contributor and save Earth even with your little contribution. MOSS allows you to offset your carbon footprint anytime you wish to.
MCO2 token takes a great start
The MCO2 token of MOSS can be touted as one of the largest tokenization initiatives in history to date. The organization has created a lot of positive buzz around it, which is why the token sale flourished. Investors from different zones participated in it because they wanted to contribute to the cause. The great token sales generated funds out of which million have already been sent to various Amazon Forest Conservation projects in 8 months. The projects and the funds are also being put to use at a ground level wherein the expansion of these projects to 300 thousand hectares is being initialized. The fund amount is considered the largest amount ever sent by a private player to Amazon Conservation projects.
The token has been under a rigorous audit process and has undergone audit layers from top audit firms before release. Highly credible and respectable audit firms like Perkins Coie, CertiK, among the main ones. The MCO2 token is already creating a buzz within the industry and has been consistent in its rankings. It is already placed 190 in its rankings in terms of marketcap. With a market cap of million, MCO2 is slowly inching its way towards not just popularity but also a jolt to become aware of how we are destroying nature.
Bitcoin Price Looks Like a “Carbon Copy” of Gold, and That’s Bad for Bulls
Since the ,600 lows seen at the start of the week, Bitcoin has mounted a strong comeback, recovering to ~,800.
A growing number of analysts, however, have said that the recovery is just noise in an otherwise bearish trend. They cite fractals and textbook patterns suggesting that it is only a matter of time before BTC falls back towards the ,000s, then maybe even lower.
Bitcoin Looks Almost Exactly Like Gold — and That’s Bearish
A fractal is a technical term used by investors to describe a phase of price action that repeats at different times and/or for different assets. As Investopedia explains:
“Fractals also refer to a recurring pattern that occurs amid larger more chaotic price movements”
Bitcoin’s price action from the March lows until today, according to a top trader, is almost identical to that of gold from the March lows. Both assets have extremely similar trajectories and a consolidation pattern at their respective local highs that are structurally similar.
According to charts shared by the trader, who said that Bitcoin’s price action is a “carbon copy” of gold, BTC could soon fall towards the ,000s to match gold’s price action.
Bearish Bitcoin and gold price chart shared by cryptocurrency trader “TraderXO” (@Traderx0x0 on Twitter).
Related Reading: Crypto Tidbits: 0M of Bitcoin Liquidated, Ethereum DeFi Adoption Limited, Bloomberg Is Bullish
Not the Only Sign of Impending Downside
The expectations that Bitcoin will fall towards the ,000s have been echoed by another trader, who said that BTC’s recent price action looks much like a schematic outlined by technical analyst Richard Wyckoff.
The trader said in reference to Bitcoin’s bearish rejection at ,500 earlier this week and how it looks like a Wyckoff pattern:
“Volume-wise I can’t look past distribution up here given the reaction to the high sweep. There are very few re-accumulation ranges that we would expect to see that contain a move above the range which was so strongly rejected. Typically in a re-accumulation structure this move would hold, not come back inside. That’s usually one of our first signs of distribution.”
Bitcoin Still Long-Term Bullish
Despite the expectations of downside, the fundamentals and on-chain metrics show that the Bitcoin ball is still squarely in the court of bulls.
Per previous reports from NewsBTC, Hans Hague, a senior quantitative analyst at crypto-asset fund Ikigai Asset Management, noted that on-chain metrics show the asset is in “heavy accumulation.”
Hague added that with the block reward halving, which decreases the supply of BTC coming on the market, the market may soon see “fireworks.”
Also bullish is Blockstream CEO Adam Back, who said that the “money printing” going on in the world in response to the recession, he sees BTC hitting 0,000 in the next five years.
Related Reading: There Are Three Fundamental “Waves” That Could End Ethereum Bears in the Long Run
Featured Image from Shutterstock
Price tags: xbtusd, btcusd
Bitcoin’s Chart Looks Like a “Carbon Copy” of Gold, and That’s Bad for the Bull Case
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