GlobalBlock Crypto News: Bitcoin, Robinhood Woes and Volcanoes

A new German law could affect Bitcoin’s price for the better, GlobalBlock sales trader Alexandra Clark believes.

German special funds may now invest up to 20 per cent of their funds in cryptocurrencies. If everyone does that, it represents a $415 billion inflow, Clark estimated.

The mining industry is upping its use of sustainable energy in mining, according to the Bitcoin Mining Council. Sustainable energy use rose 52.2 per cent between Q1 and Q2 this year, with 67.6 per cent of energy used to mine the top cryptocurrency coming from sustainable sources.

Good news, but until the Chinese hash rate has completely located we will not know for sure what that energy spread will be, given almost two thirds of Bitcoin mining occurred in China, with much of that output from coal.

Those seeking to fill the void are touting a variety of methods. Miami promotes its use of nuclear power, while Paraguay cites cheap hydroelectric sources. El Salvador is taking a more unique path by looking to volcanoes.

Ethereum 2.0, the ETH network upgrade, last week crossed six million staked coins under its deposit, its highest total to date. At a per-unit price of $2,035 it provides a total worth of $12.21 billion. The more energy efficient method has a pair of JPMorgan analysts touting proof-of-stake coin yields in this low-rate environment.

The ups and downs of Dogecoin seem to have a direct effect on Robinhood’s fortunes, Clark said. Dogecoin accounted for 34 per cent of Robinhood’s transaction-based revenue in Q1.

A recent deal between enterprise payments firm NCR and digital asset manager NYDIG will increase Bitcoin’s reach to 24 million customers. In the near future 650 American banks can offer Bitcoin purchases to their customers. Good news for the banks but bad for crypto exchanges, as it could lead to the irrelevancy of their exchanges.

More than one in four respondents to a Financial Planning Association survey said they plan to increase the frequency of their cryptocurrency recommendations over the next year. Close to half (49 per cent) said they have received client queries about investing in crypto this year.

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