- All top three cryptos Bitcoin, Ethereum and Ripple settle in consolidation after a brief recovery.
- Ripple’s Brad Garlinghouse slams Bitcoin and Ethereum for wasteful mining through electricity and e-waste.
BTC/USD is stable above $8,800 following a reversal from a short term support at $8,750. The bulls seem to have the mantle lack the energy to pull above $9,000 for more gains. For now, the trend remains lethargic and the volatility low.
ETH/USD is the best performer among the top three cryptocurrencies having added 1.53% on its value. From the opening value of $223.78, Ethereum has advanced to $228.88 (intraday high). At the time of writing, the price has adjusted to $22.98.
XRP/USD is still battling with selling pressure beneath $0.24. Support at $0.23 is still intact despite the bearish inclination. Ripple is trading at $0.2377 following a 1.44% growth on the day.
Chart of the day
ETH/USD 4-hour chart
-637189079127605876.png)
Industry News: Ripple’s refers to Bitcoin and Ethereum mining as “massively wasteful”
The CEO of Ripple, Brad Garlinghouse says that the mining activities associated with Bitcoin (BTC) and Ethereum (ETH) are “massively wasteful” with regards to electricity. Garlinghouse was responding to a study by PWC’s blockchain professional Alex de Vries.
In the study, De Vries found that Bitcoin mining is already consuming more energy than Chile and the amount of power consumed continues to increase with the growing hashrate. Energy is not the only concern as Bitcoin's e-waste exceeds that of Luxembourg. Unlike Bitcoin and Ethereum, Ripple’s XRP tokens are pre-mined, which also raises questions over its centralization.
Facebook back to the drawing over the proposed Libra
Facebook is said to be reconsidering the plan for the release of Libra in 2020. The modified plan will see Facebook offer versions of government-issued currencies such as the dollar and euro to garner support for Libra. The move seems to be a contingency plan to bring in support from regulators who have from the beginning doubted Facebook’s ability to handle a project of such global magnitude. Facebook’s Calibra, digital wallet will have support for Libra and other government-issued currencies. Libra and Calibra releases are expected in 2020, preferably in summer.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback
Bitcoin hit a new all-time high of $89,900 on Tuesday before easing to around $86,000, following a 30% surge since November 5. Technical indicators suggest the rally may be overstretched, with a potential corrective pullback ahead.
GIGA investor loses $6M to phishing scam via fake Zoom link
On Monday, a Gigachad (GIGA) investor lost $6.09 million due to a phishing attack involving a fake Zoom link. Crypto investigation firm Scam Sniffer declared the scam that led the victim to a malicious site, compromising their wallet.
Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show
Tron is breaking above an ascending triangle formation on Tuesday, signaling a potential rally continuation. While AVAX and UNI are retesting their crucial support level — if supported, this suggests an upside move — all three altcoins look poised for double-digit gains as the crypto rally continues.
BNB: Bullish technical pattern validated, eyes all-time high
Binance Coin trades slightly down on Tuesday after breaking above an ascending triangle formation on the weekly chart, following a 12.5% rally last week. The technical outlook suggests a bullish breakout pattern and continuation of the rally, with a target set for a new all-time high of $825.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.