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Altcoins rally to new highs after the ETH/BTC pair flips bullish

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Altcoins rally to new highs after the ETH/BTC pair flips bullish

Signs that an altseason is underway are beginning to increase across the cryptocurrency market after numerous altcoins posted double-digit gains on Aug. 31. Meanwhile, the price of Bitcoin (BTC) continued to face headwinds and the digital asset trades at $47,100

The top altcoin Ether (ETH) looks poised to stage a 40% rally against BTC according to analysts, and a 5% gain in the ETH/BTC pair on Tuesday is thought to be the fuel behind altcoins which rallied more than 30% today.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Metal (MTL), Rari Governance Token (RGT) and Kusama (KSM).

Metal Pay expands to Georgia

MTL, the top-performing token, is the native cryptocurrency of the Metal Pay platform which touts itself as “the easiest way to buy, sell and trade crypto.”

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for MTL on Aug. 27, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. MTL price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for MTL first turned green on Aug. 25 and then proceeded to climb to a high of 76 on Aug. 27, around 82 hours before its price spiked by 98%.

The surge in momentum came following a Aug. 31 announcement that the project had received its money transmitter license for the U.S. state of Georgia, meaning residents in the state can now legally utilize services offered by Metal Pay.

Governance launches at Rari Capital

The Rari Governance Token is the native token of Rari Capital, a non-custodial DeFi robo-advisor that allows users to deposit crypto-assets and automatically begin earning the highest yield.

According to data from Cointelegraph Markets Pro, market conditions for RGT have been favorable for some time.

VORTECS™ Score (green) vs. RGT price. Source: Cointelegraph Markets Pro

The VORTECS™ Score for RGT spiked into the green and reached a high of 80 on Aug. 29, around 36 hours before the price increased 59% over the next day.

The uptick in price and sentiment comes following the release of a governance proposal for the protocol that looks to create an NFTX Vault pool on Fuse.

Related: The great crypto flippening: Can Ethereum overtake Bitcoin?

Kusama rallies after integrating with Bifrost

Kusama is an experimental blockchain platform designed to facilitate interoperability between separate networks andit looks to bring a new level of scalability to the crypto ecosystem.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for KSM on Aug. 30, prior to the recent price rise.

VORTECS™ Score (green) vs. KSM price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for KSM climbed into the green zone on Aug. 30 and reached a high of 70, around 10 hours before its price began to increase by 45% over the next day.

The increase in interest for KSM comes on the heels of the release of an update that further integrated the token with Bifrost, a Polkadot-based parachain designed to provide liquidity and staking without nominating delays.

The overall cryptocurrency market cap now stands at $2.091 trillion and Bitcoin’s dominance rate is 42.6%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin Miners Seek Out Nuclear Power as ESG Pressure Mounts

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Bitcoin Miners Seek Out Nuclear Power as ESG Pressure Mounts

Amidst concerns of environmental sustainability, Bitcoin miners are symbiotically partnering with nuclear power plants.

One such partnership is a joint venture between Talen Energy Corp. and bitcoin-mining company TeraWulf Inc. The miner started development on a facility the size of four football fields next to a Pennsylvania nuclear plant operated by Talen. 

“We are building demand adjacent to the existing nuclear plant,” said Talen Energy President Alex Hernandez. He heads the subsidiary jointly developing the mining project at the Susquehanna Steam Electric Station. Additionally, nuclear generator Energy Harbor Corp. said it would start providing power to an Ohio Standard Power mining center in December.

Even new nuclear projects have been instigated, with Startup Oklo Inc. signing a 20-year supply deal with Compass Mining. Oklo plans to build a small-scale fission power plant that will run on used nuclear fuel. Oklo co-founder and CEO Jacob DeWitte said he has also received inquiries from other bitcoin miners interested in the company’s project.

Miami Mayor Francis Suarez has also been touting the city as a hotspot for crypto mining, due to its cheap nuclear energy from a nearby power plant. The Turkey Point Nuclear Plant, which helps power the city, is located less than an hour away from Miami City Hall. According to the Bureau of Labor Statistics, an average kilowatt per hour of electricity costs $0.10 in Miami, versus the national average of $0.13. Meanwhile, Suarez is in talks with Florida Power & Light Company to drive the price down further.

Mutual benefit

The partnerships are proving mutually beneficial, as each is able to complement the other’s needs. Nuclear power plants provide stable, sustainable power for energy-intensive miners, while they in turn are helping to sustain these plants.

Because mining bitcoin is an energy-intensive process, the spread of mining operations has fueled criticism of it exacerbating climate change. Earlier this year, Tesla CEO Elon Musk suspended payments in Bitcoin over the environmental impact of mining operations.

Meanwhile, nuclear plants provide a steady source of emissions-free power, but many struggle to sell their output in wholesale power markets. Between wind, solar power and natural-gas generation, which has bottomed-out since the fracking boom, competition has become stiff.

“Both industry’s challenges are the other industry’s positives,” said Sean Lawrie, partner at consulting firm ScottMadden Inc.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Second-largest Ethereum mining pool to suspend all operations

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Second-largest Ethereum mining pool to suspend all operations

Launched in China in 2018, SparkPool controls over 22% of Ether’s hash rate as of Monday, second only to Ethermine.

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Second-largest Ethereum mining pool to suspend all operations

Sparkpool, the second-largest Ethereum mining pool in the world, is suspending operations due to the ongoing Chinese crackdown on crypto.

The mining pool officially announced that it has suspended access to new users in mainland China on Monday in response to Chinese authorities initiating new measures to combat crypto adoption in the country.

Following the initial restrictions made last Friday, Sparkpool will continue shutting down services, and plans to suspend existing mining pool users both in China and abroad on Thursday.

According to the announcement, the measures intend to ensure safety of users’ assets in response to “regulatory policy requirements.” “Further details about the shutdown will be sent out through announcements, emails, and in-site messages,” Sparkpool noted.

Launched in China in early 2018, SparkPool has emerged as one of the world’s largest mining pools for mining Ether (ETH), alongside the world’s largest Ethereum mining pool Ethermine. At the time of writing, SparkPool’s mining power makes up 22% of Ethereum’s global hash rate, slightly lower than Ethermine’s share of 24%, according to Poolwatch.io.

The news comes amid the Chinese government reinforcing its negative stance on crypto by declaring all crypto-related transactions illegal in the country last Friday. Some of the biggest cryptocurrency exchanges like Binance and Huobi have subsequently suspended new account registrations from mainland China, albeit reportedly still servicing users in Hong Kong.

Related: Ethereum drops more than Bitcoin as China escalates crypto ban, ETH/BTC at 3-week low

SparkPool did not immediately respond to Cointelegraph’s request for comment.

SparkPool’s shutdown comes as Ethereum continues its switch from a proof-of-work consensus mechanism to a proof-of-stake model in 2022 — part of the long-planned upgrade known as Ethereum 2.0. As previously reported by Cointelegraph, Ether miners will not have many choices after Ethereum 2.0 finally arrives, as their mining equipment is set to become obsolete.

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JPMorgan CEO says Bitcoin price could rise 10x but still won’t buy it

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JPMorgan CEO says Bitcoin price could rise 10x but still won’t buy it

Banking mogul Jamie Dimon has been a notorious detractor of Bitcoin since 2017, in contrast to his firm’s overt desire to capitalize from the ecosystem’s growth.

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 JPMorgan CEO says Bitcoin price could rise 10x but still won’t buy it

In an online interview with Times of India, Jamie Dimon, CEO of investment banking behemoth JPMorgan Chase, slandered Bitcoin’s popular appeal, despite stating that the leading digital asset could increase 10x in a matter of five years. 

A historically staunch critic of Bitcoin (BTC), Dimon called it a fraud back in 2017 and cited the reported capability for criminals to evade capture from authorities by operating their financial transactions in BTC rather than U.S. dollars.

When Times of India asked the CEO whether Bitcoin or other cryptocurrency assets should be banned or regulated, Dimon responded:

“I don’t really care about Bitcoin. I think people waste too much time and breath on it. But it is going to be regulated. […] And that will constrain it to some extent. But whether it eliminates it, I have no idea and I don’t personally care. I am not a buyer of Bitcoin. That does not mean it can’t go 10 times in price in the next five years.”

Despite this, JPMorgan has over the past year expressed a growing interest in the development and implementation of crypto and blockchain initiatives.

In January, the firm purchased a 10% stake in ultra-bullish business intelligence firm MicroStrategy, whose CEO, Michael Saylor, is one of Bitcoin’s most renowned investors and holders.

In July, the firm created multiple worldwide job postings for blockchain developers, engineers and marketers to work for its crypto-centric Onyx division — responsible for launching the bank’s stablecoin asset, JPM Coin, in Octo 2020.

According to a recent report, JPMorgan subsidiary Counterpoint Global is considering offering cryptocurrency investments to wealthy clientele. With assets under management topping $150 billion, this would represent a sizable stamp of approval for the rest of the banking industry. 

Related: JPMorgan will reportedly give retail wealth clients access to crypto funds

Dimon has received notable criticism for his dismissive views on digital assets, and no more so than from Wall Street veteran Max Keiser in an interview with Cointelegraph in late 2020. Keiser shared a biological analogy to express his discontent with the banking magnate:

“Bitcoin came into existence as a spontaneous life form that grew out of our global, collective consciousness as a defense mechanism to fight predatory central banks. Jamie Dimon is a parasite, like a tapeworm, and our species had no defense. So with God’s help, we collectively willed Bitcoin into existence to fight fiat money, fractional reserve banking and Keynesian debt-money propaganda.”

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