A New Cryptocurrency Mining Pause Is Threatening The Russian Economy
Russia is going through a difficult time. The economy has been struggling for years and now a new threat emerges: cryptocurrency mining.
Russia has long been known as a major player in the world of cryptocurrencies. death. The country is home to some of the biggest mining operations in the world, with some of the most powerful computers in the world dedicated to cryptocurrency mining. But it seems that Russia is losing this lucrative position.
The Russian government announced plans to ban all cryptocurrency mining in the country by July of this year. Reason? To protect the environment and reduce energy costs for people and businesses.
It's not just an economic issue. It also has implications for national security. If Russia loses its status as one of the largest producers of cryptocurrencies, that could affect the way money moves around the world – which could have consequences later when it comes to decisions. foreign policy decisions of other countries with such large mining operations as China. or America.
There are several reasons why we think this cryptocurrency dip won’t last:
While it might be tempting to think that this was the start of a new bull run for cryptocurrencies, many of these coins are losing their value due to increased regulatory concerns from country to country. We do not think this will be a trend going forward.
A five-wave move is underway to complete a five-wave Elliott cycle. Wave 3 is a large countertrend move from the end of wave four down to the low of wave two, which may be finalizing now. Wave 6 is a large countertrend move from the high of wave B at the start of 2018 down to its low near 10k currently.
While the Brazilian government has emphasized its commitment to regulation, it’s important to keep in mind that new and emerging technologies come along with risks. As such, it is vital to be mindful of some basic crypto rules while trading and investing with digital currencies.
While many of the interviewed attendees of The Aarthi and Sriram Show agreed that Sam had the right idea at the beginning, but failed to execute.
A recent survey reveals that a large percentage of the population in Brazil has been eyeing cryptocurrencies and their underlying technology for quite some time. The survey, which was conducted by the Latin American Research Institute (IDL), included 2,500 respondents over seven different Latin American countries — Argentina, Colombia, Mexico, Brazil and Chile.
Charts say it all. When you see a pattern, when you see what people are doing and saying and making predictions about, then make your own prediction.
Vitalik Buterin, the co-founder of Ethereum, recently expressed his perspective on Sam Bankman-Fried (aka SBF), the former CEO of now-defunct exchange FTX, and the crypto community’s initial skepticism toward him.
Price action in Bitcoin (BTC) seems to be moving slowly at the moment, so we might see the price break $29,500 again, but there is also a chance for a bounce back to the channel support at $28.865 per coin.
An upcoming power move by Bitcoin bears isn't enough to derail this MASSIVE price surge — and recent history tells us it's coming.