Cryptheory: Crypto and Internet

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08.12.[News of the day] • Iceland cut off electricity supplies to new BTC miners • and other articles

5 min read

Welcome to today’s overview:


On Saturday, we experienced a massive crash that knocked BTC from $ 58,000 to a two-month low of $ 42,000, leading to the liquidation of more than $ 2.5 billion from 400,000 traders with excessive leverage.

The asset began to recover on Sunday, but stopped at almost $ 50,000. Yesterday, however, he managed to overcome this level. In addition, in the following hours, BTC continued to rise, even touching $ 52,000. Here the bears strengthened again and pushed him south again. As a result, BTC is now just around $ 49,000.

Most altcoins have recently mimicked the performance of BTC, which means that they fell sharply on Saturday and recorded impressive gains yesterday. Today, however, most of them have stopped or even returned. During the crash, ETH fell from $ 4,600 to $ 3,500 in a matter of hours and exceeded $ 4,400 yesterday.

BTC analysis – growing leg is only part of the correction. When will the bull trend be confirmed?

LTC analysis – is the price on a long day? Reversion not confirmed


Iceland cut off electricity supplies to new BTC miners

Iceland’s national power company Landsvirkjun has reduced the amount of energy it will provide to some industries, including aluminum smelters and BTC miners.

A representative of the island’s energy company said it was forced to reduce energy allocations to southwestern BTC miners and various industrial facilities due to a number of problems, including a power plant problem, low water tank levels and access to energy from an external supplier.

Mining operations have long been attracted to the country due to its wealth of geothermal energy, which is mined to create a cheap and rich supply of renewable energy. However, from 7 December, for an unknown period, according to the Landsvirkjun, all new applications for electricity from mining operations will be rejected.

In 2021, DOGE and ETH ranked among the top 10 most popular searches on Google

On December 7, Google published its traditional annual list of top search terms for the year, which divided them into several categories, including search, news, people, games, movies, and more.

According to the Google Trends Year in Search 2021 report, Dogecoin was the fourth most popular search term on Google in 2021, both globally and separately in the United States. Reports related to the “ETH Price” query ranked 10th. Thanks to its rocket growth, Dogecoin reached the 4th place.

Banks, crypto exchanges, companies

According to Meta, South Korea is a top metaverse environment

A Meta representative in South Korea said at its first press conference in Korea after renaming from Facebook that the country is one of the best environments for metaverse development.

At Meta Korea’s VR (virtual reality) art media show, its director, Jung Ki-hyun, said South Korea was supportive of the metaverse business due to its responsiveness, the scale of VR equipment expansion, such as Oculus Quest, the OEM environment. ) and potential as a domain for developers and content creators.

According to a report by the Korean Ministry of Science, the country’s CoR market showed an average annual growth rate of over 36% in 2018 and expects the market to be worth more than $ 2.5 billion by 2024. Jung emphasized the need to create an ecosystem that is user-friendly as well as creators, before applying advanced concepts such as NFT.

Visa has announced a new cryptoconsulting service for merchants and banks

Payment giant Visa is launching new consulting and advisory services to help its clients navigate the world of cryptocurrencies.

The company said on December 8 that its crypto-consulting practice, based in its consulting and analytics division, would offer advice to financial institutions, retailers and other companies in all areas, from crypto implementation and NFT research to CBDC wallet development.

According to Visa, part of banks’ interest in cryptocurrencies is maintaining competitiveness. Referring to a recent internal study, Visa stated that “40% of cryptocurrency owners surveyed say they would be likely or very likely to switch their primary bank to a cryptocurrency-related bank in the next 12 months.”

CBDC, Regulation

The South Korean presidential candidate is calling for greater national leadership in digital assets

Lee Jae-myung, the ruling Democratic Party candidate for South Korea’s presidential election in 2022, says cryptocurrencies are already an integral part of the lives of Korean citizens and the country must be a leader in virtual assets.

In an invited lecture at Seoul National University’s Finance and Economics Seminar, Lee said the crypto was an “undeniable reality” that “many people recognize as a means of trading and preserving values.” He also pointed out that the volume of trades on the South Korean cryptocurrency market has already exceeded the volume of trades on the KOSPI stock market.

Lee also believes that central bank digital currency (CBDC) and private cryptocurrencies can coexist, as cryptocurrencies are a smoother, cheaper, and time-saving way to send money transfers abroad than the current financial system.

The Australian government has nodded at the world’s top 6 cryptoreforms

The Australian government is seriously considering the introduction of a central bank digital currency (CBDC) and has supported a number of progressive proposals for cryptocurrency regulation as part of a new “payment and crypto reform plan”.

Finance Minister Josh Frydenberg said the reforms would “firmly place Australia among the handful of the world’s leading countries.” The reform plan is said to be the biggest shock of the Australian payment system since the 1990s, with some of the foundations related to cryptocurrencies laid by innovative proposals put forward by the Australian Senate Committee in September.

According to the Australian Financial Review, the government supports six of the nine reforms proposed by the Senate Committee, including a crypto-exchange licensing regime, laws governing decentralized autonomous organizations and a common access regime for new payment platforms.

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