Cryptocurrencies are responding well to the decline in employment in the US

Both bitcoin and ethereum reacted well at the end of the week to the latest announcement from the US Department of Labor showing an increase in the number of applications for unemployment benefits.

Bitcoin started last week trading just under $17. By the middle of the week, it had fallen quite low to $000, and then - thanks to the latest employment report - it recovered to over $16. It is currently trading around $600.

Ethereum started last week above $1 before dropping to around $280. However, thanks to the employment report, it rose above $1 again. Over the weekend, it recorded a downward trend and is currently trading around $220.

With Christmas approaching, the market seems to be returning to a similar pattern to the major stocks. In recent months, there has been evidence that the correlation between each of the markets is decreasing.

However, with volatile trading conditions continuing, it looks like investors have become more responsive again to global macroeconomic updates, such as the jobs report that stirred up the cryptocurrency market last week.

The Bank of England is looking for a supplier of cryptocurrency wallets

Bank of England opened the apps for cryptocurrency projects to provide him with a proof of concept digital wallet as he continues to look at the potential of a central bank digital currency (CBDC).

CBDCs have been somewhat forgotten among the other larger stories of 2022, but it is obvious that they are still being worked on. The Bank of England is clearly looking at digital currency storage solutions, but it is clear from the application that it wants a third party to create the wallet, rather than produce anything in-house with the help of experts.

The Bank of England is working with the Bank for International Settlements (BIS) on the "Project Rosalind", which aims to create proof of concept technologies that will enable the use of CBDC by both institutions and private users.

CBDCs are a noteworthy aspect of the cryptocurrency space, but many projects and users remain skeptical as the idea runs counter to decentralized currency systems such as bitcoin.

BTC miner Argo may fail

Cryptocurrency Winter could pick up another scalp soon as the pressure on companies in the space continues. Bitcoin miner Argo is on the verge of bankruptcy as the company has struggled to meet its obligations as the price of bitcoin has fallen in recent months.

Diggers have been hit this year by a number of factors that have made operating conditions extremely difficult. Not only did the bitcoin price fall, but the hashrate also remained at a record high for a long time. Combined with high energy costs, this puts pressure on diggers. Now it seems that the company is at the breaking point.

In October, the company failed to attract a strategic investment, which did not bode well for its future at the time. Argo is a publicly traded company but its share price was suspended on Friday pending an announcement. Today we will most likely get to know the content of the announcement.

Grow tulips with bitcoins

The Dutch tulip producer is making a splash messagethat it uses the energy and heat created by the bitcoin mining kit to grow tulips. It turned to bitcoin in an intriguing innovation necessitated by Europe's energy crisis.

The company says it turned to bitcoin mining rigs to provide heat for tulip greenhouses thanks to soaring energy costs caused by the conflict in Ukraine. Bitcoin servers, in turn, are powered by solar energy, making it an energy efficient process from start to finish.

The irony of using bitcoin technology to grow tulips (the cause of one of history's great financial bubbles) makes perfect sense. Not only can the company earn bitcoins through the mining process, but it actually does so in an environmentally friendly way.

Bitcoin supporters are quick to defend the cryptocurrency when it faces allegations of energy consumption. There are more novelties like this that appear routinely. Another such idea is for example connecting mining platforms and wind farms. This means that when the wind turbines are not needed but the wind is blowing, the mining rig can be turned on to earn extra cash for the power operator.