The negative market environment weighs heavily on bitcoin

Major crypto assets such as bitcoin i Ethereum, fell sharply last week due to serious problems in the market. Bitcoin started the week close to $ 21, but as the market digested major events, the price dropped below $ 000 on the platform eToro - the lowest level since November 2020. The price stabilized slightly over the weekend and is currently hovering around $ 16.

Ethereum, meanwhile, faced a similar price challenge, starting the week close to $ 1600 before dropping below $ 1100. The price has since stabilized and has remained around $ 1200 over the weekend.

The negative market environment weighs heavily on bitcoin

The current negative market environment weighs heavily on most cryptocurrencies, but some specific factors are affecting bitcoin now as owners try to protect their positions from market volatility.

The decline in price levels is very similar to the 2018 bearish, where bitcoin has dropped to new lows almost exactly one year to day since it hit the new ATH. Positive inflation data stabilized the price somewhat, but did not keep up with the rebound observed in equities. Elsewhere, JPMorgan has made a new price forecast for the world's largest crypto-asset, saying it could drop another 25 percent. - bringing the price down to $ 13, compared to the previous market decline in May with the collapse of the terra.

Spikes in bitcoin energy consumption - report

New global Bitcoin Mining Report by Bitcoin Mining The Council found that cryptocurrency energy consumption has increased over the past year. The report says the energy consumption of bitcoin mining has increased by 41 percent, but productivity has increased by about 23 percent, especially thanks to the increasing use of green energy sources.

Bitcoin miners' use of energy to validate blocks has been heavily criticized in recent months, especially with the launch of The Merge network, which allegedly reduces energy consumption by more than 99%.

But the report proves that bitcoin still only consumes about 0,16%. of the world's energy resources, emitting only 0,1 percent. carbon dioxide emissions - calling it an "insignificant" amount. While that may be the case, the network continues to be criticized and is currently one of the clear dividing lines between it and its largest competitor.

FIFA launches blockchain games ahead of the World Cup

The world football governing council FIFA launched set of four blockchain-based games ahead of the men's soccer world cup which starts on Sunday. The launch includes an AI game, a metaverse-focused game called Uplandme, based on the existing Upland metaverse, and two others. eSports is one of the fastest growing tech sectors in the world and players and games now have a large audience and heavy fees. While these four FIFA games are perhaps a bit gimmicky, it is an opportunity for world football to take advantage of the growing market as part of a major live international sporting event. For many young people, a sport like soccer is the point of access to a sport such as soccer. These digital natives feel at ease interacting with sport through the medium of gaming. When it comes to blockchain applications in games, one has aspects similar to NFTwhich allow players to create their own photos and moments from the FIFA World Cup, while Metaverse Upland holds true ownership of digital property rights.