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Cryptocurrency markets are cautious. BTC stably around 19 thousand. $

Cryptocurrency markets are cautious. BTC stably around 19 thousand. $

created Simon petersSEPTEMBER 3, 2022

Cryptocurrency markets last week followed a cautious path amid increased macroeconomic and investment market pressures emanating from bond and fiat markets.

Bitcoin He started the week trading at $ 18, but surged above $ 750 on Tuesday. This rally was not sustainable, however, and the cryptocurrency has dropped to around $ 20 and remains stable this morning.

Ethereum started the week above $ 1 and surpassed $ 275 on Tuesday. It was also unsuccessful, and the price dropped to around $ 1.

Does energy consumption matter in cryptocurrencies?

One of the biggest divisions that has emerged in the aftermath of The Merge is the dispute over whether cryptocurrency energy consumption matters. This has become a bone of contention in recent weeks: many bitcoin supporters have highlighted the importance of energy intensity. However, bitcoin has been criticized for being energy-intensive, and one recent report has compared it to "digital oil".

Yesterday evening, founder microstrategyMichael Saylor tweeted, "Money without energy is Credit [sic]." This is a direct mockery of ethereum from the lips of a high-profile bitcoin maximalist. In fact, bitcoin proponents now argue that - aside from the negative aspect of the bitcoin project - the high power consumption of a cryptocurrency is actually a benefit. The rationalization of this is that nothing in life is free, and if you want to prove the worth of something, it takes real work to get it.

What we are actually seeing are two fiercely competitive camps in the cryptocurrency ecosystem that are starting to draw some dividing lines regarding the future of the two largest cryptocurrencies. The Merge Ethereum is said to have reduced energy consumption by about 97%. While the long-term implications of this phenomenon will not be seen for a while, bitcoin advocates are undoubtedly now setting up some clear counter-arguments.

Sega runs the game on blockchain

One of the oldest names in video games enters the blockchain. Sega announced that it is building the game on blockchain through a third party developer, Double Jump Tokyo. The game will be based on Sangokushi Taisen, a popular strategy game in Japan.

The merits of launching games based on blockchainie may seem unclear at first. After all, most video games do not use blockchain and are doing great. But the gaming blockchain is present in a wider industry, especially when looking at developing areas like the metaverse.

Digital games, especially in the social sphere, badly need ownership and digital rights granted to players who choose to spend their money within ecosystems. NFT and other projects unfold in space and among a wider set of ideas. This is still a very early stage of development, but it is interesting to see that such a well-known manufacturer as Sega is making a clear move towards this technology.

Meta extends the functions of NFT

Meta, owner of Instagram, WhatsApp and Facebook, announced that it is opening its previously tested NFT features to all users. However, the company seems to be moving away from the specific NFT label, instead labeling the new feature as "digital collections."

Wondering if this feature will take off as a feature on Meta platforms. The NFT market struggled in 2022, in the aftermath of a great year 2021. But the ideas and technologies behind it are still very valuable.

Devoid of marketing and hot launches, NFT technology forms the basis of property rights in the digital ecosystem. The Internet has long been a field of copyright infringement, so the use of digital technology that specifically protects property rights on huge platforms under the Meta umbrella is very relevant and timely.

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About the Author
Simon peters
eToro analyst. A graduate of the Faculty of Mechanical Engineering at Brunel University in London. He is CFA UK Level 4 certified in Investment Management.