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Crypto Flipsider News – Interest Rates Hiked; Bitcoin Pumps; Ravencoin Spikes 25%; Green Bitcoin Mining; Coinbase Funds Lawsuit

Crypto Flipsider News – Interest Rates Hiked; Bitcoin Pumps; Ravencoin Spikes 25%; Green Bitcoin Mining; Coinbase Funds Lawsuit

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Pound falls as Queen of England dies – ECB and Fed raise interest rates

Thursday 8 September 2022 Buckingham Palace announced in an official statement saying “The Queen passed away peacefully at Balmoral this afternoon”. The market’s reaction to the sad news caused the British pound to fall against the US dollar and the euro.

The pound fell by at least 0.3%, while the euro strengthened 0.1% against the pound. Federal Reserve Chairman Jerome Powell’s hawkish remarks to offset new UK Prime Minister Liz Truss’ British policy was also a potential reason for the drop.

Jerome Powell reiterated that the Fed will continue to raise interest rates to tame rising inflation. The Fed is expected to meet between September 20 and 21, after which it may announce another rate hike.

The European Central Bank has adopted a similar position. raise its interest rate 0.75 percentage points, which pushed the deposit rate above 0 percent for the first time since 2012.

Fed and ECB interest rate hikes may pressure the Bank of England to follow suit at its policymakers’ meeting next week.

Bitcoin (BTC) leads crypto market recovery with 10% gain to $21,000

Led by Bitcoin (BTC), the crypto market has broken out of a two-week downtrend that saw it hit a new 2022 low. A sharp rally has helped most cryptocurrencies, including Bitcoin, to erase last week’s losses.

The price of Bitcoin rose a whopping 10.1% in the past 24 hours to trade above $21,000 for the first time since September, setting its highest price in two weeks. At press time, Bitcoin is valued at $21,180.

The rest of the cryptocurrency market joined the rally, with Terra (LUNA) staging an unexpected 120% intraday spike. As a result of the rally, the global crypto market cap has recovered to over $1 trillion.

The ongoing resurgence in the crypto market has helped temper growing investor fears that digital asset prices could fall even lower.

Ravencoin (RVN) continues its parabolic rise, rising 25% due to the mining population’s exodus

Ravencoin (RVN), a fork of the original Bitcoin code, has enjoyed a parabolic rise over the past week. With the crypto market recovering momentarily, the price of RVN has risen by as much as 25%, making it the second biggest gainer of the day.

Ravencoin (RVN) 24 hour price chart. Source: CoinMarketCap

Ravencoin has gained 57% in the last 7 days, rising from $0.028 to $0.04562 – the first time since May. Ravencoin is now the 81st largest crypto as its market cap has risen to $463.8 million.

Ravencoin’s triumphant rise can be linked to the growing exodus of Ethereum miners looking for alternative platforms. As a fork of Bitcoin that offers better block times, Ravencoin has been an attractive option.

In addition to offering better block times, Ravencoin increased its total supply from 21 million Bitcoins to 21 billion, and integrated asset creation and communication features into the network.

With the increasing hashrate of the network and the migration of miners from RVN, investors are speculating even more growth for Ravencoin (RVN).

White House calls for greener Bitcoin mining or risk potential ban

The White House Office of Science and Technology Policy was published on ThursdaySeptember 8, called on the Environmental Protection Agency (EPA) and the Department of Energy (DOE) to take measurable steps to reduce greenhouse gas emissions from cryptomining.

A report will follow March the issuance of President Joe Biden’s Executive Order 14067, which sought to create a broad strategy for the United States government to regulate the growing technology sector, here referred to as the digital asset industry.

The report specifically criticizes Proof of Work (PoW) projects for their energy use, highlighting that Bitcoin and Ethereum generate 38% and 20-39% of the global energy use generated by blockchains, respectively.

The report adds that since cryptomining consumes a large amount of electricity, undermining US sustainability goals, the industry should seek to provide better information on the use of clean energy, or the use of energy-intensive cryptomining, which should be restricted or restricted. eliminated.

The White House’s calls for greener cryptomining are in line with its broader plans to combat climate change in the United States.

Coinbase pledges to fund Tornado Cash lawsuit against US Treasury

America’s largest crypto exchange, Coinbase, has promised to finance the trial Users of the recently sanctioned Ethereum blockchain and cryptocurrency mixer Tornado Cash have filed a lawsuit against the US Treasury Department.

Six Tornado Cash users filed a lawsuit in US District Court in Texas on Thursday. Two of the plaintiffs, who are employees of Coinbase, have accused the Treasury Department of overstepping its authority by imposing sanctions on Tornado Cash.

The lawsuit also alleges that the Treasury Department violated the plaintiffs’ First Amendment rights by preventing them from exercising their right to free speech.

August 8 Treasury sanctioned Tornado Cash from offering its service based on allegations that more than $7 billion worth of virtual currency had been laundered through its mixing service.

Similar backlash has been drawn by the crypto community, which has opposed the sanction.

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