Today on Bitcoin This Week we comment on the recent uses decrease Bitcoin Cash is experiencing, we discuss the latest sponsorship deal by E-Toro using Bitcoins and much more.
E-Toro Promotes Bitcoin To The Premier League
Seven English Premier League clubs have signed an advertisement deal with investment platform E-Toro and, in a football first, the payment for the deal was made using Bitcoin.
The clubs, which include Tottenham and Newcastle United, will give E-Toro enviable access to the Premier League’s millions of followers globally. Meanwhile, the UK Daily Telegraph reported that the clubs will set up Bitcoin wallets on the platform, and there are plans afoot to tackle the problem of ticket touting using Blockchain technology.
Bitcoin Cash Use Sees Dramatic Fall
The use of Bitcoin Cash on crypto-friendly sites as a method of payment has declined sharply, according to Chainalysis. The Blockchain Analysis firm declared that payments in Bitcoin Cash on platforms such as BitPay and Coinify had fallen from $10 million in March to as little as $3.7 million in May.
Bitcoin Cash has suffered more than most in the recent bear market, with the coin trading at below $600 in recent weeks. Speaking to Bloomberg, Chief Economist of Chainalysis Kim Grauer, said that part of the problem lies in the fact that more than half of all available Bitcoin Cash is in the control of just 67 wallets.
Bitcoin Energy Debate All Just Hot Air Says Expert
The debate around Bitcoin’s energy consumption has been “over-simplified” according to an expert in clean energy technology.
Katrina Kelly-Pitou, a Research Associate at the University of Pittsburgh, admits that Bitcoin requires massive computational power, with the amount of energy used to mine the coin in 2017 roughly equal to the entire electricity consumption of Ireland. That said, Bitcoin consumes only a tiny fraction of the energy used by the conventional banking industry. Moreover, Bitcoin mining companies have set up activities in areas with rich sources of renewable energy, such as the Pacific Northwest and Iceland, although large operations in China heavily reliant on fossil fuels are, she says, problematic. She ends her article by suggesting we should stop “criticizing Bitcoin for its energy intensity and start criticizing states and nations for still providing new industries with dirty power supplies instead.”
US Exchanges Move Toward Self-Regulation Ahead Of ETF
Just days ahead of the SEC’s decision on Proshare’s Bitcoin ETF, four leading US-based crypto exchanges have joined forces to form a working group as “a precursor to the formation of a self-regulatory organization for digital commodities like Bitcoin and Ethereum”.
The group is spearheaded by the Winklevoss Twins whose Gemini ETF was recently refused the go-ahead by the SEC pending further examination. It is likely that a final decision will be delivered in September. The creation of a self-regulatory body, similar to those adopted by other Wall Street companies, may allay some of the fears within the mainstream financial community about crypto related ventures.
Markets: Bitcoin Shows Stability
Bitcoin (BTC) has shown remarkable stability since last week, with prices hovering between $6300 and $6500 for much of the week. It remained steady on Tuesday while most Altcoins experienced 5 to 10% decreases. Bitcoin opened on Sunday at $6422, flirted with breaking out above $6550, but closed at $6506. Monday saw the coin retreat from its $6500 opening, reaching a low of $6297 before closing at $6308. An opening just above $6500 on Tuesday couldn’t be sustained but the losses were slight, closing at $6488. There were signs of a breakout above $6700 on Wednesday with a sharp upward curve taking Bitcoin to $6816 briefly, before steadying at around the $6700 mark.