Friday, July 2. The week is coming to an end, so we can talk about the most interesting news in the crypto industry for this week.
The Central Bank of Russia named the banks that will test the crypto ruble
The Central Bank of Russia has assembled a group of banks, which first tested the digital ruble. Twelve banks will participate in the testing. These include banks such as Sberbank, Tinkoff, Alpha Bank, Gazprombank and others.
The development of the cryptoruble site is expected to be completed by the end of the year. Testing will begin in early 2022. The testing process will take place throughout the year. The digital rouble turnover and some other operations will be tested.
In April, a survey was conducted from which it was revealed that every second Russian would be ready to move and start using the digital ruble as the main currency. Only 22 percent of the respondents said they were against crypto. The new initiative was not well received by 38 percent. In total, 1,600 people participated.
Willy Wu’s opinion on the market recovery
Long-term coin holders are still accumulating assets in their wallets, so bitcoin cannot move to a bear market. This verdict was made by analyst Willy Wu in one of the podcasts hosted by Peter McCormack.
He believes that bitcoin holders have been excessively active this year, but at one point the assets fell into the wrong hands – to speculative traders.
According to Wu, the market is currently in a speculative phase. But now, gradually, all the assets sold are returning to the hands of long-term holders.
The analyst emphasizes that the current cycle is different from all the others that have occurred before.
In Santiment, they also noticed that the market may soon begin to recover. Analysts note that the supply of the first cryptocurrency on crypto exchanges is on the decline, and the volume of non-custodial wallets is growing.
The income of Ethereum miners in June decreased by 53%
In June, total income of Ethereum miners declined rapidly to $1.1 billion. This is 50% less than in May. Revenues from translation boards within the network decreased to $166 million.
Glassnode reported that activity also dropped to a minimum in the network of the first cryptocurrency from the beginning of the year. On the Ethereum network, the daily rate of translation went down to the DeFi-summer reading that took place last year.
The profit of bitcoin miners also decreased by 43% last month. For two months in a row, such indicators are lower than in the ecosystem of the second largest cryptocurrency by capitalization. The decrease from the receipt is more deplorable when compared with the Ethereum network.
In the US, more and more people are complaining about crypto exchanges
The number of American complaints against the Bitcoin Exchange has increased dramatically from the summer of 2020 to the present day. Information about this can be found in the Consumer Complaint Database. The main “villain” of users is the Coinbase site. The number of complaints had increased from 241 to 1,060.
The main complaints were related to domestic and international transactions. More complaints were received from the states of California and New York.
China has started selling hydroelectric power plants
The South China Morning Post writes that Chinese owners of small hydroelectric power plants are starting to sell their components and equipment, as the government has imposed restrictions from the authorities in relation to miners.
At the Xianyu site, the growth of sales of small hydroelectric power plants has risen, after bans on cryptocurrency mining in China. Such hydroelectric power plants produce a small amount of energy, namely, 50 MW.
One of the sellers wrote in his ad:
“You will have the opportunity to secretly mine cryptocurrency if you buy my mini-hydroelectric power station.”
Other sellers also write that despite all the prohibitions on the extraction of digital assets, their decision to place such ads has only strengthened. Some even say that now the prices for hydroelectric power plants are becoming lower than they were before everything that is happening. And they agree that the growth of such ads is directly related to the launch of a campaign to ban cryptocurrency mining.