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Crypto Industry News:
Carbon dioxide emissions generated by the Bitcoin network are comparable to the entire Kansas City, and even to a small country, according to a study published in the Joule journal.
Christian Stoll, one of the scientists involved in the project, said that the high energy consumption generated by mining translates into a significant carbon footprint. And because the computational power needed to solve the Bitcoin puzzle has more than quadrupled since last year, this is a problem that is getting worse:
"The volume of carbon dioxide emissions combined with the risk of collusion and concerns over control over the monetary system may justify regulatory intervention in order to protect individuals against themselves and others from their activities" - Christian Stoll comments.
Researchers used data from IPO and IP addresses to generate their findings. With annual CO2 emissions estimated at 22 to 22.9 megaton, Bitcoin is located somewhere between Jordan and Sri Lanka in international categories. The study suggests that this level would double if all other cryptocurrencies were also included.
"We do not question the efficiency gains that Blockchain technology can provide in some cases. The current debate, however, focuses on the anticipated benefits, and more attention should be given to costs." - Stoll adds.
In November last year, a study evaluating the period from January 2016 to June 2018 showed that four times more energy was needed to extract 1 Bitcoin than copper worth $ 1 - and twice as much as mining gold or platinum worth 1 dollar.
Technical Overview:
The BTC/USD pair has bounced from the technical support at the level of $8,925 and moved higher towards the technical resistance at the level of $9,355 which is now being tested. It looks like the bulls want to at least test the recent high at the level of $9,457, but it is recommended to keep an eye on the wave development around this level as the wave 4 might havenot been completed yet, so the market might reverse again if the resistance is too strong.
Weekly Pivot Points:
WR3 - $11,709
WR2 - $10,500
WR1 - $9,878
Weekly Pivot - $8,649
WS1 - $7,945
WS2 - $6,737
WS3 - $6,016
Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current uptrend wave is wave 3, which is an impulsive wave, so this is the best wave to trade. The target for wave 3 is seen at the level of $9,826.
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