crypto summary 08.02 new

US crypto miners challenge EIA’s mandatory energy survey

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want these updates as soon as we post them, follow us on Twitter.

quick weekly news

US crypto miners challenge EIA’s mandatory energy survey

US crypto miners are challenging a mandatory survey by the Energy Information Administration on their energy usage, sources, and locations. They question the legality and motives behind the survey, suspecting political motivations.

The EIA says the survey aims to develop a “baseline snapshot” of the industry’s energy use. However, miners argue the survey unfairly targets their industry and lacks transparency about its purpose. They also point out that the EIA hasn’t imposed similar data collection measures on other energy-intensive industries.

Miners are exploring legal options and some believe the survey could set a precedent for government agencies to overstep boundaries with sensitive industry data. They also worry the information could be used for “political attacks.”

The EIA previously conducted a pilot program on data center power use in 2018, but received a low response rate. Miners question why they are being singled out now.

Bollinger Bands signal potential Bitcoin volatility within 10 days

Bitcoin’s price may be about to experience a major swing based on the Bollinger Bands indicator. The indicator suggests a “huge move” for Bitcoin’s price within the next 10 days, but the direction is unclear. This comes after Bitcoin has been trading in a tight range for over 150 days.

Bollinger Bands have frequently predicted periods of volatility for Bitcoin in the past. The current Bollinger Band Width (BBW) is at a low level that has historically led to significant price movements.

Bitcoin investors are waiting to see what happens next, with some predicting a rise to $60,000 before the April block subsidy halving, while others are more cautious. Macroeconomic instability could also impact the price, with some predicting a drop to $30,000.

Solana suffers major outage, validators work on a fix

The Solana network experienced a major outage on February 6th, halting block production for over an hour. Engineers and validators are actively investigating the issue and working on a fix.

The outage occurred on the mainnet beta, and users reported that the blockchain hadn’t produced a block in over 25 minutes, significantly exceeding its usual block time.

Validators are currently preparing for a network restart by generating snapshots of the blockchain state and ensuring consistency. They will then restart the network using a new software version containing the fix.

This is not the first time the Solana network has faced an outage, and it highlights ongoing challenges with the network’s stability.

SEC delays decision on Invesco Galaxy spot Ether ETF

The US Securities and Exchange Commission has hit the brakes on a proposed spot Ether exchange-traded fund (ETF) from Invesco and Galaxy Digital. Instead of delivering a quick decision, they’ve opted to open the proposal to public comment, pushing the final verdict back by 35 days after publication in the Federal Register.

This delay adds another layer of uncertainty to the already lengthy approval process. Although the SEC had until July 2024 to make a decision, this latest move could extend the wait even further. The SEC has the authority to delay a decision on a spot Ether ETF for up to 240 days.

This isn’t the first time the SEC has postponed a decision on a crypto-related product. Several other firms, including BlackRock and VanEck, are also waiting for the SEC’s green light on their own spot Ether ETF proposals. VanEck’s application has a May 23 deadline, potentially making them the first to hear a decision.

The reasons behind the SEC’s delay remain unclear. However, accepting public comments suggests they might have specific concerns about the Invesco Galaxy proposal, potentially related to the nature of Ethereum’s proof-of-stake mechanism.

Bollinger Band trading strategy: trading the range

bollinger bands digest 08.02

Unlocking the potential of Bollinger Bands, traders have embraced a dynamic strategy that thrives within market ranges. For short-term traders and scalpers, these bands serve as invaluable guides, delineating clear entry and exit points within the confines of price action.

✍️ Here’s how it works:

  1. Identify the range: Look for price action staying within the Bollinger Bands.
  2. Buy at the lower edge: Enter a buy order when the price touches the lower Bollinger Band.
  3. Sell at the upper edge: Exit the trade and take profit when the price reaches the upper Bollinger Band.
  4. Consider the SMA: Some traders prefer taking profits at the Moving Average (SMA) line instead of waiting for the opposite Bollinger Band touch.

🔍 Explore the intriguing realm of Bollinger Bands and delve into the second classic strategy: trading Bollinger Bands breakouts! Dive into our comprehensive guide on Bollinger Bands for a deeper understanding of this versatile tool.

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February 8, 2024

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