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The economic situation of the United States has been getting worse in recent times, recording inflation rates that have not been seen in 40 years. Given this, the Fed obviously have their work cut out for them, and they have reportedly begun taking measures against this. Fed Chair Jerome Powell had made a speech a little over a week ago where he had described the Fed’s position as “hawkish” and warned of “pain” to come as measures are put in place.
Market Strategist Warns Of The Consequences
The Fed has not exactly been shy about what the consequences of the high inflation rates and the Fed’s stance would be. The Fed boss had explained that it would take some time to fix the economy and normalize the price volatility, letting everyone know that there would be a price to pay for this. source

In a tweet today, Ripple Chief Technology Officer David Schwartz rejected arguments by Jerry David Chan that Bitcoin home nodes do not matter to the Bitcoin network, saying “miners won’t mine blocks node operators won’t pay them for.”
“Nonsense. You can refuse to accept any tokens rewarded to miners in that block. Miners won’t mine blocks node operators won’t pay them for,” Schwartz tweeted.However, Schwartz responds by noting that it is irrelevant what exchanges do, as the true purpose of home nodes is for users to decide who they interact with on the network. Furthermore, he notes that with the home node, users can ensure that those who do not meet their criteria do not interact with them.https://cryptonews.net/11748587/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared

Bitcoin’s (BTC) attempts to rally above the crucial $20,000 psychological level have faltered as bears appear too strong in the wake of prevailing macroeconomic factors. Consequently, technical analysis points to a more gloomy future for the flagship cryptocurrency.
In particular, a summary of Bitcoin’s one-day technical analysis as of September 4 points to a strong sell at 16 while neutral levels stand at nine. At the same time, none of the analysis recommends buying the asset at the moment.
A breakdown of the technical analysis shows that oscillators suggest a sell at two while nine are expressing neutrality. Based on the moving average, technicals point to a strong sell at 14, while only one shows neutrality. Overall, the analysis can be considered that Bitcoin is in an oversold state as the market looks for the possibility of a rally. This comes as Bitcoin continues to trade below its 200-week moving average, a metric that has historically given insight into what stage of the top crypto market cycle it is in. The asset has been trading in the zone for nearly two months. https://cryptonews.net/11753513/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared

Dogecoin (DOGE) has been moving downwards since reaching an all-time high price on May 8.
While it bounced and has broken out from a descending resistance line, the bullish trend reversal has yet to be confirmed.
DOGE drops after all-time high
DOGE reached an all-time high price of $0.737 on May 8. This was the culmination of a very significant bull run, in which the token increased by 54,890%.
DOGE has been moving downwards since. So far, it has reached a low of $0.163, doing so on June 21. The low was made right at the 0.786 Fib retracement support level. A bounce ensued afterwards, leaving a long lower wick in place. Despite the bounce, technical indicators are bearish. The MACD has given a bearish reversal signal, while the Stochastic oscillator has made a bearish cross (red icons).Source

Bitcoin’s mining difficulty fell by 28% today, the largest drop in the network’s history. The decline shows the severe impact of China’s recent crackdown on its Bitcoin miners.
Mining difficulty measures the computational power required to validate Bitcoin transactions and consequently how hard it is to earn new Bitcoin. The network adjusts the difficulty each fortnight to reflect the level of competition among miners. Lower mining difficulty indicates less competition.
Today’s difficulty mining drop follows China’s crackdown on Bitcoin miners, which were responsible for an estimated 65% of the network’s hash rate. Well before the government started to shut down miners last month, Bitcoin’s hash rate peaked at 198 EH/s (i.e. a lot) on April 15. After the crackdown, the hash rate sunk to 89 EH/s.
Chinese miners are now emigrating en masse or selling mining machines to foreign mining farms. But until China’s Bitcoin miners find new homes, non-Chinese miners stand to benefit from the reduced difficulty, which makes it cheaper and easier to mine Bitcoin.Source

The Ethereum network witnessed the deployment of its London upgrade on the Ropsten testnet on June 24. This upgrade consists of the highly anticipated Ethereum Improvement Proposal (EIP) 1559.
Following the launch on the Ropsten testnet, the London upgrade will be deployed on Ethereum’s Goerli, Rinkeby and Kovan testnets at weekly intervals. This is one of the important steps in the roadmap to implement a proof-of-stake (PoS) consensus on the Ethereum network, also known as Ethereum 2.0. The London upgrade brings five EIPs that are going to be deployed on the testnets — EIP-1559, EIP-3198, EIP-3529, EIP-3541 and EIP-3554. The hotly debated EIP-1559 proposal is a transaction pricing mechanism that consists of a fixed per-block network fee that is burned and allows the dynamic expansion and contraction of block sizes to address the congestion issue.Source

The bitcoin market could get a boost this month from the expiration of investor restrictions on the sale of shares in the Grayscale Bitcoin Trust (GBTC), the world’s largest cryptocurrency fund. Something digital-asset analysts and investors say it’s possible some of these investors might need to enter the market to buy bitcoin – to repay cryptocurrency loans they used to finance their original purchases of the GBTC shares.
“Lots of bearish chatter around GBTC unlocks whilst conveniently ignoring that in-kind subscriptions funded by debt will ultimately translate into spot buying,” crypto services provider Amber Group tweeted. The view contrasts with a forecast published last month by analysts at JPMorgan, the largest U.S. bank, who argued the end of the lockup period would weigh on the GBTC shares and bitcoin.“Selling of GBTC shares exiting the six-month lockup period during June and July has emerged as an additional headwind for bitcoin,” the JPMorgan strategists, led by Nikolaos Panigirtzoglou, wrote on June 24. The dynamic would lead to “downward pressure on GBTC prices and on bitcoin markets more generally.Source

According to publicly available data from the University of Cambridge Centre for Alternative Finance and the International Energy Agency, or IEA, bitcoin (BTC) carbon emission intensity may have already peaked.
The environmental impact of bitcoin's electricity usage is a favorite talking point of its critics and journalists on the crypto beat. But taking in the available data, Hass McCook, a retired chartered professional engineer, reckons bitcoin's carbon emissions "have already peaked a few months ago."
McCook unpacked the data and defended that conclusion in a guest post on Bitcoin Magazine's website Friday:
"From the above, it would appear that Bitcoin’s emissions peaked a few months ago, and thankfully, with the banning of Bitcoin mining in China, has commenced its aggressive march down to zero emissions. It is expected that in the worst case, emissions from Bitcoin in five years will be less than a third of its emissions today, and in 10 years, Bitcoin will emit nothing at all."
BitAll's bitcoin mining infrastructure was created over the last 12 years, giving miners the "second mover advantage" to avail their operations of the latest, most sustainable green tech for electricity to mine bitcoin.Source