{"id":16057,"date":"2022-05-07T11:28:26","date_gmt":"2022-05-07T11:28:26","guid":{"rendered":"http:\/\/egrowonline.com\/?p=16057"},"modified":"2022-05-07T11:28:26","modified_gmt":"2022-05-07T11:28:26","slug":"a-de-facto-ban-serious-bitcoin-warning-issued-as-price-crash-hits-ethereum-bnb-xrp-luna-solana-cardano-and-avalanche","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=16057","title":{"rendered":"\u2018A De Facto Ban\u2019\u2014Serious Bitcoin Warning Issued As Price Crash Hits Ethereum, BNB, XRP, Luna, Solana, Cardano And Avalanche"},"content":{"rendered":"


\n<\/p>\n

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Bitcoin <\/p>\n

BTC<\/a>
\n , ethereum and other major cryptocurrencies have fallen sharply this week as a broad asset price crash tanks markets (despite the CEO of Coinbase making a huge crypto prediction<\/a>).<\/p>\n

Subscribe<\/em><\/strong> <\/em>now to <\/em><\/strong>Forbes’ CryptoAsset & Blockchain Advisor <\/em>and successfully navigate the volatile bitcoin and crypto market<\/em><\/strong><\/a><\/p>\n

The bitcoin price has lost around 10% over the last few days, crashing to levels not seen since January. Ethereum and its biggest rivals BNB <\/p>\n

BNB<\/a>
\n , solana, cardano and avalanche have plunged, with Ripple’s XRP <\/p>\n

XRP<\/a>
\n and Terra’s luna also falling\u2014wiping over $100 billion from the combined crypto market<\/a>. <\/p>\n

Ahead of the bitcoin and crypto price crash<\/a>, the chief strategy officer of $5 billion crypto asset manager CoinShares, Meltem Demirors, warned that governments are going to try to ban bitcoin and other cryptocurrencies.<\/p>\n

Want to stay ahead of the market and understand the latest crypto news? <\/strong>Sign up now for the free CryptoCodex<\/em><\/strong><\/a>\u2014A daily newsletter for crypto investors and the crypto-curious<\/strong><\/p>\n

MORE FROM FORBES<\/span>Huge 2022 Ethereum Price Prediction Comes With A Serious BNB, Solana, Cardano, Avalanche And Polkadot Warning<\/span>By Billy Bambrough<\/span><\/small><\/span><\/span><\/a><\/p>\n

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The bitcoin and crypto market has gone into free fall, with the price of ethereum, BNB, XRP, solana, … [+]<\/span> cardano, luna and avalanche dropping sharply. <\/span><\/p>\n

SOPA Images\/LightRocket via Getty Images<\/small>
\n <\/figcaption><\/figure>\n

“What we’re seeing around the world, which is really concerning to me, is using the attack on proof-of-work, and in particular, bitcoin’s energy usage, as a way to implement a de facto ban on bitcoin without saying it,” said Demirors, speaking during the Crypto Bahamas conference it was reported by Insider<\/em><\/a>. <\/p>\n

Proof-of-work is the name for bitcoin’s decentralized consensus mechanism that lets so-called bitcoin miners secure the network and validate transactions in return for new coins. Some newer cryptocurrencies, such as ethereum rivals solana and cardano, have adopted a less energy-intensive consensus mechanism called proof-of-stake. Ethereum is trying to transition to proof-of-stake to better scale and reduce its carbon footprint. <\/p>\n

Bitcoin, by far the largest cryptocurrency by value, has been widely criticized for its eye-watering energy demands, by some estimates thought to use as much electricity per year as some small countries. <\/p>\n

In recent years, as the soaring bitcoin price has caused an influx of miners, lawmakers and regulators around the world have begun weighing whether to ban proof-of-work crypto mining. Last year, a crypto crackdown in China resulted in a miner mass exodus from the country, with many relocating to the U.S. and Europe.<\/p>\n

“Governments are going to try to ban bitcoin, they’re going to try to attack bitcoin because it’s really difficult to do otherwise,” Demirors said.<\/p>\n

This week, the state of New York has come closer<\/a> to an effective bitcoin mining ban with a bill calling for a two-year moratorium on proof-of-work cryptocurrency mining operations unless the company uses 100% renewable energy and until the state can complete an impact study progressing through the State Assembly. <\/p>\n

Sign up now for CryptoCodex<\/em><\/strong><\/a>\u2014A free, daily newsletter for the crypto-curious<\/strong><\/p>\n

MORE FROM FORBES<\/span>‘World’s Dominant’ Coin-Legendary Bitcoin ‘Whale’ Reveals His Surprise Top Three Crypto Picks As Price Volatility Hits Ethereum And Others<\/span>By Billy Bambrough<\/span><\/small><\/span><\/span><\/a><\/p>\n

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The bitcoin price has swung wildly over the last year, losing around 40% from its peak of almost … [+]<\/span> $70,000 per bitcoin and dragging down the price of ethereum, BNB, XRP, solana, cardano, luna, and avalanche.<\/span><\/p>\n

Coinbase<\/small>
\n <\/figcaption><\/figure>\n

Last month, leaked European Union documents revealed the extent of anti-bitcoin sentiment among EU officials<\/a>\u2014and their desire to “protect” the likes of ethereum. Earlier, environmental activist organization Greenpeace launched a lobbying campaign, funded by the billionaire co-founder of XRP developer Ripple, urging the bitcoin community to consider switching to proof-of-stake. <\/p>\n

“A lot of the information [lawmakers are] getting is from other protocols lobbying for this,” Demirors added. <\/p>\n

Speaking alongside Demirors, Elizabeth Stark, the chief executive of bitcoin payments developer Lighting Labs, echoed her concerns. “I believe there are a lot of actors out there that are intentionally trying to attack bitcoin because there’s no CEO,” said Stark.<\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin BTC , ethereum and other major cryptocurrencies have fallen sharply this week as a broad asset price crash tanks markets (despite the CEO of Coinbase making a huge crypto prediction). Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the volatile bitcoin and crypto market The bitcoin price has lost around 10% […]<\/p>\n","protected":false},"author":1,"featured_media":16058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[44],"tags":[939,7915,50,564,266,1000,158,7914,259,495,357,195,84,425,58],"class_list":["post-16057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ada","tag-avalanche","tag-banserious","tag-bitcoin","tag-bnb","tag-cardano","tag-crash","tag-ethereum","tag-facto","tag-hits","tag-issued","tag-luna","tag-price","tag-solana","tag-warning","tag-xrp"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/05\/1651922903_0x0.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/16057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16057"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/16057\/revisions"}],"predecessor-version":[{"id":16059,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/16057\/revisions\/16059"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/16058"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16057"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}