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Cryptocurrency

The digital currencies have witnessed severe fluctuations in the recent past, especially with the decline of the bitcoin currency and the decline of most digital currencies as a whole.

As the crypto market tries to compensate for its losses from time to time, in conjunction with the warnings of the White House in the past hours regarding the ban on Bitcoin and the statements of the Federal Reserve regarding the regulation of the market.

Today, digital currencies rose strongly, led by the most famous currency, Bitcoin, as it crossed the $20,000 barrier, and is looking forward to recording its best day in many weeks of decline, in addition to the dollar’s decline.

Bitcoin

All cryptocurrency investors were surprised by the news of the rise of Bitcoin today, as it is one of the largest cryptocurrency in terms of market value, as it rose to $ 20,796, the highest level reached many weeks ago.

Ether, the second-largest cryptocurrency in the crypto market after Bitcoin, also rose 5%, hitting a two-week high of $1,717.

Market participants interpreted that there was no particular motive behind these gains other than the apparent optimism on Friday of a drop in the dollar, and a rebound in Chinese stocks.

In light of these hikes, Ether's volatility has increased in the past couple of days due to an annoying software update known as "merging".

This update could fundamentally change how transactions are handled and is supposed to reduce power consumption, as some exchanges plan to pause deposits and withdrawals during this update.

Altcoins now

• Binance Coin rose 5% to $292.

• Ripple rose 7% to $0.35.

• The Cardano coin increased to the level of $0.49 during these moments of trading today, Friday August 9th.

• Solana increased 8% to $35.

• The polka coin rose to $7.8.

• Dogecoin also increased by 4% to $0.063.

The White House and Cryptocurrency

The White House, commissioned by President Biden, has suggested that US regulators could crack down on cryptocurrency mining soon, due to its large carbon footprint.

The White House threatened that if measures to make mining green do not work, then mining of cryptocurrencies, specifically bitcoin, could be banned.

Mining cryptocurrencies such as bitcoin may use huge amounts of energy in order to validate blocks of transactions to the blockchain.