According to CoinDesk data, the cryptocurrency with the second-highest market capitalization has fallen to its lowest level since April 9th.
Additionally, Glenn Williams, a crypto markets analyst at CoinDesk, suggests that the recent activities of bitcoin whales could provide insight into the future trajectory of BTC.
Compared to the proof-of-work system, the Ethereum proof-of-stake consensus mechanism will cut energy use by a huge 99.5%.
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Bitcoin remains stagnant, inching closer to marking its first month of decline in 2023. Meanwhile, Ether experiences a slight increase but appears poised to end May in the red as well.
The crypto debates have become progressively more polarized and politicized, exemplified by a recent CoinDesk article highlighting a contentious mining facility in New York.
The miner stands to earn up to $75 million in management fees for the Celsius mining rigs over a span of five years, making it a highly lucrative venture.
Florida's governor and the Republican Party's newest frontrunner engaged in a Twitter conversation with Elon Musk, discussing the realms of cryptocurrency and central bank digital currencies.
The recent hedging activity of market makers, who consistently take the opposite side of investors' trades, appears to have effectively maintained price stability within a narrow range.