This Week in Crypto:
October 14, 2022
This Week in Crypto is a weekly newsletter from MXC Foundation, which compresses the major news stories from the crypto-verse into a condensed, easily digestible newsletter.
MXC Foundation provides related insights into each news story, helping you make sense of it all.
Binance Pool Pledges $500 Million to Bitcoin Mining
Since its recent opening of ETHW mining pool, Binance is committing further support to the POW miners. Binance Pool has announced that BTC private and public miners can take a loan from its pool fund of $500 million. In order to secure the loan, borrowers must provide security in either physical or digital assets.
This news follows a similar move from other parties within the crypto industry, such as Jihan Wu (founder of Bitmain)’s $250 million fund and Maple Finance’s 20% interest rate lending pool.
Key Takeaway
While the current price of BTC still makes it a valuable asset to mine, the rising energy prices are undercutting major miners’ profits. This is why many BTC miners are looking to either receive subsidies for their operations or take out a loan to upgrade their equipment. Of course, where there is demand, there comes supply. Many DeFi lending pools are zeroing in on this opportunity.
Another method to mine BTC with almost no operational cost is the M2 Pro Miner. The low-power, multi-token miner allows miners to mine BTC without carrying the burden of a hefty energy bill. Shop yours here.
Upcoming Bitcoin Volatility?
As mentioned last week, BTC is continuing to trade within the box zone. As time progresses, the box zone is appearing to be closely tied to the levels of support and resistance formed back in June 2022 — support at $19,174 and resistance at $20,380.
Meanwhile, the BTC and the overall crypto market chart is showing similar movement with the equity market. Therefore, a macroeconomic event that brings some relief to the equities market could be the event that triggers an upward movement of the BTC price outside of the box zone.
Key Takeaway
Even if relief comes to the equities market, BTC’s upward rally would likely be halted at the 200-day MA of $27,500. Hence, many investors are hoping for BTC to hold the $20,000 range for a while, possibly enduring the unfavorable market situations until the time for an upward rally comes to break above historical resistance levels.
$20,000 range for BTC is often known as the time to commit to the DCA (Dollar Cost Average) method of investment — where investors purchase a small piece of BTC on a regular basis. However, what if you could mine some BTC, every day? That is what thousands of M2 Pro Miners are doing. Find out more about the M2 Pro Miner here.
Crypto Winter? Web 3 Development Continues
Despite the price of BTC and ETH taking a hit and the transaction volume of NFTs decreasing by 98% since January, data suggests that Web 3 development is continuing to thrive. The data is derived from looking at the number of verified smart contracts that enter the blockchain.
Compared to 2021 Q3, this year’s Q3 saw an increase of 143% in smart contracts deployment. Meanwhile, the downloads of popular Web 3 script libraries such as Ethers.js and Web3.js have increased by nearly a whopping 300%.
Key Takeaway
Even though the price and the market may indicate that it is not high times in crypto, Web 3 development activity is continuously increasing. MXC is a prime example of that. Unaffected by the market, MXC is consistently rolling out new, exciting updates such as Meta-XP, Hexagon, and MXC Metaverse! Even more exciting things are coming soon. Make sure to follow us to stay up to date on the latest developments.
New, Exciting Competition Coming for All DataDash Users
While the end of the year is slowly but surely approaching, we at MXC have decided to create a competition for all DataDash users! This competition does not take into consideration your staking amount at all, making it truly inclusive for everyone. All you need to have is a DataDash account — and make sure to note what your DataFunk Egg NFT looks like!
Interested in winning Oculus VR Headset, exclusive apparel, merch pack and more? Follow us on Twitter. The details of the competition will be released very soon!
