Bitcoin Stalls Near $20,000 – White House Suggests Ban on POW Mining

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Bitcoin held firm near $20,000, consolidating in a narrow trading range between $19,500 and $20,300 as investors remained cautious over comments from the White House. The White House intends to limit or even eliminate the proof-of-work process that underpins Bitcoin and the blockchain network, causing significant damage to the digital asset system.

On Friday, the White House’s Office of Science and Technology Policy released a report recommending measures to combat cryptocurrency “mining,” particularly greenhouse gas emissions.

white at home He proposes blocking Bitcoin Proof of work Mining

The White House has suggested that US politicians and regulators may soon crack down on high-carbon cryptocurrency mining. President Biden issued an executive order requesting the information in March.

In a recent report from the White House Office of Science and Technology Policy, crypto miners must reduce greenhouse gas emissions through the Environmental Protection Agency (EPA), Department of Energy (DOE) and other government agencies.

The report also states that if regulatory measures fail to impact US climate goals, proof-of-concept mining used for bitcoin mining should be banned. This is not good news for the pair as BTC/USD is falling due to the announcement.

Immerse yourself in Bitcoin Dominance, Ether overtakes Bitcoin.

For years, ether has struggled to compete with market leader bitcoin. However, this time the objectives may be more realistic. For example, the second largest cryptocurrency surpassed bitcoin in market capitalization before a major software update, the merger. If successful in the coming days, the Ethereum blockchain has the potential to significantly reduce energy consumption.

According to data portal CoinMarketCap, Bitcoin’s dominance or market value share of the cryptocurrency market dropped from 47.5% to 39.1% in mid-June of this year. On the other hand, ether increased from 16 to 20.5%. However, Bitcoin’s transition as the most popular cryptocurrency, known as a “flip” among enthusiasts, is still a long way off.

Despite the competition, some market participants believe that bitcoin continues to hold the crypto crown. According to Hugo Xavier, CEO of K2 Trading Partners, if the cryptocurrency market goes up, its dominance could reach 50-60%. Many experts, however, believe that the upcoming Ethereum integration has the potential to overturn Bitcoin, attracting many cryptocurrency investors to ETH; As a result, the BTC/USD exchange rate is decreasing.

Bitcoin stop in the middle of crypto winter

2TM Group, the Brazilian exchange Mercado Bitcoin, has announced its second round of layoffs, affecting 15% of its current workforce. Beijing-based Pullin, which accounts for 10% of the Bitcoin network’s hash rate, has announced that it will suspend the remaining distributions of ETH and BTC due to liquidity issues.

Additionally, at an industry conference on September 8, SEC Chairman Gary Gensler announced his support for a legislative proposal that would allow the Commodity Futures Trading Commission (CFTC) to regulate and regulate unsecured crypto tokens and related intermediaries. He previously stated that Bitcoin is not a security, but a commodity; As a result, it is not subject to SEC oversight.

These events indicate that the cryptocurrency market is in winter, which is why the market leader BTC / USD is falling.

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Bitcoin price chart

Bitcoin Price Chart – Source: Tradingview

Bitcoin price and Tokenomics

The current price of Bitcoin is $20,043.39, and the 24-hour trading volume is $37 billion. BTC/USD opened at $20,226, reached a high of $20,432, and a low of $19,932.

Bitcoin has fallen by 1.88% in the last 24 hours and by 4.08% in the last seven days. CoinMarketCap is currently ranked number one, with a live market cap of 383848654706, a max supply of 21,000,000 BTC coins, and a circulating supply of 19,150,881.

Bitcoin daily technical levels

Support resistance

19,700 20,901

19,300 21,231

18,550 21,813

Pivot point: 20,130

On the technical front, Bitcoin reached the 61.8% Fibonacci retracement level of $20,130 and is now descending towards the $19,400 support level. On the daily time frame, an uptrend may extend the support at $19,700, and a break below may expose the BTC price to 19,300 or 18,550. Alternatively, resistance remains at $20,180 and $21,145.


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