Friday, June 10, 2022 4:30 p.m.
This week was the first positive week for the crypto market in a long time. There was a lot of good news from different directions. We also saw that the value of Bitcoin slowly turned green, which had not happened for at least 9 weeks. Other cryptocurrencies, such as Chainlink, even increased in value by more than 10%!
Bitcoin ends the weekly red trend
Bitcoin (BTC) finally managed to break the negative trend after nine weeks of loss of value and formed its first green weekly light since the end of March.
After climbing out of a deep dive, things looked good for Bitcoin in early March. However, it corresponded to a negative record compared to weekly candles that closed in min. This trend continued last week, with Bitcoin seeing its 9th red light in a row.
The last seven days have been more bullish, with the BTC peaking at $ 29,500 in the middle of the week. Despite failures there and falling below $ 28,000, the BTC ended with a weekly high of $ 27,300. As a result, it had a weekly green light for the first time since March 21st.
PayPal lets users send crypto to external wallets
PayPal announced Tuesday that customers will be able to send Bitcoin and Ethereum to external wallets, nearly two years after the company allowed cryptocurrencies on its platform. The service will be offered to a limited number of US users starting Tuesday and will be pushed to all eligible US consumers in the following months.
In October 2020, PayPal began allowing customers to buy, sell and hold Bitcoin, Ethereum, Bitcoin Cash and Litecoin. However, customers were unable to transfer crypto from PayPal to an external wallet. According to PayPal, users have been in demand for this functionality for a long time and it is now available.
Kenya’s largest electricity producer to help Bitcoin miners
Kenya’s largest electricity supplier, KenGen (Kenya Electricity Generating Company PLC), plans to sell excess geothermal energy to Bitcoin mining companies. In an interview, KenGen CEO Peketsa Mwangi said they have the space and that the electricity is close, which helps with stability.
Kenya is Africa’s largest geothermal energy producer, producing over 14,000 megawatts (MW) of power from just 863 MW of equipment. In the Rift Valley circuit alone, 10,000 MW of geothermal energy is estimated.
Miners wishing to take advantage of this offer have already contacted KenGen to inquire. “Some have asked if we will start with 20 MW and then grow further,” Mwangi noted.
Many mining companies are expected to come to Kenya from the United States and Europe. KenGen’s goal is to help reduce the carbon emissions associated with Bitcoin mining by providing renewable electricity.
Snoop Dogg co-founded the Bored Ape Yacht Club themed restaurant
Snoop Dogg has announced the creation of a dessert restaurant. The restaurant is the theme of the movie Bored and Hungry, with a Bored Ape motif.
The name of the restaurant will be Dr Bombay’s Sweet Exploration. It will be based in Los Angeles and operated in collaboration with Andy Nguyen, Kevin Seo and Phillip Huynhs Food Fighters Universe.
It was described in the announcement as an “immersive dessert experience”. Dr Bombay is the name of Snoop Doggs Bored Ape Yacht Club NFT.
Despite the fact that the restaurant does not belong to Yuga Lab, Yuga Labs NFT holders have the exclusive right to commercialize their assets. As a result, Snoop Doggs Bored Ape NFT is allowed to be used in this way.
Snoop Dogg’s son, Cordell Broadus, is also a partner in the restaurant. In a news release announcing the restaurant, he added: “Food Fighters Universe integrates food into Web3 and provides a real-life application route for NFTs.” This is the future of the restaurant industry, and my dad and I are excited to be on the team to bring Dr. Bombay alive. “
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