As the state of uncertainty and economic uncertainty continues, digital currency trading platforms have gained red, and “Bitcoin”, the most powerful and widespread in the cryptocurrency market, has fallen to the level of 18 thousand dollars.
The crypto market is facing violent pressure in light of a European trend to search for a mechanism to reduce the electricity consumed in cryptocurrency mining, the latest targeted measure on the European Union table to ease the energy crisis.
Data from the Cambridge Center for Alternative Finance indicates that Bitcoin consumes about 110 terawatt-hours per year, or 0.55 percent of global electricity production, or the equivalent of the annual energy consumption of small countries such as Malaysia or Sweden. While the International Energy Agency indicated that these figures are remarkable relative to the energy consumed by medium-sized countries or to other modern technologies such as electric cars (80 TWh in 2019), but they are more moderate compared to other technologies such as air conditioning and ventilation machines that consume two thousand TWh. / hour annually.
The European Union is currently working on developing an energy efficiency label for cryptocurrencies such as “Bitcoin” in an effort to curb the increasing consumption of electricity in this growing industry. The European Commission plans to collaborate with international partners to come up with a classification procedure that would encourage more environmentally friendly encryption systems, such as “Proof of Stake”.
According to a draft proposal in the context of searching for solutions to the energy crisis, it is scheduled to call on the European Union countries to target energy consumption by miners during this winter, as the European bloc is trying to pass the season with a much smaller amount of Russian gas that the union countries were getting from Russia before Russian war in Ukraine.
In the digital currency market and in terms of trading, and during the past hours, the total market value of cryptocurrencies fell by eight percent, losing about $79 billion in currencies, after the combined market value fell from the level of $987 billion to about $908 billion in trading on Friday, October 21 (October).
Bitcoin at $18,000
At the forefront of the losing digital currencies came the “Bitcoin” currency, and during the past hours, it fell by one percent, compared to a weekly loss of 3.5 percent, to be traded Friday at the level of $ 18,990. Its combined market value also fell to the level of $364.4 billion, accounting for about 41.13 percent of the total market value of the digital currencies that are currently being traded.
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While the “Ethereum” currency, which ranked second in the list of the largest cryptocurrencies by market value, recorded losses during the past hours by 1.13 percent, compared to a weekly decline of 3.7 percent, to be traded Friday at the level of 1279 dollars. And its combined market value fell to the level of 156.5 billion dollars, acquiring a market share of 17.23 percent.
The “Tezer” currency came in third place, after its price stabilized at the level of one dollar, and its total market value recorded a level of $68.4, with a market share of 7.53 percent.
And the “USD” currency came in fourth place, after its price stabilized at the level of one dollar, and its total market value stabilized at the level of 43.9 billion dollars, acquiring a market share of 4.83 percent.
While BNP ranked fifth among the largest cryptocurrencies by market value, the currency recorded losses during the past hours by two percent, compared to weekly losses of 2.8 percent, to settle its price in Friday’s trading at the level of 267 dollars. And its combined market value fell to the level of $42.7 billion, with this figure taking a market share of 4.70 percent.
Solana suffers violent weekly losses
As for “X-Ripple”, which ranked sixth among the top 10 digital currencies by market value, it recorded losses during the past hours of 4.3 percent, compared to weekly losses of 11.8 percent, to settle its price in Friday’s trading at the level of $ 0.441. Its combined market value fell to the level of $22 billion, with a market share of 2.42 percent.
“BUSD” came in seventh place, and while the price of the currency stabilized at the level of one dollar, its total market value stabilized at the level of 21.6 billion dollars, with a market share of 2.37 percent.
And “Cardano”, which ranked eighth among the top 10 digital currencies by market value, recorded losses during the past hours by 4.7 percent, with a weekly decline of 12 percent, to settle its price in trading, Friday, at the level of $0.336. And its combined market value fell to the level of 11.5 billion dollars, acquiring a market share of 1.26 percent.
“Solana” came in the ninth place, and the losses of the past hours were recorded by six percent, with a decline of 12.4 percent during trading last week, to settle its price in Friday’s trading at the level of 27.53 dollars. Its combined market value fell to the level of $9.8 billion, acquiring a market share of 1.07 percent.
Dogecoin ranked tenth among the top 10 digital currencies by market value, and recorded losses during the past hours by 2.7 percent, with a weekly decline of 3.5 percent, to be traded on Friday at the level of $ 0.0582. Its combined market value fell to the level of $7.7 billion, taking a market share of 0.84 percent.
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