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California Energy Commission Backs Experimental Blockchain Pilot

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The California Energy Commission is backing an energy pilot that aims to leverage blockchain technology to reduce carbon footprints and encourage the use of renewable energy.

In a press release, the energy commission announced it is shelling out $9 million to help energy and transportation startup EVShare support a blockchain infrastructure that’s powered by Bitcoin. The project relies on the RSK public blockchain, which is a layer two smart contract protocol that operates on top of the Bitcoin network, to create a market that digitizes and trades carbon credits.

Participants will receive digital tokens for slashing their carbon footprint as well as creating and using renewable energy. Participants can use the tokens to buy electricity and pay for rides and services. All transactions will be registered on the RSK blockchain.

The project will also utilize the Bitcoin-powered blockchain to store transactions between participating vehicles along with other assets including batteries, chargers, and solar systems. Another use case of the blockchain involves the storing of usage data of vehicles, panels, batteries, and other assets on-chain.

The second phase of the pilot program was launched on August 7th, which sets the stage to illustrate the value of recording energy usage in a public ledger.

EVShare’s immediate goal is to connect 50 houses to the solar grid with the vision of transforming 1,000 cities to have a sustainable shared economy in ten years.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Source: https://dailyhodl.com/2020/08/10/california-energy-commission-backs-experimental-blockchain-pilot/

Blockchain

Binance Coin price falls to $26, what’s next?

Binance Coin price falls to $26 losing support at $27. Binance showing volatility period along with other cryptocurrency. Bitcoin price fluctuating associated with market The Binance Coin price line observed a move towards the downside on the 20th of September as the altcoin market saw a bearish momentum. The cryptocurrency fell towards the $26 level, […]

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  • Binance Coin price falls to $26 losing support at $27.
  • Binance showing volatility period along with other cryptocurrency.
  • Bitcoin price fluctuating associated with market

The Binance Coin price line observed a move towards the downside on the 20th of September as the altcoin market saw a bearish momentum. The cryptocurrency fell towards the $26 level, while it traded above the $27 mark for most of the 24-hour trade.

1-Day Binance Coin price analysis

Binance Coin is currently ranked 7 amongst the cryptocurrency as per its market capitalization. Per coinmarketcap.com, the cryptocurrency has a market capitalization of $3,770,154,431 US Dollars. The max BNB supply currently lies at 176,406,561. The cryptocurrency secured an all-time high of $39.57 US Dollars, while it’s all-time low was at $0.096109 US Dollars.

Binance launched the Binance Smart Chain on the 1st of September. The Chief Executive Officer (CEO) of Binance, Zhao, has discussed the decision of the company to add newer DeFi projects to the platform.

At the beginning of the day’s trade, the cryptocurrency traded at $27.08 US Dollars. The price stayed above the $26.8 level until noon on the 20th of September. The BNB price line fell to a day’s low of $25.58 in the evening of the 20th of September.

During the time, the Relative Strength Index (RSI) had dropped to lower values, thus depicting an oversold cryptocurrency. At the time of writing, the cryptocurrency was priced at $26.06 US Dollars on Binance.

Binance Coin technical indicators

The Bollinger Bands showed lower price volatility until 06:00 GMT on the 20th of September. The cryptocurrency traded above the $26.8 price level during that time. Near 03:00 GMT, the cryptocurrency can be observed showing increased price volatility on the smaller time frames. In the afternoon, the cryptocurrency fell bearish towards the $26 mark. At the same time, the Bollinger Bands showed increased expansion, as the price observed more fluctuations during that time.

Near the time of writing, the cryptocurrency held above the midline, while the Moving Average Convergence Divergence (MACD) line was about to slide below the signal line. Here, the histogram size appears to be increasing in the positive region. The technical indicator’s lines moved towards the negative region near noon and returned towards the positive region by 13:30 GMT. This repeated twice in the evening. During this time, the cryptocurrency exhibited a bearish bias. At the time of writing, the MACD stood at 0.010, while the Signal line was observed at 0.00025. The histogram was marked at 0.010.

UNI is a new governance token minted by Uniswap. The governance token was recently made live on Binance and Coinbase along with their iOS and Android apps. This allows customers to buy, sell, trade, or even store the token. UNI’s price has gone from $1.76 to $5.85. This marks over a 300% increase in its price after Binance and Coinbase’s listings. The market capitalization has gone up to $995 million US Dollars.

Disclaimer: The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Blockchain

Ethereum network blockage soars with increased user activity

Ethereum network traffic reaches new levels ETH supply shifting towards smart contracts Ethereum network blockage drives gas price Ethereum users have been exerting immense pressure to the ethereum blockchain in recent days causing ethereum network blockage. The network has seen increased demand as users interact with smart contracts, AMMs, DEXs and many other activities leading […]

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  • Ethereum network traffic reaches new levels
  • ETH supply shifting towards smart contracts
  • Ethereum network blockage drives gas price

Ethereum users have been exerting immense pressure to the ethereum blockchain in recent days causing ethereum network blockage. The network has seen increased demand as users interact with smart contracts, AMMs, DEXs and many other activities leading immense transactional volume to the blockchain.

As a result of the massive congestion, ethereum transaction fees have gone through the roof. Moreover, the sky-high fees have directed investor funds to alternative layer ones, with arguments emerging on which ‘ethereum killer’ might tap a substantial proportion of the market.  

More ethereum held in smart contracts compared to exchanges

Furthermore, the Defi hype has established another fascinating trend for ETH besides the elevated transaction fees. Ethereum traders have been massively moving their holdings from crypto exchange platforms and transferring them to smart contracts. At the moment data suggests there is a greater number of Ethereum tokens retained in smart contracts than in smart contracts.

This actual trend might be affirmative for ETH’s price, as the tokens become harder to access for trading, which can result in a positive price action movement.  

Ethereum network blockage goes through the ceiling

DeFi is almost solely developed on ethereum and boosts the network’s demand through several features. The users keen to obtain tokens take advantage of AMMs or DEXs to acquire them. However, every single changeover needs authorization and a real swap. This procedure alone has coerced the ethereum network.

Notably, the yield farming trend has blended the procedures, with traders locking their crypto assets under smart contracts and cash reserves to make profits on their investment. According to blockchain analytics firm Santiment, the current ethereum network blockage is the highest it has ever experienced.

Moreover, users might have to fork out more than $60 in transaction fees to have their transaction handled without delay during pinnacle activity moments. Furthermore, Glassnodes data shows that ETH supply is shifting towards smart contracts, suggesting that the elevated gas price may not fade out anytime soon.  

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Blockchain

Bitcoin price sees a drop below $10800

Bitcoin price sees a drop below $10,800. Bitcoin likely to get back to a new price high. The Bitcoin price line was observed under a downtrend on the 20th of September. The cryptocurrency made its way towards the $10800 mark. The price line varied between the $10760 and $11160 levels over the 24-hour trade. 1-Day […]

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  • Bitcoin price sees a drop below $10,800.
  • Bitcoin likely to get back to a new price high.

The Bitcoin price line was observed under a downtrend on the 20th of September. The cryptocurrency made its way towards the $10800 mark. The price line varied between the $10760 and $11160 levels over the 24-hour trade.

1-Day Bitcoin price analysis

The cryptocurrency’s price fell to at day’s low of $10775.14. The king of cryptocurrency was priced at $10873.64 US Dollars on Bistamp at the time of writing. The 24-hour price low was observed at $10873.64.

What’s next for the BTC price?

The Trading View analyst X Force Global is of the opinion that the BTC price line will either rise past the $11200 mark to continue the bullish ascension, or the cryptocurrency will fall below the rising trendline which is currently the support level for the cryptocurrency king.

The cryptocurrency is facing a strong resistance near the support-turned-resistance between $11200 and $11300. The Relative Strength Index (RSI) has also depicted a bearish divergence on the 4-hour scale. The technical indicator lies near 60.00. Bitcoin trades above a rising wedge support level since the 9th of September. The price line has recently observed the bearish divergence and it dropped towards the support mark.

Per the analysis, if the cryptocurrency breaks below the rising support then the price will see a turn of the trend, which will allow BTC to return towards the support mark once the price stops falling.

Can Bitcoin rise to $12000?

The Trading View analyst Rocket Bomb is of the opinion that the BTC price will rise towards the $12000 level after observing a few sideways movements.

The cryptocurrency has observed a buy signal on the Moving Average Convergence Divergence (MACD) technical indicator. The blue line has crossed above the orange line. The analyst believes that the cryptocurrency will rise towards the $11600 level at first, which will be followed by a pullback towards the $11000 mark. In the long-term trade, Bitcoin is expected to rise towards the $12000 resistance level with a target price of $12069.17.

What to expect from Bitcoin?

The Trading View analyst Alan Masters believes that Bitcoin is currently facing resistance from the 200-Day Moving Average (200MA) near $11100. The crypto analyst is of the opinion that the price will either fall towards the $10300 soon, or the $9800 level later.

Per the analysis, the 200MA is depicting rejection on the 4-hour chart. The MACD line has also shown a bearish cross on its scale, while a bearish divergence has also been recorded between the trading pair and the MACD. The cryptocurrency’s price appears to be breaking below the 10-Day Exponential Moving Average (10EMA). All of this suggests that the cryptocurrency is about to fall bearish.

Bitcoin to see a price fall ahead?

The Trading View analyst GoldFxcc is of the opinion that the BTCUSD trading pair is currently inside a descending parallel channel. The analyst believes that the BTC price will fall towards the $9000 mark soon.

The cryptocurrency fell below an important support line on the 3rd of September. Per the chart above, the BTC price has tested the support-turned-resistance near $11300 after touching the bottom of the descending parallel channel.

The analyst believes that the cryptocurrency has run out of the bullish momentum, and the cryptocurrency will now fall towards the $10600 support, followed by the $10200 support, and eventually the bottom of the descending channel. The BTCUSD trading pair will have to break below the descending channel and fall towards the $9000 mark.

Disclaimer: The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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