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BTC is again below $58,000, and the lack of demand above $60,000 reinforces the risk of deeper lows. The situation is negative for altcoins, with some cryptocurrencies experiencing losses exceeding 4%. A significant portion of cryptocurrencies turned red. There is no major development on the macroeconomic front today. So, what is the current situation?
Current Status of Cryptocurrencies
A significant gain was achieved for cryptocurrencies in the United Arab Emirates. According to a decision by the Dubai Court of First Instance, salary payments in crypto are officially recognized in employment contracts. Irina Heaver, a partner at UAE law firm NeosLegal, emphasized that the recent decision reflects a change in the court’s stance following the rejection of a similar request in 2023.
According to Heaver, this decision also serves as a precedent that paves the way for further integration of cryptocurrencies into daily transactions.
“This decision confirms that if an employment contract includes such terms, both the company and the employee must comply with them. It is reassuring to see that the court acknowledges that wages, whether paid in fiat or cryptocurrency, are the employee’s right for the agreed-upon work.”
IMF and Crypto Opposition
Two IMF executives proposed a new crypto-opposing suggestion that reeks of negative discrimination, a style we are accustomed to. According to this, up to 85% additional tax should be imposed on the electricity used by crypto miners. The executives, who believe that mining should be limited in this way to achieve carbon emission targets, need to see that almost no state cares about emission targets.
Many countries have returned to electricity production with fossil fuels, and China is still significantly far from its carbon emission target. Hebous and Vernon-Lin argued that the higher tax would increase the average electricity price for crypto miners by 85%, thus adding $5.2 billion in annual global government revenue.
In 2021 alone, Amazon’s carbon footprint was 71.54 million metric tons of carbon dioxide, far beyond the carbon footprint of BTC miners.
Miners Attract Investment
Halving has seen miners’ earnings decline as reward rates are halved, and supportive factors like ordinals have faded. However, according to BlocksBridge Consulting data, publicly traded mining companies received $2.2 billion in investment. This indicates that mining companies are still attractive to investors.
