Only the latest crypto news and updates in U.Today’s news digest!
U.Today has prepared the top four news stories over the past day.
Cardano founder Hoskinson trolls Solana after another network halt
The crypto community had hardly forgotten about Solana’s outage that took place last week before another halting bore down. The Solana Mainnet Beta struggled with the issue for about four and a half hours and, later, validators managed to restart the main network. According to Anatoly Yakovenko, Solana Labs’ co-founder, there was a bug that made nodes generate different outputs, which led to a consensus failure and eventually shut down the network. Cardano creator Charles Hoskinson rushed to comment on the incident, suggesting to Solana’ developers a video about how to fix old video games. Hoskinson later explained that the reason for his sarcastic remark was that the Solana community has mercilessly mocked Cardano for trying to do things right and use expert judgment and formal methods to avoid such problems.
Shiba Inu suggests key trend as price dips, per this metric
According to the 30-day Market Value to Realized Value (MVRV), Shiba Inu might be nearing the “opportunity” zone amid present accumulation. The 30-day MVRV for SHIB fell below the previous two local bottoms at -34% and -44%, which, per Santiment, suggests that short-term holders are losing money and are less likely to sell. At the moment of writing, SHIB is trading at $0.0000106, down 3.5% over the last 24 hours. In the case of a further downturn, a break below the lower end of the range at $0.00001047 might risk a retest of the $0.00000856 level. If history repeats, SHIB might consolidate for a while before the next move. In an alternative scenario, a breakout from the present triangle pattern could result in a run-up to $0.00001742 before a significant barrier is met.
Dogecoin as legal tender in California? This Senate candidate wants to make it happen
Dogecoin, the first meme cryptocurrency, has been proposed to become a legal tender in the state of California. The idea belongs to Timothy Ursich, a chiropractor and sports medicine specialist who is running for election for U.S. Senate in California. The candidate is calling on Dogecoin co-founder Billy Markus and Tesla CEO Elon Musk to support his campaign ahead of the June 7 primary. However, despite the Golden State recently becoming more crypto friendly, it is obvious that Dogecoin has little to no chance of getting adopted as legal tender in California since Ursich is likely to get a miniscule number of votes. As previously reported by U.Today, California is one of the top states in terms of Bitcoin mining despite its ambition to reach carbon neutrality by 2045. The state accounts for 7.5% of the country’s hashrate.
White House zeroes in on Bitcoin’s climate impact
Bloomberg Law reports that Bitcoin’s energy needs have come under the Biden administration’s scrutiny as it is now working on policy recommendations on crypto mining. The White House’s principal assistant director for energy Dr. Costa Samaras says that it is critical to reduce total emissions if Bitcoin becomes a “meaningful” component of the financial system. Yet, there are few details about the administration’s approach to crypto mining regulation, and it is unclear whether any policy will be implemented. As reported by U.Today, in March, President Biden signed an executive order on cryptocurrencies. The decision was applauded by the cryptocurrency community as it was seen as being generally favorable of the industry, particularly miners.