Decentral Block Post

New York City mayor Eric Adams is still focused on making New York a crypto hub, but he believes that goal can be combined with statewide efforts to curb environmental costs related to crypto mining, according to reports on Nov 25. 

The comments follow the new law signed by New York governor Kathy Hochul, banning proof-of-work (PoW) mining activities for two years in the state. The mayor, known as a crypto proponent, said in June he would ask the governor to veto the bill.

The city will work with legislators to find a balance between the crypto industry development and legislative, Adams told The NY Daily News:

“I’m going to work with the legislators who are in support and those who have concerns, and I believe we are going to come to a great meeting place.”

The PoW mining moratorium will not only prohibit new mining operations but also refuse the renewal of licenses to those who are already operating in the state, as reported by Cointelegraph. Any new PoW mining operation in the state could only operate if it uses 100% renewable energy.

Alameda Research withdrew over $200 million from FTX.US before it filed for bankruptcy, according to analysis from blockchain firm Arkham Intelligence disclosed on Nov. 25. 

In a Twitter thread, Arkham revealed that Alameda Research, FTX's sister company, pulled $204 million from eight different addresses of FTX US in a variety of crypto assets, the majority of them stablecoins, in the final days before the collapse.

Among the withdrawn funds, $116 million, or 57.1%, were in stablecoins pegged to the US dollar, including USDT, USDC, BUSD, and TUSD. Arkham's analysis also showed that $49.49 million (24.2%) of the funds was in Ether (ETH), and $38.06 million, or 18.7%, was in wrapped Bitcoin (wBTC). 

"The withdrawn wBTC was sent to the Alameda WBTC Merchant wallet, and then bridged in its entirety to the BTC Blockchain.", said Arkham, adding that of the $204 million transferred, $142.4 million, or 69%, was sent to wallets owned by FTX International, "suggesting that Alameda may have been operating to bridge between the two entities."

Of the Ether transferred, $35.52 million was sent to FTX and $13.87 million was sent to a large active trading wallet. The firm noted that it's "unknown whether the almost 14M in ETH was sent to 0xa20 as part of a trade, or as an internal fund transfer within Alameda."

Bitcoin (BTC) has spent over a year in a downtrend since its $69,000 all-time highs in November 2021.

BTC price performance has given investors up to 77% losses, but how much lower can BTC/USD really go?

Bitcoin traders and analysts have long agreed that 2022 is the year of the largest cryptocurrency’s newest bear market.

After coming off all-time highs to start the year at around $46,000, BTC/USD has offered little relief and has since returned to levels not seen since November 2020, data from Cointelegraph Markets Pro and TradingView confirms.

That has placed the pair in historical bear market bottom territory — having lost a maximum of around 77% since the most recent peak, Bitcoin could have little room left to fall.

Bitcoin (BTC) still risks a drop to below $7,000 in this bear market, the latest worst-case scenario prediction warns.

In its latest livestream broadcasted on Nov. 24, trading platform DecenTrader revealed targets for a BTC price bottom.

Analyst flags “oldschool, rock-hard support” for Bitc

The most recent in a series of BTC/USD forecasts, Decentrader co-founder Filbfilb mapped out a potential sub-$10,000 dip on the cards for the pair.

“In my worst case scenario, I think that would be probably where we end up, like oldschool, rock-hard support,” he said about a bidding zone around $6,500.

This is where buyers would “probably start refilling their bags,” he added, noting that that level was approximately double the 2018 bear market and March 2020 COVID-19 crash lows.