BTC ends the red trend

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Friday, June 10, 2022 4:30 PM

This week was the first positive week for the crypto market in a long time. There was a lot of good news from different directions. We also saw the value of Bitcoin slowly turn green, which hadn’t happened for at least 9 weeks. Other cryptocurrencies, such as Chainlink, were even up over 10% in value!

Bitcoin Ends Weekly Red Trend

Bitcoin (BTC) finally managed to break the negative trend after nine weeks of losing value, forming its first green weekly candle since the end of March.

After coming out of a deep dive, things were looking good for Bitcoin in early March. However, he did match a negative record in terms of consecutive weekly candles closing in the red. This trend continued last week, when Bitcoin saw its ninth consecutive red candle.

The last seven days have been more bullish, with BTC reaching a high of $29,500 in the middle of the week. Despite failing there, falling below $28,000, BTC finished with a weekly high of $27,300. As a result, it had a weekly green candle for the first time since March 21.

PayPal allows users to send crypto to external wallets

PayPal announced on Tuesday that customers will be able to send Bitcoin and Ethereum to external wallets, nearly two years after the company allowed cryptocurrencies on its platform. The service will be offered to a limited number of US users starting Tuesday and will roll out to all qualified US consumers in the following months.

In October 2020, PayPal began allowing customers to buy, sell, and hold Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. However, customers were unable to transfer crypto from PayPal to an external wallet. According to PayPal, users have been requesting this functionality for a long time and now it is available.

Kenya’s Largest Electricity Producer Will Help Bitcoin Miners

Kenya’s largest electricity provider, KenGen (Kenya Electricity Generating Company PLC), plans to sell excess geothermal energy to Bitcoin mining companies. In an interview, KenGen CEO Peketsa Mwangi said they have the space and electricity nearby, which helps with stability.

Kenya is the largest geothermal power producer in Africa, producing more than 14,000 megawatts (MW) of power with just 863 MW of equipment. Approximately 10,000 MW of geothermal energy is stored in the Rift Valley circuit alone.

Miners who want to take advantage of this offer have already contacted KenGen to inquire. “Some have asked if we want to start with 20 MW and then grow more,” Mwangi said.

Many mining companies are expected to come to Kenya from the United States and Europe. KenGen’s goal is to help reduce the carbon emissions associated with Bitcoin mining by providing renewable electricity.

Snoop Dogg co-founded the Bored Ape Yacht Club theme restaurant

Snoop Dogg has announced the creation of a dessert restaurant. The restaurant is inspired by the movie Bored and Hungry, with a Bored Ape motif.

The name of the restaurant will be Dr. Bombay’s Sweet Exploration. It will be based in Los Angeles and run in association with Andy Nguyen, Kevin Seo and Phillip Huynh’s Food Fighters Universe.

It was described in the advertisement as an “immersive dessert experience”. Dr Bombay is the name of Snoop Dogg’s Bored Ape Yacht Club NFT.

Even though the restaurant is not owned by Yuga Lab, Yuga Labs NFT holders have the exclusive right to trade their assets. As a result, Snoop Dogg’s Bored Ape NFT is allowed to be used in this way.

Snoop Dogg’s son, Cordell Broadus, is also a partner in the restaurant. In a press release announcing the restaurant, he added, “Food Fighters Universe integrates food into Web3 and provides a real-life application path for NFTs.” It’s the future of the restaurant industry, and my dad and I are excited to join the team to bring Dr Bombay to life.”

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