Blockchain and Cryptocurrency News Roundup

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  • July 18, 2022
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18th of July 2022

Here’s a short summary of some of the biggest headlines in Crypto: Is Soaring US Inflation Rate Hurting Bitcoin’s Revival Chances?, Plus the cost of Producing Bitcoin Dropped to around $13,000, says JPMorgan, and lastly, 51% of Crypto Investors in Saudi Arabia Optimise Crypto Future, KuCoin Study Shows

Is Soaring US Inflation Rate Hurting Bitcoin’s Revival Chances?

Key inflation data in the United States in June was just released by the Bureau of Labor Statistics on Wednesday, highlighting among many things that consumers are paying much more for basic necessities including food and gas.

Per the released data, the consumer price index (CPI) shot up by 9.1%, the highest since November 1981, surpassing the 8.6% recorded for the month of May. While the inflation rate as expected outgrow the estimates from the Dow Jones pegged at 8.8%, investors are responding with fright as many are unsure of where the Federal Reserve will tilt towards in its next FOMC meeting.

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Cost of Producing Bitcoin Dropped to around $13,000, says JPMorgan

The cost of producing Bitcoin has gone negative as it dropped from about $24,000 at the start of June to around $13,000 now, according to JPMorgan Chase & Co.

Bloomberg reported, citing a note from the Cambridge Bitcoin Electricity Consumption Index, strategists led by Nikolaos Panigirtzoglou, that the drop in the production cost estimate is almost entirely due to a decline in electricity use.

“They posit that the change is consistent with efforts by miners to protect profitability by deploying more efficient mining rigs, as opposed to a mass exodus by less efficient miners. They also say it could be seen as an obstacle to price gains,” Bloomberg reported.

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51% of Crypto Investors in Saudi Arabia Optimise Crypto Future, KuCoin Study Shows

Nearly 3 million citizens in Saudi Arabia have entered the crypto space over the past six months, according to a study by KuCoin.

To explore the adoption and penetration of cryptocurrencies in Saudi Arabia, crypto exchange KuCoin released an “Into The Cryptoverse Report”. The study unraveled sustainable interest among crypto investors in Saudi Arabia. Per the report:

“51% of crypto investors invest because they believe it is the future of finance, while 44% believe that cryptocurrencies can bring them higher returns in the long run compared to other types of financial investment.”

Over the last six months, 14% of the adult population entered the crypto space by either trading digital assets or owning them. Furthermore, 17% of adults depicted crypto curiosity and were likely to invest in cryptocurrencies in the next six months. 

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