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Chainlink Integrates New Tech, And It’s Going Green – Healthy For LINK?

Chainlink (LINK) made a couple of announcements in line with the integration of ZIL/USD Price Feed that safeguards Web3 projects from crashes and data hacks as well as its thrust towards going green.

  • Chainlink starts bullish but swerves towards the bearish zone
  • Chainlink working on tech initiatives to combat climate change
  • LINK total volume grows from 200 million to 516 million in September

Chainlink in collaboration with Coorest, DlcimateDAO, and Hyphen is working on initiatives directed toward climate change.

LINK Shows Amplified Social Media Metrics

All of these new developments have greatly amplified the social media metrics of Chainlink. As evidence of that, LINK’s social media engagements have spiked by 6.65%, and social mentions also skyrocketed by 16.23% as seen in the past week.

LINK has been noticeably bullish with its total volume growing from 200 million to as much as 516 million as observed early in September.

In addition, the altcoin’s MVRV has also been surging which gives a rather positive momentum for LINK.

Development activity has also shown a minimal uptrend with further updates contributing to LINK’s price increase in the coming days.

While it looks like things are going pretty well for Chainlink this month, it wasn’t an easy route for the altcoin.

Evidently, there has been a huge drop in the number of unique active wallet addresses as seen in the past three months.

Dominance in terms of market capitalization has also plunged as it capsized by 4.64% as seen in July.

LINK Displaying Weakened Momentum

On a 24-hour timeframe, LINK’s price is seen to have increased by 2.72%. LINK has currently breached the support present at $7.46 and is hovering towards the key resistance at $8.25.

Chainlink’s RSI is currently at 64.72 revealing an increase in selling activity or hinting at a downward movement.

On the other hand, its OBV is observed to be treading a sideways motion.

Chart: TradingView.com

Chainlink was seen to be bearish and displaying a negative momentum in the past couple of hours; with the price crashing towards $7.54. LINK’s value has improved a bit in the past few hours.

According to CoinMarketCap, LINK price is down by 2.83% or trading at $7.72

Chainlink reveals to be following a downward movement and could even plunge further. The overall market conditions also look negative with the bears trying to dominate the market.

LINK total market cap at $3.6 billion on the daily chart | Source: TradingView.com

Featured image from The Daily Hodl, Chart from TradingView.com

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“Buy Bitcoin, Save The Planet,” Says Canadian Investment Firm

Calgary-based Accelerate Financial Technologies prepares to launch a Carbon-Negative Bitcoin ETF (TSX: ABTC). It plans to match each investment by planting trees to counteract the adverse environmental impact of crypto mining.

“Accelerate intends to sequester over 100% of the estimated carbon dioxide emissions attributable to bitcoin transactions that ABTC is indirectly exposed to by funding decarbonization initiatives including its global tree-planting program” the company states on its website.

Related Reading | $425bn Wiped Off Crypto Market As Musk Says Bitcoin Is Bad For The Environment

According to this Bloomberg report, Accelerate pledges to plant 3,450 trees for every C$1 million ($788,200) invested into its carbon-negative ETF. The company estimates that each investment would result in the offset of 1,000 tons of carbon dioxide.

The Environmental Impact Of Bitcoin Mining

There is an ongoing debate about the energy use of Bitcoin mining. While some companies have changed their tone in recent months, and are even building out cryptocurrency offerings for their clients, Bank of America has been conservative in its approach.

A report from Bank of America released earlier this year stated mining as an environmental concern. Bitcoin mining is an energy-intensive process that requires the use of massive computing rigs—and the corresponding hardware to cool down such machines—to process transactions and maintain the network. “A $1 billion fresh inflow into Bitcoin may cause CO2 to rise by the equivalent of 1.2 million (combustion engine) cars,” the report said.

Related Reading | China Banned Bitcoin Mining. What Happens To Small Hydropower Stations Now?

The report notes that the digital currency’s energy consumption will soon rival that of some of the largest countries in the world. Its estimated energy consumption has grown more than 200% in the past two years. A single bitcoin purchase at a price of ~$50,000 has a carbon footprint of 270 tons, the equivalent of 60 ICE [petrol/diesel] cars. Hence, it accounts for about 0.4% of global energy consumption at a $50,000 price point.

BTC price falls below $49K | Source: BTCUSD on TradingView.com

Accelerate claims its ABTC is eco-friendly because it trades bitcoin futures that don’t need to be mined. Also, the tree-planting campaign neutralizes carbon emissions and helps fight climate change. All these processes are independently verified by a third-party sustainability consultant. Julian Klymochko, Accelerate’s chief investment officer, pushed back against the notion that the company was falsely marketing the ABTC initiative as environmentally friendly. “We’re highly cognizant of the concept of greenwashing.” He said the firm preferred planting trees instead of buying so-called carbon credits to label the product carbon negative.

Approval Of Crypto ETFs

Canada was the first country to launch a Bitcoin ETF. Exchange-traded crypto funds have been approved in Canada, though not yet in the United States. Canadian regulators have given the green light to many firms applying for crypto ETFs in 2021, including offerings from Purpose Investments, Evolve Funds Group, and CI Global Asset Management.

Related Reading | Will Bisq Be Part Of Jack Dorsey’s Bitcoin DEX Project? Here’s The 411

Accelerate applied for its Bitcoin ETF with Canadian securities regulators in February. The investment firm plans to list the product on the Toronto Stock Exchange under the ticker ABTC, offering units in both U.S. and Canadian dollars.

The Accelerate Carbon-Negative ETF is for investors who want exposure to the performance of BTC and can tolerate a high level of investment risk. The ETF will begin trading Tuesday.

Featured image from Accelerate, Chart from TradingView.com