Bitcoin Slides, Ethereum EEZ Emerges, Worldcoin Hits Low

Not a good weekend for Bitcoin; BTC is losing sight of the $70,000 mark. A new “Ethereum Economic Zone” (EEZ) is the main topic of discussion for ETH.

Bitcoin fell back to around $67,000 over the weekend; a decline of approximately 2 percent since Friday is hardly surprising given the ongoing war with Iran. Bitcoin ETFs closed the past trading week with a total capital outflow of $296 million.

Bitcoin Faces Downward Pressure as Ethereum Launches New Economic Zone

At current Bitcoin prices, the business of many Bitcoin miners is no longer profitable, according to a recent analysis by CoinShares. Experts estimate that miners have to budget an average of nearly $80,000 to mine a single Bitcoin. Therefore, the opportunity to market computing power for artificial intelligence (AI) is proving attractive.

Bitcoin miners like IREN and Bitfarms have already signed AI contracts worth more than $70 billion, CoinShares reports. The downside: To finance this transformation, miners are selling their Bitcoin reserves, which in turn puts downward pressure on the price of Bitcoin.

Ethereum is trading just above $2,000 on Monday morning, having held this support level over the weekend. Ethereum ETFs have experienced continuous capital outflows for the past eight trading days, totaling a loss of $207 million last week.

A new Ethereum Economic Zone (EEZ) aims to resolve the dispute surrounding the role of Layer-2. The project is financially supported by the Ethereum Foundation, and according to an official blog post, Gnosis and ZisK are leading the technological development. The goal is for EEZ participants to be automatically compatible within the Ethereum ecosystem, thus eliminating the need for so-called “bridges .” Whether the concept gains traction will become clear in the coming months.

The winner among altcoins is DEXE with a 14 percent gain

The project is currently experiencing a roughly 150 percent monthly increase. DEXE focuses on DAOs and how AI agents can be effectively integrated into the self-governance of crypto projects.

Bitcoin Cash (BCH) is the day’s biggest loser, down 6 percent, likely due to price corrections. However, in a market that has been tense for months, Bitcoin Cash is holding up exceptionally well; more on this in our BCH analysis from the beginning of the month.

Nothing new from the crypto sentiment barometer, which reads “fear”; four weeks of war with Iran have left their mark.

On Saturday, Worldcoin (WLD) hit a new all-time low; the project had been valued at $1 billion at its launch in 2021. However, the World Foundation has now sold WLD directly to four unnamed investors for $65 million. The announcement , as well as the deal itself, came as a complete surprise to the Worldcoin community. This raises suspicions that Worldcoin has reached a dead end with its idea of ​​a “universal basic income” and iris scans of citizens worldwide.

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(Featured image by Andre Francois McKenzie via Unsplash)

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