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Seeking Alpha 2021-06-16 20:39:15

Regulatory scrutiny increases for bitcoin, ethereum gains interest

peterschreiber.media/iStock via Getty Images Ether (ETH-USD) may be stealing some of bitcoin's (BTC-USD) thunder as energy-intensive bitcoin comes under pressure by regulators and environmentalists. China, home to ~75% of the world's bitcoin mining, wants to ban bitcoin considering risks and costs associated with the cryptocurrency. Some province leaders have told bitcoin miners to shut down after failing to meet climate targets, CNBC reports. Miners are already leaving Inner Mongolia, it said. Bitcoin has eased down to ~$38.6K after flirting with $40K resistance. "Ethereum 2.0" is gaining some traction in the banking sector as the technology will enable users to transact with digital wallets/tokens in a decentralized blockchain system, while collecting a yield significantly larger than a traditional bank's annual percentage rate, according to a Coindesk item. The network's proof-of-stake overhaul pays out rewards, similar to interest, in the form of ether. That makes it a threat to conventional banks, where traditional

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