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IOTA Price adds 7%, IOTA_USD bulls Target $2; BTC Mining Goes Green

IOTA Price adds 7%, IOTA/USD bulls Target $2; BTC Mining Goes Green

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  • IOTA Price adds 7 percent
  • Bitcoin mining easier in Kentucky
  • Optimism and Ethereum Layer-2 set for July
  • IOTA’s Firefly in Beta

Trending News: Bitcoin Mining Goes Green, IOTA Building, and Optimism Mainnet Launch Put Off

The Bitcoin price remains directionless, waving between $50k and caps of around $57k. The good news is that amid this stalemate and traders waiting for direction, miners continue to improve.

As per the latest news, Bitcoin miners are now mowing to green energy sources with the first mining pool, the “Terra Pool” jointly launched by U.K.-listed Argo Blockchain and DMG Blockchain Solutions currently active.

At the same time, the State of Kentucky is passing two laws to give Bitcoin miners a tax break on electricity and clean energy initiatives. The two rules, appended by Kentucky governor, Andy Beshear, will be effective July 1.

Ethereum Gas Problems, Optimism Postpones Launch to July

Meanwhile, Optimism is delaying their mainnet launch until July. Initially, the option was to launch this week after soft launching, introducing the Optimistic Virtual Machine (OVM) in partnership with Synthetix.

The Layer-2 solution, which is widely adopted especially by DeFi protocols, presents a solution that could drastically slash down the cost of transacting in Ethereum.

Presently, the rise of NFTs and DeFi heaps more pressure on Ethereum, resulting in higher Gas fees.

Consequently, developers are hard at work, working ways around finding a solution to the high transaction fees problem.

IOTA building: Firefly and Smart contracts

IOTA is replacing the buggy Trinity with Firefly, which’s currently in Beta. The modern wallet features reusable addresses and faster confirmation times.

Once Chrysalis, the intermediate state before Coordicide and complete decentralization, is live, it will perform just as Testnet statistics show.

Despite Elon Musk’s Tesla supporting Bitcoin, analysts argue that IOTA is the only practical, environmentally friendly solution. In his view, it makes sense for the fourth industrial revolution on the IoT-friendly and infinitely scalable IOTA.

Once active, IOTA’s EVM-compatible smart contracts would save people “a lot of money.”

From late April, IOTA would be enterprise-ready. By the end of the year, it will be production-ready, therefore powering the next wave of machine economy.

IOTA Price Analysis

IOTA Price Daily Chart for Mar 26

The IOTA/USD price is under pressure but bullish from a top-down analysis.

Week-to-date, the IOTA price is up seven percent, gaining versus both BTC and ETH during the same period.

Overly, IOTA/USD is in range mode with caps at $1.62 on the upside and $1.30 on the lower end. Presently, there is a double bar bearish reversal pattern of Mar 23 and 24. The good news for bulls is the absence of a bear follow-through. Also, losses of Mar 24 are with relatively low volumes, a net positive from an Effort-versus-Results point of view.

Nonetheless, if IOTA prices slide below $1.30 and the middle BB, IOTA/USD may tank to $1 flashing with the 50 percent Fibonacci extension level of the Feb trade range.

Conversely, a push back above $1.6 with higher trading volumes may see IOTA race to $2.4—the 1.618 Fibonacci extension level of the Feb trade range.

Chart courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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