The Bitcoin Hash Ribbon is a technical indicator that charts the hashrate (the rate at which the cryptocurrency is being mined) and consequently, whether miners are turning on or off their machines. Historically, capitulation – which happens when enough miners stop doing so – has corresponded with market bottoms. Conversely, when the miners re-enter, signalled by the 30-day moving average for the hashrate crosses above the 60-day moving average – like a price action gold cross – fortunes for BTC tend to reverse. When combined with the 10-day MA crossing the 20-day MA for Bitcoin’s price action, a buy signal flashes – which occurred on 20 August.
California Plans to Ban Sales of All New Gas-Powered Vehicles by 2035
The state of California is expected to slowly phase out the sale of fossil fuel-powered vehicles over the next 13 years, with a complete ban enacted by 2035. California is the most populous state in the US, and its transportation sector is the largest source of greenhouse gas emissions in the state. This is expected to have far-reaching effects, especially since there have been many other states following in California’s footsteps in implementing clean-vehicle standards in the past. While this does not bode well for traditional combustion engine vehicle manufacturers, EV producers and related industries are set to profit.
Gas Prices Forecast to Cool as Japan Plans Return to Nuclear Power
11 years after the nuclear plant disaster in Fukushima, Japan, the country is again planning to return to nuclear energy. Plans are in motion to restart idle power plants as well as develop next-generation reactors. Japan is the largest buyer of liquefied natural gas (LNG) in the world, importing roughly 71.5 million metric tons in 2021. The International Energy Administration (IEA) has reported that this move will cool natural gas prices, which have surged since the start of the Russian invasion of Ukraine.