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Bitcoin saw some volatility last week as it continued to look for a break toward the $30,000 mark. The cryptoasset fell as low as $26,500 on eToro early in the week before surging close to $28,800 midweek but failed to sustain a rally toward $30k. It is currently in the same range it began last week, around $27,400. 

Ether posted similar volatile movements ending flat on the week, with lows of $1,680 and a high just above $1,820. This morning it is moving around the $1,765 mark. 

As equity markets show early signs of moving back towards ‘bull territory’ the overall trend for crypto looks similar with tokens building upwards again. While bitcoin will continue to test the $30k line, we might need a stronger push to see it higher. Important labor market updates from the US are inbound this week which could influence prices in the short term. 
 

ETH staking market heats up ahead of the upgrade

The ETH staking market is showing signs of life ahead of the Shanghai update, which will see the biggest change to the Ethereum Network since The Merge. 

Major staking protocol tokens such as Lido and Rocket Pool have jumped as the update moves closer. The market has richly rewarded investors willing to put away their tokens, with over $2 billion in rewards since July 2021. 

The big question now is how the market will move once the Shanghai update pushes through. It’s potentially going to unlock a lot of tokens that have been maturing for some time. We could see some short-term volatility but the rewards are still there to be reaped so it could go either way. 
 

Bitcoin emission intensity falling

One of the hottest debates to emerge from the changes to the Ethereum network's proof-of-staking protocol was the differentiation with the bitcoin network’s high energy usage. Bitcoin for some time has been hassled by detractors for its high energy consumption, but there does appear to be a shift underway for the cryptoasset. 

Data from Woo Charts highlighted by climate activist and bitcoin investor Daniel Batten on Twitter show bitcoin mining emission intensity is coming down quickly. This is chiefly down to miners adopting increasingly green energy production technologies in order to deliver fresh tokens to the network and validate transactions. 

Bitcoin is still way behind Ethereum in terms of energy input, and this is unlikely to change significantly in the short term. However, bitcoin proponents point out that like electric vehicles, (EVs) it is not the product that is the problem but the energy production used to create it. Some even go as far as to argue that bitcoin adoption will encourage greater uptake of green energy production as it provides financial incentives for the transition to a clean energy economy. 
 

Argentine airline to offer NFT tickets

NFTs have had a pretty tough time in market and image terms, but interesting new ways to utilize the technology keep cropping up. The latest of note is the launch of NFT tickets by Argentine airline Flybondi. 

Flybondi will allow customers to buy tickets in an NFT format, which will then be fully exchangeable and alterable by the holder. This means if the customer no longer needs the ticket they can change the name to a friend or even sell it on a secondary market to someone who does need a flight.

While just one example it shows the intriguing potential consumer benefits of an NFT economy. Areas such as flight travel routinely put passengers at the mercy of firms with high fees and disincentives for anyone who might need to change their plans. Giving control to the consumer through digital ownership rights could offer a potentially profound shift in the balance of consumer power.

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