According to a new White House energy report, Cardano is the one of the largest proof of stake blockchains in the world in terms of electricity consumption and market valuation.

This report issued by the White House aims to understand the cryptocurrency space’s impact on climate change. It also looked at whether there are any reforms that the government would need to implement to improve the cryptocurrency market’s impact on the environment.

On one of the pages of the report, the White House ranked all the cryptocurrencies by market valuation and energy consumption. Cardano was ranked number 3 overall, with the same claiming the #1 spot on the Proof of Stake front. 

The aforementioned revelation fueled Cardano’s supporters and community members. As expected, Cardano soon garnered a lot of support on Twitter, with many stating that this is a bullish sign for $ADA.

For instance, Dan Gambardello, Founder of Crypto Capital Venture, tweeted –

Here is the White House energy report showcasing #Cardano as the largest proof of stake blockchain in the world. Probably something. $ADA pic.twitter.com/s6mkF4pbfO

— Dan Gambardello (@cryptorecruitr) September 9, 2022

This announcement has been seen as a nod of approval from the White House, and people on social media reacted positively to this update.

Cardano’s social media presence has been increasing gradually for quite some time now, with social engagements up by 20.55% and social mentions up by 29.97% over the month.

However, that’s not the only good news for ADA, with its volume growing steadily without much volatility for quite some time. Even though there was a dip in volume recently, trading volume soon climbed from $732.33 million to $763.21million. 

Furthermore, the MVRV ratio has also been climbing steadily, with the same being another indicator of a bullish future.

Here, it’s worth noting that there has been a sharp decline in developer activity. With the Vasil hard fork approaching, this could raise some eyebrows too.

Even though there have been no signs of any delay in its development and the developers are very positive, this could be seen as a cause for concern.

$ADA was trading at $0.5147, at press time, with the altcoin noting a 0.55% spike in 24 hours. The crypto’s price has been trading between the resistance of $0.519 and the support of $0.431 of late. The RSI had a reading of 65.54, with the same being a good indicator that the momentum is with the buyers at the moment. With the altcoin’s price testing the $0.51 resistance, the future seemed very bullish for ADA on the charts. 

Finally, the CMF was at 0.08. Now, although this seemed to be a slightly bullish reading, it isn’t a strong enough indicator of a bullish future for ADA. 

Hence, traders are advised to do more research before getting into any position. As the Vasil hard fork is approaching, which is a highly anticipated event, readers can expect a lot of volatility. 

It is recommended that readers look into other developments such as Cardano’s latest version of the Daedalus wallet to get a better understanding of where ADA is heading.

Cardano (ADA) creator Charles Hoskinson is warning that new recommendations by the US government do not bode well for Bitcoin (BTC) and other crypto assets.

Taking issue with the recommendations of a new White House Office of Science and Technology Policy report that calls for the involvement of the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Energy (DoE) to create evidence-based environmental standards for the responsible design of digital assets, Hoskinson says the proposals could result in an outright ban of Bitcoin.

“[The] EPA and DoE are going to start talking to crypto companies to basically tell them to change the way that their cryptocurrencies work.

And which way? Well, these should include, ‘Standards for very low energy intensities, low water usage, low noise generation, clean energy usage by operators and standards that strengthen over time for additional carbon-free generation to match and exceed additional electricity load of their facilities.

Should these measures prove ineffective at reducing impacts, the administration should explore executive actions and Congress might consider legislation to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining.’

In other words, Bitcoin should be banned. That’s how you read that.”

The report is a response to an executive order signed by President Joe Biden in March calling for “responsible digital asset innovation.”

According to Hoskinson, the US government can employ various strategies to achieve its objectives that could spell bad news for proof-of-work crypto assets.

“The White House is now basically hiding in page seven a report no one will ever see or read: ‘Hey Mia, nice thing you got there with proof of work but, you know, global warming bad. So we should ban it.’

And we will soft ban it by having the EPA and DoE come in and basically create standards that you can’t adhere to.

And then when you can’t, create some form of executive order or legislation to basically prevent you from being able to do it.

Or destroy your profit margins so it’s no longer profitable for the American mining industry.”

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Featured Image: Shutterstock/Krit Suppaudom