Cryptocurrency news: Solana up by 19%, Ethereum up by 9%

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Eight of the top ten cryptocurrencies were trading in green on Thursday, with Solana showing the highest gain of 19.09% to $185.97. Ethereum, the second largest token inclined by 9.08% to $4,199.56. Cardano rose by 6.30% to $2.23, while Polkadot increased by 6.20% to $44.05. The world’s oldest and largest cryptocurrency Bitcoin had risen by 2.05% to $65,123.43. Dogecoin, XRP and Binance Coin climbed by 4.40%, 4.33% and 3.29% respectively. In terms of ranking, Solana moved to the sixth position, while XRP slipped to seventh.

On the other hand, Cardano moved up to the fourth position, while Tether USDT slipped to the fifth position.

Cryptocurrency prices

Crypto miners in Belarus and Russia subjected to higher power tariffs

Cryptocurrency miners in Belarus and Russia will be charged with higher electricity charges, which would result in denial of subsidized power to them. The move comes as the government in these countries are taking steps to segregate cryptocurrency miners from other power consuming groups.

According to Bitcoin.com, Miners in Russia cannot take advantage of preferential tariffs. It is vital to exclude the consumption of electricity by miners from the household rate to maintain the reliability and quality of power supply.

In Belarus, cryptocurrency mining activity is classified in the same electricity tariff group as data centers, information services and data processing activities.

Cannot trust Facebook to manage cryptocurrencies: US lawmakers

According to a group of law makers, Facebook Inc cannot be trusted to manage cryptocurrency and had urged the social media giant to discontinue the pilot version of its cryptocurrency wallet Novi, which was launched on Tuesday.

The lawmakers in a letter to CEO Mark Zuckerberg said that the company is pursuing digital currency plans once again on an aggressive timeline and has launched a pilot for payments infrastructure network already, even though these plans are incompatible with the actual financial regulatory landscape.

The letter further said that Facebook cannot be trusted in managing a digital currency, when its existing ability to manage risks and keep consumers safe has proven wholly insufficient.