Bitcoin volatility unabated

If Ethereum's 1.4% rise over 24 hours isn’t really cutting it, perhaps check out Ethereum Classic's performance over that time period (+24%).

Bitcoin is losing ground on a Tuesday morning, down 3.4% since Monday at 8 a.m. (EST); however, look at Bitcoin Cash (+3.7%).

Offshoots/rivals, perceived as cheaper, continue to gain ground, Benzinga said.

On the back of supercharged DeFi action, Polygon, seen as a more scalable ETH, has been surging this spring – and the crypto correction has hardly interrupted MATIC's trajectory. The 15th-largest crypto has risen 7% over 24 hours with the network gaining users amidst gas fee spikes on Ethereum.

No amount of technology-titan-led energy-use committees could steer Bitcoin away from turbulence on Tuesday.

BTC did, on Monday night, momentarily cross back above $40,000. But, as mentioned, the largest crypto by total market capitalization was unable to keep a grip on $37K as of 8 a.m. (EST).

If there is a retracement path ahead, then $41,200 is viewed by technicians as representing the first major milestone. Let the bullish engulfing candlestick making commence.

Eco-friendly project Chia Network said it has raised $61 million and outlined plans to go public later this year.

As of Tuesday morning at 8 a.m. (EST), Chia (XCH) had gained 2.3% to $777 over 24 hours.

CoinGecko said Chia has a circulating supply of 670,000 XCH coins out of a maximum supply of 21.7 million. It's No. 120 on CoinGecko's list of coins ranked by market cap.

Gene Hoffman, Chia’s president, referred to the newly acquired funds as the “rocket fuel” needed for accelerating the company’s ambition to “become a trading and payment system used by governments, banks, and other institutions.”

On the one-year anniversary of George Floyd's murder, the U.S. Senate is weighing the George Floyd Justice in Policing Act. It would ban chokeholds and "qualified immunity" for law enforcement. Additionally, the proposed federal law would seek to implement national policing standards.

In terms of deeply rooted problems surrounding social justice issues there is at least one – wealth inequality and lack of access to the financial system – that falls squarely into the center of the digital money ring. Meaningful conversations and well-intentioned aspirations are a starting point but "the question of whether Bitcoin can be harnessed to empower marginalized communities … remains unanswered," said Brett Scott of the United Nations Research Institute for Social Development (UNRISD).

The crypto community is not taking any collaborative cues from “social justice warriors” when it comes to redefining key institutions of society, including money and banks, said the Canadian feminist/anarchist/individualist Wendy McElroy. "Crypto is a standing rebuke to SJWs, and vice versa," she said in an opinion essay in Bitcoin.com.

Wealth advisor Tyrone Ross Jr., CEO of Onramp Invest, views the crypto community as a force for positive change, with younger generations particularly ready to usher in meaningful, even radical change.

"The power shift happens and the wealth transfer happens," he has said. "But it takes four to five generations to get out of poverty in America. When you look at what's happening now, the underlying issues … race, class, education, infrastructure, technology … all these things are rising to the fore, and there's a whole group of millennials that are focused on what can we change in one generation.”