Bitcoin Crypto Updates On 15 February 2022

Bitcoin Crypto Updates On 15 February 2022

First Mover Asia: Bitcoin Finds Firm Footing Above $42K

The market moves: Bitcoin stabilized above $42,000, although investors continued to monitor tensions on the Ukraine border and inflationary data.

Prices

Bitcoin (BTC): $42,727 +1.1%

Ether (ETH): $2,941 +2.1%

After dropping sharply Friday, bitcoin found firm footing in the $42,000 to $43,000 range during U.S. trading hours as investors continued to hold their breath about a potential Russian invasion of Ukraine, particularly the implications for the global energy supply.

At the time of publication, the largest cryptocurrency by market capitalization was trading just below $42,800, up slightly over the last 24 hours.

Ether, the second-largest crypto by market cap, was trading at above $2,900, up more than 2% over the same time period. Major altcoins were mostly in the red. Trading was light.

Crypto’s performance largely mirrored prices on major equity exchanges.

The tech-focused Nasdaq composite was flat, the first trading day after it dropped more than 2% on Friday. The S&P 500 and DJIA were off slightly.

“Banning Cryptocurrencies Most Sensible Option”: RBI Deputy Governor

RBI on Crypto: The Reserve Bank of India’s chief last week delivered a stark warning against investing in cryptocurrencies, saying they lacked the underlying value of even a tulip.

Cryptocurrencies are akin to Ponzi schemes or even worse and banning these is the most sensible option for India, the Reserve Bank of India’s deputy governor said on Monday.

“We have also seen that cryptocurrencies are not amenable to definition as a currency, asset or commodity; they have no underlying cash flows, they have no intrinsic value; that they are akin to Ponzi schemes, and may even be worse,” T Rabi Sankar said in a speech.

“All these factors lead to the conclusion that banning cryptocurrency is perhaps the most advisable choice open to India,” he added.

The country’s central bank chief last week delivered a stark warning against investing in cryptocurrencies, saying they lacked the underlying value of even a tulip – in a reference to a speculative bubble that gripped the Netherlands in the 17th century.

Bitcoin Crypto Updates On 15 February 2022

Cryptocurrency Prices Today : Market in the green today as Bitcoin, Ethereum rise

Cardano rose 4.11 percent to Rs 85.04 and Avalanche rose 7.73 percent to Rs 6,603.6. Polkadot jumped 4.68 percent to Rs 1,518.95 and Litecoin was up 3.5 percent to Rs 10,050 in the last 24 hours. Tether was down 1.13 percent to Rs 78.72.

The global cryptocurrency market-capitalisation rose 4.44 percent over the last 24 hours to $1.94 trillion while trading volumes were up 15.22 percent to $70.52 billion.

While decentralized finance (Defi) accounted for 11.61 percent of the 24-hour cryptocurrency trading volume at $8.19 billion, stable coins constituted 81.29 percent of the same at $57.33 billion.

Bitcoin’s market dominance fell by 0.12 percent to 42.47 percent and the currency was trading at $43,460.60 on the morning of February 15.

In rupee terms, Bitcoin rose 2.58 percent to trade at Rs 34,15,167, while Ethereum rose 4.68 percent to Rs 2,38,000.1

Cardano rose 4.11 percent to Rs 85.04 and Avalanche rose 7.73 percent to Rs 6,603.6. Polkadot jumped 4.68 percent to Rs 1,518.95 and Litecoin was up 3.5 percent to Rs 10,050 in the last 24 hours. Tether was down 1.13 percent to Rs 78.72.

CRYPTOCURRENCYPRICE (IN RS)24-HOUR CHANGE (IN PERCENT)
Bitcoin34,15,167+2.58
Ethereum2,38,000.1+4.68
Cardano 85.04+4.11
Tether78.72-1.13
Solana8,000.6+9.16
Avalanche6,603.6+7.73
Litecoin10,050+3.5
XRP65.22+4.0
Axie4,670.41+4.01
Bitcoin Crypto Updates On 15 February 2022

Bitcoin Crypto Updates On 15 February 2022

Suspecting fraud, UK tax watchdog seizes NFTs for first time ever

Three people have been arrested on suspicion of attempting to defraud United Kingdom tax authorities in the first probe involving NFT seizure.

The U.K.’s tax watchdog seized three nonfungible tokens as part of a suspected case of value-added tax fraud worth 1.4 million pounds ($1.9 million), in the first-ever domestic enforcement action of this kind.

Three people have been arrested on suspicion of attempting to defraud the authority, allegedly using a web of 250 fake companies, Her Majesty’s Revenue and Customs said by email.

Authorities also seized other crypto assets worth about 5,000 pounds, while the NFTs have yet to be valued.

NFTs, a type of digital asset that can be traded over blockchain networks, gained widespread popularity among crypto traders and art aficionados alike last year, even breaking their way into top auction houses such as Christie’s and Sotheby’s with multimillion-dollar sales.

The market is worth a total of about $16 billion, an analysis of NFTGo data by crypto research firm Messari showed this month.

Tokens, which symbolize ownership of a digital artifact like music or an image, are typically bought and sold using the cryptocurrency Ether.

The most popular ones take the form of digital avatars that owners can use as their profile pictures online, like those featured in collections from the Bored Ape Yacht Club or CryptoPunks.

These assets can be worth millions of dollars and have attracted celebrity attention in recent months from the likes of Paris Hilton, Reese Witherspoon, and Serena Williams.

“Our first seizure of a Non-Fungible Token serves as a warning to anyone who thinks they can use crypto assets to hide money from HMRC,” said Nick Sharp, HMRC’s Deputy Director Economic Crime.

“We constantly adapt to new technology to ensure we keep pace with how criminals and evaders look to conceal their assets.”

It comes a week after the U.S. seized $3.6 billion in stolen Bitcoin, in the largest financial seizure ever, demonstrating law enforcement hunger to prove cryptocurrency is not a safe place for criminal activity.

“Fraudsters typically thrive where asset values inflate rapidly, so it’s no surprise to see them capitalizing on the growth of NFTs,” said Sam Roberts, a Partner at law firm Cooke, Young, and Keidan.

“While removing the need for lawyers may have been one of the lofty goals of public blockchains and the asset classes on which they are based, in practice that has not happened – frequently because of thefts and fraud.

Law-abiding creators and owners “should be encouraged that the courts are continuing to support digital ownership rights, and we should expect to see more of this in future,” he said.


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