Bitcoin Cryptocurrency News Today 12 February 2022

Bitcoin Cryptocurrency News Today 12 February 2022

Cryptocurrency Prices Today: Bitcoin, Ethereum trade in red

Cryptocurrency Prices Today: Investors are bracing for more gyrations in Bitcoin and other cryptocurrencies, as worries over a hawkish Federal Reserve threaten to squelch risk appetite across markets.

The global cryptocurrency market capitalization dropped to $1.90 trillion from $1.95 trillion over the last 24 hours, while trading volume declined to $89.42 billion from $114.17 on February 11. 

Investors are bracing for more gyrations in Bitcoin and other cryptocurrencies, as worries over a hawkish Federal Reserve threaten to squelch risk appetite across markets.

Decentralised finance (DeFi) accounted for 16.12 percent of the 24-hour cryptocurrency trading volume at $10.65 billion, while stablecoins constituted 78.15 percent at $51.63 billion.

Bitcoin‘s market dominance dropped by 0.15 percent to 41.64 percent and the currency was trading at $42,449.46 on the morning of February 12.

The volatility traditionally associated with cryptocurrencies has been on full display in recent weeks. Bitcoin, the largest cryptocurrency, is up by around 33% since January 24 and recently traded at $43,850, rebounding from a tumble that cut its price in half from November’s record high.

Its main rival, ether, is up around 45% since January 24 at around $3,200, following a nearly 56% nosedive from its record high of $4,868, also in November.

In rupee terms, Bitcoin fell 1.4 percent to trade at Rs 33,77,000, while Ethereum dipped 3 percent to Rs 2,34,999.0. Read More Moneycontrol

Cryptocurrency Update: 6 Crypto Coins Gain Up To 710% in a Day; Bitcoin, Ether in Red

Cryptocurrency Update: The global cryptocurrency market on Friday, February 11, plunged again amid volatility as all major crypto coins lost their values. 

The cryptocurrency market cap was standing at $1.98 trillion, according to data from global crypto tracking website CoinMarketCap.

This was down by 3.18 per cent over the last 24 hours. The The global crypto volume however rose significantly over the past day.

The total volume of traded coins amounted to $115.68 billion over the course of the last day.

This has fallen by 35.61 per cent over the last 24 hours, said data on the website.

“US’s consumer price index (CPI) came in at 7.5 per cent last night, higher than consensus estimates.

Not surprisingly, the Federal Reserve reiterated its stance to scale back quantitative easing and raise interest rates, possibly by a full percentage point by July.

The hawkish stance led to risk assets correcting across the board, from equities to crypto, while the 10-year treasury yield topped 2 per cent for the first time since 2019,” said the CoinDCX research team in a note.

“For as long as inflation remains high, any further upside for stock and crypto could potentially be limited. That said, we are cautiously optimistic on the structural bull market remaining intact, particularly for crypto, given the sheer volume of funds that have continued to pour into the sector, notwithstanding the seemingly dull economic outlook,” it added on the day. Read More News18

SEC Working With CFTC on Crypto Regulation

  • The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, says the securities regulator is working with the Commodity Futures Trading Commission (CFTC) on crypto regulation.
  • In addition, he said the SEC is “trying to work with various crypto platforms, exchanges, lending platforms” to ensure investor protection. Read more here

Bitcoin Cryptocurrency News Today

Bitcoin Cryptocurrency News Today 12 February 2022

Analysts say Bitcoin price is in the ‘profit-taking’ zone with a ceiling at $45K

The price action for Bitcoin (BTC) continues to tantalize investors and once again, concerns over the state of the global economy and rising inflation have prompted warnings that the Fed’s upcoming interest rate hikes could do more damage then good to the state of the market.

Data from Cointelegraph Markets Pro and TradingView shows that the price of BTC has hovered near the $43,000 support level in trading on Feb. 11 after rallying 20% from the $37,000 leve over the past week.

Intel to Enter Bitcoin Mining Market With Energy-Efficient GPU

Intel is entering the blockchain mining market with an upcoming GPU capable of mining Bitcoin. 

It insists the effort won’t put a strain energy supplies or deprive consumers of chips.

The goal is to create the most energy-efficient blockchain mining equipment on the planet, it says.

“We expect that our circuit innovations will deliver a blockchain accelerator that has over 1,000x better performance per watt than mainstream GPUs for SHA-256 based mining,” Intel’s General Manager for Graphics, Raja Koduri, said in the announcement. (SHA-256 is a reference to the mining algorithm used to create Bitcoins.)

News of Intel’s blockchain-mining effort first emerged last month after the ISSCC technology conference posted details about an upcoming Intel presentation titled: “Bonanza Mine: An Ultra-Low-Voltage Energy-Efficient Bitcoin Mining ASIC.” ASICs are chips designed for a specific purpose, and also refer to dedicated hardware to mine Bitcoin.

Friday’s announcement from Koduri added that Intel is establishing a new “Custom Compute Group” to create chip platforms optimized for customers’ workloads, including for blockchains.

Koduri also said Intel is working with customers that share its environmental sustainability goals for blockchain mining.

“Argo Blockchain, Block (formerly known as Square) and Griid Infrastructure are among our first customers for this upcoming product.

This architecture is implemented on a tiny piece of silicon so that it has minimal impact to the supply of current products,” he added. 

The effort will likely shake up competition in the ASIC Bitcoin-mining industry when some of the largest providers, such as Bitmain, come from China.

Intel’s first blockchain-mining hardware is slated to begin shipping later this year.

In addition, the company says it’s preparing a roadmap of “energy-efficient accelerators.” The chipmaker plans on sharing more details at the ISSCC technology conference, which runs from Feb. 20-28.

Bitcoin Cryptocurrency News Today

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