Crypto News Bitcoin Updates 17 February 2022

Crypto News Bitcoin Updates 17 February 2022

Ethereum rises marginally while Bitcoin, Cardano register a slight dip

The global cryptocurrency market capitalization rose 0.08 percent over the last 24 hours to $1.99 trillion while trading volumes were down 8.29 percent to $69.62 billion.

While decentralized finance (DeFi) accounted for 13.34 percent of the 24-hour cryptocurrency trading volume at $9.29 billion, stable coins constituted 80.55 percent of the same at $56.08 billion.

Bitcoin’s market dominance fell by 0.03 percent to 41.97 percent and the currency was trading at $44,039.12 on the morning of February 17.

In rupee terms, Bitcoin fell 0.03 percent to trade at Rs 34,26,961, while Ethereum rose 0.17 percent to Rs 2,45,505.3

Cardano was down 0.46 percent to Rs 85.16 and Avalanche rose 4.56 percent to Rs 7,644.04. Polkadot fell 0.11 percent to Rs 1,547.43 and Litecoin was down 1.58 percent to Rs 9,932.51 in the last 24 hours.

Tether was down 0.1 percent to Rs 77.98.

Memecoin SHIB rose 1.46 percent, while Dogecoin was down by 0.45 percent to trade at Rs 11.65. Terra (LUNA) jumped 0.24 percent to Rs 4,385.31

New Chainalysis data has found that 4,068 “criminal whales” hold $25 billion worth of cryptocurrency.

The firm defines criminal crypto whales as any private wallet that holds $1 million or more of cryptocurrency and has received 10% or more of those funds through illicit addresses. (In other words, not all of that $25 billion is illicit.)

The data has been released in a preview of Chainalysis’ upcoming 2022 Crypto Crime Report and follows similar, recent reports on ransomware, NFT fraud, money laundering, and malware.

Of the $11 billion in illicit balances at the end of 2021, stolen funds accounted for 93% or $9.8 billion.

Darknet market funds are next at $448 million, followed by scams at $192 million, fraud shops at $66 million, and ransomware at $30 million, according to the report

Months after including Bitcoin in its Tips feature, Twitter is branching out to Ethereum addresses.” As of today, global Twitter users can add Ethereum Address to their Tips,” said a company spokesperson. “We’ve continued adding to our list of payment providers to ensure that Tips offers options for as many people as possible, no matter where you are.”

Coinbase announced a pilot program that will let Mexicans receive crypto transfers and then convert the balance into pesos by presenting a redemption code at more than 37,000 stores.

The transfers will be free of charge until March 31.

Crypto News Bitcoin Updates 17 February 2022

JPMorgan: Global Regulation Urgently Needed for Banks to Help Clients Invest in Crypto

A globally consistent crypto regulatory framework is urgently needed to allow banks to handle crypto assets on behalf of large customers, said a JPMorgan executive. “We need a globally consistent regulatory framework. It’s important that we get to a solution as quickly as possible.”

Debbie Toennies, managing director and head of Regulatory Affairs at global investment bank JPMorgan Chase & Co., talked about global cryptocurrency regulation applicable to banks Tuesday at an event held by the International Swaps and Derivatives Association.

The JPMorgan executive said that new rules are urgently needed to give banks certainty in handling crypto assets on behalf of large customers who seek exposure in this asset class.

A growing number of large institutions, including hedge funds, are interested in investing and gaining exposure to the crypto asset class. According to Wells Fargo, cryptocurrency has entered the “hyper adoption phase.”

Noting that some very large players had asked JPMorgan to hedge their exposures to crypto-assets, Toennies opined:

I do think we need a globally consistent regulatory framework. It’s important that we get to a solution as quickly as possible.

The real risk to all of our economies is that if we don’t get to a solution that allows banks to engage with our clients in a hedged way, this activity will go outside the regulatory perimeter, and I am concerned about financial stability.

Crypto News Bitcoin Updates 17 February 2022

Years after calling Bitcoin ‘rat poison,’ Warren Buffett just invested $1 billion in a crypto-friendly bank

Those were once the words of Warren Buffett, the famous investor called the “Sage of Omaha” for knowing things before the rest of the market. Now his money is saying otherwise.

Specifically, his company Berkshire Hathaway has bought $1 billion worth of stock in a digital bank that focuses on crypto.

Berkshire Hathaway made its crypto investment public with an SEC filing earlier this week.

It revealed that Buffett’s company had purchased $1 billion in shares of Nubank, a digital bank based in Brazil, and the largest of its kind in Latin America.

Nubank is a so-called neobank, a type of bank that operates outside of the rules of the traditional banking system.

The digital bank’s investment unit, NuInvest, allows users to put money in a Bitcoin exchange-traded fund (ETF)—tapping a financial space that Berkshire’s leaders have shown little love for.

Berkshire’s chairman and CEO have not refrained in the past from calling cryptocurrency “rat poison” and an unproductive asset that “has no unique value at all.”

Charlie Munger, Buffett’s longtime partner and vice chairman of Berkshire Hathaway, has also hardly been one to shy away from voicing his strong opinions on cryptocurrency.

Munger recently stated that he wished cryptocurrency had “never been invented,” and he has even indicated that he would not want any crypto trader marrying into his family.

He has a particular distaste for Bitcoin, the most popularly traded cryptocurrency, once calling it “disgusting and contrary to the interests of civilization.”

Munger has supported China’s decision to ban Bitcoin trading in the country and has called on the U.S. to take similar measures. 

“The Chinese made the correct decision, which is just to simply ban them,” he once said.

But even though its owners have expressed their personal disdain for cryptocurrencies and the crypto market, Berkshire Hathaway’s latest investment in Nubank is not the first time the conglomerate has dabbled in this market.

Crypto News Bitcoin Updates 17 February 2022

Crypto News Bitcoin Updates 17 February 2022

Fidelity enters crypto space with Europe’s cheapest bitcoin ETP

Fidelity International has entered the cryptocurrency space with the launch of the joint-cheapest bitcoin exchange-traded product (ETP) in Europe.

The Fidelity Physical Bitcoin ETP (FBTC) is listed on the Deutsche Boerse and Frankfurt Stock Exchange with a total expense ratio (TER) of 0.75%, the joint-cheapest on the European market along with SEBA Bank’s Bitcoin Tracker Certificate USD (SBTCU).

FBTC is set to list on the SIX Swiss Exchange in the coming weeks.

Physically backed, FBTC will be centrally cleared by Eurex Clearing with Fidelity Digital Assets acting as custodian.

Brown Brothers Harriman will act as the administrator and transfer agent for the product. 

Fidelity International said it launched FBTC for institutional and professional clients following a Fidelity Digital Assets survey which found 70% of institutional respondents expect to invest in digital assets in the future.

Christian Staub, managing director for Europe at Fidelity International, said: “The underlying Distributed Ledger Technology (DLT) has the potential to revolutionize the financial system over time and disrupt many parts of the financial world with profound implications for investors.

“As this technology becomes increasingly accepted, our clients are rightly asking for an efficient way to benefit from this trend. FBTC offers clients an institutional quality solution to enter the market in a familiar, simple, and secure way.”

Fidelity is the latest ETF issuer to enter the rapidly developing digital assets market. Last November, US giant Invesco unveiled the Invesco Physical Bitcoin ETP (BTIC) which is listed on Deutsche Boerse. 

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