Cryptocurrency Bitcoin News 14 February 2022
Cryptocurrency Bitcoin News 14 February 2022
Bitcoin, Cryptocurrency Prices Today: Bitcoin, Ethereum fall as Tether rises marginally
Cardano fell 3.13 percent to Rs 81.88 and Avalanche tumbled 5.27 percent to Rs 6,128.8.
Polkadot tumbled 3.85 percent to Rs 1,451.04 and Litecoin was down 2.76 percent to Rs 9,729.4 in the last 24 hours. Tether was up 0.2 percent to Rs 79.71.
The global cryptocurrency market capitalisation dipped 2.14 percent over the last 24 hours to $1.86 trillion while trading volumes were down 11.35 percent to $61.44 billion.
While decentralised finance (DeFi) accounted for 11.58 percent of the 24-hour cryptocurrency trading volume at $7.11 billion, stablecoins constituted 80.37 percent at $49.37 billion.
Bitcoin’s market dominance rose by 0.31 percent to 42.60 percent and the currency was trading at $41,687.64 on the morning of February 14.
In rupee terms, Bitcoin fell 1.14 percent to trade at Rs 33,30,681, while Ethereum dipped 2.22 percent to Rs 2,27,351
Cardano fell 3.13 percent to Rs 81.88 and Avalanche tumbled 5.27 percent to Rs 6,128.8.
Polkadot tumbled 3.85 percent to Rs 1,451.04 and Litecoin was down 2.76 percent to Rs 9,729.4 in the last 24 hours. Tether was up 0.2 percent to Rs 79.71.
Heavy Tax On Cryptocurrency Better Than Outright Restriction: Crypto Firm Founders
El Salvador created history on September 7 last year, when it became the first country to adopt Bitcoin as a legal tender.
However, the sailing hasn’t been smooth for the Central American nation.
Frequent tech glitches, a large population unfamiliar with Bitcoin’s usage, protests by citizens and an ongoing energy crisis made international observers to call El Salvador’s “libertarian” experiment a failure.
The situation reached its climax when the International Monetary Fund (IMF) urged El Salvador to drop Bitcoin as a legal tender, citing risks to financial stability.
Since day one, frequent glitches in the ‘Chivo’ wallet – from bugs to blocked accounts and unauthorized charges to failed transactions – began to act as a major roadblock for the larger adoption of Bitcoin.
‘Chivo’ wallet is the national app for using bitcoin in El Salvador.
Now, as a corrective measure, the Nayib Bukele government of El Salvador has appointed AlphaPoint, a multinational crypto software firm, to support the frontend and backend infrastructure of ‘Chivo’ wallet.
As per the official press release, AlphaPoint will handle the “entire ecosystem including the mobile application, mobile point-of-sale processing, merchant website portal, call center support software and administrative console”.
In an email interview, AlphaPoint co-founders Igor Telyatnikov and Vadim Telyatnikov – they are brothers – shared their perspective on the El Salvador project, the future of cryptocurrencies, central banks-backed digital currencies and India’s tryst with cryptocurrency.
Cryptocurrency Bitcoin News 14 February 2022
First Mover Asia: Bitcoin Inches Upward in Sunday Trading
Market moves: Bitcoin rose slightly on Sunday but was still way off its price of a week ago; most major altcoins dipped over the weekend.
Technician’s take: BTC was confined to a tight range over the weekend. Indicators are neutral, although oversold conditions could keep short-term buyers active.
Indian Parliament Member Clarifies Legal Status of Cryptocurrency
Following the finance minister’s announcement to tax cryptocurrency income, the question of whether crypto is now legal or legitimate in India has come up repeatedly.
Union Minister of State for Finance Bhagwat Karad, a member of Rajya Sabha, India’s upper house of parliament, reportedly explained Saturday that cryptocurrency is not legal in India.
He told reporters that both the government and the central bank, the Reserve Bank of India (RBI), have not given any recognition to cryptocurrencies, therefore they are not legal in India right now.
However, he is not saying that the legal status of crypto will remain this way, emphasizing that what happens in the future regarding its legal status cannot be said at this time.
Minister Karad’s statement echoes one made by the Indian finance minister, Nirmala Sitharaman, last week.
She said the government is not going to legalize or ban cryptocurrency at this stage, stressing that the decision of whether to ban crypto will come after she receives input from various consultations.
Crypto Currently Neither Legal nor Illegal in India
While Minister Karad said cryptocurrencies are not legal in India, the Indian government has noted repeatedly that they are also not illegal.
Finance Secretary T. V. Somanathan, for example, said earlier this month that crypto assets are currently not illegal. However, he stressed that investments in them are not encouraged either, elaborating:
They are in a gray area. They are not illegal. It’s not illegal to buy or sell crypto assets in India, and it continues to be not illegal.
Meanwhile, the finance minister has made it clear that income from cryptocurrency transactions will be taxed. However, the crypto industry is petitioning for the government to reconsider the 30% taxation proposed in the budget.
The Indian government is reportedly consulting widely with many stakeholders regarding crypto regulation. The finance minister also said that the government is constantly monitoring the crypto sector.
A cryptocurrency bill was listed to be considered in the winter session of parliament but it was not taken up. The government is now reportedly reworking the bill.
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