Latest Bitcoin Cryptocurrency News 11 February 2022

Latest Bitcoin Cryptocurrency News 11 February 2022

Cryptocurrency Prices Today: Markets ring in red as Bitcoin, Ethereum fall

The global cryptocurrency market capitalisation dipped 3.30 percent over the last 24 hours to $1.96 trillion while trading volumes were up 46.41  percent to $113.88 billion.

While decentralised finance (DeFi) accounted for 12.41 percent of the 24-hour cryptocurrency trading volume at $14.13 billion, stablecoins constituted 82.49 percent at $93.94 billion.

Bitcoin’s market dominance rose by 0.40 percent to 41.80 percent and the currency was trading at $43,191.13 on the morning of February 11.

In rupee terms, Bitcoin fell 1.64 percent to trade at Rs 34,29,969, while Ethereum dipped 4.4 percent to Rs 2,42,883

Cardano fell 3.06 percent to Rs 90.54 and Avalanche tumbled 0.84 percent to Rs 7,100. Polkadot tumbled 5.25 percent to Rs 1,622.21 and Litecoin was down 4.3 percent to Rs 10,365 in the last 24 hours.

Tether was up 0.79 percent to Rs 79.22.

Memecoin SHIB fell 6.83 percent, while Dogecoin decreased by 4.52 percent to trade at Rs 12.02. Terra (LUNA) fell 6.16 percent to Rs 4154.62.

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Latest Bitcoin Cryptocurrency News 11 February 2022

Bitcoin below $44,000, dogecoin, Shiba Inu, XRP plunge over 6%. Check cryptocurrency prices today

Cryptocurrency prices today plunged with Bitcoin trading below the $44,000 level in what has been a volatile week for the digital tokens.

The world’s largest and most popular cryptocurrency was down nearly 3% at $43,144. Bitcoin is down about 6% in 2022 (year-to-date or YTD) so far.

Bitcoin is down about 35% since it peaked at almost $69,000 in November last year as risk aversion grows with the Federal Reserve and other global central banks starting to tighten financial conditions and remove pandemic-era liquidity from the system.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also declined over 5% to $3,064.

Similarly, Binance Coin dipped about 2% to $413.

Dogecoin price was trading 6% lower at $0.15 whereas Shiba Inu tanked over 8% to $0.000030.

The performance of other coins were mixed as Stellar, Avalanche, Cardano, Polygon, XRP, Polkadot, Solana, Terra, Stellar prices were trading with cuts over the last 24 hours.

Meanwhile, the global cryptocurrency market capitalisation today remained above $2 trillion, as per CoinGecko, even as it was down 3% at $2.06 trillion, dragged by fall in crypto prices today.

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Global Regulators ‘Going Full Steam’ on Crypto — Official Says ‘Current Structure Is No Longer Fit for the Purpose’

Global regulators are “going full steam” on cryptocurrency regulation. “The current structure is no longer fit for the purpose with the development of cross-border digital market activities,” said the chairman of France’s markets watchdog AMF.
Global Regulators Going Full Steam on Cryptocurrency Regulation

Robert Ophèle, chairman of France’s markets watchdog, the Autorité des marchés financiers (AMF), and a member of the Financial Stability Board (FSB), reportedly discussed global cryptocurrency regulation Wednesday at a virtual conference held by Afore Consulting.

The FSB is an international body that monitors and makes recommendations about the global financial system. Ophèle is also the second deputy governor of the Bank of France, the French central bank.

Ophèle explained that regulators worldwide are following the same “universal basic principle,” adding…

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Latest Bitcoin Cryptocurrency News 11 February 2022

Latest Bitcoin Cryptocurrency News 11 February 2022

JPMorgan Predicts Long-Term Bitcoin Price of $150K — Outlines Challenges Ahead

Global investment bank JPMorgan has predicted that the long-term price of bitcoin will reach $150K while the fair value of the cryptocurrency sits at $38K. “The biggest challenge for bitcoin going forward is its volatility and the boom and bust cycles that hinder further institutional adoption,” JPMorgan’s analysts explained.

Global investment bank JPMorgan has revealed its prediction for the long-term price of bitcoin as well as the cryptocurrency’s fair value.

JPMorgan Chase & Co.’s strategists, led by Nikolaos Panigirtzoglou, wrote in a research note published Tuesday that their long-term theoretical target for bitcoin is $150K, up from $146K predicted last year.

At this level, bitcoin’s total market value would be on par with that of all gold held privately for investment purposes, they explained.

The analysts clarified that bitcoin’s “fair value” is around $38K, up from $35K estimated last year.

They calculated the coin’s fair value based on bitcoin being roughly four times as volatile as gold, adding that if the volatility differential narrows to three times, then the fair value of BTC would rise to $50K.

The JPMorgan strategists wrote:

The biggest challenge for bitcoin going forward is its volatility and the boom and bust cycles that hinder further institutional adoption.

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