Crypto market update
Bitcoin reacted well to the most recent price slump and jumped above $48,000. Most altcoins are also in the green today. The cryptocurrency market capitalization is up by $50 billion in a day and is now over $2.2 trillion.
Bitcoin (BTC) is now trading at 47,838 USD (all data from Coingecko.com)
Ethereum (ETH) is now for 3,831 USD
PlatonCoin (PLTC) is now for 0,482 USD
Total marketcap is currently at 2.288 trillion USD
Daily news update
Citi Bank CIO and inflation: The Chief Information Officer for multination banking giant Citi has made a dire prediction about the U.S. dollar, claiming that it will devalue further over the next decade. Speaking on CNBC’s “Squawk Box” on Dec. 13, David Bailin of Citi Global Wealth said that people will be earning a negative rate of return on cash, potentially for the next decade.
ETH and coin burning: In periods of increased network activity, Ethereum fees are increasing significantly, which leads to a spike in the burn rate. With the previous fee-burning mechanism, Ether users would have to pay a higher base fee if the previous block in the network were full. With a higher base fee, more coins are being burned. In the last few hours, more than $817,000 worth of Ether has been burned, which indicates that a higher burn rate has appeared briefly and most likely did not hold long enough since the network was able to stabilize quickly enough.
DOGE and NFT: A meme coin DOGE developer has launched the first-ever NFT token on the Dogecoin blockchain. The details of the transaction show that the mint cost only 0.1 DOGE (or $0.0018). Describing the minting process, the developer said he used Sha-256 hash functions to mint the NFT token.
Bank of England and Bitcoin: The Bank of England wrote in a blog post published on its website entitled “What is a Bitcoin worth?” saying that Bitcoin does not meet many of the requirements necessary for a currency and that it is intrinsically volatile. Although Bitcoin’s value has surged as much as $67,000 this year, the Central Bank questioned whether the digital currency, Bitcoin, had any intrinsic value.
UK and crypto ban: The United Kingdom’s advertising watchdog ruled against several crypto ads on Wednesday, saying crypto-assets are a ‘red alert’ priority. The seven companies whose ads were deemed to have broken the Advertising Standards Authority’s (ASA) rules included trading platforms eToro and Coinburp; exchanges EXMO, Luno, Kraken and Coinbase; as well as a promotion from pizza chain Papa John’s. The regulator said its rulings follow proactive monitoring of the adverts for cryptoassets, and will form part of an ongoing project which will look to shape specific guidance in 2022. The ASA said it would also monitor ads for fan tokens and NFTs.