Daily news update: January 12th, 2022

economy, news

Crypto market update

After the most recent price slides and enhanced volatility, Bitcoin regained some strength and reached level of $43,000 for the first time in nearly a week. As of now it is still hanging near that level and its market capitalization has jumped above $800 billion. Most altcoins suffered similar losses to Bitcoin during the correction, but the past 24 hours have been better. Ethereum slid below the psychological level of $3,000 two days ago, but a 5% increase on a daily scale helped the con gain back to $3,300 and is still rising. The crypto market cap is up by $150 billion in two days and has reclaimed $2 trillion. The main reason for the market rise is according to analysts the rising inflation in the U.S., where it reached 7% for December.

Bitcoin (BTC) is now trading at 43,881 USD (all data from Coingecko.com)

Ethereum (ETH) is now for 3,368 USD

PlatonCoin (PLTC) is now for 0,393 USD

Total marketcap is currently at 2.195 trillion USD

Daily news update

Cryptocurrencies and the future: An independent research house Sapio Research carried out a research among cryptocurrency holders. 54% of respondents believe that cryptocurrencies are the future of finance and will eventually dominate the payments market globally. Some 60% considered that by year 2022 cryptocurrencies will have a significant presence in the e-commerce sector.

Bitcoin mining and Kazakhstan: Bitcoin’s overall hashrate, which fell more than 10% as Kazakhstan’s Internet blacked out on Jan. 5, has been slow to recover, remaining 17% off its high of about 205,000 petahash per second (PH/s). Miners are working to restore production to full capacity in the shortest possible time.

Jack Dorsey and Bitcoin fund: Former Twitter CEO and founder Jack Dorsey has announced plans to create a “Bitcoin Legal Defense Fund” with Chaincode Labs co-founder Alex Morcos and Martin White, who appears to be an academic at the University of Sussex. The announcement was sent on a mailing list for Bitcoin developers, from an email address appearing to belong to Dorsey.

Investors and cryptocurrencies: Legendary investor Bill Miller recently revealed that he put half of his net worth in bitcoin and other cryptocurrencies. Apparently, Miller had been accumulating bitcoin personally for a long time, and now has half his wealth in cryptocurrencies.

IMF and Bitcoin: Crypto is no longer an obscure asset class within the financial ecosystem, but a growing correlation with the stock market undercuts the “investment hedge” role of Bitcoin (BTC) and other cryptocurrencies, according to new International Money Fund (IMF) research.

Jerome Powell and CBDC: Jerome Powell – chairman of the Federal Reserve – appears to have reversed one of his previous positions on the relationship between CBDCs and stablecoins. Testifying in front of the US congress, he suggested that both could co-exist, without the former replacing the latter.

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