Crypto market update
Crypto market tumbleded and most digital currencies experienced a flash crash, including Bitcoin, Ethereum and others. The slide was driven by fear-induced market selling due to notes from the U.S. Federal Reserve’s December meeting, which indicated that the central bank could hike interest rates as soon as this March. Another blow came from the mining sector, because a wave of protests erupting in Kazakhstan, the second-largest Bitcoin mining country, lead to a nationwide internet shutdown, forcing local miners to switch off their operations and thus hash rate of the network fell by 13%.
Bitcoin (BTC) is now trading at 42,862 USD (all data from Coingecko.com)
Ethereum (ETH) is now for 3,664 USD
PlatonCoin (PLTC) is now for 0,422 USD
Total marketcap is currently at 2.146 trillion USD
Daily news update
Crypto market and Fed: The past 24 hours have been particularly tumultuous throughout the entire cryptocurrency market. The selling pressure also spread out through Wall Street as the Fed revealed plans to reduce its balance sheet. Over the last day, the cryptocurrency market lost some $200 billion of its capitalization, which currently sits below $2.2 trillion.
Bitcoin and bear market warning: Bitcoin’s failure to begin the year on a bullish note has been interpreted by sceptics as a sign that the asset has reached its peak. One of them,CryptoWhale, even thinks that Bitcoin has entered a bear market now and will never reach the ATH rates again.
Bitcoin and dividends: The BTCS crypto company has become the first NASDAQ-listed company to offer its shareholders dividends in bitcoins. Its share price increased by 41% following the announcement to $4.40 per share, increasing its market capitalization to over $43M. It will pay out five cents-per-share dividends in bitcoins based on the price of Bitcoin on March 16, 2022.
Sin City and metaverse: The R-rated metaverse Sin City held a virtual ‘land’ sale last December. Raking in millions, the sale was a huge success and all virtual land was sold out within minutes. The cost of the land was 4,000 SIN per parcel (around $900 at the time of writing). There will be another land sale organized in February.
Thailand and crypto tax: Profits from crypto trading in Thailand are now subject to a 15% capital gains tax, The Bangkok Post news agency reported Thursday. The Thai Revenue Department also plans to step up its monitoring duties following a booming digital asset market last year.