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Bitcoin, Ether See Red as Wider Crypto Market Falls Prey to Macro Economic Factors

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Bitcoin, Ether See Red as Wider Crypto Market Falls Prey to Macro Economic Factors

Bitcoin and the wider crypto market suffered yet another upset to efforts of starting a bull run as global market capitalisation dropped significantly to mark major losses for most coins. The largest cryptocurrency by market capitalisation did manage a positive run through Thursday but a rough start on Friday appears to have wiped away all the gains from the previous day, and more. Bitcoin’s value is currently at $42,270 (roughly Rs. 30 lakh), down by 6.49 percent over the past 24 hours on Indian exchange CoinSwitch Kuber.

Meanwhile, on global exchanges, the price of the most popular cryptocurrency fell below the $40,000 (roughly Rs. 30 lakh) mark, marking its lowest level in more than five months. As per CoinMarketCap, BTC is valued at $38,909 (roughly Rs. 30 lakh) down by 7.03 percent over the past 24 hours.

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Ether, the second-largest cryptocurrency by market capitalisation had an equally torrid showing. The Ethereum-based cryptocurrency witnessed a rise of 2.81 percent through Wednesday only to see get wiped away by Friday morning. At the time of publishing, Ether is valued at $3,120 (roughly Rs. 2.5 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto’s value drop below the $3,000 (roughly Rs. 2 lakh) mark at $2,855 (roughly Rs. 2 lakh), where the coin dropped 8.26 percent over the past 24 hours.

Gadgets 360’s cryptocurrency price tracker shows that most popular altcoins witnessed a serious rattling too, with stablecoins being the only gainers on the day. Cardano, Ripple, Polkadot, Chainlink, Uniswap, and Polygon all dropped in value. Tether and USD Coin made minimal gains.

Meme coins haven’t had a very good week and Friday’s wider market pullback saw bigger dips for Dogecoin and Shiba Inu. Dogecoin is currently valued at $0.16 (roughly Rs. 10) after dipping by 6.47 percent over the last 24 hours, while, Shiba Inu is valued at $0.000028 (roughly Rs. 0.002), down 5.85 percent over the past 24 hours. As per CoinGecko data, both DOGE and SHIB have dropped over 10 percent in value over the past 7 days.

“Bitcoin and Ether fell below $40,000 (roughly Rs. 30 lakh) and $2,900 (roughly Rs. 2 lakh), which is the lowest in the past ten days. After jumping over $43,000 (roughly Rs. 30 lakh), BTC went back to the same level where it started. The decline in the trend hits the investor’s weakening sentiment. ETH and other top altcoins by market cap rose decently before the dip. The total crypto volume also decreased by nearly 12 percent in the past 24 hours. This downward trend can be attributed to economic changes and interest rates,” CEO and co-founder of crypto investment firm Mudrex, Edul Patel, told Gadgets 360.

These recent big drops to Ethereum and Bitcoin come amid continued surging inflation, a disappointing December jobs report, and the release of minutes from the US Federal Reserve Board’s December meeting, which signalled the central bank would begin slowing down measures to prop up the economy as it continues to improve.

That said, the last 24 hours have also seen tech giants take a step forward towards wider crypto adoption. Twitter on Thursday announced the launch of a tool through which users can showcase non-fungible tokens (NFTs)as their profile pictures, tapping into a digital collectibles craze that has exploded over the past year. The feature, available on iOS to users of the company’s Twitter Blue subscription service, connects their Twitter accounts to cryptocurrency wallets where the users store NFT holdings.

Twitter displays the NFT profile pictures as hexagons, differentiating them from the standard circles available to other users. Tapping on the pictures prompts details about the art and its ownership to appear.

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In a bid to ramp up research work in the Blockchain sector, Google Labs has appointed a new team to focus on the up-and-coming tech. Google Labs is an incubator that tests and develops new-tech developments and projects, parented by the search engine giant. Shivakumar Venkataraman, an engineering vice president at the company has been chosen to head this new group.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Unlawful Crypto Mining Unearthed in Russia’s Oldest Prison, Warden Accused of Electricity Theft

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Unlawful Crypto Mining Unearthed in Russia’s Oldest Prison, Warden Accused of Electricity Theft

Russia’s oldest prison, called the Butyrka, has emerged as a site for unlawful crypto mining activities. A prison warden belonging to a high rank has also been accused of stealing electricity from other parts of the prison, in order to facilitate crypto mining from within the facility. Built in central Moscow back in 1771, Butyrka is over 250 years old and houses up to 2,000 inmates. As for now, police investigation into the crypto mining activities inside the jail has been opened.

The matter came to light after mining equipment were spotted inside a psychiatric clinic run by the Federal Penitentiary Service at the prison.

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The probing officers suspect that crypto generation from inside the prison has been going on since November 2021, Bitcoin.com said in a report.

Over 8,400 kW of electricity is estimated to have used between November 2021 and February this year, by people who were minting cryptocurrencies from inside the government facility. In a wider picture, the government of Russia actually paid for the electricity that was diverted to facilitate crypto mining operations in the prison.

As for now, details on the warden facing an inquiry and related accomplices in the case remain unclear.

The procedure of crypto mining is infamous for consuming huge amounts of electricity and disrupting the power supply of regions.

Several areas around the world including China, Kazakhstan, and Georgia’s Svaneti town have been crippled under power shortages caused by crypto mining.

Russia however, is looking to legalise crypto mining so that energy production in the required capacity is carried out without disrupting the lives and industrial activities of its citizens.

In January this year, Russian President Vladimir Putin had noted that the country does have advantages in the mining of cryptocurrencies.

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Back in March, Russian Deputy Minister of Energy Evgeny Grabchak also batted in favour of ‘eliminating legal vacuum’ and regulating crypto mining during the first national conference of legal crypto miners in Russia’s Irkutsk region.

Grabchak has said that it is essential to identify appropriate mining sites in the country and manage electricity keeping crypto mining requirements in mind, especially at the regional levels.


Should you pick Vivo over Galaxy S22 and OnePlus 10 Pro? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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SWIFT Partners with Capgemini to Test Cross-Border CBDC Interoperability

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SWIFT Partners with Capgemini to Test Cross-Border CBDC Interoperability

Bank messaging service, SWIFT, short for Society for Worldwide Interbank Financial Telecommunication, is set to test the interoperability of Central Bank of Digital Currencies (CBDC) by interlinking several CBDC networks in order to execute cross-border payments. Besides currently linking financial institutions worldwide to communicate and execute financial payments, the Belgium-based member-owned cooperative has approached digital services provider Capgemini to help carry out its experiments. While there aren’t too many CBDCs around for SWIFT to experiment with right away, so far nine countries have brought CBDCs into use with China’s Digital Yuan (e-CNY) being one of the most widely experimented with digital currency.

An official blog post published on May 19 suggests that using CBDCs for cross-border payment solutions may have been a blind spot for the original idea of a digital currency since its development had the primary focus on resolving issues in line with domestic policies. However, Thomas Zschach, Chief Innovation Officer at SWIFT, expressed that new different CBDC networks must work together to enable “frictionless” transfers across the borders, and SWIFT will play a critical role.

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Capgemini and SWIFT are working together to develop a proof of concept to link a variety of CBDC networks along with other traditional currency networks. Globally, most central banks are creating CBDCs, ‘with a number of banks using different technologies, standards, and protocols for their digital currencies,” Zschach said.

As indicated in the company’s statement, the company will develop a gateway that will intercept, translate, and send domestic CBDC transactions to SWIFT for onward transmission. It will rely on existing SWIFT protocols, authentication models, and infrastructure. Over 11000 financial institutions are linked within 200 countries through SWIFT.

The new alliance is a continuation of the efforts SWIFT began with Accenture last year. As a result of that collaboration, a CBDC network and RTGS system were able to conduct a cross-border transaction.

The experiments will demonstrate that SWIFT has the capability and the technical components to link different networks if they are successful.

SWIFT’s head of innovation Nick Kerigan said, “This would help CBDCs address a major industry problem. We can also assist central banks with making their own CBDC networks capable of cross-border payments.”


Should you pick Vivo over Galaxy S22 and OnePlus 10 Pro? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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Terra's Do Kwon Denies Any Tax Evasion Attempt on Twitter After South Korea Authorities File Lawsuit

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Terra’s Do Kwon Denies Any Tax Evasion Attempt on Twitter After South Korea Authorities File Lawsuit

Days after news of a lawsuit being filed in South Korea against Terra on charges of tax evasion, Do Kwon, the CEO of Terraform Labs has stated on Twitter that the closure of two of the firm’s offices in Busan and Seoul was just coincidental and had nothing to do with the ongoing investigation from national tax authorities. Kwon who hasn’t been very active on the microblogging platform since the UST, LUNA crash on May 13 clarified that his decision to move to Singapore had no connection to the ongoing investigation and that he’s been in Singapore since December 2021.

Terraform Labs is the core development team working on the Terra blockchain whose native assets, LUNA and UST stablecoin, recently collapsed after a bank run that wiped out billions of dollars of value.

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A local news media report last week suggested that authorities in Korea were investigating Kwon and Terraform Labs for more than $78 million (roughly Rs. 604 crore) in unpaid corporate taxes.

Investigations into Terraform Labs first began in June 2021. The investigation revealed that the company was registered in the Virgin Islands and Singapore. Following the investigations, the Terra subsidiary in the Virgin Islands was fined $3.6 million (roughly Rs. 28 crore) in income tax and $34.7 million (roughly Rs. 269 crore) in corporate tax by October.

The decision is reported to have made Kwon unhappy with crypto taxation in the country and according to the report by Naver news, Kwon tried to liquidate Terra’s domestic operations just before the LUNA crash. The financial watchdog allegedly busted Terra Labs during the attempt to transfer tokens to Luna Foundation Group in Singapore.

When questioned on Twitter by FatMan, an anonymous Terra analyst and commentator, about the accuracy of the reports, Kwon responded.

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“We have no outstanding tax liabilities in Korea,” he said, adding that the company had already paid its dues in full after it faced a tax audit. “Happy to engage with any lawsuit or regulatory inquiry to the best of our ability – we have nothing to hide,” Kwon added.


Should you pick Vivo over Galaxy S22 and OnePlus 10 Pro? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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