Crypto News Headlines Jan 20, 2022

  1. First Mover Asia: Fed Tightening, Economic Woes Continue to Spook Crypto Investors

Bitcoin couldn’t make up its mind in Tuesday trading. It started the day with a short downward spiral that had its price headed for $41,000. But then it changed course. Ether, the second-largest crypto by market cap, followed a similar pattern, sinking and then rising. At the time of publication, it was trading about $3,150, approximately flat over the past 24 hours. OANDA Senior Market Analyst Edward Moya is optimistic about a bitcoin price rebound. “The breakout in Treasury yields was not expected to happen this quickly, but when it ends that could be the all-clear signal for many traders to scale back into cryptocurrencies,” he said.

After dedicated websites and portals, many WhatsApp groups have emerged which are not only educating masses on cryptocurrency but are also sharing latest news, information and buying types on crypto. With a sizeable chunk of the Indian populace getting interested in cryptocurrency, there is demand for information. The United States and Russia were ranked a fairly distant second and third, respectively. In terms of number ofcryptoowners in terms of population, India has the fifth-highestcryptoownership rate. According to insiders, there is hundreds of WhatsApp community across the country which is disseminating information and tips to the potential investors.

Proof-of-work crypto mining should be banned in the European Union (EU), according to the vice chair of the European Securities and Markets Authority (ESMA). The proof-of-work model involves miners using scores of powerful computers to solve complex mathematical problems in order to record transactions on the blockchain an be rewarded with new coins. The EU does not currently account for a particularly significant share of the proof-of-work mining industry. Bitcoin mining is currently dominated by the U.S. (share of 35.4%), Kazakhstan (18.1%) and Russia (11.23%), according to the Cambridge Centre for Alternative Finance.

EPA last week took steps to rein in the environmental footprint of bitcoin miners. EPA denied requests from current and former coal-fired power plants to keep using waste disposal sites filled with the toxic slurry produced from coal power, otherwise known as coal ash. The agency is getting involved as more cryptocurrency mining operations examine using old coal plants as a power source. Even a coal plant tied to the family of Sen. Joe Manchin (D-W.Va.) has examined going in that direction, until the proposal was rejected this month by West Virginia’s Public Service Commission.

Bitcoin Miner, Argo Blockchain, is starting a non-mining business unit, called “Argo Labs” to diversify its business and take advantage of other opportunities in the blockchain ecosystem. The London based Argo Blockchain has been operating as a publicly listed crypto miner, generating revenue primarily from minting bitcoin and Zcash. Meanwhile, Argo Labs is still a very early stage project. Argo Labs will mainly focus on network participation and strategic diversification through the efficient deployment of the company’s crypto treasury assets. The new business will be funded internally and the company has allocated approximately 10% of its own crypto assets in its treasury, toward Argo Labs.

Mastercard said Tuesday it inked a deal with Coinbase, the latest in a recent flurry of partnerships between payment and cryptocurrency giants. By teaming up with Mastercard, Coinbase executives said they’re looking to reduce friction in the NFT buying process. Right now, that often requires customers opening up a crypto wallet, buying digital currencies, then spending those on NFTs in an online marketplace. As part of the agreement, Coinbase customers will be able to use Mastercard credit and debit cards to make purchases on the crypto exchange’s upcoming NFT marketplace.

The UK government has announced plans to crack down on the advertising of cryptocurrency products to prevent consumers from being misled into purchases. As a result, the government will be legislating to ensure the promotion of cryptoassets are subject to the same Financial Conduct Authority (FCA) rules as other financial promotions such as stocks, shares and insurance products. The Treasury claimed that around 2.3 million people in the country now own some form of “cryptoasset,” but that understanding of these financial products is declining. That could lead to them being mis-sold to investors, it warned.

Anatoly Aksakov, head of the Financial Market Committee at the Russian parliament, has reiterated a warning for cryptocurrency investors and insisted that Russians owning coins should declare their digital assets. Russians have put 5 trillion rubles (around $67 billion) into crypto and some of them may lose everything as cryptocurrencies are not backed by anything. Repeating previously issued warnings in an interview with the parliamentary Duma TV channel, the Russian lawmaker emphasized that there is no stability in the digital currency market. Crypto prices can quickly move by 20 – 30% in one direction or another, Aksakov noted and elaborated.

To curb Singapore’s growing appetite for digital tokens, crypto ATMs are shutting down, as the city-state moves to significantly reduce consumer marketing of cryptocurrencies. The machines, which are mostly located in malls across Singapore, provide people with a convenient way to buy cryptocurrencies such as Bitcoin and Ether using fiat currencies, Bloomberg reported. Several users on social media have reported that their cryptocurrencies, sometimes worth tens of thousands of dollars, had disappeared from their accounts in recent days.

  1.  Survey shows that 67% of Canadians want to get paid in crypto by 2027

Receiving payment in crypto is gathering interest in Canada. A recent Capterra survey of 1,000 Canadian respondents revealed that 67% of the participants are interested in being paid in crypto in the next five years. The survey results also showed that crypto use is more prevalent in younger demographics. Among the crypto owners, 34% are between 18 and 22 while 41% are between 23 and 35. Among the respondents who used crypto, the researchers found that Bitcoin (BTC) and Ether (ETH) are still the most popular. Apart from BTC and ETH, Dogecoin (DOGE), Litecoin (LTC) and Cardano (ADA) are among the most-used assets.