Global Cryptocurrency Market Falls As U.S. Inflation Reaches 40-Yrs High.

Global Cryptocurrency Market Falls As U.S. Inflation Reaches 40-Yrs High.

2022-02-13 | Selina Mathew

Global Cryptocurrency Market Falls As U.S. Inflation Reaches 40-Yrs High.

According to Hungary's Central Bank Governor, all cryptocurrency-linked operations should be prohibited in the EU since they might lead to illegal finance. Uber will accept cryptocurrency if "pre-existing obstacles" like as exorbitant costs are addressed. György Matolcsy, Governor of Hungary's Central Bank, has advocated for a comprehensive prohibition on cryptos and associated operations, believing that they can be utilized to support unlawful operations in the European Union (EU). Nevertheless, Uber Technologies CEO Dara Khosrowshahi told Bloomberg in a statement that his business is ready for cryptocurrency acceptance if certain pre-existing issues are resolved. The worldwide cryptocurrency industry has plummeted in response to news of 40-year-high US inflation, which might compel the US Federal Reserve to end financial assistance and, as a result, create excessive liquidity in multiple asset classes. The worldwide cryptocurrency market valuation fell by 10.61% to $1.75 trillion. The cryptocurrency trade volume has also gone dry, and as of 8.27 a.m., it had dropped 42.16 percent at $66.07 billion, according to Coinmarketcap statistics. Bitcoin (BTC), the globe's earliest coin, had its value fall by 3.05% to $42,275.20. Ethereum (ETH), the second-largest currency by market capitalization, witnessed a 3.59 percent drop in price to $2,952.81. Cardano (ADA) was off by 4.35 percent at $1.09, whereas Algorand (ALGO), touted as the Ethereum killer, was off by 3.31 percent at $0.9357, with a market value of $6,137,795,588. Binance Coin (BNB) lost 1.96 percent to $403.61, Solana (SOL) fell 6.14 percent to $98.05, and Polkadot (DOT) declined 6.66 percent to $18.99. MetaPay (METAPAY) is the day's leading beneficiary, up 1,085.27 percent to $0.00001672. BUILD Finance (BUILD) was the biggest loss, dropping 95.55 percent to $0.06719.

Figures relating to Defi as well as memecoins

Dogecoin (DOGE) was off 4.09 percent at $0.1458 in Meme Coins as well as DeFi. It has a volume-to-market-cap proportion of 0.03658. Shiba Inu (SHIB) dropped 3.52 percent to $0.00002924. Dogelon Mars (ELON) was trading at $0.0000009624, down 7.75 percent. Floki Inu (FLOKI) fell 12.08 percent to $0.00003925, whereas Samoyed Coin (SAMO) fell 6.43 percent to $0.02636. YFI was down 4.32 % in the DeFi category, trading at $23,330.18. While Terra (LUNA) fell 2.42 percent to $51.18, Avalanche (AVAX) rose 6.09 % to $84.04. Uniswap (UNI) was down 3.7% at $10.92, whilst Aave (AAVE) was down 5.14 percent at 166.68.

Recent Changes

György Matolcsy, Governor of Hungary's Central Bank, has spoken forth in favor of a comprehensive ban on cryptocurrency and associated operations, exactly as the Russian Central Bank did before a drastic shift in the notion. He said that criminals may use cryptocurrency to finance their unlawful operations and that they could also destabilize the EU financial system. "It is apparent that cryptos might support criminal operations and seek to develop financial pyramids," he was cited as stating in a news statement. According to Russia's central bank, "the fast development, as well as the market value of cryptos, are determined solely by a speculative desire for future growth, which produces bubbles." Intel, the American semiconductor behemoth, has introduced an energy-efficient accelerator that it hopes will benefit the cryptocurrency and blockchain industries. Bitcoin mining consumes a lot of energy, which is a major problem for the rest of the globe. "We are concentrating our resources on unlocking the full promise of blockchain by inventing the most energy-efficient processing solutions at scale," writes Raja M. Koduri, senior vice president as well as general manager of Intel's Accelerated Computing Systems and Graphics Group in a comprehensive blog article. Dara Khosrowshahi, CEO of Uber Technologies, an online taxi aggregator, informed Bloomberg in a question and answer session that his firm is open to cryptocurrency acceptance if specific pre-existing issues are resolved. He mentioned high cryptocurrency transaction costs and the environmental effect of cryptocurrency mining as issues. According to Hindustan Times, he stated, "As the exchange method gets less costly and more ecologically fair, I believe you would see us tilting towards cryptocurrency a little bit more

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