Cryptocurrency News by Bitcoin Romania, February 2022

Wed | 09.02.2022

FX & Currency

Cryptocurrency News by Bitcoin Romania, February 2022

In this cryptocurrency era, things are moving faster than ever, so you'd better keep one eye constantly on the market changes. Find out what are the top performance leaders in the past 5 days.

KPMG IN CANADA MAKES FIRST DIRECT CRYPTO INVESTMENT

KPMG in Canada announced Monday the company’s “first-of-its-kind investment.” KPMG is one of the Big Four accounting firms. The announcement details:

KPMG in Canada has completed an allocation of crypto assets to its corporate treasury, the firm’s first direct investment in crypto assets.

“The allocation includes bitcoin (BTC) and ethereum (ETH), as well as carbon offsets to maintain a net-zero carbon transaction to deliver on the firm’s stated environmental, social and governance (ESG) commitments,” KPMG detailed.

BITCOIN MOVES BACK INTO THE WORLD'S TOP 10 MOST VALUABLE ASSETS

Digital currency values have increased a great deal during the last week which has, in turn, pushed the overall value of the entire crypto-economy northbound. This means more than $500 billion returned to the crypto economy after the market carnage in January. Statistics show on January 24, 2022, the value of all the cryptos in existence was around $1.5 trillion. Since that day, the crypto economy’s USD value swelled by more than 36% climbing to $2.08 trillion on February 7, 2022. While bitcoin (BTC) dominates by 39.4%, ethereum’s (ETH) market capitalization is 17.9% of the $2 trillion in value.

Crypto Economy Recaptures $2 Trillion, Bitcoin Moves Back Into the World's Top 10 Most Valuable Assets

Market capitalization of all the crypto coins in existence over the last 30 days, via coinmarketcap.com. Stats from this post were recorded at 11:00 a.m. (EST).

BITCOIN WILL REACH $200K IN SECOND HALF OF 2022

Bitcoin became increasingly correlated with equities toward the end of the fourth quarter of last year and fell when faced with the prospect of central bank tightening, FSInsight said in a note entitled “Digital Assets in a Post-Cycle World.”

The correlation has become more pronounced with bitcoin and the wider crypto market now being strongly correlated with technology stocks because of “legacy market capital entering the fold,” Sean Farrell, head of digital asset strategy, wrote in the note on Friday.
However, bitcoin is still king, Farrell wrote, adding that the crypto could reach $200,000 in the second half of the year, following a choppy start to 2022.
FSInsight also said that decentralized finance (DeFi), non-fungible tokens (NFTs) and other Web 3 applications have driven massive growth of the Ethereum network.

WHERE THE FED STANDS ON CRYPTO AND DIGITAL CURRENCIES?

The central bank of the United States, the Federal Reserve System, has been exploring policy responses to the rise of cryptocurrencies and digital currencies. For example, in his press conference after the FOMC meeting that concluded on Sept. 22, 2021, Federal Reserve Chair Jerome Powell acknowledged that the Fed is actively assessing whether it should create a central bank digital currency (CBDC), and a paper soliciting public comment reportedly will be released soon.

On Oct. 13, 2021, Caleb Silver, editor in chief of Investopedia and president of the Society for Advancing Business Editing and Writing (SABEW), discussed the Fed's stance on these new financial assets with Sunaya Tuteja, the chief innovation officer at the Fed. This article presents highlights of that discussion.

TESLA HOLDING BITCOIN WORTH $2 BILLION

Tesla filed an annual report with the U.S. Securities and Exchange Commission (SEC) Friday.

“We continue adapting our investment strategy to meet our liquidity and risk objectives, such as investing in U.S. government and other marketable securities, digital assets and providing product-related financing,” the company wrote, adding:

The fair market value of our bitcoin holdings as of December 31, 2021, was $1.99 billion.

The report explains that Tesla bought $1.5 billion worth of bitcoin in early 2021 and later accepted the cryptocurrency as a form of payment for certain products in some regions. However, the electric car company suspended accepting BTC in May last year. In October, Tesla told the SEC that it may restart accepting cryptocurrencies.

This article is provided by our Cryptocurrency Partner, Bitcoin Romania.

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