Crypto News Digest by U.Today


Valeria Blokhina

U.Today’s daily news feed keeps you up to date with the most important updates in the crypto industry

U.Today presents the top four news stories from the past day. Take a closer look at the world of crypto!

Bitcoin Could Possibly Hit the Ultimate $8,000 Bottom From Here: Guggenheim’s Scott Minerd

During his recent interview with CNBC Squawk Box in Davos, Scott Minerd, Guggenheim’s global chief investment officer, shared that if Bitcoin were to fall significantly below the $30,000 zone, the eventual bottom would be $8,000. He also added that given the current state of the market, the flagship crypto still has a long way to go. Even BTC’s technicals that are better than other cryptocurrencies are not helping the situation, Minerd said. According to the Guggenheim CIO, there are no dominant players in crypto yet and the right crypto prototype has not yet been created. Minerd went on to list three criteria that a good cryptocurrency must meet: be a store of value, a medium of exchange, and a unit of account, noting that most existing cryptos can’t even meet one of these.

Cardano founder responds to user’s allegation of loss of more than 7,000 euros

One of the members of the Cardano community recently emphasized “a dishonorable mention” in a CNBC article. The article is dedicated to European Central Bank chairman Christine Lagarde, who said on Sunday during the Dutch talk show “College Tour” that cryptocurrencies were worthless. One person from the show’s audience claimed they lost 7,000 euros ($7,469) after purchasing Cardano. Charles Hoskinson replied in a sarcastic manner, asking his followers if he was a “Where’s Waldo?” version of AD.

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Cardano’s founder has already commented on ADA’s underperformance, indicating that cryptocurrencies may have entered a bear market.

12% of US adults used crypto in 2021: Federal Reserve

The Federal Reserve conducted another annual survey to observe the economic health of the United States. However, for the first time it included questions related to cryptocurrencies – Bitcoin, Ethereum, etc. The survey results showed an increasing interest in crypto among adults, with 12% of Americans using crypto as an investment vehicle and 3% using it for payments. . Last November, according to Pew Research Center, 16% of Americans (men between the ages of 18 and 29) admitted to using crypto for trading, investing or paying.

Bank of England Governor Claims Bitcoin Will Fail as a Payment Method

Bank of England Governor Andrew Bailey predicted that Bitcoin would not eventually become a widely accepted form of payment because it is not “practical.” He argues that Bitcoin only has value because people want to own it. “People collect all kinds of things,” Bailey said. This isn’t the first time a high-profile central banker has criticized crypto. As reported by U.Today, Shaktikanta Das, the governor of the Reserve Bank of India, said crypto has no underlying asset, echoing Bailey’s comments. In addition, the Swedish Riksbank explained why Bitcoin and other cryptocurrencies cannot be classified as money in the latest Twitter thread.

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