Crypto News Recap: BTC Correction Might Not be over Yet, Nvidia Mulls Making Mining GPUs Again

Crypto News Recap: BTC Correction Might Not be over Yet, Nvidia Mulls Making Mining GPUs Again
Crypto News Recap: BTC Correction Might Not be over Yet, Nvidia Mulls Making Mining GPUs Again

The world’s first cryptocurrency price (trading now around $35,230) lost around 1.35% of its value over the last 7 days.

Source: coinmarketcap.com

Although the leading currency, bitcoin, is trading down, there is still growing demand, an analyst claims.

Altcoins
Ethereum (trading $1,205 at press time) soared 7.30%, as the second-highest cryptocurrency by market cap, is showing positive bullish momentum.

XRP, trading $0.2740 as of writing these lines, is still struggling as it plummeted to 5th place by market cap.

This week also witnessed the rise of Polkadot to 4th place, gaining 2112.51% in a week.

Source: coinmarketcap.com

If you missed out on the most popular news, here are the top stories this week:

China Ramps up Efforts to Launch its CBDC

Looks like that Beijing’s Digital Yuan project is almost through the testing phase. The Chinese government has ramped up the efforts to explore all the use cases of the Digital Yuan in order to augment it into everyday life. 

As Cointelegraph reported, The Agricultural Bank of China had already rolled out pilot Digital Yuan ATMs in the streets of Shenzen region. 

These ATMs allow citizens to deposit, withdraw and trade their country’s CBDC via a governmental smartphone app. According to the local website Shenzhen Daily’s report: ‘In offline mode, the mobile phone “scans” the QR code sign to complete the payment’.

Coinbase Allows Users to Report their Crypto Taxes using CoinTracker

Coinbase, a US digital currency exchange, teamed up with Cointracker, Bitcoin Tax Software, and Crypto Portfolio Manager, to offer taxation solutions to Coinbase US customers.

This new partnership gives Coinbase US users the option to report their gains and losses from cryptocurrency trades to the Internal Revenue Service (IRS) using CoinTracker, according to the announcement.

Nvidia Mulls Making Mining GPUs Again

Nvidia, a dominant player in the Gaming hardware makers market, said that it might go back to making mining graphic cards if crypto mining rates picked up again.

In the 19th Annual J.P. Morgan Tech/Auto Forum Conference published on seekingalpha.com, Colette Kress, Nvidia’s CFO said: ‘If the demand for cryptos starts up again or if we see a significant related demand, we can also take this opportunity to restart the CMP [mining-specific GPU] product line to meet continued mining demand’.

However, gaming gear will be the company’s first focus until then, say CFO.

Events to Keep An Eye On:

 European Blockchain Conference Barcelona 2021 (Jan 25, 2021 – Jan 26, 2021) in Catalonia, Spain

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