In today’s bitcoin and cryptocurrency news, learn about as markets reacted to the minutes from the Federal Open Market Committee (FOMC), bitcoin dropped below $19,000 on Thursday. The Federal Reserve acknowledged some surprise at the rate of inflation’s climb, but also hinted at further hikes in the minutes. During today’s trading, the price of Ethereum fell below $1,300. Meanwhile, Fabric Systems, a cryptography hardware technology startup, recently completed a seed round raising $13 million from investors to develop low-power Bitcoin mining hardware. In addition, recent developments point to brighter prospects for the cryptocurrency industry, with Google striking an agreement with cryptocurrency exchange Coinbase to expand consumers’ access to digital finance payment options. Lastly, in a lecture given on Wednesday, Michael Barr, the Federal Reserve’s vice chair of supervision, warned banks that take deposits from cryptocurrency companies to be wary of heightened liquidity concerns, particularly if the firms are strongly integrated with other digital asset enterprises.

Following the Release of the FOMC Minutes, Bitcoin Dropped Below the $19,000 Mark

Original Source: Bitcoin, Ethereum Technical Analysis: BTC Below $19,000 Following FOMC Minutes

Bitcoin was trading below $19,000 on Thursday as markets responded to the latest Federal Open Market Committee (FOMC) minutes. In the minutes, the Federal Reserve hinted at impending hikes while recognizing surprise at inflation’s rate. Ethereum dropped below $1,300 today.

Bitcoin Bitcoin (BTC) fell on Thursday as markets responded to the new Federal Open Market Committee (FOMC) minutes.

September’s minutes showed that the U.S. Federal Reserve was astonished by inflation’s surge and signaled forthcoming rate hikes.

As a result of the article, BTC/USD plummeted to an intraday low of $18,642.11 after a small rebound yesterday.

Today’s sell-off lowers the token to its lowest price since September 28 and close to $18,600 in the process.

The 14-day relative strength indicator (RSI) has broken out of its floor around 41.00, which could signal further bearish pressure.

So far, the token has modestly risen from prior lows and is trading at $18,714.45.


In addition to BTC, ethereum (ETH) was also weaker on Thursday, falling below a crucial milestone.

The world’s second largest cryptocurrency dipped below $1,300 in today’s session, hitting $1,232.93.

Like bitcoin, this is the lowest price ETH/USD has been since late September. If it falls below this, it will strike a bottom not seen since July.

Yesterday’s upward crossing between the 10-day (red) and 25-day (blue) moving averages seems to be altering direction following today’s dip.

A minor position for ethereum bulls is that the token has moved away from the day’s low after hitting $1,235.

Overall, price volatility remains significant, with a considerable risk of ETH sliding below $1,200 in the coming hours or days.

Skype Co-founder Invests $13m in Liquid-cooled Bitcoin Tech

Original Source: Skype Co-Founder Leads $13M Investment in Liquid-Cooled Bitcoin Mining Tech

Fabric Solutions intends to make Bitcoin mining greener by constructing “immersion-native” systems.

Cryptography hardware technology company Fabric Systems secured $13 million in a seed round to produce energy-efficient Bitcoin mining hardware.

The money came from early stage investment firm Metaplanet, managed by Skype co-founder Jaan Tallinn, crypto exchange, and venture firm 8090 Partners.

The investment from Metaplanet is not Tallinn’s first step into crypto: the Estonian engineer has acknowledged he holds most of his fortune in bitcoin and has contributed digital assets to companies.

Silicon Valley-based Fabric Systems will use the money to construct a “immersion-native” Bitcoin miner and a general purpose accelerator for cryptographic algorithms.

The cryptographic accelerator is intended to make calculations faster and more efficient on the blockchain, enabling for sophisticated cryptographic techniques such as zero knowledge proofs, which verify that something is known without revealing the known information explicitly. The tech was first employed by the privacy coin Zcash, but Fabric Systems says the accelerator will be used by other industries, such as real estate.

“Immersion-native” machines are Bitcoin miners submerged in a thermally-conductive liquid to cool them down and make them more energy efficient. The procedure allows more BTC to be mined with fewer devices.

Bitcoin mining—using lots of computers to execute transactions on the blockchain’s network and manufacture new coins—has been criticized for requiring a lot of energy.

To execute transactions on the Bitcoin blockchain, mining machines must solve complicated mathematical riddles, which requires time and a lot of electricity—as much as entire countries.

The U.S. authorities ruled last month that Bitcoin mining companies should adopt “environmentally responsible crypto-asset technologies” or be banned from mining.

Using immersion native equipment can make the process more energy-efficient. Such robots are a necessary for the industry, Fabric Systems founder and CEO Michael Gao told Decrypt. “If the industry doesn’t wake up and embrace ESG [Environmental, Social, and Governance], there will be regulatory action,” he warned.

Immersion offers benefits for noise and noise pollution and water usage. We want to be at the forefront of making this industry friendlier to local communities, added Gao.

Google Partnered With Coinbase to Accept Bitcoin, Ethereum, and as Payment

Original Source: Google Forged Deal With Coinbase To Pay For Services With Crypto Like Bitcoin, Ethereum, And Maybe

Recent news suggests increased possibilities for the crypto sector, as Google has agreed to a collaboration with exchange Coinbase to enhance digital financial payment options. Some internet corporations have been sluggish to integrate crypto payments, but with Google accepting them, the future looks bright.

This demonstrates enormous potential for Coinbase and the coins listed on it, as well as increased adoption of crypto as a worldwide currency. Many other projects could thrive, even GLO has been garnering widespread attention recently, and it could soon rival BTC and ETH. Here’s why: (GLO) (GLO) has the greatest deflationary measures in crypto because to its revolutionary GLO vault and ultra-burn dynamics. This comes as investors hunt for answers to the world’s mounting inflationary concerns and gives them a robust asset-backed store of wealth. It’s a store of value that’s diversified and safeguarded against market volatility, offering it major advantages over other investments. With dual-burn technology, more tokens are burned over time to make GLO more rare. Now could be the best time to invest.

Bitcoin (BTC) prospects may improve now that it may be used to buy Google services. While BTC has struggled recently, there will always be a place for it in crypto. There should always be a place for it in your portfolio, especially if it can fire back up to all-time highs, as many analysts think it can.

Ethereum (ETH) (ETH)

Ethereum’s price recovered following losses this year thanks to news of ETH 2.0. While they have stalled since then, ETH can finally put sluggish speeds and hefty fees behind them and could be prepared for tremendous future growth.


With ETH and BTC becoming more usable for purchases, fresh confidence is entering the market. GLO could continue to thrive off this confidence because it has some of the best credentials in the space.

Banks Must Control Crypto Deposit Risks

Original Source: Banks should manage heightened risks from crypto firm deposits –Fed’s Barr

Banks that accept deposits from cryptocurrency companies should be wary of increasing liquidity risks, said Michael Barr, the Federal Reserve’s vice chair of supervision, in a speech on Wednesday.

Barr said the Fed is working with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp to highlight the risks to banks of concentrating their deposits in the crypto industry, warning that banks could experience deposit fluctuations linked to price swings in the broader crypto market.

Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are depicted on a PC motherboard in this June 29, 2021 image. REUTERS/Dado Ruvic/Illustration/File Photo

Oct 12 (Reuters) – Banks that accept deposits from cryptocurrency companies should be wary of increasing liquidity risks, said Michael Barr, the Federal Reserve’s vice chair of supervision, in a speech on Wednesday.

Barr said the Fed is working with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp to highlight the risks to banks of concentrating their deposits in the crypto industry, warning that banks could experience deposit fluctuations linked to price swings in the broader crypto market.

“The current volatility in crypto markets has shown the level of centralization and interconnection among crypto-asset companies, which amplifies stress,” he said.

“While banks were not directly exposed to losses, these occurrences revealed potential hazards for banking companies.”

Barr said the banking authorities’ interaction with financial institutions on the dangers of accepting deposits from crypto firms is “not intended to deter banks from providing access” to banking services for crypto companies, but instead on mitigating any risks.

Barr’s statements are his first complete remarks on bitcoin and fintech since joining the Fed in July. Barr said regulators must balance fostering innovation and creating guardrails to protect consumers and prevent systemic dangers.

Barr also warned that crypto companies misrepresenting deposit insurance can confuse customers and lead to greater withdrawals at crypto-aligned banks who provide such services during times of stress.

These statements follow action the FDIC took in August, when it ordered crypto exchange FTX and several other crypto firms to stop making “false and deceptive” assertions about whether funds at the company are insured by the government.

Summary of today’s Bitcoin and Cryptocurrency news

Overall, the token has shown a slight recovery from its lows and is currently trading at $18,714.45. The overall price volatility is still quite severe, and there is a real chance that ETH will drop below $1,200 in the next few hours or days.

Meanwhile, “Immersion is advantageous from a water-use and noise-pollution point of view. Gao remarked, “We aim to pioneer efforts to make this sector more welcoming to local populations.

On the other hand, now that ether and bitcoin can be used for everyday transactions, investors are starting to regain faith in the industry. GLO, which has some of the most solid credentials in the sector, is one crypto that might benefit from this optimism and continue to grow.

Finally, Barr also cautioned that if crypto companies mislead their consumers about deposit insurance, it could increase withdrawals at crypto-aligned banks that offer these services, especially in times of heightened stress.