Bitcoin spent most of Wednesday close to flat but burrowed below the $8,000 mark. As the No. 1 cryptocurrency dipped as low as about $7,740, the market cap for all digital assets fell beneath the $300 billion mark again. Here are the stories you can’t miss in cryptocurrencies for Wednesday, March 28.
Fed Leader’s Warning
Atlanta Federal Reserve Bank President Raphael Bostic told an audience in Atlanta at the Hope Global Forums annual meeting that the best policy for cryptocurrencies is a simple one: “Don’t do it,” Bostic said. “They are speculative markets. They are not currency. If you have money you really need, do not put it in these markets,” he told the forum. Bostic is not the only Fed leader who has been outspoken in his criticism of the cryptocurrency space. In January, Chicago Fed President Charles Evans said bitcoin “is not money-like at the moment,” and that investors are “swimming with all the sharks in the world because of all the anonymity.”
Crypto Job Interest Fell
According to a report from job search engine Indeed.com, cryptocurrency-related searches on the platform became less frequent as the price of bitcoin fell, Quartz reported. The report found that interest in crypto-related jobs climbed steadily from June 2017 through December 2017, reaching a peak of 39 searches per million for the term “bitcoin” and 46 per million for “cryptocurrency” in mid-December around when bitcoin traded near $20,000. But since then the frequency of crypto-related searches on Indeed.com has fallen by 76% for the term “bitcoin” and 41% for “cryptocurrency.” Indeed said, “Over the last year, interest in cryptocurrency jobs on Indeed has risen strongly. However, in recent months the prices of bitcoin and other cryptocurrencies have been volatile and (in some cases) declining. Job seeker interest on Indeed for bitcoin and cryptocurrency jobs has fallen, too.”
But Swiss Interest on the Rise
The Swiss Financial Market Supervisory Authority (FINMA) said in an annual report for 2017 released this week that fintech enquiries regarding blockchain, cryptocurrency and initial coin offerings increased significantly last year in the country. Out of 453 fintech enquiries to FINMA last year, 60% of them were focused on the space. That was a tripling compared to the same sort of enquiries in 2016, FINMA said. “Especially in the second half of the year, there was a sharp increase in enquiries about raising capital via ICOs,” the regulatory body noted.
AMD Updates GPUs for Crypto
Advanced Micro Devices Inc. (AMD) announced that it has updated one of its graphics processing unit (GPU) drivers in order to handle cryptocurrency mining better. AMD’s Radeon Software Adrenalin Edition 18.3.4 was published Monday, March 26, with fixes aimed at making the software more amenable to crypto mining. “Some blockchain workloads may experience lower performance than expected when compared to previous Radeon Software releases,” AMD said of the previous versions of the software. It’s important to note, though, that this fix was released on an “as-is” basis, AMD said. Not all future fixes will feature the mining-friendly update.
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