Cryptocurrency Prices Today: Ethereum rises marginally while Bitcoin, Cardano register a slight dip

Bitcoin's market dominance fell by 0.03 percent to 41.97 percent and the currency was trading at $44,039.12 on the morning of February 17. In rupee terms, Bitcoin fell 0.03 percent to trade at Rs 34,26,961, while Ethereum rose 0.17 percent to Rs 2,45,505.3. Cardano was down 0.46 percent to Rs 85.16 and Avalanche rose 4.56 percent to Rs 7,644.04. Polkadot fell 0.11 percent to Rs 1,547.43 and Litecoin was down 1.58 percent to Rs 9,932.51 in the last 24 hours. Tether was down 0.1 percent to Rs 77.98. Read more here.

El Salvador’s Bitcoin Adoption May Pose Risks to US Financial System: Senators

US senators introduced legislation requiring the State Department to write a report on El Salvador's Bitcoin Law and develop a plan to "mitigate potential risks to the U.S. financial system". The proposed law, the Accountability for Cryptocurrency in El Salvador (ACES) Act, was introduced by Jim Risch (R-Idaho), Bob Menendez (D-N.J.), ranking member and chairman of the Senate Foreign Relations Committee, and Bill Cassidy (R-La.). In a press release, the senators say El Salvador's Bitcoin Law "raises significant concerns" and their proposed legislation gives the State Department 60 days to produce a report on the Central American country's adoption of Bitcoin, should the bill pass. Read more here.

NYSE Hints at Launch of NFT Market With Latest Patent Filing

The New York Stock Exchange (NYSE) recently filed a patent suggesting it may soon join the non-fungible token (NFT) market. The NYSE filed a trademark to register “NYSE” for goods and services surrounding metaverse-related technologies like augmented reality and mixed-reality software, alongside various iterations of cryptocurrencies, tokens, digital assets, and NFTs. The patent also includes the “provision of an online marketplace for buyers, sellers, and traders of downloadable digital goods authenticated by non-fungible tokens (NFTs).” The filing outlines the launch of “virtual stores” and “showrooms” as well. Read here.

Russian Ministry Pushes To Legalise Bitcoin Mining In Some Areas

Russia’s Ministry of Economic Development recently introduced a proposal to explicitly legalise and tax Bitcoin mining in regions with an electricity surplus. It says Bitcoin mining, which exists in something of a legal grey area, should be recognised as a form of “commercial activity” and taxed once coins are converted into rubles. As reported by local news agency Izvestia, the proposal is designed such that the country can benefit from mining while not overwhelming its electrical grid in vulnerable areas—a problem faced by other countries, including Iran and Kazakhstan. This will be accomplished by confining mining to reliable grids and setting electricity-use limits on individual miners, said the ministry. Read more here.