US Chipmaker Nvidia Fined $5.5 Million Over Crypto Mining, Bitcoin Rises

US-based chipmaker Nvidia will reportedly pay $5.5 million to settle charges that it unlawfully obscured details of how many of its graphics cards were sold to cryptocurrency miners.

The US Securities and Exchange Commission (SEC) announced the charges and a settlement with the company, IANS reported. The order claims that Nvidia misled investors by reporting a huge boost in revenue related to “gaming”, while hiding how much its success relied on the far more volatile crypto market, according to a report by The Verge.

In another development, the Commodity Futures Trading Commission (CFTC) announced on Thursday that the US District Court for the Southern District of New York has ordered Bitmex’s founders to pay a total of $30 million dollars “for illegally operating a cryptocurrency derivatives trading platform and anti-money laundering violations”.

Crypto Prices 

The price of Bitcoin in the cryptocurrency market rose by 0.51 per cent in the last 24 hours, and it was trading at $36,067.26 at 5:15 pm IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 41.54 per cent, down by 0.06 per cent in the last 24 hours.

In the last 24 hours, Ethereum (ETH) was trading at $2,689.58, and it rose by 0.54 per cent, while Binance Coin (BNB) fell by 0.23 per cent in the same period and was trading at $374.83. Solana (SOL) was up by 1.07 per cent to $81.79, while Cardano (ADA) was up by 0.25 per cent to $0.783.

Meme Coins

Dogecoin was trading at $0.128 on Coinmarketcap.com at 5:15 p.m., up by 1.24 per cent. Its rival, Shiba Inu, was down by 0.45 per cent, and was trading at $0.0000199. Samoyedcoin was down by 3.59 per cent, and was trading at $0.01217, while Dogelon Mars was down by 1.35 per cent, and it was trading at $0.0000008374. 

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $1.66 trillion, an increase of 0.64 per cent in the last 24 hours, while the total crypto market volume was at $91.83 billion, a decrease of 25.46 per cent.

MetaPay (METAPAY) was the biggest gainer, gaining 647.01 per cent. It was trading at $0.00003914 at 5:15 pm, according to Coinmarketcap. In contrast, SafeFolki (SFK) witnessed the maximum loss and fell by 83.58 per cent. It was trading at $0.0000000002833.