Metrics Show Decentralized Exchange Volumes Continue to Slide This Year – Defi Bitcoin News

Metrics Show Decentralized Exchange Volumes Continue to Slide This Year – Defi Bitcoin News
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Decentralized exchange (dex) volumes have been dropping since December 2021 according to current statistics. However, last month dex trade volumes spiked 2.37% higher than the volumes recorded in February. Despite the brief spike and with only eight days left in April, metrics show this month’s dex volumes will likely be much lower than in March.

Decentralized Exchange Volumes Slip Month After Month — April’s Dex Volumes Remain Lackluster

In 12 months, dex platforms recorded over $1 trillion in trade volume as they have become prominent fixtures in the crypto industry. Today, data from coingecko.com, coinmarketcap.com, dune.com, and theblockcrypto.com indicates that Uniswap version three (v3) is the largest dex by 24-hour trade volume, with $1.29 billion during the last 24 hours. Following Uniswap v3, dex platforms like Pancakeswap v2, Dydx, and Curve Finance hold the top 24-hour volume positions at the time of writing.

Metrics Show Decentralized Exchange Volumes Continue to Slide This Year
The top two decentralized exchange (dex) platforms during the last 24 hours on April 21, 2022, according to coingecko.com stats.

The dashboard called “DEX Metrics” on Dune Analytics, shows dex trade volume during the last seven days, out of more than a dozen dex protocols, is approximately $14 billion. The trailing seven-day metrics indicate the dex volumes recorded on the Dune Analytics’ dashboard are down 22%. Data from theblockcrypto.com’s crypto dashboard shows 30-day statistics stemming from five high-volume dex platforms and 16 smaller dex protocols.

Metrics Show Decentralized Exchange Volumes Continue to Slide This Year

Those statistics show a downward slide since December 2021 after $186.03 billion was recorded that month. The following month in January, dex platforms saw $157.68 billion in trade volume, and then in February, it slid to $114.37 billion. That means between December and February 2022, dex trade volume plummeted by 38.52%.

As mentioned above, there was a brief spike in dex trading volume in March, as $117.09 billion was recorded during that timeframe. However, April’s statistics look as though dex trading volumes will be lackluster and possibly lower than February. As of Thursday, April 21, 2022, current data shows that $75.11 billion in trades have been recorded so far.

While the theblockcrypto.com’s dashboard covers 30-day stats, seven-day metrics from coinmarketcap.com dex volume charts show an uninspiring week as well. The Dune Analytics’ “DEX Metrics” dashboard indicates current 30-day dex trade volume is approximately $70 billion. It will take a lot of trade volume to catch up to March’s spike and as of now, that doesn’t look as though it will happen.

Tags in this story
24 hour dex trades, 30-day dex trade volume, coingecko.com, Coinmarketcap.com, Curve.finance, decentralized exchanges, DeFi, Defi Data, Defi metrics, dex metrics, dex stats, Dune Analytics, dune.com, Dydx, Monthly Volumes, Pancakeswap v2, theblockcrypto.com, Trade Volumes, uniswap v3

What do you think about dex trading volume dropping since December? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons, theblockcrypto.com dashboard, coingecko.com stats,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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The Top 5 Most Valuable NFT Collections And A Tool To Track Them Down

The Top 5 Most Valuable NFT Collections And A Tool To Track Them Down
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Some of these NFT collections are so ever-present that they are already part of the collective unconscious. Others, the general public has not even heard about.  What makes an NFT collection valuable? Market capitalization is the potential value of the whole collection, based on its size and the value of the individual pieces. In the case of NFTs, it’s hard to pinpoint, because it’s a volatile market with lots of action all-day-every-day.

When IntoTheBlock announced their list, they presented it by saying, “Agreeing on which are the most valuable NFTs collections is certainly hard.” Besides market capitalization, the “Most Valuable NFT Collections” list tracks number of owners, volume trade, average price, and number of sales. All of those stats are pretty common when discussing NFTs, but it’s certainly helpful to have them all on an interactive database.

The page also displays useful graphs that put everything into perspective, like “All-time Most Traded Collections,” “Collections With Most Unique Owners” and “Booming NFT Collections.” With that being said, let’s dive into each of the collections in the Top 5 and give some insight about them.

#1 NFT Collection: Bored Ape Yacht Club

At the moment, the BAYC surpassed the all-powerful Cryptopunks as the most valuable NFT collection. This is not surprising, since the Bored Apes became part of popular culture and are on their way to becoming mainstream. On their official site, they describe themselves as “A limited NFT collection where the token itself doubles as your membership to a swamp club for apes. The club is open! Ape in with us.”

As with most successful products, the Yuga Labs creation doesn’t come without its share of controversy

#2 Cryptopunks

They might not have been the firsts, but the Cryptopunks are certainly responsible for spearheading and popularizing the NFT movement. At first, you could mint them for free. Nowadays, the average price is 76.64 ETH. On their official site, they describe themselves as “The Cryptopunks are one of the earliest examples of a “Non-Fungible Token” on Ethereum, and were inspiration for the ERC-721 standard that powers most digital art and collectibles.”

The creators recently sold the whole collection to Yuga Labs. And, of course, controversy follows this project as well. And, they’re also on their way to mainstream adoption.

ETH price chart on Capital.com | Source: ETH/USD on TradingView.com

#3 NFT Collection: Mutant Ape Yacht Club

At first, these ones were free as well. They came into the scene as a way to reward BAYC members. Owners received an airdrop of “Mutant Serum,” using it they could mint a mutant version of their ape as a completely new NFT. Nowadays, the average price is 32.99 ETH. They don’t have an official site, but this is the NFT collection’s Open Sea page. As you can see by its place on this list, the interest in this collection keeps growing.

#4 CloneX

The collaboration between legendary Japanese artist Takashi Murakami and “digital artifacts” creator RTFKT is a success like no other. This might have to do with Nike’s recent acquisition of the company. The NFT collection ’s official site doesn’t describe itself, but NFT News does, “CloneX NFT collection is not only equipped for the Metaverse and features high-end avatars, but also marks the beginning of a community-focused environment ”

#5 NFT Collection: Moonbirds

The newcomer of the bunch is the Moonbirds NFT Collection. Their official site describes them as, “a collection of 10,000 utility-enabled PFPs that feature a richly diverse and unique pool of rarity-powered traits.” Since they’re so new, they’re easily beating all of the other collections in number of daily sales. Of course, the NewsBTC team has been covering the story as it happens.

Other NFT collections in the Top 10: Azuki, Sandbox’s LANDs, Doodles, Veefriends, and Meebits.

Featured Image: the most valuable list, taken from this tweet | Charts by TradingView

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Broxus CEO Vlad Ponomarev on Everscale and Developing a Universal Bridge Mechanism – Interview Bitcoin News

Broxus CEO Vlad Ponomarev on Everscale and Developing a Universal Bridge Mechanism – Interview Bitcoin News
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Everscale is the most scalable network in DeFi. With the capacity to process over a million transactions per second, Everscale is able to offer users some of the fastest transaction speeds paired with fractional fees. The Everscale ecosystem includes a cross-chain bridge platform with a unique Universal Bridge mechanism that facilitates liquidity transfers to and from virtually any network, a native DEX with some of the highest APY rates in DeFi on its staking and farming pools, and native wallets.

Vlad Ponomarev is the CEO of Broxus. He recently joined the Bitcoin.com News Podcast to talk about the technology they are developing:

Vlad Ponomarev is the CEO of Broxus – one of the core developer teams of the Everscale network and architects of a cross-chain bridge platform, network-native DEX and much more. Commercial strategy, B2B sales and marketing professional with over 10 years of industry experience.

To learn more about the technology visit Broxus.com and join the community on Twitter and Discord.


The Bitcoin.com News podcast features interviews with the most interesting leaders, founders and investors in the world of Cryptocurrency, Decentralized Finance (DeFi), NFTs and the Metaverse. Follow us on iTunes, Spotify and Google Play.


This is a sponsored podcast. Learn how to reach our audience here. Read disclaimer below.

 

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Why A “Boring” Bitcoin Could Be A Good Thing

Why A “Boring” Bitcoin Could Be A Good Thing
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The current bitcoin trend can be described as “boring” by a lot of folks in the market. However, it is good to look at what this would mean in a space like the crypto industry that is used to fast-moving prices and quick-changing momentum. While the word “boring” may sound bad to investors who are used to these characteristics, Director of Global Macro at Fidelity, Jurrien Timmer, explains why this could inherently be a good thing for the digital asset.

Draw In Institutional Investors

The need for institutional investors in bitcoin cannot be overstated. For the digital asset to get to some of the forecasted values, institutional investors moving into the market has become a necessity. But will these institutional investors want to move into a highly unpredictable asset such as bitcoin?

Related Reading | Halfway To The Halving: What This Means For Bitcoin

In his recent Twitter thread, Timmer explained that a “boring” bitcoin is important if institutional adoption is to be expected. Pointing to the S2F model created by the infamous Plan B, he explains that bitcoin has closely followed this model. However, there is a deviation that is starting to take place.

The Director explained that instead of continuing to track the S2F model, BTC had instead started to follow the pink line which marked demand in the chart shared. This meant that as effective as Plan B’s model has been in the past, it seems bitcoin is cutting out a new trend for itself and that is now entirely driven by the demand. 

“So, in a more efficient two-way market, Bitcoin should deviate around that pink line, up and to the right,” Timmer explained.

BTC sticking close to pink demand line | Source: Twitter

Bitcoin Behaving Like A Traditional Asset

Now, one of the great gospels of bitcoin is how different the digital asset is from traditional risk assets. Nevertheless, as more time has passed and adoption is growing, it is beginning to behave more like a traditional risk asset. As more understanding comes, the investors who are purchasing the asset move from simply a price standpoint and move towards more efficient accumulation.

Timmer notes in his Twitter thread that institutional investors have likely come up with their own models which will help them know when a good time to buy bitcoin is. This could help them map out if they can get a 1.5x or 3x return from buying at a particular price.

Bitcoin price chart from TradingView.com

BTC trading in the mid-$42,000s | Source: BTCUSD on TradingView.com

“For instance, If the demand model says that Bitcoin’s intrinsic value is $50k today and $100k two years from now (my thesis), then at $30k Bitcoin is going to look a lot better than at $70k,” he noted. Adding that “Price is what you pay but value is what you get.”

Related Reading | How Bitcoin Futures Premiums Exhibit Signs Of Market Exhaustion

Timmer closes out his thread explaining that getting the demand curve right would be very important If indeed price starts to move more closely around an upwardly sloping demand curve.”

Featured image from MarketWatch, chart from TradingView.com

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Monero Soars 50% As Crypto Market Weakens, What’s Behind the Rally?

Monero Soars 50% As Crypto Market Weakens, What’s Behind the Rally?
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Popular privacy coin Monero (XMR) has been on a rally since the start of 2022. The cryptocurrency appears to be moving on its own as the crypto market trends sideways.

Related Reading | Monero And Zcash Take Off With 15% Gains, Here’s What May Have Spurred The Rally

Recently, XMR bulls are displaying more strength. At the time of writing, XMR trades at $285 with a 6% profit in 24 hours, a 34% and 50% profit in the last two weeks and 30-days, respectively.

XMR on an upward trend on the 4-hour chart. Source: XMRUSDT Tradingview

As announced by one of Monero’s maintainers via a post, the network will undergo an upgrade on July 16th, 2022, at the height of block 2.6 million. The “Fluorine Fermi” update will introduce new features to the network.

As the developer stated, Monero will increase its ring size from 11 to 16. The ring size is a term to refer to the total number of signers in an XMR transaction. As part of this network’s unique model, the update will provide users with more base privacy.

In addition, the network will implement an upgraded version of its Bulletproofs algorithm to decrease its transaction size by around 7%. This change is supposed to improve the network’s scalability by making “every transaction lighter and faster”.

On the latter, the network will reduce the wallet’s sync time by around 30 to 40%, the post said, and will implement a change to Monero’s fee model. Thus, users can expect to see an uptick in the network’s “security and resilience”.

As the update will be deployed via a Hard Fork, users and node operators will need to update their software. The maintainer made the following request to the users:

A new release will be announced before the network upgrade (around the 16th of June). You will only have to be using the updated software by the time the network upgrade occurs (16th July). To the end user, it will be like a simple software update.

Could Monero Be Spelling Danger For The Crypto Market?

It’s possible that Monero’s recent price action is due to its upcoming network update. As mentioned, they are substantial and will provide the users with interesting new features.

Data from Material Indicators (MI) records an increase in buying pressure from retail investors during April. At the same time, investors with ask orders larger than $10,000 have been selling into the rally. Unless larger investors classes step in, XMR could be at risk of a short-term decrease.

Monero XMR XMRUSDT
Retail (in yellow on the chart) buying into XMR’s price rally as larger investors sell or stay neutral. Source: Material Indicators.

Related Reading | Monero (XMR) Price Slides As Canada Includes Crypto In Emergencies Act

Additional data provided by Jarvis Labs indicates a potential danger for the entire crypto market. According to their “Dino Index” (comprise of Ethereum Classic, Zcash, Litecoin, Bitcoin Cash, and others), a metric to track the performance of these assets to show their inverse correlation with the crypto market, there could be some obstacles ahead. Jarvis Labs said via their Telegram Channel:

Quite evident that majority of the time when these dino coins rise and btc rises, better to look at profit taking or hedging the risk and look for market tops.

Monero XMR XMRUSDT
Source: Jarvis Labs via Telegram

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Moonbirds NFT Sales Skyrocket Capturing $364 Million in 5 Days – Bitcoin News

Moonbirds NFT Sales Skyrocket Capturing $364 Million in 5 Days – Bitcoin News
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A non-fungible token (NFT) collection called Moonbirds has been a topical conversation within the NFT community as the compilation’s sales have been enormous. The Moonbirds NFT project started selling five days ago on April 16, and since then statistics show the collection has seen $364.83 million in sales.

Moonbirds NFT Collection Takes the Top Spot This Week

This week a new NFT collection called Moonbirds has surpassed the likes of Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Cryptopunks sales. Traders only started swapping the 10,000 Moonbirds NFTs five days ago and since then it has captured $364.83 million in sales volume.

Moonbirds is currently the top NFT collection this week in terms of overall sales above dozens of unique collections. In fact, Moonbirds sales represent approximately 37.85% of the $963.8 million in total NFT sales recorded during the last week.

Moonbirds NFT Sales Skyrocket Capturing $364 Million in 5 Days

Moonbirds have been popular because the collection is backed by Proof Collective, a group of well known NFT collectors. Members include the investor Gary Vaynerchuk and the popular NFT artist known as Beeple.

Proof Collective’s website notes that it is a “private members-only collective of 1,000 dedicated NFT collectors and artists.” In order to join Proof Collective, the membership fee has a floor price of around 108 ethereum (ETH). Proof Collective was crafted by Justin Mezell, Kevin Rose, and Ryan Carson.

After the Moonbirds public mint finished, the NFT collection has seen a significant number of sales as it held the largest sales volume on Opensea this past week. Out of 14,723 transactions, Moonbirds has seen 11,170 buyers in the last five days. Moonbirds are not cheap as three of them made it into this week’s top five most expensive NFT sales.

Stats from cryptoslam.io indicates that Moonbird #2819 sold for 182.44 ether or $562K about 18 hours ago. Moonbird #1210 sold for the same exact price and Moonbird #8249 sold for 175 ether or $547K about six hours before this article was written. Metrics show Moonbirds has approximately 6,512 owners at the time of writing. The pixelated bird collection’s floor value is also up 61.1% during the last 24 hours jumping to 33 ether.

Over the last day, Moonbirds NFTs have seen 15,711.94 ether or $48.1 million in 24-hour trade volume. The 10,000 individual Moonbirds collectively have a market capitalization of around 330,000 ether or just over $1 billion in USD value.

Tags in this story
$364.83 million, Beeple, floor price, Gary Vaynerchuk, Justin Mezell, Kevin Rose, Market Sales, Members only, Moonbird #1210, Moonbird #2819, Moonbird #8249, Moonbirds, Moonbirds NFT sales, Moonbirds NFTs, nft, NFT collection, NFT sales, NFT Value, NFTs, Proof Collective, Ryan Carson, sales

What do you think about the Moonbirds NFT collection and the record sales it has seen? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons

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Terra Price Continues Moving North; How Soon Will It Cross $100?

Terra Price Continues Moving North; How Soon Will It Cross $100?
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Terra (LUNA) has made a considerable comeback given the slump that the coin underwent a little over a week ago.

The broader market has also regained strength which has proved to be beneficial for the industry’s altcoins. Bitcoin and Ethereum have steadied above their immediate price floors. The prominent coins were eyeing the next price ceilings at the time of writing.

Over the last 24 hours, the coin rose over 4% and in a week’s time, Terra brought home gains worth 13%. Among the top ten coins, Terra (LUNA) remains one of the highest gainers.

The global cryptocurrency market cap today was at $2.04 trillion and there has been a gain of 1.3% over the past day.

Terra (LUNA) Price Analysis: Four-Hour Chart

Terra was bordering the $100 price mark on the four-hour chart. Image Source: LUNA/USD on TradingView

 

 

 

 

 

 

 

 

Terra’s bulls have regained strength and the prices were bordering $100. At the time of writing, Terra was valued at $99.27. The immediate resistance mark for the coin once it crosses the $100 mark would stand at $106.

The support level for the coin stood at $91.82 and failed to sustain over which the coin fill fall to $83.81. The price of the coin was seen moving upwards in an ascending channel. A price pullback could be on the charts given how the coin has secured a double-digit gain over the past week.

The volume of Terra was seen closing in the green which signified that the coin witnessed bullishness. A small bar suggests that the coin hasn’t been experiencing high selling volume and also that people have continued to HODL.

Suggested Reading | Conquering Terrain: Terra’s Stablecoin UST Is Now Crypto’s Third Biggest

Technical Analysis

Terra
Terra experiences over-sold conditions on the four-hour chart. Image Source: LUNA/USD on TradingView

Terra was priced at $99.27 at the time of writing. After recovering considerably over a week, the buyers seem to have regained confidence in the asset. On the Relative Strength Index, the coin displayed a sharp recovery.

The indicator was seen above the half-line, near the 80-mark. This reading meant that buyers were in excess in the market. The asset was overbought at the time of writing. It is a possibility that if the coin remains in the overbought zone for a little longer, then there could be a chance of price correction.

Related Reading | Inside Terra’s $2.38 Billion Reserves, What Made The Lineup?

Terra

Terra has picked up bullish momentum on the four-hour chart | Source: LUNA/USD on TradingView.com

Terra was bordering its immediate price resistance, however, the coin was rejected from $100 for a week or so. The price momentum of the coin was quite bullish as seen on the MACD. The indicator underwent a bullish crossover and displayed green bars at the time of writing.

The Directional Movement Index indicates price momentum and it displays positive price momentum on the four-hour chart. The Average Direction Index (ADX) also was seen above the 25-mark which is a sign of market strength and upside movement.

In accordance with the other indicators, Terra might aim for the $106 price mark over the immediate trading sessions which would mean a 7% appreciation for the coin.

Featured image from UnSplash, Charts from TradingView.com

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TRON Joins Stablecoin Wars Will Launch USDD With 30% APY

TRON Joins Stablecoin Wars Will Launch USDD With 30% APY
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Founder of TRON Justin Sun announced the launch of an algorithm stablecoin on this network. Called USDD, the digital asset will be deployed on May 5, 2022, and will offer users a basic “risk-free” interest rate of 30% annual percentage yield (APY).

Related Reading | TA: Bitcoin Technicals Suggest Bulls Aim Sharp Move Above $42K

The stablecoin will be available on TRON, but users can access it from Ethereum and the Binance Smart Chain. According to the open letter, the digital asset will be launched in partnership with “major blockchain players” and will be “the most decentralized stablecoin in human history”. Sun said:

TRON is starting a self-imposed revolution, pooling all its resources to create USDD, a fully decentralized stablecoin underpinned by mathematics and algorithms, bringing the development of stablecoin to the next level.

The stablecoin will be managed by the TRON DAO and “other major blockchain institutions” and will maintain a 1:1 pegged to the U.S. dollar with, as Sun explained, “proper algorithms in a decentralized manner” and “by applying mathematics”.

The stablecoin will operate with a similar mechanism to Terra’s UST. Users will be able to redeem 1 USDD for 1 USD worth of TRX when the stablecoin drops below its peg. They can do the opposite if the price of the stablecoin rises about its $1 pegged.

The stablecoin will follow a four-stage roadmap. The first stage will be called Space, the following International Space Station (ISS), then Moon, and finally Mars. Sun only provided details on the first two stages which mainly centered around USDD’s management and the strategies that will try to keep the stablecoin’s pegged.

What’s TRON Ultimate Goal With Their Stablecoin?

The launch of TRON’s stablecoin is part of a “self-imposed revolution” that will take these digital assets to their next stage, according to Sun. This movement is supposed to provide users with a way out of the centralized system. Sun wrote:

The decentralized stablecoin USDD will free holders from central authorities’ arbitrary impositions and eliminate all entry barriers. Unlike centralized institutions that may freeze or confiscate users’ funds at will, decentralized stablecoins effectively safeguard private property rights.

TRON claims that it wants to provide “equitable” access to financial services for people around the world. In that sense, Sun said TRON will be “one of the strongest cornerstones for the fifth freedom of humanity”.

This announcement has caused controversy in the crypto community. Some users accused Sun of copying Terra’s UST model.

The founder of Terra and CEO at Terraform Labs, Do Kwon, welcomed the initiative and hinted at a potential partnership with TRON.

At the time of writing, TRON trades at $0.07 with a 15% rally in the last 24-hours. The cryptocurrency is possibly reacting to the announcement and the general sentiment in the market.

Related Reading | TA: Ethereum Could Stage Strong Rally If It Clears This Key Resistance

If launched successfully, USDD will provide its users with the largest APY for staking a stablecoin in the crypto ecosystem. This would surpass Terra’s Anchor Protocol’s 19% APY, and the upcoming NEAR’s 20% APY, if it launches.

TRON on a rally on the 4-hour chart. Source: TRXUSDT Tradingview

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Australian prudential regulator releases roadmap for cryptocurrency policy

Australian prudential regulator releases roadmap for cryptocurrency policy
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The Australian Prudential Regulation Authority, or APRA, published a letter to regulated entities Thursday setting out risk management expectations and a policy roadmap for the regulation of crypto-assets through 2025. “While activities associated with crypto assets are still relatively limited in Australia, the potential scale and risks of such activities could become significant over time,” chairman Wayne Byres said in the letter.

The letter instructed the regulated entities undertaking activities with crypto assets to engage with their supervisory agencies, and it outlined risk management measures and standards specific to a variety of cases. The foreseen regulatory framework encompassed banking exposure to crypto assets, operational risk and stablecoins.

The agency will consult with international regulators to ensure a consistent approach to crypto-asset operations. It intends to hold consultations with the Bank for International Settlements (BIS) Basel Committee on Banking Supervision this year and next before unveiling the crypto-asset requirements, which will take effect in 2025.

A draft standard for operational risk will be released later this year and go into force in 2024. APRA is working with the other members of the National Council of Financial Regulators to incorporate stablecoins into a proposed regulatory framework for stored-value facilities, with consultations expected next year and a standard coming into force in 2025. In addition, crypto assets may be included in broader reforms kicked off last year.

Blockchain Australia submitted crypto regulation recommendations to the government in July. The association emphasized “examining the work done in overseas jurisdictions” and warned the industry “cannot afford to wait years for regulatory clarity.” Byres announced the coming release of the letter and placed it in the context of the agency’s larger plans in a speech to the American Chamber of Commerce earlier this month. The major Commonwealth Bank of Australia is attempting to expand a trial program to offer crypto services to its 6.5 million customers, but has so far been stymied by regulators.

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Bitcoin Holds Steady As US Extends Sanctions Against Russia To Cryptocurrency Mining

Bitcoin Holds Steady As US Extends Sanctions Against Russia To Cryptocurrency Mining
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Sanctions are being imposed on cryptocurrency mining companies for the first time in history. The US Treasury Department announced that it is taking action against virtual currency mining companies across Russia. This information came out when IMF issued a statement saying, “the Kremlin may employ these activities to avoid compliance with international economic punishment.”

In the wake of recent sanctions, cryptocurrencies have been barely affected. Bitcoin consolidated its gains while ‘altcoins’ also performed in green.

Related Reading | Crypto Quick Look: BTC Touches $42,000, ETH Notches10-Day Peak

For example, Bitcoin is holding at $41,500 – $42,000. On Wednesday, it managed to reach a high since April 11th, above $42,000. But selling pressure rejected the bulls’ advance and failed to confirm the overcoming of this important resistance level. This is crucial for the virtual token par excellence to regain $45,000.

Naeem Aslam, head of analysis at AvaTrade, warns that “traders know that Bitcoin has to stay above this critical price level for the’ bulls’ to succeed.” The shortest-term support is now back to $40,000.

Bitcoin trading above $42,000 with a 1.75% increase | Source: BTC/USD chart from Tradingview.com

However, the expert warned that we should be careful. The IMF is in the spotlight because it says that some countries are using cryptocurrencies to avoid sanctions.

Countries like Russia and Iran use cryptocurrency to sell their oil and gas. However, there is also concern that they might be utilizing these resources for cryptocurrency mining, which provides another source of revenue and bypasses any sanctions against them.

“The IMF’s warning will certainly bring more regulatory attention to crypto companies, crypto exchanges, and crypto mining,” Aslam commented. 

U.S. Treasury Designates Facilitators of Russian Sanctions Evasion

OFAC, the United States Office of Foreign Assets Control, sanctioned Bitriver AG, a Swiss-based holding company for cryptocurrency mining operations with offices in Russia and ten subsidiaries. This is the first time the U.S. Treasury has sanctioned cryptocurrency miners. Bitriver is amid a token pre-sale called BTR. 

To curb Russia’s influence on cryptocurrency mining and trade worldwide, the U.S. has imposed new sanctions against BitRiver. The company operates vast server farms that sell virtual currency mining capacity internationally. In addition, this company helps monetize Russian natural resources.

The U.S. Treasury press release says that Russia has the advantage of energy resources and a cold climate for cryptocurrency mining. However, mining companies rely on imported computer equipment and fiat payments, making them vulnerable to sanctions.

The United States aims to make sure that no asset, no matter how complex, the Putin regime can use to reduce the impact of sanctions.”

Bitcoin And Altcoins Rising Despite The Risks

Despite these risks, the market positively responds and leaves rises for Bitcoin and altcoins. This has brought the total capitalization of cryptocurrencies to $1.92 trillion.

Related Reading | TA: Bitcoin Technicals Suggest Bulls Aim Sharp Move Above $42K

Ethereum’s price is currently trading between $3,000 and resistance at $3,200. The cryptocurrency has followed Bitcoin’s behavior and seeks to gain momentum toward overcoming the $42,000 resistance. 

Terra is one of the most promising tokens on today’s gainer’s list, up 6%, along with Solana and Polkadot.

             Featured image from Pixabay, chart from Tradingview.com

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