Value Locked in Decentralized Finance Slides 17% Lower Over the Last 30 Days – Defi Bitcoin News

Value Locked in Decentralized Finance Slides 17% Lower Over the Last 30 Days – Defi Bitcoin News

The value locked in decentralized finance (defi) protocols has lost 17.77% over the last 30 days, falling from $221.67 billion to today’s $182.27 billion. Moreover, statistics show the total value locked (TVL) across a broad range of defi protocols shed significant value during the last seven days.

Defi Protocols Shed Considerable Value

Decentralized finance (defi) protocols have lost lots of value during the last month, as 17.77% has been shaved off the TVL in defi since April 8, 2022. The largest defi protocol, in terms of TVL size, Curve Finance, lost 16.55% this past month, while Lido shed 13.28% in value over the 30 day range. Anchor’s TVL is down 10.15%, Makerdao has dipped by 20.48%, and Aave’s TVL has lost 21.12% this past month.

Value Locked in Decentralized Finance Slides 17% Lower Over the Last 30 Days
Total value locked in decentralized finance on May 8, 2022, according to defillama.com statistics.

Two protocols saw substantial 30-day TVL gains which include Aave’s version three (v3) and Tron’s Sunswap protocol. During the last 24 hours alone, the TVL in defi has slipped by 6.25% in value, and the largest protocol by TVL today is Curve Finance. As of Sunday afternoon (ET), Curve’s $17.24 billion TVL currently dominates the aggregate by 9.46%.

Value Locked in Decentralized Finance Slides 17% Lower Over the Last 30 Days
Top ten defi protocols in terms of TVL on May 8, 2022, according to defillama.com statistics.

Ethereum still dominates the defi TVL by 55.59%, as $101.32 billion of the $182.27 billion TVL is held on the ETH chain. Terra is the second largest, in terms of defi TVL, as Terra’s $23.44 billion represents 12.86% of the defi TVL aggregate. Lastly, Binance Smart Chain (BSC) is the third-largest blockchain in defi with 6.37% of the total, which is roughly $11.6 billion today.

Value Locked in Decentralized Finance Slides 17% Lower Over the Last 30 Days
Total value locked by blockchain, according to defillama.com statistics on May 8, 2022. Ethereum commands by 55.59% with its $101.32 billion locked in defi.

In terms of the top smart contract platforms with tokens by market capitalization today, the entire lot is valued at $546 billion. However, the top smart contract tokens have lost 6.1% in collective value during the past 24 hours. Although, tron (TRX) has managed to jump 5.3% higher during the last day.

One of the biggest losers today, in terms of smart contract platform tokens, was counterparty (XCP), as the coin lost 19.4%. Terra (LUNA) was also a big percentage loser, shedding double digits during the last 24 hours, as LUNA lost 11.1% in USD value today. 30 day statistics also show that cross-chain bridge TVLs are also down 21.1%. There’s currently $16.78 billion TVL across a myriad of blockchain bridges.

The top three ranking cross-chain bridge TVLs today include Polygon, Avalanche, and Arbitrum respectively. The top three crypto assets leveraged on cross-chain bridges today include USDC, wrapped ethereum (WETH), and tether (USDT). While the entire crypto economy has lost 5.1% in value over the last 24 hours down to $1.65 trillion, it’s likely the value locked in defi will follow.

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24 hour defi stats, 30 day range, 7 day data, Anchor, Arbitrum, Avalanche, Binance Smart Chain, BSC, Counterparty, Cross-chain Bridges, Curve.finance, decentralized finance, DeFi, Ethereum, Lido, Polygon, Terra, terra (LUNA), total value locked, tron, trx, TVL reduction, value locked, weekly data

What do you think about the latest decentralized finance market action? 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.




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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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Nicehash Software ‘Fully Unlocks’ Nvidia’s Hashrate Reducing Technology – Mining Bitcoin News

Nicehash Software ‘Fully Unlocks’ Nvidia’s Hashrate Reducing Technology – Mining Bitcoin News

On Saturday, the cryptocurrency mining platform Nicehash revealed the company has “fully [unlocked] Nvidia’s [Lite Hash Rate]” graphic processing units (GPUs). Nicehash says the firm’s Quickminer mining software is the first protocol that can unlock LHR GPU cards by 100%.

Nicehash Says Software Is the First to Fully Crack Nvidia’s Lite Hash Rate Technology

According to the digital currency mining platform Nicehash, the firm has developed software that completely unlocks Nvidia’s Lite Hash Rate-brand GPUs. “Nicehash has successfully unleashed the locked computing power for millions of people worldwide,” the company said on Saturday. “We are the first to fully unlock Nvidia’s LHR.”

Nvidia revealed the Lite Hash Rate (LHR) GPU cards in mid-May 2021 after the semiconductor giant said it wanted to put these chips back into the hands of gamers. “We believe this additional step will get more Geforce cards at better prices into the hands of gamers everywhere,” a Nvidia spokesperson said at the time.

The GPU manufacturer’s competitor AMD also introduced the first GPU dedicated to cryptocurrency mining called the AMD Navi 12. When Nvidia introduced the LHR technology it applied the protocol to three of its proprietary GPU cards.

Cracking Nvidia’s LHR Tech Started Months Ago

Nicehash is not the only person to be able to remove Nvidia’s LHR tech. Last January, Bitcoin.com News reported on solo miners that had overcome the mining reducing technology. The report further explained that Nicehash told pcmag.com that month that Nvidia’s LHR technology “did not discourage miners at all.”

However, at that time, the reports noted that the miners bypassed the LHR tech by a fraction. The announcement Nicehash made on Saturday claims the Quickminer mining software removes LHR reducers by 100%.

“We are very excited to tell you that Nicehash Quickminer (Excavator) is the first mining software to fully (100%) unlock LHR cards,” a blog post published by Nicehash says. “Now you can earn more profits than any other mining software on the market if you are using LHR graphics cards with Nicehash Quickminer.”

Nicehash’s new software that unlocks Nvidia’s LHR GPU cards, follows the recent charges against Nvidia by the U.S. Securities and Exchange Commission (SEC). According to the SEC, Nvidia failed to disclose that crypto mining had increased revenue. The semiconductor firm agreed to pay a $5.5 million penalty for the lack of disclosure.

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ETH, Ethereum mining, GPU, graphic card, Graphic processing units (GPUs), graphics processing unit, Hash, Hashpower, Hashrate, hashrate limiter, LHR products, Lite Hash Rate Tech, Nicehash, Nicehash platform, Nicehash software, Nvidia, Nvidia Corporation, PoS, PoW, PoW Mining, Video game consoles

What do you think about Nicehash claiming that its software can fully unlock Nvidia’s LHR GPU cards so people can mine with them? 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.




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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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Meme Token Carnage — DOGE, SHIB Prices Sink Lower, Dogecoin Down 82% Since Last Year – Market Updates Bitcoin News

Meme Token Carnage — DOGE, SHIB Prices Sink Lower, Dogecoin Down 82% Since Last Year – Market Updates Bitcoin News

Today’s top meme coins have lost 4.8% in value against the U.S. dollar, as the crypto market carnage has wreaked havoc across the entire digital currency economy. While dogecoin had a phenomenal year in 2021, over the past 12 months, dogecoin lost 82.8% against the USD.

DOGE Tapped an All-Time High a Year Ago Today, Meme Coin Value Is Down 82% Since That Point

Meme coin assets are down this week following the rest of the crypto economy’s downward spiral. Statistics show that dogecoin (DOGE) has shed 14% in value during the past month and 30 day stats show shiba inu (SHIB) is down 24%.

Meme Token Carnage — DOGE, SHIB Prices Sink Lower, Dogecoin Down 82% Since Last Year
DOGE/USD daily chart on May 8, 2022.

In the last day alone, the $28.3 billion worth of meme tokens lost 4.8% in value. DOGE lost 1.7% over the last seven days and this week SHIB has dropped by 6.8%. DOGE is also down 82.8% from the crypto asset’s all-time high on May 8, 2021, which was exactly a year ago today.

Meme Token Carnage — DOGE, SHIB Prices Sink Lower, Dogecoin Down 82% Since Last Year
SHIB/USD daily chart on May 8, 2022.

At that time, DOGE reached an ATH of around $0.731 per unit. Six months ago, SHIB tapped an ATH at $0.00008616 per unit and today it’s down 78% since that price point. Both DOGE and SHIB make up most of the $28.3 billion meme token market capitalization by representing 95% with a combined market valuation of around $26.9 billion today.

Google Trends Data Shows Interest in Dogecoin and SHIB Is Low

While most of the meme coin economy has shed significant value in recent times, a relatively unknown meme token called litedoge (LDOGE) has gained 400% this week. Poodl token (POODL) is up 34.2% and dogefi (DOGEFI) is up 27.3% during the past seven days. However, jejudoge (JEJUDOGE) has lost 44.6% this week, lets go brandon (LETSGO) is down 43.3%, and shiba fantom has shed 28.9% in value against the USD.

Meme Token Carnage — DOGE, SHIB Prices Sink Lower, Dogecoin Down 82% Since Last Year
Google Trends (GT) data on May 8, 2022.

Meme tokens were all the rage last year, but interest seems to be dwindling fast. After hitting a Google Trends (GT) score of 100 last May, this year during the same weekly timeframe, the search phrase “dogecoin” has scored a three. SHIB hit a 100 in October and GT data shows the search term “SHIB” has scored a four this week, according to worldwide statistics.

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Cryptocurrencies, Digital Currencies, Doge, dogecoin, Dogecoin (DOGE), dogefi, Gains, JEJUDOGE, litedoge, Losses, markest, Market Update, Meme Coins, Meme Cryptos, Meme Markets, Meme Tokens, Poodl, Prices, shib, shiba inu, shiba inu (SHIB)

What do you think about the meme coin market carnage and the lack of interest in SHIB and dogecoin these days? 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.




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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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Bitcoin, Ethereum Down 50% From All-Time Highs — Billions Leave Crypto Economy – Market Updates Bitcoin News

Bitcoin, Ethereum Down 50% From All-Time Highs — Billions Leave Crypto Economy – Market Updates Bitcoin News

The crypto economy has dropped considerably in value during the last five weeks, slipping 23.28% from $2.19 trillion to today’s $1.68 trillion. Furthermore, both bitcoin and ethereum are awfully close to sinking 50% below the all-time highs recorded six months ago.

Bitcoin Sinks Lower Against the US Dollar, 39% Down in 30 Days

Digital currency markets have been in the red during the last few weeks, as a great number of crypto assets have seen significant percentage losses. During the last 24 hours, the crypto economy has shed 3.6% against the U.S. dollar. Bitcoin (BTC) dropped to a low on Saturday evening around 11:00 p.m. (ET), hitting $34,279 per unit.

Catching the Falling Knife: Bitcoin, Ethereum Down 50% From All-Time Highs — Billions Leave Crypto Economy
May, 8, 2022.

Presently, BTC is below the $35K mark and since the all-time high ($69K) on November 10, 2021, BTC has lost 49.6%. At the time of writing, BTC’s market valuation is around $662 billion, which equates to 39.4% of the $1.68 trillion crypto economy.

Catching the Falling Knife: Bitcoin, Ethereum Down 50% From All-Time Highs — Billions Leave Crypto Economy
BTC/USD 5M – Bitfinex. May, 8, 2022.

BTC’s most dominant trading pair today is tether (USDT) with 57.03% of all trades, followed by USD with 13.76% of today’s trades. The stablecoin BUSD represents 7.32% of all BTC-denominated trades on Sunday. $26.7 billion of today’s $99.6 billion in global trades are all bitcoin (BTC) swaps. That means 26.8% of Sunday’s aggregate crypto trade volume derives from BTC trades. Year-to-date statistics show BTC is down 39.3% and during the last month BTC has shed 20% in value against the U.S. dollar.

Ethereum’s Value Falls Losing 20% Since Last Month

Ethereum (ETH) has also shed a significant amount of value in recent times. While BTC hit a low of $34,279 per unit on Saturday evening, ETH slipped to a low of $2,518 per unit at the same time. Currently, ethereum (ETH) is exchanging hands for prices just under $2,600 and it has $17.7 billion in global trades today. Tether (USDT) is ethereum’s top trading pair today with 59.32% of all trades. The USDT/ETH pairs are followed by USD pairs (9.70%) and bitcoin (8.36%) trading pairs.

Catching the Falling Knife: Bitcoin, Ethereum Down 50% From All-Time Highs — Billions Leave Crypto Economy
ETH/USD 5M – Deribit. May, 8, 2022.

Since ethereum’s all-time high six months ago at $4,878 per unit, the price has lost 47.3% from the price high. Still, ETH commands a dominance rating of around 18.48% of the $1.68 trillion crypto economy. Ethereum’s market valuation is around $310.12 billion at the time of writing. Year-to-date statistics show ETH has lost 26.5% and 30 day statistics shows ETH is down 20.5%.

While bitcoin, ethereum, and a number of digital assets are down quite a bit this week, four different crypto assets have seen double digit gains during the last seven days. Algorand (ALGO) is up 33.2%, tron (TRX) is up 32.8%, curve (CRV) has gained 20.9%, and helium (HNT) is up 13.8%. Apecoin (APE) suffered the week’s deepest losses losing 39.7%, and cronos (CRO) shed 24.8% against the U.S. dollar this past week.

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billions, Bitcoin, BTC, crypto economy, Crypto markets, ETH, Ethereum, Highs, Lows, Market Caps, Markets, Price points, Prices, Tether, trade volume, trading, US Dollar, USD, USDT, volume

What do you think about the crypto economy’s current downward spiral? Do you expect prices to rebound in the near future? 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.




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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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APE Takes A Beating As It Sheds 50% Of Its Price

APE Takes A Beating As It Sheds 50% Of Its Price

APE must cling tight, or else it falls and suffer a major “injury.”

Non-fungible tokens and the metaverse are no longer merely buzzwords in the cryptocurrency industry.

In 2021 alone, the market for NFTs was valued at $40 billion, a tremendous increase from the previous year. This market has continued to expand this year with the emergence of new NFT marketplaces.

We also observed a new coin — ApeCoin — causing a sector-wide ruckus in tandem with this expansion.

Suggested Reading | Moonbirds And Solana NFT Trading Volume Is On A Tear As Sales Rally 45%

ApeCoin still makes a lot of noise, despite suffering losses in the market. (DailyCoin)

ApeCoin is a recently-launched cryptocurrency on the Ethereum (ETH) network. The coin is the native cryptocurrency of the APE ecosystem, which consists of the ApeCoin DAO and all APE-based services and goods.

The developer of the renowned Bored Ape Yacht Club (BAYC) NFT collections, Yuga Labs, has selected APE as the principal token for all new products and services.

Despite being the newest cryptocurrency on the market as of April of this year, its market capitalization ranks 47th, at $3.445 billion.

Suggested Reading | Bitcoin Collapses By Most In Nearly A Month – Its Golden Days Are Over?

APE Drops Hard From ATH

APE reached an all-time high of $28 at the conclusion of April. But on May 2, 2022, just days after reaching its ATH, the token plunged and reached a low of $16.71.

Given the media attention that ApeCoin is already garnering, if the price continues to grow, this token might become one of the finest cryptocurrencies in 2022.

APE total market cap at $3.445 billion on the weekend chart | Source: TradingView.com

However, in contrast, APE’s price has dropped significantly during the past week, by approximately 50.42 percent.

APE’s daily trade volume has also reduced by double digits, falling by approximately 40 percent.

The price of APE is getting closer to its 24-hour low. It has a 24-hour high of $13.70 and a low of $12.28.

Losing Steam Vs. BTC And ETH

As of Sunday midday, the price of APE has declined versus Bitcoin (BTC) and Ethereum (ETH) by around 7.50 percent and 6.30 percent, respectively. APE is currently valued around 0.0003453 BTC and 0.004644 ETH.

There are a total of 1 billion APE tokens, and 15% of the token supply is allocated to NFT holders. In addition, about 48 percent of the total supply will be distributed to the DAO’s treasury over the course of 48 months.

The stock price of ApeCoin began on March 17 at $5 and increased by more than 250 percent within the first 48 hours of trade. After reaching $18, APE pulled back little and is now returning to re-evaluate this region.

Featured image NMK World, chart from TradingView.com



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Joe Rogan Says Bitcoin Is ‘Freaking Out’ Government, the Latest on Inflation, and More — Bitcoin.com News Week in Review – The Weekly Bitcoin News

Joe Rogan Says Bitcoin Is ‘Freaking Out’ Government, the Latest on Inflation, and More — Bitcoin.com News Week in Review – The Weekly Bitcoin News

Another whirlwind week in crypto draws to a close, and of course there’s no shortage of spicy stories and new, compelling narratives in the world of innovative digital money. This week, Elon Musk gives investment advice, United States Securities and Exchange Commission chair Gary Gensler catches flack from SEC commissioner Hester Peirce, and Joe Rogan calls bitcoin a viable currency, noting that it’s got the government “freaking out.” Buckle up and look lively, this is the Bitcoin.com News Week in Review.

Rogan Says Bitcoin Is 'Freaking Out' Government, and the Latest on Inflation — Bitcoin.com News Week in Review

Joe Rogan: Bitcoin Is Now a Viable Currency and the Government Is Freaking Out

Famous podcaster Joe Rogan, the host of The Joe Rogan Experience, talked about bitcoin on his show, posted Tuesday. The show features an interview with UFC light heavyweight fighter Khalil Rountree Jr.

Noting that now bitcoin is “a viable form of currency” that “You can actually buy things with,” he said, “the government is freaking out.”

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Rogan Says Bitcoin Is 'Freaking Out' Government, and the Latest on Inflation — Bitcoin.com News Week in Review

Lawmakers, SEC Commissioner Slam Chair Gensler for Focusing on Crypto Enforcement

Several U.S. lawmakers and a commissioner with the U.S. Securities and Exchange Commission (SEC) have voiced concerns about the securities regulator expanding its crypto enforcement unit.

“The SEC is a regulatory agency with an enforcement division, not an enforcement agency.”

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Rogan Says Bitcoin Is 'Freaking Out' Government, and the Latest on Inflation — Bitcoin.com News Week in Review

Tesla CEO Elon Musk Gives Investment Advice He Says ‘Will Serve You Well in the Long Term’

Tesla and Spacex CEO Elon Musk has shared his recommended investment strategy, which he believes “will serve you well in the long term.”

Some people noted that Musk’s strategy is similar to one adopted by Berkshire Hathaway CEO Warren Buffett.

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Rogan Says Bitcoin Is 'Freaking Out' Government, and the Latest on Inflation — Bitcoin.com News Week in Review

US Central Bank Raises Rates by Half a Percentage Point, Fed’s Powell Says Similar Hikes Are on the Table

The U.S. Federal Reserve raised the benchmark interest rate on Wednesday and the increase was the biggest rate hike in two decades.

“Inflation is much too high,” the central bank’s chair Jerome Powell said after the Fed raised rates by 0.5%.

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Bitcoin, Economic Freedom, Elon Musk, Gary Gensler, Government, hester peirce, inflation, Investing, Joe Rogan, SEC, Week in Review

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What are your thoughts on this week’s hottest stories? Let us know in the comments section below.

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LBank and Adanian Labs Kickstarts a ‘Crypto Accelerator Program’ in Kenya – Press release Bitcoin News

LBank and Adanian Labs Kickstarts a ‘Crypto Accelerator Program’ in Kenya – Press release Bitcoin News

PRESS RELEASE. The blockchain ecosystem is growing exponentially. It has brought prosperity to most African countries by creating wealth for individuals and fast economic growth for their people.

However, many believe that the region is yet to tap into its full potential, that is, leveraging blockchain technology to build a solid ecosystem. As a result, there has been an increasing global interest in Africa recently, with many prominent investors and companies looking to invest in this promising continent.

LBank has set up shop in various locations across Africa as pioneers of the next generation of crypto and blockchain users, collaborating with other African ventures such as Adanian Labs who share a similar desire to help these countries realise their full potential.

Specifically, Adanian Labs is a Pan African venture building studio with a mission to build, incubate and launch impact-driven technology companies and entrepreneurs working to solve some of Africa’s most pertinent challenges.

To commemorate the commencement of this joint enterprise, LBank CEO Allen Wei and COO Shantnoo Saxsena are in Kenya to kick off the maiden edition of its venture into Kenya.

The LBank team alongside the Cardano ecosystem team inaugurated the commencement of the ‘Crypto Accelerator Program’ launch with a panel discussion of how Africa can benefit from becoming developers of good use cases that will set it out on its path to becoming the blockchain centre for NFTs, GameFi and metaverse.

The event and workshop also saw many technology-based startups with a prototype to develop a commercially viable product pitch in front of a panel of VCs and industry experts.

The LBank CEO took the opportunity to make it known that the crypto exchange will continue sealing strategic partnerships. He adds that LBank is open to meeting different organisations and institutions to learn about how they can tailor the goods and services to better serve Africa.

With its commitment to engaging in community building and education, the top crypto exchange will support these startups in their optimum capacity. Hence, LBank is setting the pace for a whole new level of tech development in Kenya.

Consequently, a series of meet-ups dubbed ‘LBank and Adanian Crypto Days‘ will take place across Africa each month.

Above all, LBank will continue to build relationships with the community and help spread knowledge of crypto and blockchain across Africa. In addition, the globalisation program will help many African countries to see the dawn of a new era.

About LBank Exchange

LBank Exchange, founded in 2015, is an innovative global trading platform for various crypto assets. LBank Exchange provides its users with safe crypto trading, specialised financial derivatives, and professional asset management services. It has become one of the most popular and trusted crypto trading platforms with over 6.4 million users from more than 210 regions around the world.

Start Trading Now: lbank.info

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NFT market well-positioned to grow 35% into a $13.6B industry by 2027

NFT market well-positioned to grow 35% into a $13.6B industry by 2027

Reflecting the growing interest in the nonfungible token (NFT) space among today’s investors, new research predicts that the existing $3 billion market size will reach $13.6 billion by the end of 2027.

For the next five years, the key factors tied to the global NFT boom continue to factor in the growing involvement of mainstream influencers, gaming communities and the rising demand for digital artworks.

Interestingly enough, research firm MarketsandMarkets envisions several other factors that will contribute to the explosive growth of the NFT market, including its increasing use cases in supply chain management, retail and fashion.

Global NFT market trends. Source: MarketsandMarkets

Some of the other catalysts well-positioned to further speed up the growth of the NFT market are metaverse initiatives by exisiting market leaders such as social media giant Meta and the personalization of NFTs.

In November 2021, Cointelegraph reported on the rising interest from Asia-Pacific (APAC) investors as local NFT-related Google searches surged in the region. MarketsandMarkets, too, cited this trend:

“APAC countries are emerging toward constant developments and marketplace launches in the given market to give creators and buyers equal opportunities in the ecosystem.”

One of the key factors attributed to the rise in NFT searches in countries like Hong Kong, Singapore and China is the lack of regulatory acceptance for crypto trading or mining.

NFT marketplaces — platforms that allow investors to purchase and sell NFTs — are currently expected to contribute the highest to the growth of the NFT ecosystem. While existing players like OpenSea now lead this space, crypto exchanges like Coinbase and Binance have started offering similar services for exchanging NFTs in the open market.

Related: Elon Musk swaps Twitter avatar for a horde of Bored Apes, BAYC floor price surges 10 ETH

Tesla CEO Elon Musk, who has been an active Dogecoin (DOGE) supporter, recently changed his Twitter profile picture to a collage of multiple popular NFTs released by Bored Apes Yacht Club (BAYC).

As Cointelegraph recently reported, the temporary change in Musk’s display picture resulted in BAYC’s floor price surging 10 Ether (ETH).

However, as a part of the community assumed the move as Musk’s entry into the NFT space, the entrepreneur clarified his stance by tweeting:

“I dunno … seems kinda fungible.”



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Majority of Russia’s Financial Pyramids in Q1 Linked to Crypto, Scammers Exploit Sanctions Topic – Bitcoin News

Majority of Russia’s Financial Pyramids in Q1 Linked to Crypto, Scammers Exploit Sanctions Topic – Bitcoin News

Many of the financial pyramids identified in Russia during the first quarter of the year have been associated with cryptocurrencies, a top central bank official has revealed. Fraudsters are actively exploiting the hot topics of the day, including the sanctions theme.

Pyramids Offer Russian Investors Ways to Circumvent Western Sanctions

Amid growing financial uncertainty, Ponzi schemes advertising opportunities to invest in digital assets are mushrooming in Russia. Of all financial pyramids detected by regulators in the first three months of 2022, well over half have used cryptocurrency as a lure.

“Schemes based on transfers using cryptocurrencies or investments in ‘digital instruments’ have received another impetus,” Valery Lyakh, director of Bank of Russia’s Department for Combating Unfair Practices told Tass news agency. More than 58% of the pyramids identified by Russian financial authorities in the first quarter of this year were linked to cryptocurrencies, Lyakh detailed.

As usual, the scammers take advantage of the trending topics in the news, the high-ranking representative of Russia’s monetary authority added. “Against the backdrop of financial uncertainties, calls to ‘save money’ in foreign jurisdictions, invest in a foreign project, in foreign securities are popular,” Lyakh elaborated.

Investment proposals like these have been made in the past but now fraudsters also exploit the sanctions imposed on Russia over its invasion of Ukraine, Valery Lyakh pointed out. They are talking about projects in countries that are not supporting the measures against Moscow and offers to circumvent restrictions on international payments have become the new trick to convince victims to send their money, he added.

The possibility of Russia employing cryptocurrencies to evade sanctions has raised concerns in the West but a recent report by Moody’s suggests that Moscow’s ability to avoid the penalties using digital assets is limited by the relatively small size of the crypto market and its low liquidity. The rating agency acknowledged, however, that small crypto transactions made by Russians have increased.

Crypto investment was the main theme of the notorious Finiko Ponzi scheme, Russia’s largest in recent years, which collapsed last summer after receiving over $1.5 billion worth of bitcoin between December 2019 and August 2021, according to Chainalysis. Russian law enforcement recently arrested six more members of Finiko involved in defrauding thousands of victims in Russia, other former-Soviet countries and around the world.

Tags in this story
Bank of Russia, Central Bank, Crypto, Cryptocurrencies, Cryptocurrency, financial pyramids, Finiko, Fraud, fraudsters, investment schemes, Ponzi Schemes, pyramid schemes, pyramids, restrictions, Russia, russian, Sanctions, Scams

Do you expect scams offering Russians to evade sanctions with cryptocurrencies to increase further? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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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Binance reportedly halts crypto derivatives service in Spain

Binance reportedly halts crypto derivatives service in Spain

Binance stands as one of the most persistent crypto exchanges when it comes to gaining regulatory approval and operational licenses from regulators across the world. In this effort to operate as a fully licensed financial institution, the exchange has stopped offering its crypto derivatives services in Spain as it reportedly awaits approval from the Spanish regulator, Comisión Nacional del Mercado de Valores (CNMV).

As evidenced by Binance’s official Spanish website, the crypto exchange removed the derivatives drop-down menu, which is still available on the global version. According to local news publication La Información, the move to hide derivatives offering in Spain comes as a way to comply with the requirements set by CNMV, known as the National Securities Market Commission.

Navigation menu on Binance Spanish (top) and global (bottom) versions. Source: Binance

The screenshot above shows the missing “Derivatives” option from the Spanish version, which is evidently available in the global version. While the screenshot confirms Binance’s intent to offer services only upon regulatory approval, further investigation from Cointelegraph confirmed that the URLs related to derivative offerings in Spain — including futures, battle and derivative portal — remain active.

Active derivatives portal on Binance Spain version. Source: Binance

However, the local report suggested that Binance will reintroduce the derivatives option only after receiving the regulatory green light in the form of a guarantee certificate from the Bank of Spain (BdE). 

In June 2021, Binance CEO Changpeng Zhao revealed plans to expedite the crypto exchange’s growth by working with the regulators, stating:

“We want to be licensed everywhere. From now on, we’re going to be a financial institution.”

Binance, along with other crypto exchanges like Coinbase and Bit2Me, is listed in CNMV’s “gray list,” which prohibits organizations from operating as fully licensed entities in the region.

Related: France’s financial authority approves Binance’s registration as digital asset service provider

Despite the minor setback faced due to regulatory delays in Spain, financial authority from the neighboring country of France — Autorité des marchés financiers (AMF) — approved Binance as a registered digital asset service provider.

As Cointelegraph reported, the move into France signaled Binance’s latest expansion of its global operations, having obtained in-principle approval to operate in Abu Dhabi in April. Citing the regulatory approval in France, Binance shared plans to significantly scale its operations in the region while pursuing “further infrastructure development.”



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