fbpx
Connect with us

Ethereum

Stablecoin Addresses With $1+ Grew by 300% in a Year

Published

on

Stablecoin Addresses With $1+ Grew by 300% in a Year
  • Coin Metrics report shows a marked increase in stablecoin hodlers.
  • All stablecoins have grown in usage number, including those not pegged to the U.S. dollar.
  • Stablecoins will be a large part of regulatory focus this year.

Stablecoins appear to be gaining momentum as usage numbers of the fiat-pegged assets are growing noticeably, as measured by a number of metrics. Coin Metrics’ State of the Network report noted that the total number of addresses holding at least $1 worth of stablecoins recently surpassed 12 million.

This figure is three times what it was a year ago, which is a remarkable increase by any measure. In the first quarter of 2021, the number of dollar-backed stablecoins was under 4 million, with most of those assets being USDT on the Tron blockchain.

PAXG
PAXG
PAXG
PAXG’s growth measured using various criteria: Coin Metrics

However, nearly all stablecoins on different blockchains have been experiencing good growth. This includes stablecoins that are not pegged to the U.S. dollar. Gold-backed stablecoins like PAX Gold and Tether Gold have also been growing. Approximately 775 gold bars are now represented by PAX Gold.

Stablecoins are often utilized to combat the market’s volatility, as they keep their prices stable as other assets rise and fall. This allows traders to purchase more of a volatile asset when the market is in a downtrend, provided they can time it right.

Whether gold or USD, tokenized digital assets continue to proliferate across public blockchains.

Distinct benefits such as near-instant settlement, constant network uptime, shared infrastructure, and ease of creating crypto addresses all point to this trend continuing.

— CoinMetrics.io (we’re hiring!) (@coinmetrics) March 15, 2022

The rise of tokenized assets like currencies and gold points towards a shift in the nature of investments. This can sometimes draw the ire of regulators, as in the case of the United States Securities and Exchange Commission (SEC) and synthetic asset projects like Mirror Protocol.

Growth of Stablecoins, Likely to Be Accompanied by Heavy Regulation

Stablecoins have emerged as one of the biggest concerns for lawmakers, who are dealing with crypto regulations on many fronts. There have been conflicting reports on the degree to which stablecoins will be regulated, though regulation is certainly inevitable. The Fed Chairman has said that stablecoins could coexist with Central Bank Digital Currencies (CBDCs), which is a positive takeaway.

Governments are also concerned about the potential cross-border ramifications of fiat-pegged assets. The United States in particular is working on related regulation, and Treasury Secretary Janet Yellen has made remarks relating to the same, saying that the U.S. would work with international parties to prevent risks.

What’s clear is that stablecoins are here to stay and that lawmakers will have to come up with some framework to ensure they remain compliant. 2022 is shaping up to be a year of regulation, so it won’t be long before something is announced. And with Joe Biden’s recent executive order, it looks like the United States will be paving the way.

Go to Source

Ethereum

Litecoin Under Scrutiny By S. Korean Exchanges of Upbit, Bithumb After it Introduces Privacy Through MimbleWimble

Published

on

Litecoin Under Scrutiny By S. Korean Exchanges of Upbit, Bithumb After it Introduces Privacy Through MimbleWimble

Quick take:

  • Litecoin’s MimbleWimble privacy protocol has resulted in some South Korean exchanges issuing warnings about LTC.
  • Upbit and Bithumb have advised crypto users of the risks associated with the privacy upgrade.
  • Both exchanges cited South Korea’s Act on the Reporting and Use of Specific Financial Transaction Information.

Bitcoin’s little brother, commonly known as Litecoin (LTC), has captured the attention of South Korean exchanges after the implementation of the highly anticipated MimbleWimble upgrade.

The two popular South Korean crypto exchanges of, Bithumb and Upbit, have each released statements warning their user-base of the risks associated with the privacy-centric upgrade. Litecoin’s new upgrade introduces features that block transactional information.

Both exchanges cited the country’s Act on the Reporting and Use of Specific Financial Transaction Information as a basis for the respective notifications. In particular, the Act requires all crypto exchanges in South Korea to implement know-your-customer (KYC) procedures and anti-money laundering (AML) processes.

Upbit and Bithumb Have Delisted Privacy Coins Before

To note is that South Korean exchanges have had a history of delisting cryptocurrencies that are focused on privacy, such as Monero (XMR), Dash (DASH), and ZCash (ZEC). The recent warning of Litecoin for similar reasons could hint at a potential delisting of LTC by both exchanges in the near future.

Such a possibility was explored by the team at WuBlockchain, who stated the following:

South Korean exchanges such as Upbit issued a warning that the MimbleWimble Extension Blocks (MWEB) conducted by the LTC Foundation made the LTC transfer records unrecognizable. This warning may develop into the delisting of LTC in the future.

Litecoin Recaptures $70 Support But Remains in Bear Territory

Concerning price, Litecoin is now trading at $72 after recapturing the crucial $70 support level. However, Bitcoin’s little brother is still trading in bear territory below the 50-day (white), 100-day (yellow), and 200-day (green) moving averages, as seen in the chart below.

Litecoin Under Scrutiny By S. Korean Exchanges of Upbit, Bithumb After it Introduces Privacy Through MimbleWimble 12

Also, from the chart, it can be observed that the daily MFI, RSI, and MACD are all pointing towards renewed buying of Litecoin (LTC), which could lead to a push towards $80. But, Litecoin’s fate in the crypto markets is tied to that of Bitcoin, which is connected to the traditional markets currently under the influence of the mood set by the US Federal Reserve, increasing interest rates to tame inflation.

Consequently, caution is advised when trading Litecoin, more so with the warnings issued by Bithumb and Upbit.

Go to Source

Continue Reading

Ethereum

Bitcoin Miners in China Defy Crypto Mining Ban, Now Ranked 2nd in BTC Hashrate

Published

on

Bitcoin Miners in China Defy Crypto Mining Ban, Now Ranked 2nd in BTC Hashrate

Summary:

  • Bitcoin miners based in China now control 21.1% of BTC’s hashrate.
  • China is now ranked second in Bitcoin’s hashrate, hinting at the existence of covert mining facilities.
  • This is despite China’s government reiterating in May 2021 its ban on Bitcoin mining and crypto trading.
  • Due to the ban, the dominance of Bitcoin miners based in China had dropped from almost 50% in May 2021 to 9% in July 2021.

China has once again reemerged as a significant contributor to the Bitcoin (BTC) network despite the country’s government reissuing a blanket ban on crypto mining back in May 2021. According to data from the Cambridge Bitcoin Electricity Index, Bitcoin miners based in China are now ranked second in terms of the total hashrate of the BTC network.

The United States is Now at the Top in terms of Bitcoin Hashrate.

The chart below, courtesy of the hashrate tracking website by Cambridge, shows China (yellow) slowly recovering its hashrate beginning mid-2021 and after the reissuance of the mining ban. Also, from the chart, it can be observed that the United States (pink) has slowly grown over the years to now provide a majority of Bitcoin’s hashrate.

Bitcoin Miners in China Defy Crypto Mining Ban, Now Ranked 2nd in BTC Hashrate 11
Bitcoin Hashrate as of May 2022. Source, CCAF.io/cbeci/mining_map

China Now Controls 21% of Bitcoin’s Hashrate

In terms of percentage, China now controls 21.1% of the global Bitcoin hashrate, with the United States at 37.8%. The chart below, also courtesy of the Cambridge Bitcoin Electricity Index website, highlights how China’s hashrate dominance (yellow) has fluctuated over the years.

Bitcoin Miners in China Defy Crypto Mining Ban, Now Ranked 2nd in BTC Hashrate 12
China (yellow) now has a 21.1% share of Bitcoin’s hashrate. Source, CCAF.io/cbeci/mining_map

The chart shows that China controlled almost 50% of Bitcoin’s hashrate before its government reissued a complete ban on Bitcoin and crypto mining back in May 2021. By July and August of the same year, China’s hashrate dominance had plummeted to 9.4%. However, the chart hints that Bitcoin miners started fresh operations by September of last year, resulting in China now controlling 21.1% of Bitcoin’s hashrate.

The Resurgence of Hashrate Points Towards Covert Bitcoin Mining Facilities in China

As to why China is now ranked second in Bitcoin hashrate, a recent report by Bloomberg concluded that the country has seen a sudden surge in BTC mining through ‘covert mining operations.’

China FUD Banning Bitcoin Mining Might be Around the Corner

To note is that China has banned Bitcoin and crypto mining on numerous occasions over the years, with the most notable being January 2018 and May 2021. The resurgence of Bitcoin mining activities in China could thus hint at another ban around the corner that might result in panic selling in the crypto markets, as was the case after the last two bans by the Chinese government.

Go to Source

Continue Reading

Ethereum

Legendary Hall of Famer Magic Johnson to Release NFTs in Partnership with NBA Top Shot

Published

on

Legendary Hall of Famer Magic Johnson to Release NFTs in Partnership with NBA Top Shot

Quick take:

  • Earvin Magic Johnson is set to release his very first NFTs in partnership with NBA Top Spot.
  • The NFTs with be in the form of an Anthology set reserved for iconic plays from NBA legends.
  • Magic Johnson’s NFTs will be available on June 7th and contain rare and spectacular moments of his career.
  • The NFTs will be in 1,600 packs, each retailing for $399.

The Legendary NBA Hall of Famer, Earvin Magic Johnson, has announced via Twitter that he intends to launch his first NFT collection in partnership with NBA Top Spot.

I’m really excited to partner with @nbatopshot to release my first NFTs and bring some of my favorite Moments from my career to fans everywhere. Fans get to see just a few of my favorite plays from my career! https://t.co/5hGKT6BwiJ pic.twitter.com/7egr3xBZsv

— Earvin Magic Johnson (@MagicJohnson) May 23, 2022

Magic Johnson’s NFTs Will be in the form of an Anthology

Magic Johnson is a five-time NBA champion, a three-time finals MVP, a three-time NBA MVP, a twelve-time NBA All-star, and a member of the NBA’s 75th Anniversary Team. His NFTs, in collaboration with NBA Top Shot, will be in the form of an Anthology set ‘reserved for iconic plays from NBA legends.’

The NFT collection will drop on June 7th and contain rare and legendary Magic Johnson moments.

A total of 1,600 anthology packs will be issued, and each will retail at $399. Within each pack will be one of four Magic Johnson moments that took place in seasons when he won the NBA Championship with the Los Angeles Lakers. Each Anthology pack will contain ‘a single guaranteed Magic Johnson Moment NFT in either the Legendary or Rare tier.’

The NFTs will Feature 4 Magic Johnson Moments.

The four Magic Johnson moments to be featured in the NFT collection are as follows:

  • Never Fear, E.J. Is Here: during game six of the 1980 NBA finals, Magic Johnson was started at center against the Philadelphia 76ers despite being a rookie. Magic went on to post 42 points, 15 rebounds, 7 assists, and 3 steals. His performance during the game will be memorialized with a fearless and-one layup against the 76ers.
  • Now You See it, Now You Don’t: in the 1984 – 85 season, one of Magic Johnson’s assists during the victory over the Phoenix Suns will be immortalized in the NFTs. Magic’s assist ‘starts with the 6’9 guard grabbing a rebound, leading the transition fast break, deceiving a duo of defenders with a dynamic handle and dishing a dime for an emphatic slam.’
  • Hocus Pocus Pass: Magic Johnson’s rare assist moment in the 133 – 115 victory against the San Antonio Spurs will also be turned into an NFT. During the game in the 1987 – 88 Championship season, Magic conjured an assist that was ‘more special and mind-bending than a head fake and ball fake combo.’
  • Game. Set. Magic: In the 1986 – 87 finals between the Los Angeles Lakers and Boston Celtics, Magic Johnson denied the Celtics a victory by ‘[catching] an inbounds pass along the baseline and instantly turns into a running, one-footed leaping bank shot over a double team that bounces off the glass right through the net and beats the buzzer for the surprise 115-114 victory.’

[Feature image courtesy of Magic Johnson on Twitter]

Go to Source

Continue Reading
Home | Latest News | Cryptocurrency | Ethereum | Stablecoin Addresses With + Grew by 300% in a Year
a

Market

Trending