Metaverse Tokens Outperform Top Crypto Assets in 2023 With Decentraland’s MANA Leading the Pack

During the first month of 2023, the top two leading cryptocurrencies, bitcoin and ethereum, experienced double-digit gains against the U.S. dollar. Meanwhile, several alternative cryptocurrencies saw even greater increases in value, with metaverse tokens like Decentraland’s MANA and The Sandbox’s SAND rising 92-150% against the greenback.

Metaverse Crypto Assets Outshine Bitcoin and Ethereum

Metaverse crypto assets have outperformed both bitcoin (BTC) and ethereum (ETH), the leading crypto asset and top smart contract token, respectively. In the past month, Decentraland’s MANA token has been the top performer, rising 150% against the U.S. dollar. Over the last two weeks, MANA climbed 7.3%, and in the past seven days, it rose 2.9%. On January 31, 2023, a single MANA was trading for $0.716 to $0.755 per unit.

The Sandbox’s SAND metaverse token has increased 92% in the past 30 days and has risen 5% in the last two weeks. However, despite the 30-day increase, seven-day metrics show a 7.5% decrease in SAND. On Tuesday, SAND was trading at a 24-hour spot price of $0.710 to $0.741 per unit. Another top-performing metaverse token this past month was Axie Infinity’s AXS, which has risen 80% higher than the previous month. In the last two weeks, AXS has climbed 21.5%, but it has fallen 11.4% in the last week. On Tuesday, AXS was trading at a price of $10.55 to $11.23 per coin.

Following Axie Infinity’s AXS increase in value over the past month, the Apecoin project’s APE token has risen 63.3% in the same period. APE has increased 19.4% over the last two weeks, with 5.5% of those gains occurring in the past week. As of writing, a single APE is trading for prices ranging from $5.71 to $5.96 per coin. The token associated with the Internet Computer project ICP has also risen 48.9% over the last 30 days. ICP has gained 16.5% over the past two weeks. On January 31, 2023, ICP was trading at prices between $5.65 and $5.88 over the last 24 hours.

A significant number of other metaverse tokens have risen in value this month as well, following a similar pattern to artificial intelligence (AI)-related cryptocurrencies. AI-based cryptocurrencies have seen even greater gains compared to metaverse-related coins. However, metaverse-focused crypto assets have still performed better than the top two cryptocurrencies; bitcoin (BTC) rose 40% this month, and ethereum (ETH) increased 33.5%.

What do you think is driving the success of metaverse tokens and do you see this trend continuing in the coming months? Share your thoughts in the comments below.

via Jamie Redman

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Ethereum to Reach Peak of $2,474 Per Token in 2023, Finder’s Survey of Crypto and Fintech Experts Reveals

Seven days ago, finder.com, a product comparison website, published a forecast report based on predictions from several crypto and fintech experts, predicting bitcoin’s year-end price for 2023. Following the bitcoin price prediction report, Finder released another survey focused on ethereum, the second-largest crypto asset in terms of market capitalization. Finder specialists believe ethereum will reach a peak of $2,474 per token this year and end the year at $2,184 per unit.

24% of Panelists Believe Ethereum Will Surpass Bitcoin by 2025, Finder Survey Shows

This week, finder.com, a product comparison website, published a report that surveyed 56 fintech and cryptocurrency specialists to gauge their predictions for ethereum (ETH) prices this year. ETH experienced a challenging year in 2022, similar to most digital currencies in the crypto economy, but prices have picked up in the first month of 2023. Thirty-day statistics show ETH has risen more than 32% against the U.S. dollar and is now just below the $1,600 per unit range.

Finder’s experts believe ETH will end the year at $2,184 per unit and reach a peak of $2,474 per token at some point in 2023. Similar to the bitcoin prediction report published last week, Finder’s specialists expect ETH to drop to a significant low against the greenback. The panelists suspect ETH could hit a low of $984 this year. Ben Ritchie, managing director at Digital Capital Management, expects ETH to end the year at $2,500 per coin but also noted that ETH prices could drop as low as $900 per unit in 2023.

“Ethereum continues to dominate the market as the leading smart contract platform, driving a range of innovative projects within its ecosystem,” Ritchie explains in the report. “However, recent market challenges have sparked investor concern and may limit the price of ethereum [reaching] $2,500 this year. Despite this, [the network’s] low annual inflation rate is expected to keep the price stable and above $900, even if future market disruptions occur.”

About 24% of the surveyed panelists believe ethereum will surpass bitcoin by 2025. The report shows that 48% of Finder’s panel expect a “flippening” to occur eventually. Currently, 60% of the fintech and crypto experts believe ETH is underpriced, and approximately 28% believe it is fairly priced. Around 12% of the panelists think ETH is overpriced and 16% currently recommend selling. 56% of the report’s participants believe it’s a good time to buy, and 28% advise holding.

“When you examine all blockchains based on security, decentralization, and scalability no other has its fundamental balance and judicious leadership, coupled with the critical mass of Ethereum,” the technologist and futurist Joseph Raczynski remarked. “It’s not to say it can’t be toppled, but with each passing month it’s less likely.” The report’s average prediction for 2025 is that ETH will be valued at $6,033 per unit. By 2030, the surveyed panelists expect ETH to be priced at $14,316 per coin.

You can check out Finder’s ethereum price prediction report in its entirety here.

What are your thoughts on Finder’s predictions for Ethereum’s prices in 2023? Do you agree with the experts’ assessment or do you see a different outcome for the leading smart contract platform? Let us know in the comments section below.

via Jamie Redman

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Massachusetts-Based Bankprov to End Loan Offerings Secured by Cryptocurrency Mining Rigs

The Amesbury, Massachusetts-based Bankprov, a subsidiary of Provident Bancorp, has announced that it will no longer provide loans secured by cryptocurrency mining rigs. In a filing with the U.S. Securities and Exchange Commission (EX-99.1), Bankprov stated that revenue from its digital asset loan portfolio will continue to decrease as the company has discontinued new loan originations backed by mining equipment.

Bankprov’s Portfolio of Cryptocurrency Collateralized Loans Decreased by 65%

Bankprov disclosed that it holds approximately $41.2 million in cryptocurrency-collateralized loans, with about $26.7 million of the debt backed by crypto-mining equipment. Collateralized loans secured by application-specific integrated circuit (ASIC) mining rigs became a popular investment vehicle in 2021, but the crypto winter resulted in significant pressure on the industry. By the end of June 2022, Luxor executive Ethan Vera estimated that about $4 billion in loans backed by mining machines were under financial strain.

Since then, several crypto-mining companies have either sought bankruptcy protection or reorganized tens of millions in debt. For example, at the end of September 2022, the bitcoin mining firm Compute North filed for bankruptcy. Two months later, Core Scientific also filed for bankruptcy. Other mining operations are attempting to restructure debt. Greenidge Generation announced Tuesday that it has reorganized $11 million in debt with B. Riley.

Bankprov stated that it repossessed ASIC mining equipment from undisclosed crypto-mining operations in September. “Our digital asset loan portfolio declined by $79.3 million, or 65.8%, largely due to paydowns on outstanding lines of credit, the partial charge-off, and repossession of cryptocurrency mining rigs in exchange for forgiving a $27.4 million loan relationship,” according to Bankprov’s filing.

The financial institution’s EX-99.1 earnings filing added:

The portfolio of loans secured by cryptocurrency mining rigs will continue to decline as the Bank is no longer originating this type of loan.

Another crypto-friendly financial institution, Metropolitan Commercial Bank, announced during the second week of January 2023 that it plans to “exit its crypto-asset-related business.” Metropolitan stated that it holds no exposure to crypto assets, but has business relationships with four customers focused on cryptocurrencies. The bank did not specify an exact date, but said that these relationships and the crypto business will be phased out this year.

What do you think the future holds for banks and the cryptocurrency industry? Share your thoughts in the comments below.

via Jamie Redman

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FTX Debtors Seek Dismissal of Turkish Entities in Chapter 11 Bankruptcy Proceedings

FTX debtors have filed a motion with the court requesting to dismiss its Turkish subsidiaries from the Chapter 11 bankruptcy proceedings. The defunct crypto exchange’s lawyers believe dismissing the entities “is in the best interests” of creditors, and FTX debtors do not believe Turkish authorities “or any liquidator” in the country will cooperate with officials from the United States.

FTX Lawyers Argue for Expelling Turkish Subsidiaries From Bankruptcy Proceedings

According to a recent bankruptcy court filing, FTX debtors have submitted a motion to remove the company’s Turkish entities from the Chapter 11 proceedings. The FTX-related units named in the court filing include FTX Turkey and SNG Investments. The debtors claim that FTX Turkey was a locally operated crypto exchange and SNG Investments was a wholly-owned Alameda Research subsidiary that acted as a market maker.

Shortly after FTX collapsed, lawyers say “Turkish authorities froze and seized substantially all the assets of the Turkish debtors.” FTX’s lawyers insist the two entities should be expelled from the bankruptcy proceedings, as they “believe it is in the best interests of the debtors and their stakeholders.” Furthermore, the debtors do not think the Turkish government will comply with the U.S. bankruptcy process.

“The debtors do not expect the Turkish authorities or any liquidator in Türkiye to seek recognition of their actions in the United States, and the debtors would intend to object to such recognition if reciprocity is not established,” the filing explains.

The news follows FTX lawyers asking the court’s permission to subpoena FTX co-founder Sam Bankman-Fried (SBF) and his inner circle. The filing notes that while SBF has publicly stated he’d like to “explain what happened” and “try to help customers,” he has “not responded to or complied” with requests. “As a result, a court-authorized subpoena is necessary,” the attorneys explained in the motion. In the latest filing, the debtors stress that dismissal of the Turkish debtors’ Chapter 11 cases “is warranted.”

Moreover, given that Turkish authorities froze the debtors’ assets, a Chapter 7 conversion “would not serve the best interests” of the debtors’ estates and creditors, the filing adds. The court document also details that the funds were seized by the Turkish government because the Turkish Financial Crimes Investigation Board (MASAK) was conducting an investigation into FTX’s business dealings. The lawyers conclude the bankruptcy court would not have any “legal or practical effect” in Turkey.

What are your thoughts on the recent motion by FTX debtors to dismiss their Turkish subsidiaries from Chapter 11 bankruptcy proceedings? Share your opinions in the comments below.

via Jamie Redman

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Biggest Movers: DOGE Hits 8-Week High as Meme Coins Rally on Tuesday

Dogecoin climbed to an eight-week high on Jan. 31, as prices broke out of a key resistance level on Tuesday. The meme coin surged ahead following the release of the latest consumer confidence report in the United States. Shiba inu also moved higher, rebounding from losses to start the week.

Dogecoin (DOGE)

Dogecoin (DOGE) raced higher on Tuesday, as the meme coin broke out of a key resistance level.

Following a low of $0.08578 to start the week, DOGE/USD rose to an intraday high of $0.095 earlier today.

As a result of the surge, dogecoin rose to its strongest point since December 11, when prices were at a high of $0.0972.

Since the move, earlier gains have somewhat eased, as the 14-day relative strength index (RSI) collided with a ceiling of its own.

As of writing, the index is tracking at 65.03, which is marginally above a resistance level at 65.00.

Providing bulls are able to maintain current momentum, their next target will likely be $0.099.

Shiba Inu (SHIB)

Another notable mover was shiba inu (SHIB), which rebounded following losses to start the week.

SHIB/USD rose to a high of $0.00001195 in today’s session, which comes a day after the token was at a low of $0.00001134.

Tuesday’s surge saw SHIB climb back above a key support level of $0.00001165, and came as the RSI also rebounded.

As of writing, the index is currently tracking at 62.57, which is marginally above a floor at 60.00.

Should momentum continue to move higher, the next target for shiba inu bulls will likely be a ceiling at 68.00

Providing this mark is hit, it is a strong possibility that SHIB/USD will be trading above $0.00001220.

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Could we see meme coins continue to rally in the coming days? Let us know your thoughts in the comments.

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Bitcoin, Ethereum Technical Analysis: BTC, ETH Lower, Ahead of Key Week of US Economic Data

Bitcoin fell below $23,000 on Jan. 31, following a recent move to a five-month high over the weekend. Market volatility has since increased, as traders prepare for a big few days of economic data from the United States. The conference board will release its consumer confidence report later today, with the Federal Reserve holding its policy meeting on Wednesday. Ethereum also moved lower today.

Bitcoin

Bitcoin (BTC) retreated from a recent five-month high on Tuesday, with prices falling below the $23,000 mark in today’s session.

BTC/USD fell to a low of $22,657.58 earlier in the day, less than 24 hours after hitting a high at $23,296.53.

The move comes as traders appear to have secured gains from recent surges in price, and ahead of the upcoming Federal Reserve policy decision.

As can be seen from the chart, today’s drop saw BTC move closer to a price floor at $22,500, with the relative strength index (RSI) hitting a floor of its own.

Currently, the index is now tracking at 68.78, which is marginally above its long-term support point at 68.00.

Although a ceiling of 77.00 could be the target for bulls who rejected an earlier breakout, it is likely that prices could consolidate until the dust settles from this week’s fundamentals.

Ethereum

In addition to BTC, ethereum (ETH) was also in the red in today’s session, with prices falling further below $1,600.

Following a high of $1,595.86 to start the week, ETH/USD slipped to an intraday bottom of $1,546.66 on Tuesday.

Since hitting a then four-month high of $1,680 on January 21, the world’s second largest cryptocurrency has mostly consolidated.

Many in the market somewhat saw this coming, due to prices being significantly overbought, with the RSI hovering between 70.00 and 87.00.

Price strength has since weighed heavily, and at the time of writing, the index is currently tracking at 57.02.

ETH has already rebounded from earlier lows, and is currently trading at $1,571.37, with bulls sure to make another run towards the $1,600 zone.

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Do you expect ethereum to rise back above $1,600 this week? Leave your thoughts in the comments below.

via Eliman Dambell

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Meet Ordinals, the New Bitcoin NFT Engine, and the Drama Surrounding Them

Ordinals, a new way of using and getting content using Bitcoin, are enabling creators to harness the utility of NFTs (non-fungible tokens) directly from the blockchain, essentially creating native Bitcoin NFTs. This has stirred the pot in some circles, which are now discussing if this is the way in which Bitcoin’s blockchain should be used, and how this new use case will affect bitcoin nodes and fees in the future.

Ordinals Enable Bitcoin NFTs Courtesy of Taproot

A newfound use case for the Bitcoin chain is now being tested by individuals that have found a way of getting content directly to the blockchain. The project, called Ordinals, and launched just a few days ago, has enabled anyone to create Bitcoin NFTs (called inscriptions) as part of its functionality. This opportunity was inadvertently opened by the Taproot upgrade that the network underwent in November, which extended the length of Bitcoin transactions to almost the whole size of a block.

This has been key for what’s currently happening. Before Taproot, transactions could only be 80 bytes in size, limiting the usability of what was stored in the block space. Now, Bitcoin NFTs are being saved directly on the chain, enabling the benefits of portability, durability, and decentralization that characterize Bitcoin.

This could present unique benefits for content creators and users, given that each piece of content stored on the blockchain via Ordinals will have to be synced by each node out there, giving them the longevity of the blockchain itself. Most NFT projects that harness other chains, Ethereum included, just store pointers to the information, that does not reside directly on the blockchain.

Controversy Behind the New Functionality

While there are some ostensible advantages surrounding the adoption of Bitcoin NFTs, the rise of this new feature has awakened an old debate about the true function of the network and what constitutes an attack against the Bitcoin ecosystem. There are already two groups in this public debate: those who support this new face of Bitcoin, and those who believe this is a spam attack that should be avoided and even censored.

The first group alleges that this is a net positive for the chain and that it will contribute to bringing more fees and uses cases for the chain. This is the case of known bitcoin-influencer Dan Held, who believes that each transaction paying its fee is not spam and that the chain is permissionless for anyone to build on top of it.

The second group states that, even if there is nothing that they can do to stop it, this will hurt Bitcoin’s financial and transactional use case. Blockstream CEO Adam Back, believed by some to be Satoshi Nakamoto, is part of this faction, stating that bitcoin users can “educate and encourage developers who care about bitcoin’s use-case to either not do that, or do it in a prunable space-efficient eg time-stamp way.”

Luke Dashjr, a bitcoin developer, called this an “attack” on the protocol and asked for “spam” filters to be developed to counter ordinal functionality. Another Twitter user called “Bitcoin is saving” criticized this from another point of view, explaining that this would affect the viability of marginalized people in developing countries for running Bitcoin nodes and sending transactions.

What do you think about Ordinals and Bitcoin NFTs? Tell us in the comments section below.

via Sergio Goschenko

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Arbitrum-Based Vest Exchange Emerges, Aims to Democratize Perpetual Futures

A new decentralized exchange (dex) on Arbitrum, called Vest Exchange, was announced this past weekend, and the team that created the project said the platform aims to focus on democratizing perpetual futures. The team behind Vest further detailed that the new Arbitrum dex is backed by firms such as Jane Street, QCP Capital, and Big Brain Holdings.

Vest Aims to Revolutionize Defi Perpetuals With Cutting-Edge Risk-Engine and Backing From Prominent Investment Firms

The creators of a new dex platform built on the Arbitrum layer two blockchain announced on Jan. 28, 2023, that the project has emerged from stealth mode. The project, called Vest Exchange, closed a seed round with investments from firms including Jane Street, QCP Capital, Big Brain Holdings, Pear VC, Cogitent, Moonshot Research, Fugazi Labs, Ascendex, Builder Capital, Infinity Ventures Crypto, and Robert Chen (Ottersec). Vest Exchange also provided a summary of the project in a blog post published on the same day.

Vest believes the decentralized finance ecosystem depends on decentralized exchange platforms for its strength. However, the team at Vest believes that current prominent exchanges have limitations, including “high barriers for market listing, lack of risk management, and unclear risk and return for liquidity providers.”

Vest explained that the dex solves these three issues by leveraging a special risk-engine. Further, research and modern techniques are utilized to “unlock new illiquid markets faster than any other centralized or decentralized exchange.” Vest’s blog post adds:

We hope that Vest will elevate the standard of perpetual futures trading by democratizing access to unique trading opportunities in all markets.

Arbitrum is a layer two project and the fourth-largest blockchain in decentralized finance, with $1.25 billion in total value locked. The largest protocol on the Arbitrum network, in terms of total value locked, is GMX, a decentralized derivatives exchange that connects to the Avalanche blockchain network. The blog post for Vest’s launch notes that a Discord and Testnet will be launched soon. Vest has also established a research forum, research.vest.xyz, for general research into decentralized finance.

What are your thoughts on Vest Exchange’s mission to democratize perpetual futures trading and shake up the decentralized finance landscape? Let us know in the comments below.

via Jamie Redman

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Report: Elon Musk’s Payments Vision for Twitter Takes Shape, Small Team Tasked to Build Infrastructure

Seven months ago, current Twitter owner Elon Musk said, prior to acquiring the social media giant, he would integrate cryptocurrency payments. According to sources, a team is working on the infrastructure for a payment platform, and Twitter is proceeding with regulatory approvals and registrations.

Elon Musk’s Plan for Twitter Payment System Advances, Adding Cryptocurrency Later

Elon Musk appears to be proceeding with plans to integrate a payment system into Twitter. According to sources cited by the Financial Times (FT), Elon’s lieutenant, Esther Crawford, is working on logistics and has formed a small team. Musk has previously stated his intention to create a payment system, and in mid-June 2022, the current Twitter owner mentioned the integration of cryptocurrencies.

“I think it would make sense to integrate payments into Twitter so that it’s easy to send money back and forth, and fiat currency as well as crypto — essentially, whatever somebody would find useful,” Musk detailed during the first all-hands meeting with Twitter’s staff.

Sources quoted by the FT on Jan. 30, 2023, say Twitter is also seeking regulatory registrations and state licenses. Those familiar with the subject said Twitter has started applying for financial licenses in several states. The FT publication also reports that Musk appointed Crawford to the position of CEO of Twitter Payments. According to the FT sources, the payment system will initially handle fiat currencies, with plans to add cryptocurrencies later.

Before Musk took over Twitter, former CEO Jack Dorsey introduced a beta crypto tipping service and NFT features in 2021. In April 2022, Twitter worked with payments giant Stripe on piloting crypto payments. In November 2022, Bitcoin.com News reported that Twitter registered with the U.S. Financial Crimes Enforcement Network (FinCEN) to legally process funds. During a Twitter Spaces audio podcast, Musk said he could see Twitter offering money market accounts and debit cards.

However, senior equity analyst and payments expert Lisa Ellis from Moffettnathanson LLC told the FT that firms face many regulatory hurdles when becoming a payment company, causing many to quit after initial attempts. “Many [tech companies] experiment and then give up,” Ellis said. “They find the long-term investment and risk, with potential fines for issues and the need for constantly licensed compliance infrastructure, to be a burden.”

What do you think of Elon Musk’s vision to integrate payments into Twitter? Do you think it will be successful or face challenges like other tech companies? Share your thoughts about this subject in the comments section below.

via Jamie Redman

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Bitcoin Rise in First Month of 2023 Moves Crypto Fear Index From ‘Extreme Fear’ to ‘Greed’

Last month, statistics showed that the Crypto Fear and Greed Index (CFGI) had a score of 25, indicating “extreme fear.” Thirty days later, with a 39% increase in bitcoin prices against the U.S. dollar, the current CFGI score on Jan. 30, 2023, is 61, reflecting “greed.”

Crypto Fear Index Jumps to ‘Greed,’ Etoro Market Analyst Attributes Bitcoin’s Rise to Shift in Investor Expectations

Records show bitcoin (BTC) saw significant value growth in the first month of 2023, with a 39% increase against the U.S. dollar. On Jan. 29, 2023, BTC reached a 30-day high of $23,954 per unit, with prices ranging from that value to a low of $22,988 over the past 24 hours. This rise has significantly raised the Crypto Fear and Greed Index (CFGI) hosted on alternative.me, moving it from the “extreme fear” zone to the “greed” range in the course of the month.

Last week, CFGI records showed a score of around 50, indicating “neutral,” according to alternative.me. Seven days later, the CFGI score rose to 61, meaning “greed.” The website states that when crypto investors become too greedy, it signals the market is due for a correction. The CFGI score has remained above the neutral range of 50 since Jan. 23, 2023, after spending a significant amount of time below 45 prior to Jan. 14, 2023. On Monday, bitcoin (BTC) prices saw weakness against the U.S. dollar as traders took profits.

In a note sent to Bitcoin.com News, Etoro’s market analyst, Simon Peters, attributed the halt in crypto price declines to a change in investor expectations regarding inflation and interest rate hikes from the Federal Reserve. Peters also noted that financial institution Goldman Sachs “published a positive note on Bitcoin,” citing a market performance sheet that was recently published, which shows Bitcoin outperforming all other major asset classes, including gold, real estate, and emerging markets.

“Bitcoin has performed extremely well so far in 2023, rising nearly 43% since 1 January on the eToro platform. From its lowest point in the past year – $15,523 – reached on 9 November, it’s up just over 50%,” Peters wrote. “With inflation and interest rate expectations now turning, most asset classes have halted the declines witnessed in 2022 as investors begin to think ‘where next’ for their portfolios beyond the 2022 rate hike crash,” the Etoro market analyst added.

What do you think is driving the increase in bitcoin prices and the shift in the Crypto Fear and Greed Index towards ‘greed’? Share your thoughts in the comments below.

via Jamie Redman

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Unbanked and Mastercard Team Up to Accelerate Crypto Card Adoption Within Web3 Organizations in Europe

PRESS RELEASE. Today it was announced that Unbanked, the leading provider of white-label crypto card issuance and program management service for Web3 companies has partnered with Mastercard, to accelerate DeFi card issuance in Europe.

Mastercard and Unbanked have already established a footprint in the United Kingdom and Europe and solidified relationships with leading Web3 organizations to launch card programs with a focus on innovation in the payments space. Through this initiative Unbanked and Mastercard are committed to enabling the issuance of cryptocurrency powered card programs focused on simplicity, security, and consumer protections.

“At Mastercard we believe in offering choice to consumers and businesses on how they want to pay and be paid. This initiative with Unbanked is to testament to that as we work to accelerate issuance of crypto cards and empower choice in the market, knowing that it comes with the safety, security and protections they would expect from our network.” Christian Rau, Senior Vice President Fintech and Crypto Enablement for Mastercard Europe.

Unbanked has worked with the Litecoin Foundation to offer the Litecoin Card to residents of the United States for more than two years. With the Unbanked and Mastercard partnership, the Litecoin Card program will be made available to residents in the UK and Europe – reaching approximately 84% of Europe’s population. Litecoin is one of the oldest and most used cryptocurrencies on a global scale, and was specifically designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology.

“There has been a lot of anticipation from the Litecoin community on when more countries would become available, so everyone at Litecoin Foundation is very excited for this expansion of the Litecoin Card to residents of the UK and Europe,” said Charlie Lee, creator of Litecoin. “Unbanked has been a fantastic partner who delivered a LTC powered card program within the United States when others were unable to and Litecoin Foundation looks forward to working with them to scale access even further.”

The Unbanked platform supports many of the Web3 industries largest players by enabling companies to create a custom branded experience for their user base. White-label card issuance, crypto wallets, bank accounts, and more can be setup via the Unbanked API and connected to a mobile or web interface. Unbanked’s built-in compliance ensures all partners achieve full compliance and validation, securing their users and and payment system.

“I am thrilled to be working with Mastercard to open crypto card programs in the UK, Europe and abroad.”, said Ian Kane Co-Founder and Co-CEO at Unbanked. “Mastercard has been very forward thinking when it comes to digital assets, so bringing them together with the Litecoin Foundation so consumers have the ability to use Litecoin in their daily lives is a great achievement.”

About Unbanked

Unbanked is a global fintech solution built on blockchain. Predicated on the ethos that financial access and control is a fundamental human right, Unbanked connects traditional enterprise, fintech, and banking systems with blockchain infrastructure, expanding the utility of cryptocurrency for investing and everyday purchases. The company has a suite of highly bespoke financial products which enable both the banked, unbanked, and underbanked to create a financial experience as unique as the life they live. You can learn more about Unbanked at Unbanked.com.

About Mastercard (NYSE: MA)

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

About Litecoin Foundation

The Litecoin Foundation is a non-profit organization founded to promote Litecoin for the good of society, by developing and promoting state-of-the-art blockchain technologies. Registered in Singapore, the Litecoin Foundation team consists of full-time and volunteer support from around the globe. For more information, visit https://litecoin.net.

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not 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 the press release.

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Biggest Movers: MATIC Retreats From 12-Week High on Monday

Polygon retreated from a multi-month high to start the week, as traders moved in to secure recent gains. Chainlink also moved lower, as prices were unable to break out of a key resistance level. Market sentiment in cryptocurrencies shifted today, with the global market cap trading 2.11% lower as of writing.

Polygon (MATIC)

Polygon (MATIC) was one of Monday’s most notable movers, with prices retreating from recent gains.

MATIC/USD slipped to an intraday bottom of $1.11 to start the week, less than 24 hours after rising to a high at $1.19 on Sunday.

Sunday’s move pushed polygon to its strongest point since November 8, as prices neared a ceiling of $1.20.

Looking at the chart, the decline in MATIC commenced following a failed breakout of a ceiling on the relative strength index (RSI).

As of writing, the index is tracking at 62.98, after failing to move beyond a resistance level of 73.00

Price strength now seems to be looking for a floor, with a target of 60.00 a possible destination for sellers.

Chainlink (LINK)

Chainlink (LINK) was also lower to start the week, as the token was unable to move beyond a key price ceiling over the weekend.

Following a high of $7.45 on Sunday, LINK/USD declined to a low of $6.98 earlier in the day.

Like with polygon, today’s decline in chainlink came after a failed breakout of the resistance level at $7.50.

As of writing, LINK is back above $7.00, as earlier declines have somewhat eased. This comes as the RSI moves closer to a point of support.

The index is currently tracking at 56.06, with a floor of 55.00 the next visible target for bears.

Bulls are likely still present, however, and could look to make a move above $7.50 in the coming days.

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Could we see polygon move above $7.50 in the next few days? Let us know your thoughts in the comments.

via Eliman Dambell

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US Senator’s Resolution Encourages Capitol Gift Shops to Accept Cryptocurrency

A U.S. lawmaker has introduced a resolution that encourages Capitol gift shops to accept cryptocurrency payments. He stressed that lawmakers “should increase accessibility and signal our support for the burgeoning cryptocurrency industry to those who visit Capitol Hill.”

US Senator Advocates Crypto Payments

U.S. Senator Ted Cruz (R-TX) announced Thursday that he has reintroduced the Adopting Cryptocurrency in Congress as an Exchange of Payment for Transactions (ACCEPT) Resolution. Cruz first introduced this resolution in November 2021. The senator from Texas said:

Cryptocurrency is generating new jobs, encouraging entrepreneurs to invent new values and creating new hedges against inflation, and presenting new opportunities. It is also increasingly being used as a secure form of payment for goods and services.

“This is precisely why we, here at the United States Capitol, should increase accessibility and signal our support for the burgeoning cryptocurrency industry to those who visit Capitol Hill,” he added.

Senator Cruz’ explained that his bill “would require the Architect of the Capitol, the Secretary of the Senate, and the Chief Administrative Officer of the House of Representatives to encourage Capitol gift shops to accept cryptocurrency as a form of payment.” They would also be required “to enter into contracts with vendors who accept cryptocurrency as payment for food service and in vending machines within the Capitol complex.”

Cruz further said:

An added advantage of using cryptocurrency as a form of payment in the Capitol is that it would provide foreign tourists who visit our nation’s capital each year with a safe and secure payment option without the need to pay unnecessary and often costly currency exchange fees.

The lawmaker has long been a pro-bitcoin senator. In May last year, he said he is “incredibly bullish” on bitcoin. “I have a weekly buy that’s an automatic buy every week of bitcoin because I believe in dollar-cost averaging,” he noted at the time.

Senator Cruz also introduced a bill in April last year to prohibit the Federal Reserve from developing a direct-to-consumer central bank digital currency (CBDC) “which could be used as a financial surveillance tool by the federal government, similar to what is currently happening in China,” Cruz noted.

What do you think about Senator Ted Cruz pushing for gift shops on Capitol Hill to accept payments in cryptocurrency? Let us know in the comments section below.

via Kevin Helms

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US Senator Focused on Crypto Money Laundering Crackdown — Urges Congress, Regulators to Take Action

U.S. Senator Elizabeth Warren has called on Congress to ensure regulators, such as the Securities and Exchange Commission (SEC), have the tools to regulate the crypto industry effectively and crack down on crypto money laundering activities. “The current legal structure essentially holds up a giant sign over crypto that says, money laundering done here,” the lawmaker stressed.

Senator Urges Congress to Crack Down on Crypto Money Laundering

U.S. Senator Elizabeth Warren (D-MA) said in an interview with Politico’s Morning Money Wednesday that cracking down on money laundering activities is her “main focus” in terms of crypto-related legislation.

The senator confirmed that she will reintroduce her bill titled “Digital Asset Anti-Money Laundering Act of 2022.” Originally introduced in December last year, this bill is “the most direct attack” on the personal freedom and privacy of crypto users, according to experts in the field.

Warren explained that money laundering is “not nearly as visible to the public” as fraud. “It occurs in the darkest shadows of the crypto world, but its impact on our national security and law enforcement is immense. … The current legal structure essentially holds up a giant sign over crypto that says, money laundering done here,” the senator described, elaborating:

This is not about inventing any new form of anti-money laundering rules. This is about applying exactly the same set of rules that apply across every other financial industry.

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has also said that crypto should be treated the same as other capital markets.

Senator Warren Wants Congress to Empower Regulators to Be Effective ‘Cop on the Beat’

“There are two very different kinds of crypto problems,” Warren continued, noting that “one is consumer fraud.” The senator stressed: “That’s what we’ve seen when FTX and other exchanges collapsed. It’s part of the pump and dump and rug pulls, and all the other ways that customers get cheated.” Emphasizing that both Congress and regulators need to take action, she detailed:

There are a lot of regulatory tools out there already to deal with that. We need regulators to use those tools, and Congress needs to make sure that those regulators have the resources they need to be an effective cop on the beat.

SEC Chair Gensler has often said that the securities regulator “will serve as the cop of the beat” and bring enforcement actions against uncompliant crypto firms. Senator Warren has been pushing for the SEC to impose tougher rules on the crypto sector and use its full authority to regulate crypto trading.

Warren has long been a crypto skeptic. She has warned about “a run on crypto” that may need a federal bailout and has repeatedly raised concerns about the environmental impact of bitcoin mining. She wants Congress and the Treasury to urgently adopt a policy to mitigate crypto risks. Following the collapse of crypto exchange FTX, she also urged Fidelity Investments to stop offering bitcoin as an option in 401(k) retirement accounts.

What do you think about the statements made by Senator Elizabeth Warren? Let us know in the comments section below.

via Kevin Helms

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Bitcoin Difficulty Surges 4.68%, Taps New All-Time High; Metric Set to Surpass 40 Trillion

The Bitcoin blockchain recorded another difficulty increase on Sunday, Jan. 29, 2023, at block height 774,144. The network’s difficulty increased by 4.68%, from 37.59 trillion to an all-time high of 39.35 trillion.

Bitcoin Difficulty Reaches New All-Time High as Mining Gets Tougher

Bitcoin’s difficulty reached another all-time high, surpassing the record set two weeks ago, after rising 4.68% on Sunday. The increase occurred at block height 774,144, at 6:10 a.m. (UTC). The difficulty is now at 39.35 trillion, close to surpassing 40 trillion. The next adjustment is due Feb. 11, 2023.

The rise makes mining blocks more difficult, following a 4.68% jump after the 10.26% increase on Jan. 15, 2023. Jan. 29 statistics show a hashrate of 279.7 exahash per second (EH/s) over the last 2,016 blocks, currently at 283.55 EH/s dedicated to the Bitcoin blockchain.

Statistics from macromicro.me on Jan. 28, 2023, estimate the cost of BTC production at $21,176 per unit. On Jan. 29, the spot price was $23,584. With spot prices higher than the cost of production, bitcoin (BTC) miners have recouped some losses from the end of 2022.

Pool distribution calculated by blocks discovered shows Foundry USA as the top mining pool with 101.47 EH/s, equating to 34.89% of the network’s hashpower. Antpool has 57.54 EH/s, or 19.79% of the total network hashrate. F2pool, Binance Pool, Viabtc, Btc.com, and Braiins Pool follow Foundry and Antpool, respectively.

With the increase in difficulty, block intervals, or the time between each BTC block, have been about 9:02 to 9:38 minutes. This is slower than the recent 8:54 to 9:31 minutes recorded two days ago, but still faster than the 10-minute average.

What impact do you think the increasing difficulty of the Bitcoin network will have on miners and the cryptocurrency industry as a whole? Share your thoughts in the comments section below.

via Jamie Redman

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Market Strategist Warns of ‘Blood’ on February 1 Ahead of Fed Meeting

Stocks, precious metals, and cryptocurrencies rallied during the first month of the year, and market strategists are saying that markets could retract in the near future if the U.S. Federal Reserve keeps hiking rates and maintaining a broader tightening policy. In three days, on Feb. 1, 2023, the Federal Open Market Committee (FOMC) is set to convene. While the market expects rate cuts, some analysts think the Fed will continue raising the federal funds rate. Chris Vermeulen, the founder and chief investment officer of The Technical Traders, insists the S&P 500 is due to slide 37% lower than its current position.

Strategist Predicts Potential Market Correction as Powell’s Re-tightening of Financial Conditions is Anticipated

Markets are closely watching the next Federal Open Market Committee (FOMC) meeting, scheduled to occur on Wednesday, Feb. 1, three days from now. Last week, Bitcoin.com News reported on how investors are closely following the decision of Jerome Powell, the 16th chairman of the Federal Reserve. As the FOMC meeting approaches, discussions about the outcome have been widespread on social media.

A market strategist known as “The Carter” explained on Jan. 27 that “there will be blood on February 1,” referring to the turmoil that markets may face after Powell addresses the nation. While some investors are expecting a dovish Fed and possible rate cuts, Carter argues that Powell will instead continue to tighten and implement restrictive policy.

The analyst notes that Powell has previously referred to a “broader tightening project” in three stages: rapid hikes to reach a neutral rate, measured hikes to reach a “sufficiently restrictive” rate and staying at the terminal rate for some time. ‘U.S. Federal Reserve Chair Jerome Powell will re-tighten financial conditions by forcefully addressing rate cuts head-on,’ Carter stressed in a Twitter thread.

The strategist expects that the Fed chair will address this topic forcefully on Feb. 1 and shift the conversation towards how long the Fed needs to hold at the terminal rate and why. “Look for him to expand on the lessons of the 1970s,” Carter wrote. “Why the market continues to punch Powell in the face and not expect a counter-punch is beyond me. This is the craziest market set-up right here, right now. There will be blood on February 1.”

Expert Predicts 37% Drop in S&P 500, While Gold and Silver Set to Shine in Bearish Market

Speaking with David Lin, anchor and producer at Kitco News, Chris Vermeulen, founder and chief investment officer of The Technical Traders, said that stocks are due for a correction.

“I honestly think that the S&P 500 could fall another potential 37 percent, roughly, from current levels,” Vermeulen told Lin. “That is enough to create a lot of damage, a lot of stress, lots of bankruptcies, you name it,” he added. In contrast, Vermeulen expects gold and silver to shine throughout the bearish market. “This is when precious metals and miners take off,” Vermeulen insisted while discussing market cycles.

Vermeulen is not the only investor who believes gold and silver are set to take off. In December 2022, the manager of the AuAg ESG Gold Mining ETF, Eric Strand, said that gold will see a new all-time high in 2023 and central banks like the Federal Reserve will pivot on rate increases.

“It is our opinion that central banks will pivot on their rate hikes and become dovish during 2023, which will ignite an explosive move for gold for years to come,” Strand said. “We therefore believe gold will end 2023 at least 20% higher, and we also see miners outperforming gold with a factor of two.”

While gold has been on the rise and 2023 expectations are high, Harry Dent, the founder of HS Dent Investment Management, has a contrarian view about gold’s performance this year. Dent predicts the yellow precious metal could lose $900 to $1,000 over the next 18 months.

What are your thoughts on the potential market correction? Do you agree with the analysts’ predictions or do you have a different perspective? Share your thoughts in the comments section below.

via Jamie Redman

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Artificial Intelligence and Cryptocurrency: The Rise of AI-Focused Projects in 2023

Trends show that artificial intelligence (AI) will be a major topic in 2023, as data indicates a surge in interest. Since interest peaked and Microsoft invested billions into Chatgpt, demand for AI-focused cryptocurrency projects has risen dramatically. For example, the crypto project Fetch.ai has seen its native token FET rise 212% in the past 30 days, and another AI project, Singularitynet, has seen it’s token AGIX increase 293% against the U.S. dollar.

There’s Been a Surge in Interest in AI-Focused Cryptocurrency Projects

During the week of Jan. 22-28, 2023, the worldwide Google Trends score for the term “AI” was 94 out of 100. In the first week of Dec. 2022, the search term reached its highest Google Trends score of 100. It’s safe to say that the world has become increasingly focused on artificial intelligence (AI) since the release of AI-infused art platforms like Dall-E, Deep AI, Jasper Art, Starry AI, Nightcafe, and others. In the past two months, the Openai platform Chatgpt or GPT-3 has become a widely used AI phenomenon.

Google Trends shows the worldwide score for the search term “Chatgpt” was 100 during the week of Jan. 22-28, 2023, and it has been rising since the first week of Dec. 2022. Reports also show that Microsoft has entered the third phase of its long-term partnership with Openai through a “multi-year, multi-billion dollar investment,” said to be as much as $10 billion in funding. The growing trend in artificial intelligence (AI) and demand for the technology has spilled over to blockchain projects integrating AI into their protocols.

For instance, a crypto asset created by the project singularitynet.io has seen its native token AGIX rise 293% in the past month. Although singularitynet (AGIX) was down more than 6% on Jan. 29, 2023, it has increased 17.5% over the past two weeks. The project aims to support the next generation of decentralized AI. Another blockchain-powered AI project, Vectorspace AI (vspb.science), has a token called VXV that has risen 95.9% over the past month. The Fetch.ai project has experienced similar demand over the past four weeks.

Over the past 30 days, the Fetch.ai project’s FET token has risen 212% against the U.S. dollar. The Fetch.ai team says the project creates “autonomous agent technology” for peer-to-peer applications with automation and AI capabilities, with or without direct blockchain access.” Another AI-based blockchain project, Ocean Protocol, and its OCEAN token have risen 130% against the U.S. dollar in the past 30 days. Ocean Protocol, named a technology pioneer by the World Economic Forum, aims to unlock data at scale through encrypted data monetization.

It is uncertain how long the demand for AI-based crypto assets and the popularity of these tokens will last. All of the AI-related crypto assets are currently ranked below the top 75 in terms of market capitalization and have recently seen price surges due to increased interest in AI/Chatgpt.

What do you think is driving the surge in demand for AI-focused cryptocurrency projects? Share your thoughts in the comments below.

via Jamie Redman

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Nearly $13 Billion in Sales: Breaking Down 5 NFT Collections by Sales Volume

Non-fungible token (NFT) assets have existed since at least 2014, but interest in them began to rise in January 2021, according to Google Trends data. Approximately one year later, the search term “NFT” reached its highest score on Google Trends. During that time the top five NFT collections, in terms of all-time sales volume, have collectively accrued $12.7 billion in sales volume.

5 Non-Fungible Token Projects Capture $12.7 Billion in Sales

Two years ago, the search query “NFT” first appeared on Google Trends (GT), reaching a score of 1 out of 100 in the first month of 2021. Before that time, GT data shows little to no interest in NFTs, despite their existence since 2014. A year later, NFTs were quite popular and the search query reached a score of 100 as searches for the term skyrocketed. Another year later, interest in NFTs has decreased significantly, with the search query reaching a score of 11 out of 100 during the week of January 22-28, 2023.

As January 2023 ends, metrics indicate that the top five NFT collections by all-time sales volume have recorded a total of $12.7 billion in sales volume since they began receiving significant attention. According to data from dappradar.com, the leader in NFT sales volume over the last two years is Axie Infinity, which has amassed $4.27 billion in sales volume. On January 28, 2023, dappradar.com reports that Axie Infinity’s market capitalization was $1.37 million. The website explains that “market capitalization is equal to the floor price multiplied by the collection total supply.”

Cryptopunks follows Axie Infinity in overall sales volume, having accumulated $3.02 billion in all-time sales volume. Its current market valuation is larger than Axie’s market capitalization, at $1.04 billion. According to data, 7,503 traders have traded Cryptopunks NFTs in 23,259 sales. Next in the top collections is Bored Ape Yacht Club (BAYC), with $2.39 billion in all-time sales volume. BAYC has recorded 31,225 sales among 15,176 traders. Its current market capitalization is slightly lower than Cryptopunk’s, at $1.02 billion.

The fourth largest NFT collection in terms of all-time sales is Mutant Ape Yacht Club, with $1.66 billion. Mutant Ape Yacht Club (MAYC) has an overall market capitalization of around $427 million, and 47,744 sales have been recorded among 30,475 MAYC traders. The fifth-largest NFT collection in terms of all-time sales is Artblocks, with $1.36 billion in global sales volume. Its current market capitalization is around $143 million, and the project has seen 227,294 sales recorded among 54,842 traders. While all five NFT collections have amassed $12.7 billion in sales volume, their collective value is around $2.619 billion.

What do you think about the five NFT projects that have collectively recorded $12.7 billion in all-time sales? Let us know your thoughts about this subject in the comments section below.

via Jamie Redman

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Ghanaian and Nigerian Central Bank Open Respective Regulatory Sandbox Application Processes

The Ghanaian and Nigerian central banks have invited financial innovators that wish to be included in their respective regulatory sandboxes to submit applications. The Bank of Ghana said its sandbox will also support innovations that attempt to solve the financial exclusion challenge.

Solving the Financial Exclusion Challenge

The Ghanaian central bank has called on registered financial institutions and unlicensed fintech startups to apply for admission into its regulatory sandbox. In a press statement issued on Jan. 26, the bank said the process to admit the first cohort of participants will open on Feb. 13 and close on March 14.

According to the Bank of Ghana (BOG), the sandbox will support innovations that include “new digital business models not currently covered explicitly or implicitly under any regulation.” The sandbox will also support innovations that attempt to solve the financial exclusion challenge as well as “new and immature digital financial service technology.”

As reported by Bitcoin.com news, Ghana’s central bank launched the sandbox, which was developed in collaboration with Emetech Solutions Inc, on Aug. 22, 2022. At the time, the bank characterized the sandbox launch as proof of its “commitment to providing the enabling environment for innovation to promote financial inclusion, and facilitate Ghana’s digitization and cash-lite agenda.”

As per the press release, interested participants are required to submit a complete form which can be accessed via a link. The statement adds prospective participants will be informed of the outcome of their respective applications “within twenty-one (21) working days after the closure of the application window on 14th March 2023.”

Meanwhile, the BOG’s Nigerian counterpart, the Central Bank of Nigeria, recently said its own regulatory sandbox is now live. The bank said interested innovators can now submit “expressions of interest to participate in the regulatory sandbox to explore novel applications of technology and innovation on behalf of our customers and stakeholders.”

In a video shared via Twitter, the Nigerian central bank said all entities with innovative financial solutions can apply online.

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What are your thoughts on this story? Let us know what you think in the comments section below.

via Terence Zimwara

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New York Considers Bill to Establish Cryptocurrency as a Form of Payment for State Agencies

A bill has been introduced in the U.S. state of New York to allow state agencies to accept cryptocurrency payments, including bitcoin, ether, litecoin, and bitcoin cash. The legislation proposes allowing crypto to be used as “a means of payment of fines, civil penalties, rent, rates, taxes, fees, charges,” and more.

Bill to Allow State Agencies to Accept Crypto Payments

New York State Assembly member Clyde Vanel introduced a bill Thursday that “establishes cryptocurrencies as a form of payment for state agencies,” according to the bill’s description on the New York State Senate website. Assembly Bill A2532 has been referred to the New York State Assembly Committee on Government Operations. According to its summary, the bill:

Establishes that state agencies are allowed to accept cryptocurrencies such as bitcoin, ethereum, litecoin and bitcoin cash as payment.

The bill seeks to amend New York’s state finance law by adding “cryptocurrency as a form of payment.” The legislation defines cryptocurrency as “any form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank including but not limited to, bitcoin, ethereum, litecoin, and bitcoin cash.”

According to its text, the bill proposes authorizing state agencies to enter into agreements with individuals or entities to accept cryptocurrency “as a means of payment of fines, civil penalties, rent, rates, taxes, fees, charges, revenue, financial obligations or other amounts, including penalties, special assessments and interest, owed to state agencies.”

This week, Arizona State Senator Wendy Rogers introduced a similar bill to allow state agencies to accept cryptocurrency. She also launched a bill to make bitcoin legal tender in her state.

Do you think this bill will pass and state agencies will be able to accept crypto payments? Let us know in the comments section below.

via Kevin Helms

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Stablecoin Economy Sheds Another $3 Billion in 44 Days

The stablecoin economy continues to deplete as more than $3 billion has been erased from the stablecoin market ecosystem over the last 44 days. While statistics show that tether’s market valuation has risen by 2% over the last 30 days, usd coin’s market cap slid by 2.9%, BUSD valuation shed 7.2% over the last month and gemini dollar’s market capitalization slid by 1.5%.

$3 Billion in Dollar-Pegged Tokens Erased in 44 Days as Stablecoin Swaps Represent Nearly 80% of Global Crypto Trade Volume

The overall value of the top stablecoins by market capitalization has shed roughly $3 billion during the last 44 days or since Dec. 15, 2022. At that time, the stablecoin economy was worth $141.07 billion. On that day, stablecoin swaps represented $44.55 billion of the $53.91 billion in global trade volume.

After losing more than $3 billion, the stablecoin economy is valued at $138.07 billion, and stablecoin trades equate to $46.33 billion of the $58.76 billion in global trades on Jan. 28, 2023. Out of the top ten stablecoin assets, three market capitalizations have lost value during the last 30 days.

Statistics show that usd coin (USDC) has shed 2.9% in the past month, and BUSD lost the most with a 7.2% reduction in 30 days. The Binance-affiliated and Paxos-managed dollar-pegged token BUSD has seen a significant number of redemptions over the last few months. At the time of writing, BUSD’s overall market cap in U.S. dollar value is $15.8 billion.

USDC’s market capitalization on Saturday is around $43 billion. On Dec. 15, 2022, the valuation was around $45 billion. Similarly, gemini dollar’s (GUSD) market cap was around $591 million 44 days ago, and today it is around $571 million. While there were a few stablecoin projects that saw market capitalizations slide, tether, DAI, trueusd (TUSD), and pax dollar (USDP) saw increases.

Tether (USDT) saw a 2% increase in coins in circulation over the last 30 days. Makerdao’s DAI increased by 1%, and trueusd (TUSD) climbed 25.3% higher. Pax dollar (USDP) rose by 5.1% and Tron’s USDD saw a small increase of around 0.6% over the last 30 days. Liquity usd (LUSD) managed to rise by 24.4% over the past month, and Abracadabra’s stablecoin MIM jumped 3.9%.

While tens of billions in stablecoin assets have been removed since last year, they still represent a dominant force in the crypto economy. Since May 2022, three stablecoin assets have remained in the top ten market cap positions: USDT, USDC, and BUSD. Both USDT and USDC have been in the top ten positions for much longer.

Furthermore, the entire stablecoin economy, valued at $138 billion, represents 12.71% of the entire crypto economy’s value of $1 trillion. In trade volume alone on Saturday, Jan. 28, stablecoins equated to 78.85% of all crypto asset trades worldwide on both centralized and decentralized exchange (dex) platforms. That means more than seven out of ten crypto asset trades today, have been swapped with a stablecoin.

What does the recent decline in the stablecoin economy signify for the overall cryptocurrency market? Share your thoughts in the comments.

via Jamie Redman

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