Value Locked in Defi Holds the Line at $50B, After Temporarily Shedding $8B in Mid-March

The total value locked (TVL) in decentralized finance (defi) during the first week of April is about $50 billion, roughly the same as on March 1. The value locked dropped to $42 billion on March 12 but has since rebounded as protocols such as Lido Finance, Aave, and Justlend recorded double-digit monthly gains.

After the March 12 Dip, the Value Locked in Decentralized Finance Rebounds to $50B

According to statistics, the value locked in defi on April 2, 2023, is $50.22 billion, up 0.91% in the past 24 hours. The protocol Lido Finance commands a TVL of around $10.94 billion as of Sunday. Lido dominates the $50 billion TVL with 21.77%, and the value locked in the protocol saw a 19.75% rise in March.

Makerdao’s TVL is below Lido’s at $7.7 billion as it rose 9.66% last month. Aave’s TVL increased by 16.94% to the current $5.55 billion. Protocols following Lido, Makerdao, and Aave in TVL size include Curve, Uniswap, Convex Finance, JustLend, PancakeSwap, Coinbase Staked Ethereum, and Instadapp.

While Lido jumped over 19% last month, Coinbase Staked Ethereum rose by 22.29%, and Rocketpool, another Ethereum (ETH) liquid staking protocol, saw its TVL rise by 18.47%. Other notable risers in terms of TVL in defi protocols include Liquity, up 27.12% over the last 30 days, and Bwatch, which rose 25.78%.

Of the $50 billion TVL today, 58.6% of the value locked is housed on Ethereum. 10.69% is held on Tron, 10.15% is stored on the Binance Smart Chain (BSC), and 4.4% is kept on Arbitrum. Ethereum’s TVL is $29.39 billion, and Tron’s is currently $5.36 billion.

Ethereum’s and BSC’s TVLs shrunk in March, but Tron’s rose 2.8% higher, and Arbitrum’s TVL swelled by 13.93%. Notable gainers in March include Mixin (+16.32%), Defichain (+14.84%), and Kava (+18.52%).

Optimism’s TVL was reduced by 9.68% in March, and Fantom’s slid 8.87% lower. Polygon and Avalanche also saw TVL reductions during the past 30 days. Ethereum has the most defi protocols with 720, while Tron only has 17. BSC has a total of 568 recorded, and Polygon has 399 defi protocols.

Defillama statistics show that Ethereum-based decentralized exchanges (dexs) have seen $4.54 trillion in cumulative volume. BSC has recorded $1.46 trillion, and Avalanche has seen $215.22 billion to date. Dex volume by chain is almost as high as it was in May 2022.

What do you think the future holds for the value locked in decentralized finance? Will we see continued growth, or could there be another dip in the near future? Share your thoughts in the comments below.

via Jamie Redman

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FTX EU Launches New Website for Withdrawals as Subsidiary Starts Returning Funds to Customers

FTX’s European subsidiary, FTX Europe, has launched a new website, ftxeurope.eu, for users to withdraw funds from the now-defunct cryptocurrency platform. Withdrawal requests must be submitted through the new website and will be “subject to customary know-your-customer and anti-money-laundering checks.”

FTX’s European Arm Opens Withdrawals to Customers

According to a press release published on Friday, another division of FTX will allow withdrawals. FTX’s European subsidiary, FTX EU, has begun the process of returning segregated funds to customers in compliance with Cyprus law. The subsidiary was announced in March 2022. “We will interact with regulators in various European countries to maintain a safe and secure environment for cryptocurrency trading,” said Sam Bankman-Fried, then-CEO of the firm, at the time.

FTX EU’s announcement of allowing withdrawals comes after FTX Japan announced its plan to open withdrawals in mid-February 2023. Regarding the European subsidiary, the company stated that it would provide customers with a statement of their entitled fiat currency fund balances in compliance with Cyprus law. FTX EU was forced to return customer funds following the suspension of the company’s license by the Cyprus Securities and Exchange Commission.

Only FTX EU clients who registered an account after March 2022 are eligible for withdrawals, and some business partners will not be included. Additionally, customers must undergo formal know-your-customer (KYC) and anti-money-laundering (AML) verifications. “A customer’s withdrawal may be delayed if bank or other account details have not been sufficiently verified,” the firm stated. FTX EU also indicated that it had emailed FTX EU clients regarding the withdrawal process.

“Each FTX EU LTD customer will be entitled to withdraw their balance (in fiat currency) segregated in designated customer accounts,” the announcement explains. The new website requires users to reset their existing passwords and generate new ones for the withdrawal site. FTX EU’s website is also authorized and regulated by the Cyprus Securities and Exchange Commission.

What are your thoughts about FTX EU opening withdrawals to customers? Let us know in the comments section below.

via Jamie Redman

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The Rapid Rise of IXFI Exchange – Now the World’s Biggest Buy Crypto Platform

PRESS RELEASE. Zurich, Switzerland, April 1st, 2023 – Since its launch at the end of 2021 by founders Cristian Andrei, Shailesh Rajput, and Alexandru Badoi, IXFI has attracted nearly 9 million unique visitors and over 350,000 active platform users. The IXFI app has ranked among the top 15 most downloaded finance mobile applications in Eastern Europe. This performance surpasses established industry competitors and solidifies the company’s position as a popular & trusted crypto trading platform but also recently the biggest buy crypto platform, now used in over 100 countries across five continents.

IXFI’s user-friendly platform empowers newcomers seeking to explore the world of digital assets, providing an intuitive and accessible experience. In addition, the company has partnered with some of the most reputable partners, such as Simplex, Coinify, Banxa, Mercuryo, Swipelux and 6+ others, while continuously seeking to add new partners in the future. These strategic partnerships have solidified IXFI’s position as the dominant entity in the buy crypto market.

At the heart of IXFI’s success is a dedicated team of developers and marketing professionals who have worked tirelessly to bring the company’s vision to life. Among these talented individuals are Amit Verma, the on/off-ramp Product Lead; Vitap Makwana, the Partnerships Manager; and the compliance team, who oversee partner due diligence and compliance. Together, they contribute their unique skills and expertise to ensure that IXFI remains at the forefront of the industry.

As the Chief Product Officer, Shailesh Rajput, proudly states:

Driven by our pioneering technology and dedication to user experience, IXFI stands unrivaled as the premier choice for smooth crypto transactions. Our pursuit of innovation and excellence sets us apart, empowering users to navigate the crypto world with confidence and ease.

Industry experts predict that the buy crypto market, encompassing on and off-ramps and other aggregators, is poised for exponential growth in the next 4 to 5 years. As an already established leader, IXFI is well-positioned to capitalize on the market’s immense potential and continue its upward trajectory.

IXFI’s innovative platform offers an array of services designed to cater to the diverse needs of crypto enthusiasts. Among these are IXFI’s exchange platform, which allows users to easily store and trade hundreds of cryptocurrencies, IXFI’s Rewards Program, which provides a learning and rewarding experience to onboarding users, and IXFI’s Steps Program, which is an innovative way of transforming a healthy lifestyle into digital rewards.

In the mobile apps found on Apple Store and Google Play, as well as on the web platform, users can trade more than 350 cryptocurrencies with a total of 1150 trading pairs. The platform’s creators have developed a safe, approachable, and easy-to-navigate interface that accommodates novice and seasoned traders, ultimately aiming to contribute to the mass adoption of digital currencies.

IXFI’s meteoric rise and buy crypto coverage are made possible by its extensive reach for over 93 fiat currencies, access to 180+ countries, and a staggering 115+ cryptocurrencies available.

In the near future, IXFI plans to expand the accessibility of its buy crypto feature to cater to a wider range of B2B clients, specifically targeting crypto projects seeking comprehensive on/off ramp coverage for their users. This will be achieved by allowing seamless integration of all partners through a convenient widget, eliminating the need for managing multiple separate contracts and streamlining the process for an enhanced experience.

Currently, features allow for direct and automated trading based on real-time data and reports on the IXFI platform. Users can choose from spot trading, crypto swapping, and conversion functions, with the option to purchase crypto using a credit or debit card. In addition to offering a high level of security, IXFI provides 24/7 user assistance through a dedicated support team.

To explore the world of IXFI and its revolutionary services, visit https://www.IXFI.com/. Experience the difference between seamless and secure crypto transactions with IXFI, the ultimate gateway to a simplified and efficient digital currency experience. For more information or to contact the IXFI team, don’t hesitate to email marketing@IXFI.com.

 

 

 

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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.

via Media

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US Government Plans to Sell Over 41,000 Bitcoins Confiscated from Silk Road Hacker

According to a court document filed on March 31, 2023, regarding the sentencing of James Zhong, who stole over 50,000 bitcoin from the Silk Road marketplace, the U.S. government plans to liquidate 41,490 bitcoin “over the course of this calendar year.”

U.S. Government Discloses Strategy for Selling Confiscated Bitcoin

The U.S. government, one of the largest holders of bitcoin, plans to sell 41,490 BTC in 2023, according to a court filing submitted in the case of James Zhong’s sentencing. The government made the historic bitcoin seizure in November 2022 when it confiscated over 50,000 BTC from Zhong. The defendant pleaded guilty “to committing wire fraud in September 2012 when he unlawfully obtained over 50,000 bitcoin from the Silk Road dark web internet marketplace.”

Bitcoin.com News reported six days ago that, according to Dune Analytics data and public disclosures, the U.S. government holds 205,515 BTC. In the filing submitted on Friday, federal authorities plan to sell at least 41,490 BTC worth $1.17 billion at today’s exchange rates.

The court document notes, “With respect to the 51,351.89785803 bitcoin forfeited in the Ulbricht case before Judge Schofield, the government has begun liquidating (selling) it. On March 14, 2023, the government sold 9,861.1707894 BTC (of the 51,351.89785803 BTC) for a total of $215,738,154.98.”

According to onchain analytics firm Glassnode, the sale of 9,861 BTC was detected, or at least the period of time when it was sent to a major exchange prior to selling. “Of the bitcoin forfeited in the Ulbricht case, there remains approximately 41,490.72 BTC, which the government expects to be liquidated in four more batches over the course of this calendar year,” the filing adds.

Glassnode’s account of the onchain transfer explains that the funds were likely sent to Coinbase. If the funds were sold on Coinbase, it would be different from the U.S. government’s previous auction style of selling seized crypto assets. When the government sells the 41,490 BTC, it will still have 164,025 BTC, or $4.65 billion worth, remaining.

What do you think of the U.S. government’s decision to liquidate its seized bitcoin? Share your thoughts in the comments section below.

via Jamie Redman

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March Bitcoin Mining Stats Show Climbing Revenue and Hashrate Highs

According to statistics, 4,498 blocks have been mined in the last 30 days, creating 28,112 new bitcoins over the past month. Bitcoin’s network hashrate has been around 341 exahash per second (EH/s) during the last 2,016 blocks or the last two weeks. This month, the mining pools Foundry USA and Antpool dominated the pack, accounting for 52.87% of the global hashrate in March.

Bitcoin Mining Revenue Has Increased Month Over Month Since December

Bitcoin miners had a decent month in March with revenues not seen since before June 2022. During the last 30 days, 4,498 blocks were discovered, and bitcoin miners obtained $734.78 million in revenue.

Of that value, 28,112 freshly minted bitcoins were issued, accounting for $712.12 million. March statistics further show that bitcoin miners made approximately $22.66 million from transaction fees.

March’s total bitcoin mining revenue of $734 million also outpaced February’s $627 million, January’s $601 million, and December’s $477 million. Out of the 4,498 blocks, the largest mining pool by network hashrate, Foundry USA, discovered 1,468 blocks or 9,175 new bitcoins.

Foundry’s percentage of the hashrate in March was around 32.64%, and at press time, the pool has 105 EH/s of hashpower. Antpool found 910 blocks in March, which produced 5,687.50 BTC.

Foundry and Antpool are followed by F2Pool, Binance Pool, Viabtc, BTC.com, Luxor, and Braiins Pool. Last week, Bitcoin’s hashrate reached the 400 EH/s range, and on March 25, 2023, it hit an all-time high of 414.34 EH/s.

With the hashrate so high and block intervals below the ten-minute average, the next difficulty change is expected to occur on April 6, 2023. At present, the difficulty change estimates are roughly between 1.20% to 1.38% higher than the current difficulty of 46.84 trillion.

Three years ago, Bitcoin’s hashrate surpassed the 100 EH/s range, and today it is 240% higher than that period. At that time in April 2020, the total revenue obtained by Bitcoin miners was $412.42 million, with transaction fees accounting for $6.07 million of the aggregate.

What do you think the future holds for Bitcoin mining, given the current trend in revenue and hashrate? Share your thoughts about this subject in the comments section below.

via Jamie Redman

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Biggest Movers: DOGE Hits 9-Day High, as LTC Climbs 6% on Saturday

Dogecoin rose to its highest point in over a week, as Elon Musk requested that a lawsuit filed against him by investors in the meme coin be dropped. The suit claims that Musk operated a pyramid scheme, following his endorsements of dogecoin. Litecoin was another token to climb on Saturday.

Dogecoin (DOGE)

Dogecoin (DOGE) climbed higher on Saturday after lawyers for Elon Musk requested that a lawsuit filed against him by investors in the meme coin be dropped.

In a statement, Musk’s lawyers said, “There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.”

Following a low of $0.07456 on Friday, DOGE/USD rose to a peak of $0.07841 to start the weekend.

As a result of the move, the meme coin marginally breakout of a long-term ceiling of $0.0780.

This came as the relative strength index (RSI) also briefly moved beyond a resistance of its own at 52.00

At the time of writing this, the index is now tracking at 51.99, with earlier gains in DOGE mostly easing.

Litecoin (LTC)

Litecoin (LTC) was another notable gainer to start the weekend, as the token also neared a one-week high.

LTC/USD surged to an intraday high of $93.85, less than 24 hours after prices were trading at a low of $88.34.

This rally sent litecoin to its strongest point since last Sunday, March 26, when it rose to a peak at $94.92.

Looking at the chart, today’s gain pushed LTC close to a point of resistance at $94.00, however, bulls have so far been unable to force a breakout.

This is likely due to the 14-day RSI hovering close to a ceiling of its own, at the 57.00 mark.

Should bulls move beyond this point, then there is a good chance that LTC will move beyond $94.00.

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Do you expect litecoin to extend this rally further into the weekend? Let us know your thoughts in the comments.

via Eliman Dambell

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Bitcoin, Ethereum Technical Analysis: BTC Nears $29,000 to Start April, as ETH Also Rebounds

Bitcoin was back in the green on Saturday, as prices moved close to the $29,000 level to start the weekend. Following a volatile session on Friday, cryptocurrency markets were mostly higher entering April. Ethereum moved back above the $1,800 level.

Bitcoin

Bitcoin (BTC) rose towards $29,000 on Saturday, as markets continued to react to yesterday’s personal consumption expenditure (PCE) figures in the United States.

PCE climbed to 0.3% in March, less than the 0.4% markets were expecting, showing that inflation was slowing.

BTC/USD rose to an intraday high of $28,802.46 earlier in today’s session, which comes a day after trading at a low of $27,854.63.

Looking at the chart, the move saw BTC briefly breakout of a long-term resistance level of $28,500.

Earlier gains have since declined, which comes as the 14-day relative strength index (RSI) failed to move beyond a ceiling at 65.00.

As of writing this, the index is now tracking at 63.65, with a floor at 62.00 a possible target for sellers.

Ethereum

Ethereum (ETH) was also higher to start the weekend, with prices once again climbing above teh $1,800 level.

Following a low of $1,789.76 on Friday, ETH/USD raced to a peak at $1,844.68 earlier in today’s session.

As a result of the move, the world’s second largest cryptocurrency jumped over a ceiling at the $1,825 zone.

From the chart, this seemingly coincided with the RSI breaking free of a resistance of its own at 59.00.

At the time of writing, price strength is now at the 60.15 mark, with the next visible ceiling around the 62.00 region.

Should the RSI move closer to this point, ethereum bulls will send prices towards a long-term target of $1,900.

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Do you expect ethereum to hit $2,000 in April ? Leave your thoughts in the comments below.

via Eliman Dambell

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