Cryptocurrency Analysis and News Portal
Tether (USDT) continues to benefit from the ongoing turmoil in the U.S. dollar-backed stablecoin industry with its market capitalization growing significantly in Q1 2023 at other stablecoins' expense.Tether market cap reaches $80 billionOn April 6, the circulating market cap of USDT surpassed $80 billion for the first time since May
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A supply chain attack installed a backdoor in computers around the world but has only been deployed in fewer than ten computers, cybersecurity company Kaspersky has reported. The deployments showed a particular interest in cyptocurrency companies, it added. Cybersecurity company Crowdstrike reported on March 29 that it has identified malicious activity
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Glassnode data on Mar. 26 shows that the stablecoin supply on exchanges has more than halved to less than $24b in four months. Stablecoin supply on exchanges dropping In November, stablecoin supply on exchanges stood at over $44b. Still, this figure, triggered by several fundamental factors, including regulatory actions, has been contracting over the
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According to statistics, on March 26, the stablecoin economy was valued at $135 billion, with the top stablecoins representing $31.8 billion or 75% of the $42.17 billion in 24-hour global trade volume across the entire crypto market. In the last two weeks since March 11, 7.06 billion USDC and 351.57
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During the Covid-19 pandemic, central banks such as the U.S. Federal Reserve loosened fiscal and monetary policy. Now, these same financial institutions are seemingly engaging in quantitative tightening (QT) practices. According to Nick Gerli, CEO and founder of Reventure Consulting, “the money supply is officially contracting.” This has only happened
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The motivation for ending the smart contract is two-pronged, according to Jesse Johnson, founder of Pixelcraft Studios, who said in an interview with CryptoX, “We could derisk from DAI – not be reliant on a different ecosystem at all and … fund our own destiny.” Source
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Bernstein’s analysis shows the supply increases are likely to be spread over a few weeks, even months, resulting in little selling pressure on a daily basis. The broker sees limited actual supply impact, but notes that weak sentiment due to unstaking can put pressure on the ether price prior to
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The supply of wrapped Bitcoin (wBTC) dropped to its lowest since May 2021 after the second-largest single-day burn on Feb. 27. A total of 11,500 WBTC worth about $260 million linked to now-bankrupt crypto lender Celsius was burned, turning its growth rate to negative. The current total supply of the wrapped
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Hardware wallet manufacturer Trezor is accelerating the production of new Trezor wallets by producing its own wallet silicon chips.Trezor officially announced on Feb. 27 that the firm will start facilitating the production of its own key component, the chip wrapper, in its flagship product, Trezor Model T.The move aims to
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Besides the deflationary approach to increase the value of KLAY, the protocol also revealed that it is committed to increasing the utility of the digital currency beyond its use as a gas fee. The Klaytn Foundation, the blockchain startup in charge of maintaining the Klaytn Blockchain’s code, has proposed cutting the
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