The upswing in alternative currencies is outshining the top cryptocurrencies. In particular, the MATIC, UNI, and AAVE tokens are doing well, whereas the biggest currency, Bitcoin, is still fighting to keep its position above the $20,000 mark. Polygon (MATIC) skyrocketed on July 14 — the day after it was chosen for the Walt Disney Company’s elite business development program. After this announcement, the value of a MATIC token rose 22.5% to $0.711705, the highest price in a month. Related Reading | Avalanche Notches Solid Mid-Week Bounce – Can AVAX Sustain The…
Month: July 2022
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Germany and the US share the top spot in the global crypto rankings: report
Germany and the United States shared the spoils in the latest quarterly global cryptocurrency rankings released by analytics firm Coincub. The two countries now share the top rankings, with Germany making space for the rising U.S., having topped the first quarter rankings for 2022. Their dominance is due to progressive regulatory environments and major Bitcoin (BTC) investments by mainstream institutions. Coincub’s rankings tally up points across nine overall categories, which focus on government, financial services, population, taxation, talent development and industry participants, trading, fraud and environmental potential. The current ranking system…
Bitcoin whales still ‘hibernating’ as BTC price nears $21K
Bitcoin (BTC) hit $21,000 for the first time in several days on July 15 as markets enjoyed what one trader called “summer relief.” BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Altcoin rebound eyed as BTC price adds 11% Data from Cointelegraph Markets Pro and TradingView showed BTC/USD grinding higher overnight to just tap the $21,000 mark on Bitstamp on the day. A noticeable change of tact had set in after initial losses on the back of forty-year highs for the United States’ Consumer Price Index (CPI). Versus the July 13 lows,…
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ECB report likens PoW to fossil fuel cars, PoS to electric vehicles
Amid the soaring inflation, the European Central Bank (ECB) has found time to sum up its concerns about the “significant carbon footprint” of Bitcoin (BTC) and other cryptocurrencies, which require vast amounts of computational power. ECB published the report titled “Mining the environment – is climate risk priced into crypto-assets?” on July 12. In the report, the ECB research group reinforces the environmental narrative about the battle of protocols, where the proof-of-work (PoW) concept represents a threat to the planet. In contrast, the proof-of-stake (PoS) is the only sustainable crypto option, experts…
DeFi Coins Outperform Bitcoin, Ether as Traders Pare Bets on Jumbo Fed Rate Hike
While cryptocurrency lending platform Aave’s native coin AAVE was up 15% at $91, decentralized exchange Uniswap’s UNI traded at $7, representing a 13% gain, CoinDesk data shows. Bitcoin (BTC), the biggest cryptocurrency by market value, changed hands at $20,660, up 3.5%, while Ethereum’s ether (ETH) token was priced at $1,200, up 8%. Other notable gainers were programmable blockchain Solana’s SOL cryptocurrency, privacy-focused coin monero, Polygon’s MATIC, cosmos and algorand. Source
Two Bitcoin price prediction polls, same outcome: $10K BTC is coming
Bitcoin (BTC) investors in China plan to buy the dip despite an ongoing market correction and a nationwide crypto ban, a new survey shows. Consensus sees Bitcoin at $10K A survey of 2,200 people conducted on China-based social media platform Weibo found that 8% would buy Bitcoin when its price hits $18,000, according to Wu Blockchain. While 26% of the respondents prefer to wait until BTC reaches $15,000. But a majority anticipated the price to fall even further with 40%, saying they would buy BTC at $10,000. In a survey…
South African Central Bank Now Considers Cryptocurrency to Be a Financial Asset – Emerging Markets Bitcoin News
The deputy governor of the South African Reserve Bank (SARB) recently said the institution has changed its position on cryptocurrency, and now regards it to be a financial asset which must be regulated as such. The SARB expects to have a cryptocurrency regulatory framework in place by the end of 2023. A Safer Crypto Ecosystem The deputy governor of the SARB, Kuben Naidoo, recently said the institution had revised its stance on cryptocurrencies and is now looking to introduce a framework that governs crypto-related transactions. Naidoo, a member of SARB’s…
Crypto Exchange BitMEX Says One Metric Reveals When Bitcoin Bear Market Will End
Crypto trading platform BitMEX is revealing one metric that it says could signal the end of the bear market. In a new blog post, BitMEX says that based on Bitcoin’s Market Value to Realized Value Ratio (MVRV), BTC is currently early in the bear cycle compared to previous bear markets. MVRV is the ratio of an asset’s market cap versus its realized capitalization – the value of all Bitcoin at the price they were bought not the current price. “Looking at the other three key bear market cycles and measuring…