Day: January 17, 2023

Algorand TVL Hits $177 Million As Altcoin Rally Continues

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Algorand is one of the fastest growing crypto in terms of gains. According to CoinGecko, the token has appreciated by 30% in the last two weeks. With the broader crypto market rallying as Bitcoin breaks its crucial $21,000 resistance, ALGO is set to gain more in the next few days.  The Total Value Locked department is where the ecosystem gained the most. According to DeFiLlama, Algorand’s TVL yesterday hit $177 million in value. This uptick in TVL is a bullish indicator that the ecosystem still has the momentum to reach…

Ethereum Nears $1,600 Level – Is The $2K Mark Hittable This Week?

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The improving sentiment in the crypto market certainly made recovering lost ground from the bear market easier. Ethereum, the top altcoin, has been breaking barriers since the start of the year. According to CoinGecko, the coin is trading at $1,588 and has gained 20% in the past week, with the biggest gains being recorded at the monthly time frame at 32%.  Ethereum recently generated buzz as news of the ecosystem’s Shanghai network upgrade hit the market. According to the Ethereum Foundation, the network upgrade would add new features on the…

Developers Keep the Candle Burning During Chilly Crypto Winter

“Web3’s hallmark highs and lows were on full display in Q4,” Alchemy wrote in a press release accompanying the report. “On one hand, developers leaned into trustlessness – deploying smart contracts at rates that resembled the peaks of 2021. On the other, the implosion of major crypto exchanges rocked the foundations of consumer trust.” Source

Three Arrows’ Founders Take Slingshot From Crypto Community

BNB Chain, launched by crypto exchange Binance, has completed the burn of over $500 million worth of its native BNB tokens as part of a broader program, it said Tuesday. Token burn refers to the process of permanent deletion of coins from their circulating supply. More than 100 million BNB, or half of its total supply, are intended to be removed from circulation through a burning process and to eventually keep only 100 million BNB in circulation. BNB was up nominally in the past 24 hours, trading at $300 on…

BTC Back Above $21,000, Following Strong Chinese GDP Figures – Market Updates Bitcoin News

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Bitcoin climbed back above $21,000 on Jan. 17, as markets reacted to better-than-expected Chinese gross domestic product (GDP) figures. The economic release comes as U.S. traders also returned to action, following the observation of the Martin Luther King Jr. Day celebration. Ethereum rose briefly above $1,600 earlier in the session. Bitcoin Bitcoin (BTC) rose back above the $21,000 mark on Tuesday, as markets reacted to the latest GDP figures from China. Figures from the world’s second largest economy showed that gross domestic product rose by 3% last year, higher than…

German Online Bank N26 Announces Crypto Trading Expansion to 5 More European Nations

N26 recently launched N26 Crypto, a new digital currency trading initiative it hopes would gain traction across the West. German neobank N26 has announced an expansion of its N26 Crypto trading product to Germany, Switzerland, Belgium, Ireland, and Portugal. This development lets customers in these countries gain access to and trade a suite of more than 200 digital currencies. The company said it would roll out the expanded trading gradually over subsequent weeks. N26 pitches its N26 Crypto scheme as a perk for premium customers. Account holders in its N26…

China’s CBDC, e-CNY Used to Purchase Securities for First Time

Previously, the Chinese CBDC has been subjected to a series of retail trials in some of its most technologically advanced regions including but not limited to Shanghai and Suzhou. As the most advanced economy with an active Central Bank Digital Currency (CBDC) in circulation, China’s Digital Yuan (e-CNY) is now gaining a more customized utility in the country. As reported by the China Securities Journal, the e-CNY can now be used to purchase securities, as it was used for this purpose for the first time on Monday. The purchase of…

DeFi Begins Recovery As TVL Exceeds $45 Billion

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Decentralized Finance (DeFi) has always been the most evolving sector in the Web3 space. With new innovations and protocols popping up in the DeFi industry, the ecosystem total value locked (TVL) continued to increase until the bear market stepped in.  The bear cycle caused a lot of downturns in many sectors of the We3 industry including DeFi. However, following the ongoing so-called ‘mini bull run,’ we’ve seen DeFi TVL start to recover from the lower lows and surge by nearly 20% since the beginning of the year.  DeFi TVL Surges…