Day: July 27, 2023

BNB Chain’s Q2 Performance Sparks Optimism Amidst Regulatory Uncertainty

Binance Smart Chain (BNB) has seen significant growth in its daily active addresses and transactions in the second quarter of 2023, according to a report by blockchain analytics firm Messari.  The increase in activity was primarily driven by LayerZero, a cross-chain messaging protocol that enables lightweight and efficient communication between different networks. However, BNB’s market cap declined by 25.2% after the US Securities and Exchange Commission (SEC) alleged that BNB is a security in its regulatory actions against Coinbase and Binance.  Despite this, the total cryptocurrency market cap increased by…

Why is Jerome Powell gaslighting us about the odds of recession?

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Over the last 12 months, market analysts and commentators have relentlessly predicted that the United States is heading for a recession. However, the U.S. economy has been remarkably resilient and defied the forecasts. Indeed, we now have the U.S. Federal Reserve discounting a recession from its current modeling, as Fed Chair Jerome Powell emphasized at the Fed’s July press conference.  There is, however, much more to this story. For many, the fastest increases in interest rates ever, record-high inflation and the unexpected banking collapses of Silvergate Bank, Signature Bank, First…

Scammers pile on to impersonate Worldcoin on Twitter following token launch

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Several fake accounts on Twitter — currently rebranding to X — were pushing malicious links to users following the launch of the Worldcoin human identity verification token. July 24 marked Twitter’s rebrand to the letter “X” as well as the launch of the Worldcoin token. Though the change in brand has had mixed reactions online, the social media platform has not changed its policy of purchasing or applying to display differently colored check marks based on the type of account — a policy that went into effect in December 2022…

European Central Bank Follows US Fed’s Footsteps With 25 BPS Hike

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On Thursday, the Governing Council of the European Central Bank (ECB) announced that it was raising “three key ECB interest rates” by 25 basis points (BPS) in a move similar to the one taken by the United States Federal Reserve.  The US Federal Reserve, on Wednesday, increased its fund rates by an additional 25 BPS, its highest interest rate in 22 years. European Central Bank In The Fight Against Inflation The European Central Bank, in its statement, admitted that although inflation continues to decline, it is “still expected to remain…

Don’t Change The Channel! Why Bitcoin Could Target $42K If Uptrend Holds

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Bitcoin, the world’s largest cryptocurrency by market cap, has traded at or near $30K per coin for the better part of 2023. Throughout the year, an uptrend channel has formed that is currently still holding. If support remains unbroken, it could propel BTCUSD to the top of the parallel channel which is currently located at or around $42K per coin. A Bitcoin Price Channel For Your Viewing Pleasure 2023 might not have featured the same painful drawdowns in Bitcoin and other cryptocurrencies as 2022 did, but the market is still…

MakerDAO increases DAI yield in a bid to boost demand

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A proposal seeking to temporarily increase the interest rate granted to holders of stablecoin Dai (DAI) was approved by the MakerDAO community on July 27, raising yields for tokenholders to as high as 8%.  The proposal introduced the Enhanced Dai Savings Rate (EDSR), a mechanism that temporarily increases the effective Dai Savings Rate (DSR) available to users. The enhanced mechanism will be determined by the DSR utilization and will be reduced over time as the DSR utilization goes up. “The EDSR helps fix this by ensuring that Dai holders […] get…

Sui Foundation Dumps MovEX After Contract Violation

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Sui Foundation has ended its relationship with the decentralized exchange MovEX following a breach of contract. The foundation alleged that MovEX had released a significant amount of SUI tokens – subject to a contractual lockup – into circulation. Sui Foundation Terminates Relationship With MovEX For Unlocking 2.5 Million Tokens On July 26, 2023, the Sui Foundation released a blog post, explaining the network’s token supply and the essence of its token release schedule. The foundation also announced the termination of its relationship with MovEX after breaching its token lockup contract. …

ETHBTC reacts to tech stocks, USD, and Bitcoin supply changes

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied A CME Group report shows that the ETHBTC pair is heavily influenced by various factors, including tech stock performance, the US dollar strength, and Bitcoin (BTC) supply changes. ETHBTC tracks tech stocks Cryptocurrency enthusiasts often monitor the performance of technology stocks as it significantly influences ethereum’s value more than bitcoin’s. According to Erik Norland, a senior economist and executive director at CME Group, ETH is likely to rise against BTC, on days when tech stocks surge. …

Tokenization News Roundup: Avalanche Invests $50M in RWA

Competition among blockchains to grab some of the RWA market, new lending pool from Credix that supports Colombian farmer, the first-ever tokenization under Spain’s new laws, how the U.K’s regulations may lead to the country becoming a tokenization hub, and more for the week ending July 27, 2023. Source