Month: August 2023

USDC market cap hits two-year low even after Coinbase stake

The USD Coin (USDC) market cap is currently at a two-year low, with analysts saying it’s yet to fully recover after depegging earlier in the year. Data from CoinGecko shows that USDC has a market value just north of $26 billion — its lowest level since July 2021, when it stood at $25.1 billion. The stablecoin is still the sixth largest cryptocurrency by market capitalization, but it has fallen further away, in terms of dominance, from its biggest competitor, Tether (USDT), which is currently valued at $82.7 billion. Only a…

SEC appeal a bust? Judge’s ruling will favor XRP, crypto attorney predicts

Judge Analisa Torres will likely reject the U.S. Securities and Exchange Commission’s (SEC) interlocutory appeal, according to attorney John Deaton. Speaking at the first annual onXDC Live blockchain conference held in Texas, Deaton — founder of Crypto-Law.us and managing partner of the Deaton Law Firm — claimed the SEC had not actually appealed against the ruling that favored Ripple’s XRP. According to Deaton, Torres, who ruled that XRP is not a security if sold on secondary markets, has only allowed the regulator to file a motion for an interlocutory appeal.…

Bitcoin price stability creates lucrative setups in TON, XMR, MNT and QNT

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Bitcoin (BTC) has gone silent over the weekend. CryptoQuant CEO Ki Young Ju said in a recent post on X (formerly Twitter) that Bitcoin’s velocity has declined to a 3-year low. He said this could either be considered positive as whales were holding on to their positions or negative because the transfer to new investors was not happening. The range-bound action continues to perplex investors about the next possible trending move. In that regard, there was a positive commentary from JPMorgan analysts who said that Bitcoin’s downtrend could be ending.…

Hashdex joins fray, seeks spot Bitcoin ETF on heels of Grayscale setback

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Crypto asset manager Hashdex has ignited excitement by submitting an application to the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin ETF. The filing outlines that the Hashdex Bitcoin ETF intends to directly source its Bitcoin assets from exchanges affiliated with the Chicago Mercantile Exchange market. Seasoned analysts, including James Seyffart from Bloomberg, have dissected the application, revealing a strategy primarily centered on exchange-traded position transactions.  This method involves trading futures contracts in exchange…

Pepe gains mildly despite rug pull concerns

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Pepe Coin (PEPE) has thrust itself back into the spotlight, but this time conversations revolve around its recent underperformance — a substantial 19% decline over the past week. However, the meme token posted a slight gain today.  Currently valued at $0.0000008969 as of press time, Pepe Coin has managed a minor 3.9% uptick in the last twenty-four hours according to Coinmarketcap data. PEPE’s volatility levels are however low as the Bollinger bands, used in volatility estimation,…

Binance under scrutiny, increased enforcement amid growing scams, Pepe’s drama

This week, Binance takes the spotlight amid allegations of market manipulation and sanction violations. Meanwhile, regulators ramp up enforcement actions against a backdrop of crypto-related crimes — the latest involving Pepe Coin. Binance’s SEPA concerns Binance emerged as a focal point of attention this week, owing to a sequence of circumstances.  The official Twitter support of the exchange alluded to a momentary cessation in EUR transfers, indicating the temporary suspension of SEPA transfers, without specifying a definite timeline for reinstatement. Despite the lack of explicit reasons, Binance’s efforts to keep…

Ronaldinho fails to testify in crypto scam probe, faces possible arrest in Brazil

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Brazilian soccer star Ronaldinho Gaúcho could be detained by authorities to testify over a crypto fraud investigation in Brazil. According to local media reports, Ronaldinho failed to appear before the country’s Congress over a pyramid scheme probe allegedly linked to one of his companies. The former Paris Saint-Germain, F.C Barcelona and AC Milan star failed to testify at a congressional hearing on Aug. 24, citing adverse weather conditions, and ignoring a subpoena for the second time. According to congressman Aureo Ribeiro, he will have another opportunity to testify on Aug.…

Bitcoin’s most faithful are staying put despite the crypto market’s recent weakness

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Even after a big correction, which followed weeks of almost complete inactivity, and a new focus on real rates, bitcoin’s most patient investors are still holding onto their coins. The cryptocurrency closed at $25,972.52 on Friday and lost 0.25% for the week – its eight negative week in the past nine, according to Coin Metrics. It had posted an 11% decline for the previous week. Coin Metrics measures a week in crypto, which trades 24 hours a day, from the 4:00 p.m. ET stock market close one Friday to the next.…

Western Union Embraces Ripple Blockchain And XRP Token For Enhanced Money Transactions

Global money transfer powerhouse Western Union is boldly venturing into the dynamic and rapidly evolving realm of cryptocurrencies, marking a significant and strategic move in its financial landscape. With a storied history of facilitating seamless cross-border transactions, Western Union’s decision to enter the highly-stacked cryptocurrency arena underscores its commitment to innovation and adaptability in an ever-changing financial ecosystem. This strategic move was unveiled by CEO Hikmet Ersek during an analyst conference call, where he revealed Western Union’s active exploration of integrating Ripple’s blockchain technology and its native digital asset, XRP.…

investors pick Borroe over Maker and THORChain

The crypto market can present opportunities for discerning investors. At the moment, investors are looking at Maker (MKR), THORChain (RUNE), and Borroe (ROE), considering their growth potential. ROE is the newest of the three tokens, and analysts maintain a bullish preview of this project.  This article digs deeper, exploring why. Maker’s revenues soar to a 2-year high MakerDAO’s rising network activity has pushed its revenue to $165 million, a 2-year high. The increase follows the surge of DAI deposits, which currently stand at 5.5 billion DAI, a near 4-fold increase.…