Day: September 12, 2023

Stablecoin de-pegging plagued USDC and DAI more than others: Analysts

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Dollar-pegged stablecoins are not immune to dropping their pegs, but some such as Circle’s USD Coin (USDC) and MakerDAO’s Dai (DAI), have been more prone to depegging than others, according to analysts at S&P Global. A September research paper from Dr. Cristina Polizu, Anoop Garg and Miguel de la Mata, delved into stablecoin valuation and depegging for five leading stablecoins: Tether (USDT), Binance USD (BUSD), Paxos (USDP), USDC and DAI. The analysis revealed that USDC and DAI have spent more time below a dollar than USDT and BUSD over the past two…

Debate reignites over years-old Bitcoin Drivechain proposal

A debate has reignited among Bitcoiners over a six-year-old Bitcoin Improvement Proposal (BIP) to add “sidechains” on top of the network, with some warning it could increase scams on the Bitcoin network and others saying it will bring new users of the cryptocurrency. Meanwhile, one developer claims to have found a way to achieve the proposal’s goal without a soft fork of the blockchain. The proposal in question, BIP-300 — also known as Bitcoin (BTC) Drivechains — was first introduced in 2017, which proposed introducing “sidechains” that are separate blockchains…

Fireblocks launches non-custodial wallet-as-a-service – CryptoX

Fireblocks launched a non-custodial wallet-as-a-service aimed at catering to businesses across various sectors, reflecting a broader industry trend towards user-controlled digital assets. Fireblocks introduced a non-custodial wallet-as-a-service (WaaS) tailored for various sectors, including brands, corporates, fintechs, and web3 businesses today, Sept. 11. This development is noteworthy as it reflects a larger industry trend toward user-controlled assets, particularly in light of challenges faced by centralized platforms like FTX. The non-custodial wallet is designed to work across multiple platforms, including iOS, Android, and web browsers, facilitated by a software development kit. While…

Bitcoin Price Prints Bearish Technical Pattern, Why It Could Drop To $24K

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Bitcoin price broke the key $25,350 support. BTC is now consolidating near $25,000 and remains at a risk of more downsides in the near term. Bitcoin traded below the $25,600 and $25,350 support levels. The price is trading below $25,600 and the 100 hourly Simple moving average. There is a major bearish trend line forming with resistance near $25,620 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down if it stays below the $25,600 resistance. Bitcoin Price Breaks Key Support…

Nasdaq-listed Northern Trust Boosts Digital Carbon Credit with Blockchain

Northern Trust (Nasdaq: NTRS) has unveiled its pioneering digital platform tailored for institutional voluntary carbon credit transactions. This initiative, deeply rooted in private ledger digital blockchain technology, is poised to revolutionize the carbon credit market. By bridging the gap between institutional buyers and project developers, Northern Trust aims to streamline and digitize the traditionally complex carbon credit transaction process. For years, the carbon credit market has played an important role in combating global climate change, enabling companies to counterbalance their carbon footprints by funding eco-friendly initiatives. Yet, this market has…

Bitget announces further $100M fund for ecosystem development

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Crypto derivatives platform Bitget has announced a new fund focusing on growing its ecosystem and investing in regional exchanges, analytics firms, media organizations and entities that can contribute to its growth.  In an announcement sent to Cointelegraph, Bitget revealed the Bitget EmpowerX Fund, which will invest $100 million into maximizing the company’s “long-term impact” in the crypto space. According to the announcement, Bitget believes that diversifying services to reach the needs of the global user base is the key to expanding the native crypto ecosystem. Gracy Chen, managing director of…