Aave retests the support zone at $56.6. The past two days saw whales trimming their stablecoin balances to favor Aave. AAVE broke the past support regions and displayed massive bearish strength within the past few days. Nevertheless, retesting the foothold at $56.6 confirmed that bulls could have secured the territory for possible price recoveries. While…
This year, the DeFi space is witnessing some exciting governance experiments. From Maker’s DAO racing to push its decentralized stablecoin DAI back on top of Terra’s UST before it collapsed to Lido Finance’s DAO brokering a $15 million deal with venture firm Dragonfly. However, only a few of these experiments have been successful. One DAO…
Circle’s announcement on Wednesday during the ConvergeSF22 Conference revealed that the company is looking to expand its stablecoin support to five more networks by early 2023. If this objective is actualized, USDC will run on Cosmos, Optimism, Arbitum, Polkadot, and NEAR. USDC Stablecoin is pegged to the US dollar and therefore acts as a firm…
Polkadot didn’t flourish within the previous week as it noted only a 2.5% hike over the last seven days. Nevertheless, the growth remained attractive as the overall crypto industry battled for green ‘pastures.’ The Polkadot ecosystem has seen multiple positive developments lately, which could have triggered this surge. For instance, Tether launched on the Polkadot…
Since the news of the Ethereum Merge slated for September, several DeFi protocols and platforms have shown support for the Merge. However, others have noted that their services would seize to operate on the network following the Merge. Meanwhile, a recent report by DappRadar noted that Ethereum’s move to the PoS consensus mechanism could affect…
According to new data, there has been an increase of 10-fold in the correlations between stock and BTC in certain regions. Before the COVID-19 lockdown in Asia, the distinction between the financial and crypto markets was clear. IMF Economists Reveals Strong Correlation Between Crypto And Equity In Asia According to the IMF (International Monetary Fund),…
On Thursday, MercadoLibre, a Latin America-based e-commerce firm, announced the launch of its token, the MercadoCoin. The company would use this token on the company’s loyalty program. MercadoCoin Would Be Available From August 18th According to Reuters, the cryptocurrency will run as an ERC-20 token on Ethereum’s blockchain. The price for each token would be…
On August 17th, the AFL’s (Australian Football League) first limited NFT edition sold out within 12 hours after it was released. The football league had released the Ripper Skipper 2022 NFT edition via its AFL Mint initiative. Individuals on the Allow List were always to buy one pack each. Each Pack Of The Limited NFT…
An Australian-based digital asset platform has successfully conducted a proof-of-concept trial. Hence, firms on the ASX (Australian Securities Exchange) would soon be trading tokenized equities, carbon credits, bonds, and funds. Zerocap’s Proof-of-Concept Trial Was Successful On August 14th, Zerocap, a crypto investment platform, noted that it had used the tool Synfini to bridge its custody…
According to reports, Acala Network is the latest DeFi platform to suffer an exploit from hackers. Hackers have breached the platform and issued over 1.2 billion aUSD coins. Hackers Attack The Acala Network Causing Its Stablecoin To Fall Below $1 The aUSD is the Polkadot-based network’s native stablecoin. The stablecoin is decentralized and is backed…
Two Senators in the US have released a new crypto tax bill that will make small cryptocurrency transactions tax-free. The latest Virtual Currency Tax Fairness Act will remove tax on capital gains for purchases below $50. US Senators Want to Make Crypto Transactions Below $50 Tax-Free As per the latest report, Senators are working to…
Brad Sherman, a US Congress member, has also asked the SEC to prosecute exchange firms that allowed trading of XRP. According to Sherman, the regulator had gone after XRP while leaving the exchange firms. The lawmaker noted that the SEC is taking the easy way out. This is because the regulator chose to go after…
At a recent meeting, the G20 nations came together to discuss the necessity of international collaboration and stablecoin regulation. Those in attendance include central bank governors and ministers of finance. Cross-Border Collaboration On Crypto Regulation Government representatives at the meeting stated that cross-border cooperation and stablecoin regulation were essential. This would allow for easier and…
At the recent G20 gathering, Phillip Lowe, the governor of Australia’s central bank, suggested that controlled private tokens would be preferable to CBDCs. Meanwhile, the Bank for International Settlements conducted a poll recently. The result showed that 90% of central banks globally were moving toward creating a virtual currency. Some are currently doing tests. Others…