2022 Brought Turbulent Times Over the course of a couple of years, Decentralized Finance (DeFi) has become an integral and essential part of the crypto industry and economy. This ecosystem primarily allows users to provide digital currencies to protocols for lending them onward to loan seekers. Furthermore, DeFi allows its users to switch hands without…
On Friday, SuperRare Labs, the firm that launched the NFT marketplace named SuperRare, became the latest crypto firm to reduce its workforce. It announced that it would lay off 30% of its staff. John Crain, the chief executive of SuperRare, made the announcement. He tweeted the same message that was sent to workers in Slack….
Macroeconomic Conditions Haunting Effects on Bitcoin Market Uncontrollable macroeconomic conditions have already caused havoc in crypto markets, particularly in the Bitcoin market. Thereafter, the unfortunate collapse of crypto industry giants such as Terra Luna and FTX also severely impacted Bitcoin’s price progression. The impacts coming from these overpowering circumstances have reduced BTC value by 60%…
A fresh study, on ‘Decentralized Finance (DeFi)’, has been compiled by Hashkey Capital and published as part of its annual report. The study reveals astonishing findings which suggest that as compared to conventional finance, DeFi is more accessible. Most importantly, the study notes that DeFi is better than traditional finance for so many reasons. For…
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),…
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 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…
The payments platform, Circle, has published a detailed asset breakdown of the funds supporting its USD-pegged currency, the USDC. Circle’s most recent disclosure comes after the move of Paxos, another stablecoin issuer. Last week, the stablecoin issuer released a thorough analysis of all assets kept in reserve. Meanwhile, the information released by the company has…
According to reports, Tether short-sellers have increased over the past week. Also, more investors continue to dump liquidity despite Tether’s report that its reserves are backed. Furthermore, most crypto investors moved their assets to stablecoin after the fall of BTC. This was because of the stability that stablecoins offer. However, the recent de-pegging of the…
With the recent regulation in the crypto sector, several states have introduced crypto-mining fees. This is due to the high amount of power consumed by crypto miners. In the western part of the United States is Washington. Most of the state’s electricity is provided by hydroelectric power. The state has increased mining fees to reduce…
In recent news, the Reserve Bank of India (RBI) has shown massive support for CBDCs. The central bank believes that the widespread adoption of CBDCs will end the era of private cryptos. RBI Believes CBDCs Will Overshadow Crypto According to the Indian Times, the deputy governor of the RBI, Rabi Sankar does not support crypto….
It hadn’t been long since the Terra network ended up collapsing due to the problem with the algorithm behind the UST. To fix the problem, Terraform Labs announced that they will be launching a new token. The token also named ‘LUNA’ would be the alternative to the old Terra token. Is the New Token Being…
So far, two weeks have passed since the TerraUSD (UST) crash happened. Since then, the situation has been pretty dire for the entire Terra community. There is a lot of uncertainty and concerns among the Terra community due to the crash of UST. Now, they are eager for the teams behind the Terra network to…
The DeFi platform Terra saw an impressive run over the past two days, its stablecoin $UST becoming the 3rd-largest stablecoin after flipping BUSD. It also became the first stablecoin to climb to the top three. Terra attracts attention amid surged UST adoption. However, its Wormhole hype faded entirely from the 3% meager in January. For…