Author: NBTC
Due to the ongoing meme coin frenzy, DEXs on the Solana network have taken up the majority of trading volume over the past 24 hours. According to CoinGecko, Solana-based decentralized exchanges (DEXs) accounted for most trading volume over the past 24 hours. The top three were Raydium, Jupiter, and Orca. Raydium’s volume in the last 24 hours was $2.2 billion, almost double that of Uniswap V3 on Ethereum. Weekly DEX volume on Solana has been increasing relative to Ethereum for nearly four months. Currently, the weekly DEX volume on Solana divided by the weekly DEX volume on Ethereum is 29.4%,…
The CEO of Coinbase is revealing what he thinks the most important use cases for cryptocurrencies are. In a new Coinbase blog post, Coinbase CEO Brian Armstrong attempts to answer the question “what is crypto even useful for?” First, Armstrong says that out-of-control money printing has caused an increasing level of economic inequality via inflation and stagnation, creating a need for a new financial system. “For over 50 years, a familiar pattern that we’ve seen throughout history has played out in the US: the government spends more than it earns because it can print money for ‘free’, and years or…
NFTs aren’t for everyone. In the years since non-fungible tokens first entered public consciousness there has been a fierce backlash against what is essentially just a way of authenticating data. Part of this negativity was as a response to the gross financialization and speculation around these tokens, and environmental concerns that have since basically been resolved by Ethereum’s switch to proof-of-stake in 2022. This is an excerpt from The Node newsletter, a daily roundup of the most pivotal crypto news on CoinDesk and beyond. You can subscribe to get the full newsletter here. However, the general public’s distaste of NFTs…
Since Ethereum’s transition from proof-of-work to proof-of-stake, some have suggested this makes ETH, or at least staking ETH, a security. These arguments don’t stand up to scrutiny. Properly understood, staking ETH is a technical service to ensure transactions on the Ethereum network are processed properly and securely, rather than as an investment subject to securities laws. This is the case even where third parties, like node operators or exchanges, facilitate the staking of ETH. Stakers’ expectations of profit come from staking rewards and the market for ETH, not the administrative and technical services provided by third parties. The legal framework:…
A newly released Policygenius survey showed that younger Americans are almost as likely to own crypto as real estate. According to the survey, which was commissioned in October of last year, 21% of the millennials and Gen Z’ers surveyed were almost as likely to own crypto as the 20% who own real estate. Real estate has been a difficult market for younger generations to break into in the last few years — following a pandemic boom — as interest rates soared and median home prices made the American dream of buying a house less realistic. Of those surveyed, 10% of…
David Schwartz, chief technology officer at Ripple known in the crypto community as “JoelKatz,” recently shared his views on the nature of the XRP token. In a series of posts, Schwartz clarified that he sees XRP, like most cryptocurrencies, as a high-volatility asset that investors hope will appreciate over time, rather than a “lottery ticket” offering a chance for a sudden, significant financial windfall. “I don’t think of it as much as a lottery ticket with a chance of a sudden large increase, though there’s certainly some truth to that,” he said. Understanding XRP’s market mechanics In the XRP community,…
The London Stock Exchange Group’s (LSEG) Parisian clearinghouse affiliate LCH SA announced Monday that it received regulatory approval to provide clearing services for Bitcoin derivatives. LCH SA will leverage its newly established service, LCH DigitalAssetClear, to provide clearing functions for relevant contracts. These contracts are traded on UK FCA-regulated digital asset derivatives trading venue GFO-X. This collaborative approach ensures that the clearing service prioritizes security and adheres to stringent regulatory frameworks. It will cater specifically to the digital asset derivatives market. LCH DigitalAssetClear has three key features to ensure stability. These include fund separation to protect users in case of…
Bitcoin price extended its decline below the $65,000 support. BTC is now struggling to stay above the $62,000 support zone and might test $60,000. Bitcoin price is moving lower below the $64,000 support zone. The price is trading below $63,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $63,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a decent upward move if it clears the $65,200 resistance zone in the near term. Bitcoin Price Grinds Lower Bitcoin price remained in a short-term…
The onset of the new trading week witnessed a notable surge on the cryptocurrency market, with Ethereum (ETH) emerging as a prominent beneficiary. Displaying robust performance, ETH experienced a commendable uptick in value, surpassing the $3,600 threshold, signaling potential bullish momentum. Amid this market exuberance, attention turned to the Ethereum Foundation, a cornerstone institution within the Ethereum ecosystem. Reports from Peckshield Alert unveiled a strategic move by the foundation, whereby a portion of its ETH holdings was converted into stablecoins, translating to a substantial sum of 354,000 DAI from 100 ETH. Further insights from Arkham Intelligence corroborated this action, highlighting…
Source: AdobeStock / photo_gonzo Bitcoin (BTC) development company MicroStrategy may be planning to dilute shareholder value after the price of its stock and convertible bonds skyrocketed in recent months. MicroStrategy’s Convertible Bonds Since January 1, MSTR has surged 110% to $1440 per share. Meanwhile, its convertible bonds – issued in late 2020 to raise $650 million – now trade for over three times their par value, which is based on their conversion price of $397.99. A “convertible bond” is a debt instrument that acts like a regular bond with a fixed interest rate, but can also be paid back by…