Showing posts with label blockchain. Show all posts
Showing posts with label blockchain. Show all posts

Crypto Market Almost FULLY RECOVERED From 2022 Collapse...

Crypto Market Recovery

*Update* Jan 8th 2024 - The market has officially recovered and surpassed levels preceding the 2022 crash.

The cryptocurrency market has almost returned to levels before the damaging collapses of Terra/Luna and FTX in 2022. Bitcoin recently surpassed $39,000 for the first time since May 2022, fueled in part by growing expectations that the U.S. Securities and Exchange Commission (SEC) could finally approve a spot bitcoin exchange-traded fund (ETF) in the next few weeks, or even days.

At the time of publishing, Bitcoin is trading around $39,700 - a gain of just $800 to $40,500 would officially represent a full recovery.

2022: A Year So Bad, it Took 2 Years To Recover From...

In 2022, two big hits cut Bitcoin's price in half over just few months.

The first came from the Terra/Luna debacle, triggered by the collapse of TerraUSD, an algorithmic stablecoin that was supposed to maintain a $1 peg but ultimately lost all value. Prior to its failure, the high interest rates offered by Terra through its Anchor protocol had attracted billions of dollars in investments, including from major crypto lending firms like Celsius Network. As the 'stablecoin' hit a liquidity crisis Terraform Labs began rapidly selling its bitcoin reserves in a desperate attempt to maintain the peg. This massive dumping of bitcoin put significant downward pressure on prices, contributing to bitcoin falling from around $30,000 down to below $20,000.

The second big hit came just months later when crypto exchange FTX filed for bankruptcy after questions arose over its financial health and potential commingling of customer funds. As one of the largest and seemingly most reputable exchanges, FTX's failure shook investor confidence and reignited worries of contagion across the crypto ecosystem. Bitcoin fell to under $16,000 amidst the fallout, its lowest level since late 2020.

Since then, the Market has Been Gradually Recovering...  

Some analysts believe bitcoin could soon surmount the key psychological barrier of $40,000 if momentum continues building ahead of a long-awaited bitcoin spot ETF approval.

Others caution bitcoin may retreat to around $35,000 if ETF approval doesn't happen soon, but still bounce past $40k when it eventually happens. 

But all are in agreement - the crypto winter is officially thawing.

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Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

With Competition Like BlockFi, Celsius, and Genesis ELIMINATED, Coinbase Launches Crypto LENDING For Institutional Clients...

 

Coinbase crypto lending

Coinbase, one of the world's most prominent cryptocurrency exchanges, has recently unveiled its new lending service, specifically designed for U.S institutional clients. This move signifies a strategic expansion of Coinbase's offerings, aiming to cater to the growing demand for crypto-backed financial services. Here's an in-depth look at what this new service entails and its potential implications for the crypto industry.

While specific details about the lending service's features are yet to be fully disclosed, it's expected that the service will allow institutional clients to borrow against their crypto holdings, with rates varying based on the type and amount of cryptocurrency used as collateral.

Smart Timing...

The decision to launch their lending service comes in the backdrop of the bankruptcies BlockFi and Genesis within the past year, these would have been their main competition.

Coinbase can enter the market leveraging their established reputation and infrastructure, as most people feel Coinbase would not repeat the mistakes of previous failed lenders. 

Traditional financial markets offer a myriad of lending and borrowing options, the crypto market has been playing catch-up. Coinbase has a chance to now fill this significant gap in the crypto market, which will attract institutional investors that may have been waiting for these options to become available. 

Financial Backing...

According to a filing with the U.S Securities and Exchange Commission (SEC), Coinbase has successfully raised $57 million for this new venture as of September 1st. While this isn't a massive amount, it's enough to allow Coinbase to prove their potential and gain confidence in their lending model, if successful, access to more capital will come easily.

Potential Challenges

Coinbase's foray into lending is not without challenges. The company is currently embroiled in a legal battle with the SEC, which has accused it of operating as an unregistered Securities Exchange broker and clearing agency. This lawsuit, initiated in June, could have implications for Coinbase's lending service, especially concerning regulatory compliance and the classification of crypto assets.

Wider Implications:

Coinbase's lending service could benefit the market as a whole, as increased liquidity and  making it easier for institutional clients to leverage their assets is bound to attract new investors, and entice current investors to increase their holdings. 

The one question worth considering - Coinbase isn't the only exchange that offers services beyond trading, many now seem to be aiming to become a "1 stop shop" offering every service that has a demand for it.

I'm honestly undecided on if this is a good or bad thing.  Under responsible leadership there are some clear advantages of a high-volume exchange offering services they can support with their existing resources. 

But it's an unpredictable world, even more so when it comes to crypto and tech - which is why I can't help but feel a bit nervous when I see a single company offering a dozen services, in an industry where companies offering a single service can suddenly find themselves struggling to stay alive. Companies with multiple revenue streams also run a risk of draining resources from healthier portions of the business in order to fill the losses of failed ventures.

However, this isn't a major concern in this specific scenario, as Coinbase has proven themselves a company evaluates long term results and avoids overly risky behavior, which stands out in the crypto world.

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Author: Jules Laurent
Euro Newsroom | Breaking Crypto News 

Weekly Wrap-up: This Week's Crypto News that Every Trader Should Know...

Crypto News and Bitcoin Newsroom

U.S Congressional Committee Passed Two Bills to Bring Regulatory Clarity and Remove Hurdles for Crypto Industry:
The U.S. Congressional Committee has passed two bills aimed at providing regulatory clarity for the crypto industry. These bills aim to remove existing hurdles and foster innovation in the sector. This move is seen as a significant step towards mainstream acceptance of cryptocurrencies.

US Prosecutors Seek to Put Sam Bankman-Fried in Jail Before His Trial:

US prosecutors are seeking to detain Sam Bankman-Fried before his trial. He's currently released under an agreement to remain in his parent's Palo Alto home until trial.

Decentralized Cloud Platform Aethir Closes Pre-A Funding Round at $150M Valuation:

Aethir, a decentralized cloud infrastructure platform, has successfully closed its Pre-A funding round, reaching a valuation of $150 million. A sign major investment is returning to blockchain startups.

Singapore High Court says Crypto is Should be Considered Property:

In a landmark decision, the Singapore High Court has recognized crypto as legal property. This ruling provides protection to cryptocurrency holders and could influence how other nations regulate
 cryptocurrency.

Market Movement:

Bitcoin and Ethereum saw insignificant movement this week with Bitcoin's 7-day change coming to just -0.23%, and Ethereum seeing a small loss of -1.74%

Among the top 10 coins, the largest changes include ADA losing -5.85% and Solana down -7.31%. 

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Author: Adam Lee 
Asia News Desk / Breaking Crypto News

Coming to a feed near you: NFTs are now scheduled to enter social media platforms!

Mushe Token

Ever since its emergence dating back as early as 1997, social media has completely revolutionised the way that we communicate, interact and engage with each other. Social networking platforms such as Instagram, Snapchat, Facebook, Twitter, and TikTok are responsible for providing people with opportunities to create businesses, portray their best works, and freely express themselves online. But the fun of social media does not end there. 

NFTs future on social media:

Imagine a world where non-fungible tokens (NFTs) existed within social media platforms. Well, you do not do it any longer. On May 9, 2022, Instagram announced that they will be testing NFTs for the first time. This announcement came from Instagram’s CEO Adam Moressi, stating that the NFTs tests will begin as early as next week. Ever since, Mark Zuckerberg, CEO of Facebook, has also stated that Facebook will follow suit with NFT testing as well. 

Prominent social media platforms such as these will benefit significantly from having NFTs, as this would entice artists to want to use their platform because it provides another outlet where they can distribute their best works without restrictions. Not only that, but Instagram wants to introduce ‘digital collectables’, which are unique editions of virtual items. The plan is to allow users to share these collectables, where participants would be able to display public information, regarding what they have posted. For example, the post could convey the description of the NFT, providing consumers with more context. The NFT idea for Instagram stems back to the summer of last year when they commenced with examples that showcase and facilitates NFTs - an aspect that could lead to the expansion of the digital market.

The NFT Marketplace

The NFT Marketplace is one that is consistently and rapidly growing as blockchain technology is advancing. Particularly within the past few years, non-fungible tokens have virtually struck the Metaverse out of nowhere. It has transitioned from being an element that was almost in complete obscurity, to a fundamental contributor to the growth of cryptocurrencies. 

Crypto experts and financial market analysts have predicted that the NFT market will have a thriving future. According to research obtained by coinmarket.com, the NFT market is estimated to increase by 35% into a $13.6 billion industry by 2027. Key factors to pushing the market forward currently include the development of the gaming community, notable influencers publicly expressing their opinions, and the strong demand for digital goods and services. Additionally, blockchain technology could help the growth of NFTs, through their initiatives and customisation opportunities. 


NFTs in Mushe Token (XMU) 

The Mushe Token (XMU) is a decentralized financial network, that is in its first phase and currently allowing users to register for their presale. It has the intention of migrating to Stellar’s open networks, allowing users to have low transaction costs and inclusion. In their litepaper, Mushe states how they plan to join “the fastest-growing ecosystem for NFTs and play to earn gaming”. If the Mushe Token (XMU) follows suit with its claim, incorporating NFTs and P2E in games they're involved in, could allow users to passively exchange and gain financially - giving people a firm incentive to get involved with this cryptocurrency. The blockchain's official launch is set to be on Independence Day (July 4), an intriguing gift not just for Americans, but for everyone to discover. 

More information about the Mushe Token (XMU):

Website: https://www.mushe.world/
Presale: https://portal.mushe.world/sign-in
Twitter: https://twitter.com/Mushe_World
Telegram: https://t.me/musheworldXMU
Instagram: https://www.instagram.com/mushe_world/

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Information Provided Via Guest Post Submission

Content not created, evaluated, or endorsed by Global Crypto Press Crypto & NFT Press Release Distribution


Can You Spare $100? 3 Game-Changing Cryptos To Invest In...

 

Seesaw token SSW

To get started in crypto, you don't necessarily need a lot of money. While investing in stocks has historically been catered towards wealthier people with financial understanding, crypto has emerged as the accessible alternative for everyone. 

The terminology and charts utilised by the crypto market can easily put off a newcomer, but the truth is, nobody can predict which crypto will explode. Meme coins continue to surprise people with explosive gains until this day.

Thus, a $100 initial investment could help lay the groundwork for massive long-term gains. Let's look at why Ethereum (ETH), Ripple (XRP) and Seesaw Protocol (SSW) appear to be long-term winners. 

Ethereum (ETH)

Ethereum (ETH) is the second-largest public crypto, with a market cap of $345 billion, accounting for nearly 20% of the entire crypto market. The Merge, a platform upgrade that could make running the blockchain more environmentally friendly and sustainable, is being worked on by the platform's developers to keep its dominant position.

Ethereum (ETH), as you may be aware, has fallen behind newer blockchains. Consider Solana (SOL), which can process 50,000 transactions per second versus Ethereum's (ETH) meagre 15.

This discrepancy is due in large part to Ethereum's (ETH) proof-of-work (PoW) block validation mechanism, which requires miners to solve computational problems in order to verify transactions. This is a time-consuming process that uses real-world resources. These problems will be addressed in a future update.

Ethereum's (ETH) main blockchain will merge with a parallel network known as the beacon chain and transition to a full proof-of-stake (PoS) system, where miners verify transactions using existing coins rather than solving puzzles, according to its developers. This change could result in a 99.95% reduction in Ethereum's (ETH) total energy consumption, as well as the possibility of future improvements aimed at speed and scalability.

The Merge's release date is unknown, but the developers say it could be a few months after June.


Ripple (XRP)


Do you want crypto with real-world application? Ripple (XRP) is where to look. Despite ongoing legal uncertainty, the well-defined niche and impressive technical capabilities of this finance-focused blockchain position it for long-term success in the competitive crypto industry.

While almost all cryptos can store and transmit value, Ripple (XRP) goes above and beyond by optimising its design for this purpose. Transactions are quick and inexpensive, taking three to five seconds to complete for a fee of 0.0001 XRP tokens (each XRP is currently worth $0.65).

Ripple Labs, the blockchain's creator, also offers RippleNet, an enterprise-level payment solution that allows large companies to move money across borders using Ripple's (XRP) native token, XRP, as well as other traditional currencies. So far, the protocol has a number of high-profile partners, including Santander, a Spanish multinational bank, and American Express, a global payments giant.

The real-world utility of Ripple (XRP) has piqued the interest of US regulators, who are investigating whether the blockchain's creators broke security laws when they launched it. Nobody knows how this situation will turn out, but investors should keep in mind that Ripple's (XRP) developer is distinct from the XRP tokens you buy or sell on exchanges.


Seesaw Protocol (SSW)


Before its launch, Seesaw Protocol (SSW) had a hugely successful presale, with its price increasing by an incredible 8000%. Seesaw Protocol (SSW) started at $0.005, but its popularity quickly grew, and the token's presale ended at around $0.40, much to the delight of its holders.

Seesaw Protocol (SSW) has generated a lot of buzz due to its transformative goals, which have contributed to its skyrocketing presale price. According to its White Paper, Seesaw Protocol (SSW) aims to connect other blockchains, including Binance Smart Chain (BNB), Polygon (MATIC), and Ethereum (ETH), allowing users to use whichever blockchain network they prefer.

Following the launch of PancakeSwap, holders can expect the multi-chain bridge and swap, cross-chain deployment across Ethereum (ETH) and Polygon (MATIC), and the UniSwap launch later this year. 


Find out more about Seesaw Protocol (SSW) here:

Swap: https://swap.seesawprotocol.io/

Website: https://seesawprotocol.io/

Telegram: https://t.me/SEESAWPROTOCOL

Twitter: https://twitter.com/SEESAWPROTOCOL

Instagram: https://www.instagram.com/seesaw.protocol

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Information Provided Via Guest Post Submission

Content not created, evaluated, or endorsed by Global Crypto Press Crypto & NFT Press Release Distribution