Connect with us

Cryptocurrency

Is crypto winter over? Cryptocurrency capitalization reaches $1 trillion again

igor m

Published

on

Over the weekend, cryptocurrency market capitalization reached $1 trillion. Specifically, the top market Ethereum (ETH) reached $1,400 (up 20% in 30 days) and Bitcoin (BTC) rose for the fourth straight day (up 10% in 30 days).

At the same time, on Saturday, the capitalization of the entire cryptocurrency market experienced a drop to $897 billion, but eventually it found support, and reached a high of $965 billion. 

According to holder.io today’s cryptocurrency market is $1,014,130,714,923 .

ETH led the bullish Sunday session, rising 10.12%. BNB, SOL and XRP were also on the plus side, up 4.70%, 5.95% and 5.01% respectively. ADA was also up 3.62% and BTC was up 1.79%.

The top gainer was Lido DAO, up 22%. Many speculate that this was due to the reaction to the news a few days ago that Ethereum’s Proof-of-Stake consensus transition date is scheduled for September 19. But two days have passed since that news was released, and some analysts doubt that it was the reason for the rise. 

The Ethereum Goerli test network should be transitioning to the PoS protocol soon as part of the so-called “Merge” process. After the successful transition of the test network, the transition of the main network will also be possible. But developers note that the announced date is not final and may be postponed. Postponing the dates of Ethereum’s transition to Proof-of-Stake is already a tradition.

Looking at today’s numbers, ETH is still up 12.23% and trading at $1,356.24, according to holder.io. BNB, SOL and XRP are also still up 7.67%, 8.74% and 6.14% respectively.

BTC is also still up 3.91% and ADA is up 5.10%. As mentioned above, Lido DAO is still in the lead and is currently up 59.54%.

What the experts think

Some crypto experts believe that in a bear market, such relief rallies are commonplace and are not a long-term indicator of market growth.

“The reality is that we are in a bear market, and these small rallies are not anything concrete. This kind of growth may lead people to believe in a long-term bull run. The consolidation is not over yet; the market is likely to correct further. If bitcoin breaks support at 17K, there is a chance that it will drop to 14K, a quote from Kumar Gaurava, founder and CEO of acryptobank Cashaa. 

Sharat Chandra, vice president of research and analysis at EarthID, a blockchain platform, predicts that a drop in bitcoin in the coming days cannot be ruled out. But he suggests that BTC will reach historic highs in the next 18-24 months. 

Cryptocurrency

Hong Kong allocated another $50 million to the crypto industry

igor m

Published

on

Hong Kong Cryptoindustry

Hong Kong has allocated another $50 million to accelerate the development of the crypto industry after local authorities allocated HK$50 million (about $6.37 million) in late February to develop the Web3 direction. This is stated in a press release on the website of the government.

Legalization of cryptocurrencies in Hong Kong

According to the head of the Financial Services and Treasury Bureau of Hong Kong (FSTB) Christopher Hui, the pool of funds will be allocated, in particular, to organize major international Web3-events. Hui also said that the government will organize educational programs for young people, for which preparations have already begun.

In addition, the 2023 budget provides for the creation of a working group to focus on developing virtual assets and study the situation in the crypto market, development opportunities and the need for changes in regulation.

“Hong Kong is well positioned to become a leading hub for Web3 in Asia and beyond, and we attach great importance to virtual assets (VA) and Web3. The government is committed at a high level to developing this sector and providing a comprehensive support system for enterprises,” Hui said.

He added that the Hong Kong Monetary Authority (HKMA) is now working on regulating stablecoins to introduce them into the economy next year. The country also plans to improve securities regulations so that retail investors can access ETFs based on cryptocurrency futures.

Despite several personal initiatives, Hong Kong authorities are also working closely with mainland China, testing international payments in the digital currency and working with the Central Bank. In all, as of the end of February, more than 80 Chinese companies had expressed interest in operating in Hong Kong.

Bloomberg wrote about China’s support back in late February. The agency pointed out that after Hong Kong set out to develop the crypto industry last October, Chinese officials have become more frequent visitors to Hong Kong. According to sources, this interest is because Beijing wants to use the city as a testing ground for digital assets amid tight control of crypto activity on the mainland.

We previously reported that the collapse of the Silicon Valley Bank is spurring demand for crypto apps.

Continue Reading

Cryptocurrency

Tether printed for one billion dollars on the TRON network

igor m

Published

on

Tether TRON

Stablecoin issuer USDT is rapidly printing “digital dollars” in the TRON (TRC-20) ecosystem. This time, Tether printed another billion dollars in USDT, according to transaction details. The total number of USDT in circulation in the TRON ecosystem is over 42.1 billion USDT. By comparison, the Ethereum ecosystem issued significantly less – 34.2 billion USDT.

As TRONScan data shows, this is the second billion-dollar tranche issued by Tether for TRON. The last time the USDT-issuing company issued a similar amount of Stablecoin was on March 14. Since the beginning of 2023, this is the fourth transaction to issue such a large amount of USDT. As of 2023, the largest issuance occurred in February. At that time, Tether issued two billion dollars in USDT at once.

Amid the news, bitcoin barely reacted to the USDT pump. According to TradingView, the bitcoin (BTC) exchange rate in the BTC/USDT trading pair is $27,949, up just 1.4% overnight. Bitcoin has a market capitalization of $540.4 billion.

In early March, The Wall Street Journal revealed that Tether had opened bank accounts using fake documents and shell companies. It turned out that one of Tether’s Turkish accounts had been opened in the name of Denix Royal Dis Ticaret Limited Sirketi, which had previously been caught laundering money for a terrorist group.

Tether chief technology officer Paolo Ardoino ridiculed the publication on Twitter and said the WSJ’s information was untrue. Tether said it adheres to legal requirements to combat money laundering and terrorist financing, and uses KYC mechanisms of the highest level. Renowned cryptocurrency critic Molly White, for her part, said that The Wall Street Journal journalists couldn’t “just make this stuff up.”

We previously reported that major cryptocurrency exchanges have moved offshore.

Continue Reading

Cryptocurrency

Where are crypto exchanges registered? Major crypto exchanges have moved offshore

igor m

Published

on

Where are the crypto-exchanges registered?

According to a report by platform CoinGecko, 21 of the 30 largest crypto exchanges (70%) are based in offshore financial centers – territories that want to attract companies from abroad through loyal laws and schemes with low or no taxation. 

Analysts of the service note that offshore zones, as a rule, offer non-residents more financial services and on more loyal terms than “in the home country”.

Where are crypto exchanges registered? They choose islands

Seychelles, the Cayman Islands and the British Virgin Islands were among the most popular offshore locations for cryptocurrencies. These territories are also considered tax havens for many corporations.

Also, one in five Crypto exchanges in offshore locations (20%) are registered in the Seychelles. This jurisdiction has become home to many centralized exchanges. Among them, there are well-known major platforms such as OKX, KuCoin, and MEXC Global. Many companies are “moving” to the Seychelles because the Seychelles Financial Services Authority (FSA Seychelles) refuses to license and oversee activities or companies related to cryptocurrencies. 

In total, according to CoinGecko, the top 30 cryptocurrency exchanges are listed in 15 different countries: 11 of the 30 platforms (37%) are in North America – mostly in the Cayman Islands, British Virgin Islands and the United States. The number of companies located in Europe, Asia and Africa is evenly split: 20% each (or 6 countries).

The number of companies offshore may grow

Because of stricter U.S. regulators’ policies toward cryptocurrency companies, many firms are having to move to more cryptocurrency-friendly countries.

For example, the Hong Kong government, to turn the state into a new crypto hub, has allowed retail investors to trade digital tokens such as bitcoin (BTC) and Ethereum (ETH). The Hong Kong authorities themselves admit that they want to create a “favorable environment” for developing the local crypto industry.

Also, Ras Al Khaimah, one of seven regions in the United Arab Emirates (UAE), is preparing to open a free zone for cryptocurrency companies. Entrepreneurs in these areas own 100% of their businesses and have their own tax schemes and regulatory frameworks.

We previously reported on the Top 5 low-cost AI tokens with huge growth potential.

Continue Reading

Trending

©2021-2023 Letizo All Rights Reserved