The crypto market had a bullish Saturday session but regulatory risk and Fed fear will still be obstacles, limiting short-term gains.The US Securities and Exchange Commission recently took a harsh stance against US crypto exchange Kraken, putting the overall cryptocurrency sector under pressure.A move that caused double-digit losses for several crypto assets.Bitcoin dropped below $22,000 for the first price in three weeks amid this gloomy news, and the market cap of cryptocurrencies decreased by more than $40 billion.To add fuel to fire, on February 14th, the CPI, which tracks the rate of change in US inflation over time, is expected to be released.Alex Krüger, an economist and trader claims that Ethereum (ETH) and Bitcoin (BTC) may have additional downside potential but that a fresh crypto rally is close at hand.Krüger claimed that the decline in cryptocurrency prices was a logical reaction to Kraken’s staking services being shut down by the U.S.
Securities and Exchange Commission (SEC).But according to his forecast, the cryptocurrency markets might recover as soon as the following few days.“Quick crypto market views.Not adding size just yet.Think next bull run starts either with CPI [consumer price index] or end of month.
BTC and ETH still have round levels below to run over.Not stressed about the market either.See this as a healthy pullback.Turn full bear on only if CPI beats by 0.2%.” CPI is a frequently watched statistic because traders interpret new data as a sign of what the Federal Reserve will do next to fight inflation.The Fed may decide to hold off on its aggressive interest rate hikes in response to a CPI report that is below consensus expectations, which is typically interpreted as a bullish indicator.Was this writing helpful? No Yes Nidhi Kolhapur Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies.
She shares the latest and trending news on Cryptocurrency and Blockchain.Back to top button It appears that the circulation of the stablecoin usd coin has decreased while tether’s has grown, as the latest statistics paint a contrasting picture.Tether saw a 3% increase in coins in circulation over the last month, while the U.S.dollar-pegged crypto asset usd coin recorded a decrease of approximately 4.9% in the same time frame.From Jan.6, 2023, to Feb.
10, approximately $2.196 billion worth of usd coin was redeemed over the past month.
Monitoring the Stablecoin Economy’s Recent Moves Amid 2023’s Regulatory Crackdown According to current statistics, the entire stablecoin market capitalization lost $625,009,636 in value from Jan.6, 2023, up until today.A significant portion of the losses can be attributed to the second largest stablecoin by market capitalization, usd coin (USDC).Data shows that USDC decreased by 4.9% in approximately 30 days, resulting in a loss of 2.196 billion in overall valuation since Jan.6.
Conversely, Tether saw a 3% increase, mitigating some of USDC’s losses in terms of the overall market capitalization of the entire stablecoin economy.The third largest stablecoin by market valuation BUSD, has shed 0.5% over the last 30 days.Statistics recorded on Jan.6 indicate that BUSD’s market cap was around $16.79 billion and today, the current market capitalization is around $16.19 billion.The rest of the dominant stablecoins in the top ten standings saw 30-day increases in terms of coins in circulation including DAI, FRAX, TUSD, USDP, USDD, and GUSD.
Tron’s USDD jumped 1.3% higher, USDP increased by 3.3%, and TUSD’s number of coins in circulation over the last month swelled by 11.9%.As of now, the stablecoin economy represents approximately 12.9% of the total crypto economy, and its trade volume accounts for 81.4% of the overall cryptocurrency trade volume.The data suggests roughly 8 out of every 10 trades across the crypto market are conducted using a stablecoin.Stablecoins have been a part of the cryptocurrency economy for some time, and the dollar-pegged tokens have recently benefited from the crypto economy’s 5% decline after the U.S.Securities and Exchange Commission (SEC) sanctioned Kraken for its staking service.The future of the stablecoin market and individual stablecoins within it is uncertain, but with ongoing regulatory challenges and trends, it is worth paying attention to.Stablecoins have long dominated in terms of trade volume, but only recently have the number of coins in circulation declined significantly.
Tags in this story 12.9%, 8 out of 10 trades, 81.4%, BUSD, Circulation, contrasting picture, crypto economy, DAI, Decrease, dominant, FRAX, future, GUSD, increase, Market Capitalization, Monitoring, overall valuation, redemption, regulatory challenges, Stablecoin, stablecoin assets, Stablecoins, Statistics, Tether, third-largest, Top Ten, trade volume, trends, tron, tusd, usd coin, USDC, USDD, USDP, USDT, Value What do you think about stablecoin market action lately and the decrease of dollar-pegged coins in circulation? Share your thoughts about this subject in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.
Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.
Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Aave community Aave Launches Stablecoin GHO On Ethereum Goerli Testnet With Open Source Codebase And Audits Aave Companies, the firm behind the decentralized finance (defi) project Aave, has announced the launch of a stablecoin called GHO on the Ethereum testnet network Goerli.
The codebase is available on Github and has undergone audits by Open Zeppelin, Sigmaprime and ABDK.Aave Invites Programmers to Test GHO Before Mainnet Deployment On Thursday, Aave Companies announced the launch of its native stablecoin GHO on the Ethereum Goerli testnet.The company also released the open-source codebase on Github.
The developers of Aave are inviting programmers and prospective integrators to begin testing GHO as it prepares for deployment on the Ethereum mainnet.
Three audits conducted by Open Zeppelin, Sigmaprime, and ABDK focused on the deployment of GHO.Upon its launch on the Ethereum mainnet, GHO will be similar to Makerdao’s DAI token in that it will be overcollateralized and pegged to the U.S.dollar.Aave Version 3 (V3) does not permit flashloaning of the stablecoin.
The community is being asked to consider adding a second facilitator, “Flashminting,” at launch to address this issue.It’s GHO time! @GHOAave is now on Ethereum’s Goerli Testnet! 👻 https://t.co/cM58b6qSBa pic.twitter.com/xueGERoqnw — Aave (@AaveAave) February 9, 2023 Flashminting will enable Aave users to create GHO in a single transaction, similar to flashloans, but without borrowing from a pool.An audited codebase for the Flashminter Facilitator software is available, and the decision to include it will be put to a vote among the Aave community through the Aave Decentralized Autonomous Organization (DAO).
The Aave DAO will manage the control of the GHO facilitator.
The team says that before the official GHO mainnet launch, there will be additional testing and research.
Changes are required to STKAAVE to enable the implementation of GHO’s discount rate, and a snapshot needs to occur for the Ethereum V3 Facilitator and Flashminter Facilitator.“A snapshot will then occur to greenlight these as the first two facilitators for GHO,” according to Aave.The company has also introduced a bug bounty and is asking key contributors to the DAO to start discussing the framework for onboarding new facilitators.
Tags in this story Aave community, Aave Companies, Aave Decentralized Autonomous Organization, Aave Version 3, ABDK, Altcoins, audits, bug bounty, Codebase, control, DAI Token, DAO, decentralized finance, DeFi, Defi Project, deployment, Developers, discount rate, Dollar Altcoins, Ethereum, Ethereum Testnet, Ethereum V3 Facilitator, facilitator, flashloaning, Flashminter Facilitator, Flashminting, GHO, github, Goerli, key contributors, Mainnet, makerdao, native, onboarding, Open Zeppelin, overcollateralized, programmers, prospective integrators, Research, Sigmaprime, Stablecoin, STKAAVE, Testing, Thursday, U.S.dollar, v3 What are your thoughts on Aave’s latest move with the launch of GHO on the Ethereum Goerli testnet? Let us know what you think about this subject in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.
He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Meme currencies have been around for a while, but they have often come under fire for being volatile, unstable, and unreliable.The most recent is by Solodity.io CEO McCurry, who has dubbed Dogecoin and other dog-inspired coins garbage, and Steven Cooper, who claims it is a cheap token used to entice people to invest in dubious spinoffs.
Additionally, it appears that these currencies are highly sensitive to the personal opinions of individuals like Elon Musk.Nevertheless, some people continue to think that these coins have potential.Let’s explore.David Gokhstein considering investing in meme-coins David Gokhshtein, a crypto enthusiast and the founder of Gokhshtein Media, which reports on the industry’s news and events, announced on Twitter that he is seriously considering purchasing meme coins once more.He also congratulated BabyDoge, a well-known meme coin, on reaching a significant milestone.
David declared in a tweet that he is “so close to jumping into meme coins again.” It should be mentioned that the crypto enthusiast already has a sizable amount of the two biggest meme tokens in terms of market cap, Shiba Inu (SHIB), and Dogecoin (DOGE).Gokhshtein has supported SHIB particularly recently and for the entirety of last year.He predicts that Shiba Inu’s value would soar during the upcoming crypto market bull run.Gokhstein Has Earlier Urged SHIB to hit a penny This is a contrast to what he had said earlier, in the comment thread of another of his recent tweets.He stated that the bulk of his followers would not make good use of $10,000 in cryptocurrency and someone jokingly rebuked David for having his liquidity stuck in meme coins.
Moreover, he “urged” the popular meme coin earlier this year to spike to the $0.01 level so as to “do him a favor” and let him dump it.
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