Altcoins The highly anticipated ethereum ethereum Blockchain NetworkTechnology Shanghai Upgrade, set to take place on April 12, is the talk of the cryptocurrency community.With the upgrade enabling the withdrawal of over $33 billion staked Ether over time, this event is expected to have a significant impact on the market.Coinciding with the release of CPI data from the United States Bureau of Labour Statistics, Wednesday’s upgrade is sure to make waves in the coming days.Brace yourselves for a surge in Ethereum’s volatility, with experts predicting it may hit $2,000.Read on to find out more about what to expect from this major crypto event.Sell Pressure Anticipated With over 1.1 million Ether estimated to be available for withdrawal on Wednesday from the beacon staking program, sell pressure could be heightened further with the thinning crypto liquidity.
Also read: Ethereum Price Prediction 2023, 2024, 2025: This Is How ETH Price Could Perform In 2023! Was The Staking Program Manipulated? According to a famous Ethereum educator and angel investor Sassal.eth, the Ethereum staking and validator program is heavily manipulated based on recent data.
Notably, the total amount Ethereum staked on the beacon chain has increased exponentially in the recent past to reach 18 million from over 563k validators.“I’ve been checking the Beacon Chain all this time, avoiding noise from Twitter.The way the upward movement of validators is happening, the way more ETH is being staked… it clearly looks manipulated, with no real demand.Once again, the biggest staking trap I’ve ever seen.But they won’t trap me,” Sassal noted.
Earlier during the weekend, Sassal stated that he is bearish on the crypto market.Lido DAO Dominates ETH Staking The Ethereum staking program is heavily controlled by Lido DAO which accounts for approximately 33.3 per cent of the total staked Ethers.Liquid staking products are the largest investors in the Ethereum ETH validator programs.Nevertheless, their future remains bleak from a retail perspective as withdrawals of Ether get enabled on Wednesday.On the other hand, Ethereum liquid staking programs are a favourite among institutional and whale investors as they pool resources to have larger control over the beacon chain voting activities.Also Read: Ethereum Price May Experience ‘Sell The News’ Trend Ahead Of Shanghai Upgrade! Here’s What On-Chain Data Says Was this writing helpful? No Yes Altcoins Dfinity Foundation Launches Chain-Key Bitcoin, A Native Internet Computer BTC Derivative Token On April 3, 2023, the Dfinity Foundation, a development team behind the Internet Computer (ICP) network, announced the launch of a native ICP token called “chain-key bitcoin” or “ckBTC.” The bitcoin derivative is backed 1:1 with the leading cryptocurrency asset.
On Monday, Dfinity detailed that the technology “builds on the protocol-level integration with the Bitcoin network.” Breaking Away from Custodians and Bridges: The Benefits of Chain-Key Bitcoin’s Smart Contract-Based System On Twitter, the Dfinity Foundation announced the full release of chain-key bitcoin, also known as ckBTC.“Proposals 115468, 115470 & 115473 have been adopted with flying colors,” the team explained.“Many thanks to all the [ICP] people who voted manually to make this happen.” According to a blog post, ckBTC is backed 1:1 with bitcoin (BTC), and the system operates with “centralized custodians, no bridges, and no traditional cloud providers.” The ICP-based bitcoin derivative is considered a “significant breakthrough in blockchain interoperability,” and the technology is integrated with Bitcoin at the protocol level, according to the Dfinity blog post.The ckBTC system uses vaults called canisters, which work with a smart contract instead of relying on a custodian or bridge.Essentially, to obtain ckBTC, a person needs to deposit BTC in exchange for the ICP token, and withdrawals work the same way when ckBTC is redeemed for real bitcoin.“Any canister can submit Bitcoin transactions to the Bitcoin network through ICP nodes, thanks to the direct protocol-level integration,” Dfinity explains.
The company insists that the technology has significant potential and can add to new use cases.
“[Native cross-chain technology] has the potential to enable new cross-chain capabilities and unleash a plethora of 100% on-chain services, such as multi-token transactions or multi-token wallet systems, which would greatly streamline the crypto user experience,” notes Dfinity’s blog post.The announcement further details that several ICP-based decentralized applications (dapps), including Openchat, Iclighthouse, Plethora Game, and Distrikt App, already support ckBTC.While many blockchains have bitcoin derivative tokens, most rely on bridges or custodians.
For example, the largest bitcoin derivative WBTC leverages the custodian Bitgo for minting and redemption purposes.Tags in this story Bitcoin, BitGo, Blockchain, Blockchain network, blockchain technology, Bridges, Chain-Key Bitcoin, ckBTC, cross-chain technology, Crypto, Cryptocurrency, custodians, decentralized applications, decentralized finance, DEX, dfinity, Dfinity Foundation, Digital Assets, Digital Currency, Distrikt App, Iclighthouse, ICP, ICP nodes, ICP-based, interoperability, multi-token transactions, multi-token wallet systems, on-chain services, Openchat, Plethora Game, protocol-level integration, Smart Contracts, tokenization, Virtual Currency, WBTC What potential do you see in the native cross-chain technology behind ckBTC, and how do you think it will impact the future of blockchain interoperability? 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.Four stablecoins have reduced their supplies this month, while the stablecoin token TrueUSD (TUSD) has seen its supply jump 110% higher over the last 30 days.TUSD resides natively on four different blockchains.
The number of Ethereum-based TUSD rose 27%, while the number of Tron-based TUSD stablecoins increased by 218%.TUSD Supply Swells, Tron-Issued Stablecoins Rise 218% In the past month, several stablecoins experienced supply reductions, including usd coin (USDC), binance coin (BUSD), gemini dollar (GUSD), and USDD.Gemini’s GUSD led the pack with a 30.5% redemption rate over the last 30 days, while BUSD’s supply dipped by 30.1%.Additionally, the crypto community witnessed the USDC depegging event on March 11, 2023.On that day, USDC dropped to a low of $0.877 per coin and remained depegged until the U.S.
Federal Reserve announced it would bail out California’s Silicon Valley Bank (SVB) and New York’s Signature Bank.On the same day that USDC dropped below the peg, an archive.org snapshot shows that the number of TUSD in circulation was around 1.32 billion tokens.According to the stablecoin’s website, the current number of TUSD in circulation is 2.02 billion, meaning that over the last 18 days, the TUSD supply has jumped 53% higher.
On Feb.24, 2023, the number of TUSD in circulation was only 972 million, and a significant number of TUSD tokens have since been minted on the Tron network.The number of Ethereum-based TUSD rose from 558.28 million to the current 711.71 million over the last 33 days.Statistics show that during the same period, the number of Tron-issued TUSD rose from 409.64 million to 1.30 billion, a rise of more than 218%.
Approximately 72,055 Avalanche-based TUSD coins were redeemed since Feb.24, and the number of Binance Chain TUSDs decreased significantly.An archive.org snapshot indicates that there was a total of 911,869 Binance Chain-issued TUSDs, and today, the number is 84.04% lower at 145,516 TUSDs on that specific chain.
Tags in this story Altcoins, Avalanche, binance chain, Blockchain, Circulation, Coins, Cryptocurrencies, depegging event, Ethereum, Federal Reserve, future, Gemini Dollar, GUSD, market, minting, redemption rate, Signature Bank, Silicon Valley Bank, stablecoin assets, Stablecoin Tokens, Stablecoins, Statistics, supply reductions, Tokens, tron, trueusd, tusd, usd coin, USDC, USDD What do you think about TUSD’s supply swelling by 110% over the last 30 days? Share your thoughts on 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.According to statistics, on March 26, the stablecoin economy was valued at $135 billion, with the top stablecoins representing $31.8 billion or 75% of the $42.17 billion in 24-hour global trade volume across the entire crypto market.
In the last two weeks since March 11, 7.06 billion USDC and 351.57 million BUSD have been redeemed.Meanwhile, from March 14 to March 26, the number of tether stablecoins in circulation increased by 6.12 billion.Stablecoin Circulation Changes In recent weeks, the supplies of some stablecoins have decreased while others have increased.Today’s top ten stablecoins include USDT, USDC, BUSD, DAI, TUSD, FRAX, USDP, USDD, GUSD, and LUSD.According to statistics for the last month, USDC, BUSD, and GUSD experienced double-digit reductions in supply.
The other top ten stablecoin assets recorded supply increases, with TUSD’s supply doubling or rising 112.3% higher than it was 30 days ago.Among other stablecoin assets, liquity usd (LUSD) rose 16.2% and tether (USDT) increased by 12.7% over the last month.LUSD now has a market valuation of around $267.70 million, USDT’s market capitalization has risen to $79.70 billion, and TUSD’s market valuation has grown to $2.05 billion.On the other hand, USDC’s number of coins in circulation has dropped by 6.12 billion since March 11.Statistics for the last 30 days indicate that USDC lost 19.5% of its supply compared to last month.BUSD and GUSD experienced the largest reductions, with GUSD losing 31.6% of its supply over the last 30 days.BUSD has reduced its supply by 30.6% since last month, and its market valuation is just above $8 billion.
According to Nansen’s proof-of-reserves tool, $7.3 billion BUSD is held by Binance.The stablecoin DAI issued by Makerdao has seen a 4.7% increase in circulation.Over the last month, FRAX recorded a 1.9% increase, and USDP has risen 8.5%.
Tags in this story Assets, Binance, BUSD, Circulation, Cryptocurrency, DAI, FRAX, Global, GUSD, increase, liquity, LUSD, makerdao, market, Market Capitalization, Nansen, Proof of Reserves, redemption, reduction, Stablecoin Economy, Stablecoin Market, Stablecoins, Statistics, Supply, Tether, Top 10 stablecoins, Top 5 stablecoins, trade, tusd, USDC, USDD, USDP, USDT, valuation, volume What do you think the future holds for stablecoins and their role in the crypto market? Will we see continued growth and adoption or will they face new challenges and obstacles? Share your thoughts 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.Top posts altcoin4 hours ago Polkadot gains favor among futures traders on Huobi- Why is this important DOT sees a surge in demand in the futures market.DOT may have a bullish week as multiple indicators flash…
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